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>China exposure among GEM funds has rebounded to 26%, up from the 2024 low, but still far below the 37.5% peak. India has eased while Taiwan allocations hit new highs.</li>
<li>China remains a major EM underweight at -3.09% vs. benchmark, despite rising allocations. High Active funds stay the most underweight</li>
<li>Industrials see the strongest buying, while Utilities and Consumer sectors decline. Tencent and Alibaba dominate ownership, but many new names are entering the picture.</li>
</ul>


China exposure among GEM funds has rebounded to 26%, up from the 2024 low, but still far below the 37.5% peak. India has eased while Taiwan allocations hit new highs.
China remains a major EM underweight at -3.09% vs. benchmark, despite rising allocations. High Active funds stay the most underweight
Industrials see the strongest buying, while Utilities and Consumer sectors decline. Tencent and Alibaba dominate ownership, but many new names are entering the picture.


China & HK: Rebuild Slows Amid Heavy Sector and Stock Rotation

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>The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes. </li>
<li>In this insight, we take a look at the rankings of potential ADDs and potential DELs for the June 2025 index rebal event.</li>
<li>We see zero index changes based on the latest available data but we estimate there to be US$204mn one-way flows due to capping.</li>
</ul>


The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes. 
In this insight, we take a look at the rankings of potential ADDs and potential DELs for the June 2025 index rebal event.
We see zero index changes based on the latest available data but we estimate there to be US$204mn one-way flows due to capping.


Quiddity Leaderboard HSTECH Jun25: US$204mn One-Way; No Index Changes Likely

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (9618 HK)</a> Q4 2024 earnings significantly exceeded analyst expectations with revenue reaching RMB 347 billion (13.4% YoY increase).</li>
<li>The stock experienced a volatile two-day reaction, rising 8.4% on March 6 followed by a 5.0% decline on March 7, resulting in a net gain of 3.03%.</li>
<li>Options strategies including straddles, strangles, and call calendar spreads were actively traded ahead of earnings with potential intraday profitability. Longer dated implied volatility decreased following the announcement.</li>
</ul>



JD.com (9618 HK) Q4 2024 earnings significantly exceeded analyst expectations with revenue reaching RMB 347 billion (13.4% YoY increase).
The stock experienced a volatile two-day reaction, rising 8.4% on March 6 followed by a 5.0% decline on March 7, resulting in a net gain of 3.03%.
Options strategies including straddles, strangles, and call calendar spreads were actively traded ahead of earnings with potential intraday profitability. Longer dated implied volatility decreased following the announcement.


JD.com (9618 HK) FY Earnings Recap: Intra-Day Swing of 7.3%.

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Equity Bottom-Up

<ul>
<li>JD C4Q24 revenue exceeded our estimate/consensus by 3%/4% and adjusted NI by 16%/19%, driven by subsidies and logistic efficiency gains.</li>
<li>We expect JD to maintain 11% YoY revenue growth in C1H25 but moderate to 5.9% in 2H. </li>
<li>We maintain JD.com's TP at US$ 52 and the BUY rating. Market concern on lack of details for long term driver is valid but JD.com still has time.</li>
</ul>


JD C4Q24 revenue exceeded our estimate/consensus by 3%/4% and adjusted NI by 16%/19%, driven by subsidies and logistic efficiency gains.
We expect JD to maintain 11% YoY revenue growth in C1H25 but moderate to 5.9% in 2H. 
We maintain JD.com's TP at US$ 52 and the BUY rating. Market concern on lack of details for long term driver is valid but JD.com still has time.


[JD.com, Inc (JD US, BUY, TP US$52) Earnings Review]: Market Calls for Longer-Term Growth Drivers

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>JD.com (JD) reported (6 Mar) 4Q24 results: revenue was RMB347.0bn, up 13.4% YoY (4Q23: 3.6%；3Q24: 5.1%), 4% ahead of consensus; non-GAAP net profit was RMB11.3bn, up 34% YoY, and was 22% ahead of consensus, thanks to a 15% beat on JD Retail’s (JDR) OP aided by stronger-than-expected scale effect.</li><li>For 2024, total revenue was up 7% YoY to RMB1.2tn, and nonGAAP net profit was up 36% YoY to RMB47.8bn.</li><li>Factoring into more positive than expected impact from nationwide trade-in program, as well as better-thanexpected revenue generation capability in supermarket category bolstered by enhanced capability in capturing consumer demand, we lift 2025-2026E forecasts on revenue by 4-5% and that for non-GAAP NP by 5-7%. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

