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

Cross Asset Strategy

<ul>
<li>Consumer Discretionary is the strongest consensus overweight among UK active funds, with 85% positioned above the FTSE All Share Index.</li>
<li>The sector’s relative overweight has climbed steadily to decade highs, with 85% of funds positioned above benchmark.</li>
<li>Stock-Level tilts show consistent preference for Burberry, Whitbread, and Next, alongside reductions in Taylor Wimpey, Dowlais, and Frasers Group.</li>
</ul>


Consumer Discretionary is the strongest consensus overweight among UK active funds, with 85% positioned above the FTSE All Share Index.
The sector’s relative overweight has climbed steadily to decade highs, with 85% of funds positioned above benchmark.
Stock-Level tilts show consistent preference for Burberry, Whitbread, and Next, alongside reductions in Taylor Wimpey, Dowlais, and Frasers Group.


UK Consumer Discretionary Positioning: A Consensus Overweight

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the potential index changes for F100 and F250 in the run up to the June 2023 Rebalance.</li>
<li>Based on latest prices, there are no changes expected for F100 while there could be up to four changes in F250 between now and the June 2023 Rebalance</li>
<li>This includes the potential intra-review replacement of F250 member <a href="https://www.smartkarma.com/entities/al-noor-hospitals-group-plc" target="_blank" data-smartkarma-citation="entities:21813:1" rel="noopener">Mediclinic International (MDC LN)</a> in the F250 index.</li>
</ul>


In this insight, we take a look at the potential index changes for F100 and F250 in the run up to the June 2023 Rebalance.
Based on latest prices, there are no changes expected for F100 while there could be up to four changes in F250 between now and the June 2023 Rebalance
This includes the potential intra-review replacement of F250 member Mediclinic International (MDC LN) in the F250 index.


Quiddity Leaderboard for UK F100/​250 June 2023: Mediclinic Replacement Candidates Have High Impact

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<ul>
<li>The BHP Board has decided to proceed with the Unification due to the advantages of simplification, strategic flexibility, elimination of DLC dividend arrangement, and elimination of share price differentials. </li>
<li>Since announcement of the Unification, the <a href="https://www.smartkarma.com/entities/bhp-billiton-plc-adr" target="_blank" data-smartkarma-citation="entities:14531:1" rel="noopener">BHP Billiton Plc (ADR) (BBL US)</a> discount to <a href="https://www.smartkarma.com/entities/bhp-billiton-ltd-adr" target="_blank" data-smartkarma-citation="entities:5424:1" rel="noopener">BHP Billiton (ADR) (BHP US)</a> has narrowed from 16.6% to 1.4% and will reach parity soon.</li>
<li>There will be selling on <a href="https://www.smartkarma.com/entities/bhp-billiton-plc" target="_blank" data-smartkarma-citation="entities:21840:1" rel="noopener">BHP Billiton (BLT LN)</a> from UK Index and STOXX trackers in January, and S&amp;P/ASX trackers will buy <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group (BHP AU)</a>, possibly in 2 tranches. </li>
</ul>


The BHP Board has decided to proceed with the Unification due to the advantages of simplification, strategic flexibility, elimination of DLC dividend arrangement, and elimination of share price differentials. 
Since announcement of the Unification, the BHP Billiton Plc (ADR) (BBL US) discount to BHP Billiton (ADR) (BHP US) has narrowed from 16.6% to 1.4% and will reach parity soon.
There will be selling on BHP Billiton (BLT LN) from UK Index and STOXX trackers in January, and S&amp;P/ASX trackers will buy BHP Group (BHP AU), possibly in 2 tranches. 


BHP Unification: Board Approves; S&P Market Consultation in Progress

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.

Equity Capital Markets

Huisen Household International Group Limited / Equity Capital Markets

Huisen Household International Group Limited

<a href="https://www.smartkarma.com/entities/huisen-household-international-group-limited" target="_blank" data-smartkarma-citation="entities:31078:1" rel="noopener">Huisen Household International (2127 HK)</a> is the largest panel furniture exporter in terms of export value in China with a 3.92% market share in 2019, according to Frost &amp; Sullivan. Huisen has launched a Hong Kong IPO to raise net proceeds of HK$1,228.8 million ($160 million) at the mid-point of the IPO price range. Unsurprisingly, due to the covid-19 outbreak, the export value of the PRC panel furniture will decline by 10% YoY to RMB73.5 billion in 2020, according to Frost &amp; Sullivan. Due to this decline in market growth, Huisen guides to a slight decrease in revenue and gross profit in 2020. Encouragingly, the export value of the PRC panel furniture is expected to recover gradually at a 3.2% CAGR from 2020 to 2024. Huisen is well placed to benefit from this growth as it is the largest panel furniture exporter in China.<div class="content-highlight">As a sign of confidence, most of the IPO proceeds will be used to establish a new manufacturing factory and construct the second phase of an existing factory. Overall, we believe that Huisen’s fundamentals are attractive.</div>

