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>Industrials and Consumer Staples Remain Top Overweights, Though Sentiment Fragile for Both.</li>
<li>Energy sector shows signs of a turnaround from long-term decline, whilst Financials remain unloved by China investors.</li>
<li>Real Estate allocations have hit record lows, with average holdings at just 2.93%, while Consumer Discretionary sector approaches all-time highs.</li>
</ul>


Industrials and Consumer Staples Remain Top Overweights, Though Sentiment Fragile for Both.
Energy sector shows signs of a turnaround from long-term decline, whilst Financials remain unloved by China investors.
Real Estate allocations have hit record lows, with average holdings at just 2.93%, while Consumer Discretionary sector approaches all-time highs.


Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>Industrials, Consumer Staples, Financials led the inflows while Health Care led the outflows.</li>
<li>We highlight flows for CATL, Wuliangye, Midea, Zijin Mining, Will Semi, Wuxi Apptec, Foxconn, Mindray.</li>
</ul>


We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.
Industrials, Consumer Staples, Financials led the inflows while Health Care led the outflows.
We highlight flows for CATL, Wuliangye, Midea, Zijin Mining, Will Semi, Wuxi Apptec, Foxconn, Mindray.


Northbound Flows (Mar): $3.7bn of Inflows

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of March 15th.</li>
<li>We estimate the weekly inflows to be US$5,038.2 million, led by industrials, consumer discretionary, consumer staples sectors.</li>
<li>We highlight flows for CATL, Wuliangye, China Tourism, Moutai, Midea.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of March 15th.
We estimate the weekly inflows to be US$5,038.2 million, led by industrials, consumer discretionary, consumer staples sectors.
We highlight flows for CATL, Wuliangye, China Tourism, Moutai, Midea.


Northbound Flows (Mar 15th): $5bn of Inflows Last Week

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of December 15th.</li>
<li>We estimate the weekly outflows to be US$2,746.9 million, led by consumer staples, information technology, and offset by utilities, real estate.</li>
<li>We highlight flows for China Yangtze Power, Mindray, BYD, Wuliangye, Inner Mongolia Yili Industrial, Chongqing Sokon Industry Group Stock, Ping An Insurance.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of December 15th.
We estimate the weekly outflows to be US$2,746.9 million, led by consumer staples, information technology, and offset by utilities, real estate.
We highlight flows for China Yangtze Power, Mindray, BYD, Wuliangye, Inner Mongolia Yili Industrial, Chongqing Sokon Industry Group Stock, Ping An Insurance.


Northbound Flows (Dec 15th): China Yangtze Power, Mindray, BYD, Wuliangye

<ul>
<li>We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>Industrials ($2,588 million worth of outflows), Financials ($1,109 million worth of outflows) led the outflows. </li>
<li>We highlight outflows from Moutai, CATL, Longi, Focus Media, Ping An Insurance.</li>
</ul>


We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.
Industrials ($2,588 million worth of outflows), Financials ($1,109 million worth of outflows) led the outflows. 
We highlight outflows from Moutai, CATL, Longi, Focus Media, Ping An Insurance.


Northbound Flows Monthly (October): Three Months of Outflows

China

Hundsun Technologies Inc develops application software for security firms, commercial banks, fund management firms, and other industries.  The Company also sells computer hardware and provides system integration services.

Hundsun Technologies Inc A (600570 CH)

China Macro: Sector Positioning Update

Sector positioning among active China Funds. Industrials and Consumer Staples Remain Top Overweights, Energy shows signs of a turnaround, whilst...

Steven Holden

Northbound Flows (Mar): $3.7bn of Inflows

We analyzed the Shanghai/Shenzhen Connect Scheme for March and highlight flows for CATL, Wuliangye, Midea, Zijin Mining, Will Semi, Wuxi Apptec,...

Ke Yan, CFA, FRM

Northbound Flows (Mar 15th): $5bn of Inflows Last Week

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for CATL, Wuliangye, China Tourism, Moutai, Midea, Wuxi...

Ke Yan, CFA, FRM

Northbound Flows (Dec 15th): China Yangtze Power, Mindray, BYD, Wuliangye

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for China Yangtze Power, Mindray, BYD, Wuliangye.

Ke Yan, CFA, FRM

Northbound Flows Monthly (October): Three Months of Outflows

We analyzed the Shanghai/Shenzhen Connect Scheme for October and highlight flows for Moutai, CATL, Longi, Focus Media, Ping An Insurance.

Ke Yan, CFA, FRM