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

Equity Bottom-Up

Galaxy Entertainment Group / Equity Bottom-Up

<ul>
<li>Sentiment towards Galaxy Entertainment among Greater China managers has taken a turn for the better</li>
<li>Managers move from underweight to overweight, bucking a 4-year decline in allocations among active managers.</li>
<li>Allocation increases driven by new positions from Fubon China Growth (+3.32%), Eaton Vance Greater China Growth (+2.24%) and Eastspring Investments Greater China (+1.56%) since 09/30/2021.</li>
</ul>


Sentiment towards Galaxy Entertainment among Greater China managers has taken a turn for the better
Managers move from underweight to overweight, bucking a 4-year decline in allocations among active managers.
Allocation increases driven by new positions from Fubon China Growth (+3.32%), Eaton Vance Greater China Growth (+2.24%) and Eastspring Investments Greater China (+1.56%) since 09/30/2021.


Galaxy Entertainment:  Change in Sentiment Among Greater China Managers

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Apr 14th.  The release of report is delayed due to Hong Kong trading holiday.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short increases in Galaxy Entertainment, JD as well as short covers in Alibaba, Baidu.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Apr 14th.  The release of report is delayed due to Hong Kong trading holiday.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short increases in Galaxy Entertainment, JD as well as short covers in Alibaba, Baidu.


HK Short Interest: Galaxy Entertainment, JD.com, Alibaba, Baidu

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Melco International Development / Event-Driven

<ul>
<li>Both <strong><a href="https://www.smartkarma.com/entities/melco-international-development-ltd" target="_blank" data-smartkarma-citation="entities:809:1" rel="noopener">Melco International Development (200 HK)</a></strong> and <strong><a href="https://www.smartkarma.com/entities/melco-crown-entertainme-adr" target="_blank" data-smartkarma-citation="entities:810:1" rel="noopener">Melco Resorts &amp; Entertainment (MLCO US)</a></strong> have underperformed peers. But Melco is unjustifiably "outperforming" MLCO.</li>
<li>Preceding my comments on Melco, are the current setup/unwind tables for Asia-Pacific Holdcos. </li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


Both Melco International Development (200 HK) and Melco Resorts &amp; Entertainment (MLCO US) have underperformed peers. But Melco is unjustifiably "outperforming" MLCO.
Preceding my comments on Melco, are the current setup/unwind tables for Asia-Pacific Holdcos. 
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Melco Trading Rich As Lawrence Adds To His Position

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>Unsurprisingly, the independent expert (IE) considers <a href="https://www.smartkarma.com/entities/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener">Crown Resorts (CWN AU)</a>'s A$13.10 offer from <a href="https://www.smartkarma.com/entities/blackstone-group-inc" target="_blank" data-smartkarma-citation="entities:27166:1" rel="noopener">Blackstone Group (BX US)</a> to be fair and reasonable. We think that IE’s valuation approach is sound.  </li>
<li>The key condition is approval from shareholders and gaming regulatory authorities. The scheme meeting is scheduled for 29 April. </li>
<li>We continue to think that offer is attractive. At the last close price and for the 12 May implementation date, the gross and annualised spread is 2.7% and 27.1%, respectively.</li>
</ul>


Unsurprisingly, the independent expert (IE) considers Crown Resorts (CWN AU)'s A$13.10 offer from Blackstone Group (BX US) to be fair and reasonable. We think that IE’s valuation approach is sound.  
The key condition is approval from shareholders and gaming regulatory authorities. The scheme meeting is scheduled for 29 April. 
We continue to think that offer is attractive. At the last close price and for the 12 May implementation date, the gross and annualised spread is 2.7% and 27.1%, respectively.


Crown Resorts Scheme Meeting on 29 April, IE Opinion

<ul>
<li>The <a href="https://www.parliament.wa.gov.au/publications/tabledpapers.nsf/displaypaper/4111048a8d7a626ef0a339594825880f00079102/%24file/pcrc+final+report+digital.pdf" target="_blank" rel="noopener">Perth commission report</a> found <a href="https://www.smartkarma.com/entities/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener">Crown Resorts (CWN AU)</a> not suitable to operate Crown Perth but did not call for the gaming licence to be revoked.</li>
<li>The key conditions precedent for the Blackstone deal are shareholder, gaming regulatory and FIRB approval. The scheme meeting is targeted to be held before the end of June 2022.</li>
<li>At the last close price of A$12.58, the gross and annualised spread for a 30 June implementation is 4.1% and 16.94%, respectively. </li>
</ul>


The Perth commission report found Crown Resorts (CWN AU) not suitable to operate Crown Perth but did not call for the gaming licence to be revoked.
The key conditions precedent for the Blackstone deal are shareholder, gaming regulatory and FIRB approval. The scheme meeting is targeted to be held before the end of June 2022.
At the last close price of A$12.58, the gross and annualised spread for a 30 June implementation is 4.1% and 16.94%, respectively. 


Crown Resorts' Offer Spread Risk/Reward - The Perth Commission Report

Hong Kong

Galaxy Entertainment Group is a leading hospitality and gaming company that develops and operates integrated resorts, hotels, and casinos in Macau. Its key properties include Galaxy Macau, Broadway Macau, and StarWorld Macau, offering casino games, entertainment, and related hospitality services. The company is headquartered in Hong Kong and was established in 2002.

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Galaxy Entertainment Group (27 HK)

Galaxy Entertainment: Change in Sentiment Among Greater China Managers

Sentiment towards Galaxy Entertainment among Greater China managers has taken a turn for the better as managers move from underweight to overweight.

Steven Holden

HK Short Interest: Galaxy Entertainment, JD.com, Alibaba, Baidu

We highlight week on week short increases in Galaxy Entertainment, JD as well as short covers in Alibaba, Baidu based on the latest HK SFC short...

Ke Yan, CFA, FRM

StubWorld: Melco Trading Rich As Lawrence Adds To His Position

I'd be inclined to reverse the stub here - Short Melco International and Long Melco Resorts. The current level appears unsustainable.

David Blennerhassett

Crown Resorts Scheme Meeting on 29 April, IE Opinion

The key condition is approval from shareholders and gaming regulatory authorities. Scheme meeting is on 29 April. At the last close and for the 12...

Arun George

Crown Resorts' Offer Spread Risk/Reward - The Perth Commission Report

We believe that the Perth commission Report is a positive outcome for the Blackstone offer. At the last close, the gross and annualised spread for...

Arun George

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