Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Thematic (Sector/Industry)

<ul>
<li>Communication Services allocations among active Global managers are at their lowest levels on record.</li>
<li>Average weights stand at an all-time low of 7.12%, having broken out of a decade long range of between 8% - 10% towards the end of 2021.</li>
<li>Activision Blizzard suffered the worst of the position closures, alongside Meta Platforms, Tencent and Nintendo Co Ltd.</li>
</ul>


Communication Services allocations among active Global managers are at their lowest levels on record.
Average weights stand at an all-time low of 7.12%, having broken out of a decade long range of between 8% - 10% towards the end of 2021.
Activision Blizzard suffered the worst of the position closures, alongside Meta Platforms, Tencent and Nintendo Co Ltd.


Global Communication Services: Lowest Exposure on Record

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Meta Platforms had a disappointing result where it failed to meet Wall Street expectations in terms of both, revenues as well as earnings.</li><li>In Q2, while the average price per ad dropped by 14%, the overall number of ad impressions served across all of their services climbed by 15%.</li><li>In general, Facebook engagement trends have been greater than expected, and robust real growth is still driving engagement on both Facebook and Instagram.</li></ul>

Meta Platforms had a disappointing result where it failed to meet Wall Street expectations in terms of both, revenues as well as earnings.In Q2, while the average price per ad dropped by 14%, the overall number of ad impressions served across all of their services climbed by 15%.In general, Facebook engagement trends have been greater than expected, and robust real growth is still driving engagement on both Facebook and Instagram.

Meta Platforms Inc.: Metaverse Progress & Other Drivers

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

<ul>
<li>Profitability ready to kick in again as Amazon grows into the overbuilt warehouse capacity and headcount from the past few quarters. 3Q22's guidance clearly conservative based on 2Q22's outperformance.</li>
<li>Revenue reacceleration beginning to play out. 2Q22's 7% leading to 3Q22's 15%, and back to the 20%s by 2023.</li>
<li>AWS continues its indomitable run. $79B TTM revenues are growing 37% with 31% margins.</li>
</ul>


Profitability ready to kick in again as Amazon grows into the overbuilt warehouse capacity and headcount from the past few quarters. 3Q22's guidance clearly conservative based on 2Q22's outperformance.
Revenue reacceleration beginning to play out. 2Q22's 7% leading to 3Q22's 15%, and back to the 20%s by 2023.
AWS continues its indomitable run. $79B TTM revenues are growing 37% with 31% margins.


Amazon 2Q22: Delivering an Inflection Point

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Private Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dailyhunt-pvt-ltd" target="_blank" data-smartkarma-citation="entities:36120:1" rel="noopener">DailyHunt (1449267D IN)</a> is one of India's leading vernacular content curation and engagement platforms and also one of the most funded content startups. </li>
<li>Channel interactions indicate a challenging competitive position that requires constant cash burn. </li>
<li>In terms of financials, there is no sight of profitability in the near term. Unless that changes, it is best to remain cautious. </li>
</ul>



DailyHunt (1449267D IN) is one of India's leading vernacular content curation and engagement platforms and also one of the most funded content startups. 
Channel interactions indicate a challenging competitive position that requires constant cash burn. 
In terms of financials, there is no sight of profitability in the near term. Unless that changes, it is best to remain cautious. 


<ul>
<li>Microsoft Corporation is the most widely held stock among active US equity investors. Of the 297 active strategies in our analysis, 80.1% own Microsoft at an average weight of 5.10%</li>
<li>There is a growing dispersion between Value and Growth managers in MSFT.  Growth managers are at record levels of ownership, whereas Value managers are running their largest underweight on record.</li>
<li>US Growth managers are relying on Microsoft to deliver an increasing proportion of the Growth within their portfolios. The cost of that growth is coming under scrutiny by Value managers</li>
</ul>


Microsoft Corporation is the most widely held stock among active US equity investors. Of the 297 active strategies in our analysis, 80.1% own Microsoft at an average weight of 5.10%
There is a growing dispersion between Value and Growth managers in MSFT.  Growth managers are at record levels of ownership, whereas Value managers are running their largest underweight on record.
US Growth managers are relying on Microsoft to deliver an increasing proportion of the Growth within their portfolios. The cost of that growth is coming under scrutiny by Value managers


Microsoft: Growth Bulls Versus Value Bears

United States

Meta Platforms Inc. operates as a social technology company. The Company builds applications and technologies that help people connect, find communities, and grow businesses. meta Platform is also involved in advertisements, augmented and virtual reality.

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Meta (META US)

Global Communication Services: Lowest Exposure on Record

Selling in Activision Blizzard, Meta Platforms, Tencent and Nintendo Co Ltd force Communication Services allocations to their lowest levels on record.

Steven Holden

Meta Platforms Inc.: Metaverse Progress & Other Drivers

Meta Platforms had a disappointing result where it failed to meet Wall Street expectations in terms of both, revenues as well as earnings. In Q2,...

Baptista Research

Amazon 2Q22: Delivering an Inflection Point

Amazon's revenue growth is beginning to reaccelerate. Its cost growth is decelerating. Advertising is the best house in a tough digital...

Aaron Gabin

Dailyhunt Tearsheet - News For "Bharat"

India Unicorn Series: We profile Dailyhunt, the news aggregator for Bharat. While it is hitting the right cord with the audience, profitability...

Pranav Bhavsar

Microsoft: Growth Bulls Versus Value Bears

US Growth managers are relying on Microsoft to deliver an increasing proportion of the Growth within their portfolios. The cost of that growth is...

Steven Holden

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