JD.com (JD) reported (6 Mar) 4Q24 results: revenue was RMB347.0bn, up 13.4% YoY (4Q23: 3.6%；3Q24: 5.1%), 4% ahead of consensus; non-GAAP net profit was RMB11.3bn, up 34% YoY, and was 22% ahead of consensus, thanks to a 15% beat on JD Retail’s (JDR) OP aided by stronger-than-expected scale effect.For 2024, total revenue was up 7% YoY to RMB1.2tn, and nonGAAP net profit was up 36% YoY to RMB47.8bn.Factoring into more positive than expected impact from nationwide trade-in program, as well as better-thanexpected revenue generation capability in supermarket category bolstered by enhanced capability in capturing consumer demand, we lift 2025-2026E forecasts on revenue by 4-5% and that for non-GAAP NP by 5-7%. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JD.com (JD US) - Results Beat; Eyeing on Core Business Earnings Growth

China

JD.com, Inc. is an online direct sales company in China. The Company offers a wide selection of products through its website and mobile applications. JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

Price Gauge
52-week Range	0.00 - 0.00
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JD.com (9618 HK)

China & HK: Rebuild Slows Amid Heavy Sector and Stock Rotation

China & HK allocations are recovering, yet remain a major EM underweight. Rotation is active but cautious—Industrial inflows rise, while high...

Steven Holden

Quiddity Leaderboard HSTECH Jun25: US$204mn One-Way; No Index Changes Likely

AAC Technologies and China Literature are the highest-ranked potential ADD and potential DEL respectively. However, both of these names are very...

Janaghan Jeyakumar, CFA

JD.com (9618 HK) FY Earnings Recap: Intra-Day Swing of 7.3%.

JD.com's Q4 earnings beat expectations, causing stock volatility and resulting in a net gain of only 3.0% over two days. Options strategies were...

Gaudenz Schneider

[JD.com, Inc (JD US, BUY, TP US$52) Earnings Review]: Market Calls for Longer-Term Growth Drivers

JD's Q4 revenue and adjusted NI beat estimates, driven by subsidies and logistic gains. Revenue growth expected to slow in 2H25. Maintaining BUY...

Blue Lotus Research Institute

JD.com (JD US) - Results Beat; Eyeing on Core Business Earnings Growth

JD.com (JD) reported (6 Mar) 4Q24 results: revenue was RMB347.0bn, up 13.4% YoY (4Q23: 3.6%；3Q24: 5.1%), 4% ahead of consensus

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China & HK: Rebuild Slows Amid Heavy Sector and Stock Rotation

China & HK allocations are recovering, yet remain a major EM underweight. Rotation is active but cautious—Industrial inflows rise, while high...

Steven Holden

Quiddity Leaderboard HSTECH Jun25: US$204mn One-Way; No Index Changes Likely

AAC Technologies and China Literature are the highest-ranked potential ADD and potential DEL respectively. However, both of these names are very...

Janaghan Jeyakumar, CFA

JD.com (9618 HK) FY Earnings Recap: Intra-Day Swing of 7.3%.

​JD.com's Q4 earnings beat expectations, causing stock volatility and resulting in a net gain of only 3.0% over two days. Options strategies were...

Gaudenz Schneider

[JD.com, Inc (JD US, BUY, TP US$52) Earnings Review]: Market Calls for Longer-Term Growth Drivers

​JD's Q4 revenue and adjusted NI beat estimates, driven by subsidies and logistic gains. Revenue growth expected to slow in 2H25. Maintaining BUY...

Blue Lotus Research Institute

JD.com (JD US) - Results Beat; Eyeing on Core Business Earnings Growth

JD.com (JD) reported (6 Mar) 4Q24 results: revenue was RMB347.0bn, up 13.4% YoY (4Q23: 3.6%；3Q24: 5.1%), 4% ahead of consensus

CMB International

JD.com's Q4 earnings beat expectations, causing stock volatility and resulting in a net gain of only 3.0% over two days. Options strategies were...

JD's Q4 revenue and adjusted NI beat estimates, driven by subsidies and logistic gains. Revenue growth expected to slow in 2H25. Maintaining BUY...