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>EMEA Financials are the largest Regional Sector underweight in global EM, with just 11.6% of managers positioned ahead of the MSCI EM index.</li>
<li>Moderate but uneven recovery underway, with buying in Greece, Saudi, Kuwait and Poland Financials.</li>
<li>Despite being the sector's predominant country holding, South African Financials are experiencing a halt in growth; nonetheless, FirstRand and Standard Bank continue to be key holdings.</li>
</ul>


EMEA Financials are the largest Regional Sector underweight in global EM, with just 11.6% of managers positioned ahead of the MSCI EM index.
Moderate but uneven recovery underway, with buying in Greece, Saudi, Kuwait and Poland Financials.
Despite being the sector's predominant country holding, South African Financials are experiencing a halt in growth; nonetheless, FirstRand and Standard Bank continue to be key holdings.


Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Event-Driven

<ul>
<li>Foreign capital is shifting from portfolio exposure to strategic control.</li>
<li>Equity infusion, stronger ratings and promoter backstop reduce refinancing risk and can compress wholesale borrowing spreads.</li>
<li>Once capital and liabilities are stabilised, underwriting, product mix and governance determine whether lower credit costs are sustainable.</li>
</ul>


Foreign capital is shifting from portfolio exposure to strategic control.
Equity infusion, stronger ratings and promoter backstop reduce refinancing risk and can compress wholesale borrowing spreads.
Once capital and liabilities are stabilised, underwriting, product mix and governance determine whether lower credit costs are sustainable.


Why Foreign Strategic Inflows Can Reprice Indian Banks and NBFCs?

Cross Asset Strategy

<ul>
<li>MENA stocks hit record underweight among active Emerging Market managers</li>
<li>Only half of active managers have exposure to the region, less than 3% overweight.</li>
<li>Al Rajhi Bank is the investor favourite, though all stocks remain underinvested vs benchmark</li>
</ul>


MENA stocks hit record underweight among active Emerging Market managers
Only half of active managers have exposure to the region, less than 3% overweight.
Al Rajhi Bank is the investor favourite, though all stocks remain underinvested vs benchmark


Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares MSCI ACWI ETF / Technical Analysis

<ul>
<li>Market dynamics remain healthy and we are continuing to see signs that suggest global equities are entering a new broad-based bull market.</li>
<li>Led by strength from the US, the MSCI ACWI index (ACWI-US) recently broke out to new highs above the key $105.40 resistance level, a bullish sign for global equities.</li>
<li>Global sovereign yields have moved lower in recent weeks. We expect rates to find support near current levels, creating an opportunity to add to value Sectors.</li>
</ul>


Market dynamics remain healthy and we are continuing to see signs that suggest global equities are entering a new broad-based bull market.
Led by strength from the US, the MSCI ACWI index (ACWI-US) recently broke out to new highs above the key $105.40 resistance level, a bullish sign for global equities.
Global sovereign yields have moved lower in recent weeks. We expect rates to find support near current levels, creating an opportunity to add to value Sectors.


MSCI ACWI Breaking To New Highs; Buying Financials, Consumer Discretionary, Industrials, Materials

External broker reports(aggregated public sources), International Securities

International Securities

External broker reports(aggregated public sources)

International Securities’ equity research analysis and advisory have been a vital source of market intelligence for our distinguished clients over the years. The equity research team’s main objective is to cover listed equities and to provide thoughtful, insightful, differentiated and timely research that can help clients make informed decisions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

First Abu Dhabi Bank PJSC / Equity Bottom-Up

<ul><li>Shareholders' profit up 23.5% YoY to AED5.1bn (+22.4% QoQ; +23% vs estimate)</li><li>Net interest income up 3.1% YoY to AED5.0bn (+1.4% QoQ; +2.9% vs estimate)</li><li>Non-interest income up 22.2% YoY to AED3.8bn (+37.6% QoQ, +17.4% vs estimate)</li><li>Net operating income up 10.6% YoY to AED8.8bn (+14.4% QoQ; +8.7% vs estimate)</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Shareholders' profit up 23.5% YoY to AED5.1bn (+22.4% QoQ; +23% vs estimate)Net interest income up 3.1% YoY to AED5.0bn (+1.4% QoQ; +2.9% vs estimate)Non-interest income up 22.2% YoY to AED3.8bn (+37.6% QoQ, +17.4% vs estimate)Net operating income up 10.6% YoY to AED8.8bn (+14.4% QoQ; +8.7% vs estimate)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FAB - 1Q25 Earnings up 23.5% YoY (+22.4% QoQ), on Strong Operating Income and Lower Provisioning...

United Arab Emirates

First Abu Dhabi Bank PJSC provides banking services. The Bank offers deposits, personal loans, e-banking, trade finance, foreign exchange, and other banking services. First Abu Dhabi Bank serves customers worldwide.

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First Abu Dhabi Bank PJSC (FAB UH)

EMEA Financials: Uneven Recovery

EMEA Financials are the largest Regional Sector underweight in global EM. Moderate but uneven recovery underway, with buying in Greece, Saudi,...

Steven Holden

Why Foreign Strategic Inflows Can Reprice Indian Banks and NBFCs?

Foreign capital is moving towards strategic control, with equity infusion and stronger ratings reducing refinancing risk and potentially lowering...

Nimish Maheshwari

Record MENA Underweight

MENA stocks hit record underweight among active Emerging Market managers. Only half of active EM managers are exposed to the region and less than...

Steven Holden

MSCI ACWI Breaking To New Highs; Buying Financials, Consumer Discretionary, Industrials, Materials

Global sovereign yields have moved lower in recent weeks. We expect rates to find support near current levels, and recommend adding exposure to...

Vermilion Research

FAB - 1Q25 Earnings up 23.5% YoY (+22.4% QoQ), on Strong Operating Income and Lower Provisioning...

Shareholders' profit up 23.5% YoY to AED5.1bn (+22.4% QoQ; +23% vs estimate). Net interest income up 3.1% YoY to AED5.0bn (+1.4% QoQ; +2.9% vs...

International Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

EMEA Financials: Uneven Recovery

EMEA Financials are the largest Regional Sector underweight in global EM. Moderate but uneven recovery underway, with buying in Greece, Saudi,...

Steven Holden

Why Foreign Strategic Inflows Can Reprice Indian Banks and NBFCs?

​Foreign capital is moving towards strategic control, with equity infusion and stronger ratings reducing refinancing risk and potentially lowering...

Nimish Maheshwari

Record MENA Underweight

MENA stocks hit record underweight among active Emerging Market managers. Only half of active EM managers are exposed to the region and less than...

Steven Holden

MSCI ACWI Breaking To New Highs; Buying Financials, Consumer Discretionary, Industrials, Materials

Global sovereign yields have moved lower in recent weeks. We expect rates to find support near current levels, and recommend adding exposure to...

Vermilion Research

FAB - 1Q25 Earnings up 23.5% YoY (+22.4% QoQ), on Strong Operating Income and Lower Provisioning...

Shareholders' profit up 23.5% YoY to AED5.1bn (+22.4% QoQ; +23% vs estimate). Net interest income up 3.1% YoY to AED5.0bn (+1.4% QoQ; +2.9% vs...

International Securities

Foreign capital is moving towards strategic control, with equity infusion and stronger ratings reducing refinancing risk and potentially lowering...