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>LATAM remains a core and consensus overweight among active EM managers, with 85% of funds positioned ahead of the MSCI EM benchmark</li>
<li>LATAM exposure is concentrated in Brazil, Mexico, and Argentina, which together make up 90% of the region’s allocation.</li>
<li>Banorte remains the most widely held stock in the region, with Embraer SA and Gentera staging notable recoveries from the low positioning levels seen in 2021 and 2022.</li>
</ul>


LATAM remains a core and consensus overweight among active EM managers, with 85% of funds positioned ahead of the MSCI EM benchmark
LATAM exposure is concentrated in Brazil, Mexico, and Argentina, which together make up 90% of the region’s allocation.
Banorte remains the most widely held stock in the region, with Embraer SA and Gentera staging notable recoveries from the low positioning levels seen in 2021 and 2022.


LATAM:  The Conviction Overweight in a Benchmark-Driven World

Market Intelligence, ORTEX

ORTEX Market Intel

Market Intelligence

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Equity Derivatives

<ul><li>Sentiment read: Options flow split sharply this week.</li><li>Momentum and ETF names drew aggressive call buying, pushing put-call ratios to historic lows.</li><li>At the same time, traders loaded up on puts ahead of several October and November earnings dates, a pattern that dominated the high-severity alerts.</li></ul>

Sentiment read: Options flow split sharply this week.Momentum and ETF names drew aggressive call buying, pushing put-call ratios to historic lows.At the same time, traders loaded up on puts ahead of several October and November earnings dates, a pattern that dominated the high-severity alerts.

Options Weekly: Bears Circle Earnings Names as Call Fever Grips Momentum Stocks

Equity Bottom-Up

<ul><li>Short interest shifted sharply this week across Brazilian financials, energy ETFs, and a clutch of mid-cap US names.</li><li>The biggest stories were a 56% surge in Bradesco shorts despite a JP Morgan upgrade, a 52% collapse in Nomura short interest, and a 41% single-day spike in a space ETF.</li><li>Borrow markets tightened across several names, signalling active repositioning on both sides.</li></ul>

Short interest shifted sharply this week across Brazilian financials, energy ETFs, and a clutch of mid-cap US names.The biggest stories were a 56% surge in Bradesco shorts despite a JP Morgan upgrade, a 52% collapse in Nomura short interest, and a 41% single-day spike in a space ETF.Borrow markets tightened across several names, signalling active repositioning on both sides.

Bears Scramble: Brazil Names and ETFs Dominate This Week's Short Moves

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

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass when we discussed SPX 5110-5120 as a bounce spot and a level to trade [long] against.</li>
<li>Possible that major lows are in at 4800-4820 SPX and $402-$412 on the Nasdaq 100 (QQQ), as discussed in 4/10/25 Int'l Compass. For now we want to remain near-term bullish</li>
<li>200-Day MAs on ACWI-US and SPX are spots where they <em>could</em> roll over. This is just a lean; if we see no reason to sell at those levels, we won't.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass when we discussed SPX 5110-5120 as a bounce spot and a level to trade [long] against.
Possible that major lows are in at 4800-4820 SPX and $402-$412 on the Nasdaq 100 (QQQ), as discussed in 4/10/25 Int'l Compass. For now we want to remain near-term bullish
200-Day MAs on ACWI-US and SPX are spots where they could roll over. This is just a lean; if we see no reason to sell at those levels, we won't.


Invest As If the Lows Are In; EURO STOXX 50 and TOPIX Reclaim Key Levels

<ul>
<li>We are seeing snap-back rallies in the largest global economies -- notably the U.S. and Japan, and also Europe to a lesser extent. However...</li>
<li>We're expecting to see lower highs develop at prior breakdown levels at 2690-2700 on the TOPIX and 4884 on the EURO STOXX 50, which are significant resistance levels.</li>
<li>Watching SPX resistance at 5585, or possible test of YTD highs/marginal new high, all fitting with our ongoing belief (since July 25) that ACWI-US going through 1-to 4-month pullback/consolidation.</li>
</ul>


We are seeing snap-back rallies in the largest global economies -- notably the U.S. and Japan, and also Europe to a lesser extent. However...
We're expecting to see lower highs develop at prior breakdown levels at 2690-2700 on the TOPIX and 4884 on the EURO STOXX 50, which are significant resistance levels.
Watching SPX resistance at 5585, or possible test of YTD highs/marginal new high, all fitting with our ongoing belief (since July 25) that ACWI-US going through 1-to 4-month pullback/consolidation.


MSCI ACWI Consolidation Continues; Outlook Remains Neutral; Buys Across Defensives & Other Sectors

Brazil

Itau Unibanco Holding S.A. is a universal bank offering a wide range of financial services, including retail and wholesale banking, and market activities. The company provides personal loans, credit cards, mortgage loans, insurance, and asset management. Itau Unibanco is headquartered in São Paulo, Brazil, and was formed in 2008 through the merger of Banco Itaú and Unibanco.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Itau Unibanco (ITUB US)

LATAM: The Conviction Overweight in a Benchmark-Driven World

LATAM remains a core and consensus overweight among active EM managers, with 85% of funds positioned ahead of the MSCI EM benchmark

Steven Holden

Options Weekly: Bears Circle Earnings Names as Call Fever Grips Momentum Stocks

Sentiment read: Options flow split sharply this week. Momentum and ETF names drew aggressive call buying, pushing put-call ratios to historic...

ORTEX Market Intel

Bears Scramble: Brazil Names and ETFs Dominate This Week's Short Moves

Short interest shifted sharply this week across Brazilian financials, energy ETFs, and a clutch of mid-cap US names. The biggest stories were a...

ORTEX Market Intel

Invest As If the Lows Are In; EURO STOXX 50 and TOPIX Reclaim Key Levels

Invest As If the Lows Are In; EURO $STOXX 50 and $TOPIX Reclaim Key Levels; Still near-term bullish since our 4/22/25 Compass report. Possible...

Vermilion Research

MSCI ACWI Consolidation Continues; Outlook Remains Neutral; Buys Across Defensives & Other Sectors

MSCI $ACWI Consolidation Continues; Outlook Remains Neutral; Snap-Back Rallies in Japan $Nikkei $TOPIX, U.S. $SPX, Europe $STOXX fits with our view...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)