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

Quantitative Analysis

<ul>
<li>The latest in stock ownership data among active GEM Equity investors.</li>
<li>Latest aggregate positioning, most widely held stocks, over/underweights, unloved and avoided companies</li>
<li>Largest fund level stock positions(weight and USD), aggregate stock ownership changes, fund level stock ownership Changes</li>
</ul>


The latest in stock ownership data among active GEM Equity investors.
Latest aggregate positioning, most widely held stocks, over/underweights, unloved and avoided companies
Largest fund level stock positions(weight and USD), aggregate stock ownership changes, fund level stock ownership Changes


Emerging Markets Stock Positioning Chart Pack

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Hapvida Participacoes e Invest / Equity Bottom-Up

<ul>
<li>The business combination of <a href="https://www.smartkarma.com/entities/hapvida-participacoes-e-inve" target="_blank" data-smartkarma-citation="entities:27870:1" rel="noopener">Hapvida Participacoes E Inve (HAPV3 BZ)</a> and <a href="https://www.smartkarma.com/entities/notre-dame-intermed-par-sa" target="_blank" data-smartkarma-citation="entities:27865:1" rel="noopener">Notre Dame Intermed Par SA (GNDI3 BZ)</a> concluded on Feb 11. GNDI3 shares are no longer trading.</li>
<li>Since Feb 14, 2022, GNDI has become a wholly-owned subsidiary of Hapvida. The combined business has become Brazil’s largest vertical healthcare operator, with a market share of approximately 18%.</li>
<li>The combined company estimates operational synergies of BRL1.38 billion during 2022–2024. With a share of 58%, revenue is expected to be the biggest contributor of the synergies.</li>
</ul>


The business combination of Hapvida Participacoes E Inve (HAPV3 BZ) and Notre Dame Intermed Par SA (GNDI3 BZ) concluded on Feb 11. GNDI3 shares are no longer trading.
Since Feb 14, 2022, GNDI has become a wholly-owned subsidiary of Hapvida. The combined business has become Brazil’s largest vertical healthcare operator, with a market share of approximately 18%.
The combined company estimates operational synergies of BRL1.38 billion during 2022–2024. With a share of 58%, revenue is expected to be the biggest contributor of the synergies.


Hapvida (HAPV3 BZ) And Grupo Notredame (GNDI3 BZ) Business Combination- Potential Value Generation

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

MSCI Emerging Markets Index / Technical Analysis

We are no longer recommending an overweight to China (MSCI China) due to recent RS deterioration. Our favorite countries remain Taiwan (TAIEX) and India (SENSEX), while Brazil (Bovespa) and South Korea (KOSPI) display improving price and RS trends -- add exposure. MSCI EM Technology and Materials are our top two Sector overweights. Additionally, the EM Health Care Sector shows bullish price and RS inflections, making it a timely Sector to add exposure to at current levels.

We are no longer recommending an overweight to China (MSCI China) due to recent RS deterioration. Our favorite countries remain Taiwan (TAIEX) and India (SENSEX), while Brazil (Bovespa) and South Korea (KOSPI) display improving price and RS trends -- add exposure. MSCI EM Technology and Materials are our top two Sector overweights. Additionally, the EM Health Care Sector shows bullish price and RS inflections, making it a timely Sector to add exposure to at current levels.

Overweight EM Vs. EAFE; Dollar Weakness Continues

We are recommending a shift from developed international markets (EAFE) to emerging market equities, as the MSCI EM index is breaking topside resistance, the EM vs. EAFE ratio is bullishly inflecting, and the US dollar (DXY) exhibits signs of breaking down. Russia (RTS), Taiwan (TAIEX), and Brazil (Bovespa) are deserving of overweights in the EM realm, though China (MSCI China) appears to be bottoming as well -- add exposure. EM Sectors: Technology and Consumer Discretionary are leadership -- overweight. Communications is the next most attractive EM Sector thanks largely to improvement in Tencent (700-HK) -- add exposure. Lastly, Materials exhibits early signs of potential price and RS bottoms -- add selective exposure

We are recommending a shift from developed international markets (EAFE) to emerging market equities, as the MSCI EM index is breaking topside resistance, the EM vs. EAFE ratio is bullishly inflecting, and the US dollar (DXY) exhibits signs of breaking down. Russia (RTS), Taiwan (TAIEX), and Brazil (Bovespa) are deserving of overweights in the EM realm, though China (MSCI China) appears to be bottoming as well -- add exposure. EM Sectors: Technology and Consumer Discretionary are leadership -- overweight. Communications is the next most attractive EM Sector thanks largely to improvement in Tencent (700-HK) -- add exposure. Lastly, Materials exhibits early signs of potential price and RS bottoms -- add selective exposure

Brazil

Hapvida Participacoes e Investimentos S.A. operates as a health and dental care operator. The Company offers health and dental plans and provides hospital and diagnostic services through its own network. Hapvida Participacoes e Investimentos serves customers in Brazil.

Hapvida Participacoes e Invest (HAPV3 BZ)

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Hapvida Participacoes e Invest (HAPV3 BZ)

Emerging Markets Stock Positioning Chart Pack

The latest in stock ownership data among active Global Emerging Markets Equity funds. Most Widely Held, Over/Underweights, Unloved and Avoided...

Steven Holden

Hapvida (HAPV3 BZ) And Grupo Notredame (GNDI3 BZ) Business Combination- Potential Value Generation

Hapvida is expecting incremental EBITDA of BRL1.38 billion during 2022–2024 from the acquisition of GNDI. Hapvida is expected to gain market share...

Tina Banerjee

Overweight EM Vs. EAFE; Dollar Weakness Continues

Our favorite countries remain Taiwan (TAIEX) and India (SENSEX), while Brazil (Bovespa) and South Korea (KOSPI) display improving price and RS...

Vermilion Research

Shift Exposure From EAFE to EM

We are recommending a shift from developed international markets (EAFE) to emerging market equities, as the MSCI EM index is breaking topside...

Vermilion Research

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