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

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

Thematic (Sector/Industry)

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

FX Strategist

Greg Gibbs

Fundamental analysis of topical themes in FX

Amplifying Global FX Capital

Amplifying Global FX Capital was founded in 2015 and is fully owned by Greg Gibbs. It is a registered company both in Australia and Colorado, USA and is a licensed in Australia to provide financial services.

We are producing a regular trading view orientated macroeconomic analysis of topical themes in global financial markets, with a particular focus on foreign exchange. We invite you to view an “executive summary” of these reports in “AmpGFX Reports” under our “Research” menu.

These reports are drawn from the analysis of Greg Gibbs and inform the capital management he undertakes on behalf of the company. The trading performance is posted periodically on our website. We aim to build our company into both a research and capital management business. We are currently in the planning phase for managing capital for wholesale customers.

Greg Gibbs has spent his working life of more than 26 years in financial markets, beginning in 1989 at the Reserve Bank of Australia, after completing a Bachelor of Economics Degree (Honours) at the Australian National University. He has been a CFA Charterholder since 2005. He has worked in Sydney, Singapore, New York and London for major global banks and presented on foreign exchange markets to major financial institutions and companies around the world, and maintained a high profile in the financial media.

Before Amplifying Global FX Capital, Greg was the Head of Asia Pacific Market Strategy at the Royal Bank of Scotland based Singapore. He now resides in Breckenridge Colorado.

Macroeconomics

In stepping back for a moment to assess what exactly is hurting global investor confidence, it is not as easy as it seems to put a finger on the source or extent of the problem and, therefore, what might restore confidence.  There is a wide degree of global market uncertainty at this time that in itself is holding markets back.  It may take some time for confidence to be restored, and indeed confidence may remain relatively low for the foreseeable future.  Most recently the oil market appears to be at the epicenter of the upheaval.  Uncertainty and volatility in the oil market is unprecedented in recent memory and the contagion to global markets has reached globally systemic levels.  Until greater clarity is restored to the oil market, the risk is high of still more severe global market upheaval and more extreme central bank policy responses.

 In stepping back for a moment to assess what exactly is hurting global investor confidence, it is not as easy as it seems to put a finger on the source or extent of the problem and, therefore, what might restore confidence.  There is a wide degree of global market uncertainty at this time that in itself is holding markets back.  It may take some time for confidence to be restored, and indeed confidence may remain relatively low for the foreseeable future.  Most recently the oil market appears to be at the epicenter of the upheaval.  Uncertainty and volatility in the oil market is unprecedented in recent memory and the contagion to global markets has reached globally systemic levels.  Until greater clarity is restored to the oil market, the risk is high of still more severe global market upheaval and more extreme central bank policy responses.

AmpGFX - Oil Leaves a Slippery Slick for Global Markets

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)

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

AmpGFX - Oil Leaves a Slippery Slick for Global Markets

In stepping back for a moment to assess what exactly is hurting global investor confidence, it is not as easy as it seems to put a finger on the...

Greg Gibbs