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>The Materials sector stands out as a key recovery candidate: low positioning but strong positive rotation across the GEM active universe.</li>
<li>Early inflows are being driven by China &amp; HK and South Africa, with rising fund participation and narrowing underweights.</li>
<li>Stock-Level rotation is visible in Gold Fields, Zijin Mining, and Anglo American, alongside a growing set of lightly held rising stars.</li>
</ul>


The Materials sector stands out as a key recovery candidate: low positioning but strong positive rotation across the GEM active universe.
Early inflows are being driven by China &amp; HK and South Africa, with rising fund participation and narrowing underweights.
Stock-Level rotation is visible in Gold Fields, Zijin Mining, and Anglo American, alongside a growing set of lightly held rising stars.


Covering the Mexican Economy, Actinver Research

Actinver

Covering the Mexican Economy

Actinver Research

Actinver is a mexican leading financial group, that generates well being for individuals and companies through advisory services that provides investment management to maintain and grow their wealth.

Equity Bottom-Up

<ul><li>The Cement companies under coverage posted strong operating results, with margins and volumes improving.</li><li> Total revenues in 1Q26 increased by 12% YoY, while total EBITDA propelled 32% YoY.</li><li>As a result, the implicit EBITDA margin in the sector expanded by 3.1 pp YoY to 20.4% (similar level in 4Q25).</li></ul>

The Cement companies under coverage posted strong operating results, with margins and volumes improving. Total revenues in 1Q26 increased by 12% YoY, while total EBITDA propelled 32% YoY.As a result, the implicit EBITDA margin in the sector expanded by 3.1 pp YoY to 20.4% (similar level in 4Q25).

Actinver Research - Cement Sector 1Q26: Strong Quarterly Results with Positive Visibility in 2026

Actinver Research - Cement Sector 4Q25 Review: Positive Results and Better Visibility in 2026

Mexico

GCC, S.A.B. de C.V. operates as a building products company. The Company produces, distributes, and markets cement, ready-mix concrete, aggregates, and other building materials for the construction industries. GCC serves customers worldwide.

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GCC SAB de CV (GCC* MM EQUITY)

EM Materials: The Recovery Trade

Materials is emerging from deep under-ownership, combining low positioning with the strongest positive rotation in GEM. Inflows into China and S....

Steven Holden

Actinver Research - Cement Sector 1Q26: Strong Quarterly Results with Positive Visibility in 2026

The Cement companies under coverage posted strong operating results, with margins and volumes improving. Total revenues in 1Q26 increased by 12%...

Actinver

Actinver Research - Cement Sector 4Q25 Review: Positive Results and Better Visibility in 2026

Actinver

GCC SAB de CV - Actinver Research

Actinver

GCC SAB de CV - Actinver Research

Actinver

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