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>Allocations in Asian Financials stocks have fallen to all-time lows in Asia Ex-Japan active portfolios this year.</li>
<li>Fund managers move to underweight following $3bn in net outflows.</li>
<li>Managers exit ASEAN banks, weights drop in China banks. </li>
<li>On a stock level, <a href="https://www.smartkarma.com/entities/icici-bank-ltd" target="_blank" data-smartkarma-citation="entities:547:1" rel="noopener">ICICI Bank Ltd (ICICIBC IN)</a> ,  <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia Persero (BBRI IJ)</a> (-7.2%) and <a href="https://www.smartkarma.com/entities/indusind-bank-ltd" target="_blank" data-smartkarma-citation="entities:1558:1" rel="noopener">Indusind Bank (IIB IN)</a> are the hardest hit.</li>
</ul>


Allocations in Asian Financials stocks have fallen to all-time lows in Asia Ex-Japan active portfolios this year.
Fund managers move to underweight following $3bn in net outflows.
Managers exit ASEAN banks, weights drop in China banks. 
On a stock level, ICICI Bank Ltd (ICICIBC IN) ,  Bank Rakyat Indonesia Persero (BBRI IJ) (-7.2%) and Indusind Bank (IIB IN) are the hardest hit.


Cross Asset Strategy

In this report, we analyse Asia Ex-Japan fund positioning across the key Asian industry groups.  The analysis measures current sentiment across all Asian industry groups by calculating today's positioning levels in relation to historical levels.  We then overlay short term fund activity data in order to detect reversals or confirmations of longer-term trends.For this analysis, we analyse the holdings of 102 actively managed mutual funds benchmarked to the MSCI Asia Ex-Japan Index. The current fund sample covers a combined AUM of $70bn.

In this report, we analyse Asia Ex-Japan fund positioning across the key Asian industry groups.  The analysis measures current sentiment across all Asian industry groups by calculating today's positioning levels in relation to historical levels.  We then overlay short term fund activity data in order to detect reversals or confirmations of longer-term trends.For this analysis, we analyse the holdings of 102 actively managed mutual funds benchmarked to the MSCI Asia Ex-Japan Index. The current fund sample covers a combined AUM of $70bn.

Focus Industries for Asia Ex-Japan Fund Managers

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

In this review, we highlight 5 Thai stocks that could potentially do well in the Donald December 2016, the last Christmas Obama will get to celebrate from the White House. In terms of updates, we collected news and snippets from NY Times and other publications about who the potential Trump cabinet could include in 2017. Honestly, the actual composition of the Cabinet is unlikely to have much impact on Thai equities, but MCorp Review has followed the US elections for so long it makes sense to go…

In this review, we highlight 5 Thai stocks that could potentially do well in the Donald December 2016, the last Christmas Obama will get to celebrate from the White House. In terms of updates, we collected news and snippets from NY Times and other publications about who the potential Trump cabinet could include in 2017. Honestly, the actual composition of the Cabinet is unlikely to have much impact on Thai equities, but MCorp Review has followed the US elections for so long it makes sense to go…

The Dudes Who Don't Matter. When I was studying MBA in New York, I met a senior at Lehman Brothers, and I must have said something like "Wow! You're already a Vice-President." And he was like..."Ah, there are so many Vice-Presidents on Wall Street. We don't matter."Truth is you could probably say the Vice-Presidential candidates of America. Unless the President dies (Kennedy, McKinley, Lincoln) before the term is over, the job description of Joe Biden seems to be recommending the best chicken…

The Dudes Who Don't Matter. When I was studying MBA in New York, I met a senior at Lehman Brothers, and I must have said something like "Wow! You're already a Vice-President." And he was like..."Ah, there are so many Vice-Presidents on Wall Street. We don't matter."Truth is you could probably say the Vice-Presidential candidates of America. Unless the President dies (Kennedy, McKinley, Lincoln) before the term is over, the job description of Joe Biden seems to be recommending the best chicken…

Battle of the Second Fiddles: Pence 1, Kane 0

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>
Alpha Sources: Taiwan (+2.6 Short IR) and Australia (+2.7) remain dominant. Korea (+1.9) shows tentative stabilization after last week's dip.</li>
<li>
Sector Warning: Zero positive IR across all sectors in both windows. Alpha generation is purely a country-selection story — sector rotation offers no edge.</li>
<li>
Tactical: Overweight Taiwan/Australia on sustained decay; underweight India (Long/Short IR: −2.1/−1.9). Tech/Semis breakdown (−1.2 Short IR) confirmed for second consecutive week. </li>
</ul>



Alpha Sources: Taiwan (+2.6 Short IR) and Australia (+2.7) remain dominant. Korea (+1.9) shows tentative stabilization after last week's dip.

Sector Warning: Zero positive IR across all sectors in both windows. Alpha generation is purely a country-selection story — sector rotation offers no edge.

Tactical: Overweight Taiwan/Australia on sustained decay; underweight India (Long/Short IR: −2.1/−1.9). Tech/Semis breakdown (−1.2 Short IR) confirmed for second consecutive week. 


Pan-Asia Radar: What's Outperforming MSCI AC Asia Ex-JP (AAXJ US), What's Crowding | Apr 13–Apr 17

United States

iShares MSCI All Country Asia ex-Japan ETF is an exchange-traded fund incorporated in the USA. The ETF seeks investment results that correspond to the  price and yield performance of the MSCI All Country Asia ex-Japan Index. The MSCI All Country Asia ex-Japan Index offers exposure to stocks from Asian countries excluding Japan.

iShares MSCI All Country Asia ex-Japan ETF (AAXJ US)

iShares MSCI All Country Asia ex-Japan ETF

iShares MSCI All Country Asia ex-Japan ETF (AAXJ US)

Asia Ex-Japan Financials: Long Drop

Allocations in Financial stocks drop to all-time lows in Asia Ex-Japan active funds. Financials now key underweight holding, led by selling in the...

Steven Holden

Focus Industries for Asia Ex-Japan Fund Managers

In this report, we analyse Asia Ex-Japan fund positioning across the key Asian industry groups. The analysis measures current sentiment across all...

Steven Holden

5 Stock Picks for Santa Trump

In this review, we highlight 5 Thai stocks that could potentially do well in the Donald December 2016, the last Christmas Obama will get to...

Athaporn Arayasantiparb, CFA

Battle of the Second Fiddles: Pence 1, Kane 0

The Dudes Who Don't Matter. When I was studying MBA in New York, I met a senior at Lehman Brothers, and I must have said something like "Wow!...

Athaporn Arayasantiparb, CFA

Pan-Asia Radar: What's Outperforming MSCI AC Asia Ex-JP (AAXJ US), What's Crowding | Apr 13–Apr 17

Pan-Asia Radar: weekly snapshot - risk-adjusted excess returns across Asian markets/sectors vs iShares MSCI AC Asia ex Japan ETF (AAXJ). Updated...

Nico Rosti