Huisen Household International (2127 HK) is the largest panel furniture exporter in terms of export value in China with a 3.92% market share in 2019, according to Frost &amp; Sullivan. Huisen has launched a Hong Kong IPO to raise net proceeds of HK$1,228.8 million ($160 million) at the mid-point of the IPO price range. Unsurprisingly, due to the covid-19 outbreak, the export value of the PRC panel furniture will decline by 10% YoY to RMB73.5 billion in 2020, according to Frost &amp; Sullivan. Due to this decline in market growth, Huisen guides to a slight decrease in revenue and gross profit in 2020. Encouragingly, the export value of the PRC panel furniture is expected to recover gradually at a 3.2% CAGR from 2020 to 2024. Huisen is well placed to benefit from this growth as it is the largest panel furniture exporter in China.As a sign of confidence, most of the IPO proceeds will be used to establish a new manufacturing factory and construct the second phase of an existing factory. Overall, we believe that Huisen’s fundamentals are attractive.

Huisen Household IPO Initiation: Part of the Furniture

Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

Riedel provides equity research and analysis to leading financial organizations. By becoming members of a region (Asia, Latin America, Emerging Europe or Global), organizations have access to an integrated set of services including:

Regular company coverage reports
Up-to-date investment decision advice (buy, hold, sell)
Monthly regional and global conference calls
Customized company reports and unlimited on-line access to the program's services.

Riedel provides research coverage of companies across the full range of market capitalization. Experienced research professionals in each market develop company reports and analysis as well as earnings models and projections. Ratings are Buy, Hold and Sell with a focus on compelling investment ideas - both long and short. Downloadable, dynamic earnings models are built to facilitate sensitivity analysis.

Please feel free to contact us for complimentary access to our written research.  We want to show you that our unique research flow can add value and help develop a long-term, high value-add relationship.

Riedel's model focuses on providing clients with unique insights and consulting in addition to unlimited access to all produced research This model allows members to receive exponential benefits for their retainer fees.

Thematic (Sector/Industry)

Last week the immediate shock from the Brexit eased considerably. It has become clear that all the Brexit vote really did was guarantee a prolonged period of uncertainty. It has also become clear that it will take months to gauge the impact that this prolonged period of uncertainty will have on both the Eurozone and global economy.

Last week the immediate shock from the Brexit eased considerably. It has become clear that all the Brexit vote really did was guarantee a prolonged period of uncertainty. It has also become clear that it will take months to gauge the impact that this prolonged period of uncertainty will have on both the Eurozone and global economy.

What Investors Should Be Asking About A Brexit

United Kingdom

Howden Joinery Group PLC designs, manufactures and sells 'fitted' kitchens. The Company sells its products to small local builders throughout the United Kingdom via its own network of 'depots'.

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Howden Joinery (HWDN LN)

UK Consumer Discretionary Positioning: A Consensus Overweight

Consumer Discretionary is the UK’s standout active overweight. Absolute allocations are stable, but the sector’s relative overweight has surged to...

Steven Holden

Quiddity Leaderboard for UK F100/250 June 2023: Mediclinic Replacement Candidates Have High Impact

The Top 15 F250 potential ADDs have decent impact and some of these names could become intra-review ADDs or regular ADDs between now and June 2023....

Janaghan Jeyakumar, CFA

BHP Unification: Board Approves; S&P Market Consultation in Progress

The BHP Board has approved the Unification and the UK line could stop trading on 28 January. The UK line will see selling from UK Index and STOXX...

Brian Freitas

Huisen Household IPO Initiation: Part of the Furniture

Huisen has launched an HK IPO to raise net proceeds of $160 million at the mid-point of the IPO price range. Overall, we believe that Huisen’s...

Arun George

What Investors Should Be Asking About A Brexit

Last week the immediate shock from the Brexit eased considerably. It has become clear that all the Brexit vote really did was guarantee a prolonged...

David Riedel

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

UK Consumer Discretionary Positioning: A Consensus Overweight

Consumer Discretionary is the UK’s standout active overweight. Absolute allocations are stable, but the sector’s relative overweight has surged to...

Steven Holden

Quiddity Leaderboard for UK F100/​250 June 2023: Mediclinic Replacement Candidates Have High Impact

The Top 15 F250 potential ADDs have decent impact and some of these names could become intra-review ADDs or regular ADDs between now and June 2023....

Janaghan Jeyakumar, CFA

BHP Unification: Board Approves; S&P Market Consultation in Progress

The BHP Board has approved the Unification and the UK line could stop trading on 28 January. The UK line will see selling from UK Index and STOXX...

Brian Freitas

Huisen Household IPO Initiation: Part of the Furniture

Huisen has launched an HK IPO to raise net proceeds of $160 million at the mid-point of the IPO price range. Overall, we believe that Huisen’s...

Arun George

What Investors Should Be Asking About A Brexit

Last week the immediate shock from the Brexit eased considerably. It has become clear that all the Brexit vote really did was guarantee a prolonged...

David Riedel

Quiddity Leaderboard for UK F100/250 June 2023: Mediclinic Replacement Candidates Have High Impact