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

A brief note on how rising allocations in Japan among global funds have stalled since the start of the year.  <h2>Latest Positioning Overview</h2>Japan's average weight in global portfolios stands at 6.84%, being both the 3rd largest country allocation after the US and the UK but also the third largest underweight after the US and Australia.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/048/280/original/Picture1.png?1522121596" class="editor-image img-responsive" data-smartkarma-image-id="48280"></figure>Sector allocations are dominated by industrials (1.59%), consumer discretionary (1.21%) and technology (1.16%).  Only telcos and tech are held overweight with…

A brief note on how rising allocations in Japan among global funds have stalled since the start of the year.  Latest Positioning OverviewJapan's average weight in global portfolios stands at 6.84%, being both the 3rd largest country allocation after the US and the UK but also the third largest underweight after the US and Australia.Sector allocations are dominated by industrials (1.59%), consumer discretionary (1.21%) and technology (1.16%).  Only telcos and tech are held overweight with…

Differentiated global TMT & Internet Research

New Street Research Insights

New Street Research

Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
US Healthcare
Japanese Healthcare

We also provide debt research on:
Pan European Telecom Services and Cable

Thematic (Sector/Industry)

Share prices for Japanese telcos have settled at lower levels since <a href="https://www.smartkarma.com/entities/31" target="_blank" data-smartkarma-citation="entities:31:1">Rakuten's (4755 JP)</a> spectrum announcement. This weakness has come despite modestly better 3Q17/18 results and surprise share buybacks which have done little to revive interest. New entrant concerns are the key issue for investors but <a href="https://www.smartkarma.com/profiles/1920" target="_blank" data-smartkarma-citation="accounts:1920">Kirk Boodry</a> sees room for modest improvement in sentiment as the year progresses. We continue to like the shareholder return story in the Japanese telco sector and remain Buyers of <a href="https://www.smartkarma.com/entities/639" target="_blank" data-smartkarma-citation="entities:639:1">KDDI (9433 JP)</a>…

Share prices for Japanese telcos have settled at lower levels since Rakuten's (4755 JP) spectrum announcement. This weakness has come despite modestly better 3Q17/18 results and surprise share buybacks which have done little to revive interest. New entrant concerns are the key issue for investors but Kirk Boodry sees room for modest improvement in sentiment as the year progresses. We continue to like the shareholder return story in the Japanese telco sector and remain Buyers of KDDI (9433 JP)…

All Eyes on Rakuten's Plans as Japanese Telcos Remain Sidelined by Investors

Doing bespoke work since 2002....., Custom Products Group

Patrick Hansen

Doing bespoke work since 2002.....

Custom Products Group

Custom Products was started 14 years ago at Lehman Brothers by current co-founder Patrick Hansen, CFA. After 3 years at Lehman, Patrick moved the team to Macquarie Securities where Simon Rigney (co-founder) joined. 3 years ago we took Custom Products independent. 

Our core strength can be summed up three words. 1- Customization - we have very little off the shelf products and most work is done on a one on one bespoke basis. 2- Speed - We pride ourselves in our ability to get requests back to the client very quickly. 3- Confidentiality - We do not redistribute. There is no grace period where we wait a week and then mass blast. Any request stops with that client.

It has always fascinated me that in Japan price performance can be so seasonal. Take <a href="https://www.smartkarma.com/entities/73" target="_blank" data-smartkarma-citation="entities:73:1">Toyota Motor Corp (7203 JP)</a> for instance, over the last 30 years on average Toyota is up 5% in December and down 3% in August. In no other month does average performance exceed 2%. Toyota is not even close to the worst. <a href="https://www.smartkarma.com/entities/19603" target="_blank" data-smartkarma-citation="entities:19603:1">Yahoo Japan Corp (4689 JP)</a> is the worst. On average, Yahoo is up 10% in February and in May it is down on average 7%. Below we screened for names with the highest volatility in monthly…

It has always fascinated me that in Japan price performance can be so seasonal. Take Toyota Motor Corp (7203 JP) for instance, over the last 30 years on average Toyota is up 5% in December and down 3% in August. In no other month does average performance exceed 2%. Toyota is not even close to the worst. Yahoo Japan Corp (4689 JP) is the worst. On average, Yahoo is up 10% in February and in May it is down on average 7%. Below we screened for names with the highest volatility in monthly…

Most Seasonally Volatile Names and What to Expect in April.....

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

NTT (Nippon Telegraph & Telephone) / Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/623" target="_blank" data-smartkarma-citation="entities:623:1">NTT (Nippon Telegraph &amp; Telephone) (9432 JP)</a> and consolidated subsidiary <a href="https://www.smartkarma.com/entities/1089" target="_blank" data-smartkarma-citation="entities:1089:1">NTT Docomo Inc (9437 JP)</a> have an interesting push-me-pull-you (cf. Dr. Doolittle) relationship. NTT has spent something like ¥2.3 trillion over the past 10 fiscal years buying back stock. NTT's buying has been reasonably consistent. Docomo's has been less consistent until the last three years when the company has bought back (including the buyback currently underway) ¥1.2trln in 3 years. But NTT Docomo's buying back of…

NTT (Nippon Telegraph &amp; Telephone) (9432 JP) and consolidated subsidiary NTT Docomo Inc (9437 JP) have an interesting push-me-pull-you (cf. Dr. Doolittle) relationship. NTT has spent something like ¥2.3 trillion over the past 10 fiscal years buying back stock. NTT's buying has been reasonably consistent. Docomo's has been less consistent until the last three years when the company has bought back (including the buyback currently underway) ¥1.2trln in 3 years. But NTT Docomo's buying back of…

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

On an underlying basis, narrow-moat <a href="https://www.smartkarma.com/entities/623" target="_blank" data-smartkarma-citation="entities:623:1">NTT (Nippon Telegraph &amp; Telephone) (9432 JP)</a>, or NTT’s, third-quarter fiscal 2017 (quarter ended December) result was broadly in line with our expectations, and after small adjustments to our forecasts, we retain our JPY 5,600 per share fair value estimate. Our fair value estimate implies a forward price/earnings multiple of 12.4 times. Third quarter revenue was up 7.8%, with operating income up 10.1% to JPY 488 billion (excluding impairment charges of JPY 51…

On an underlying basis, narrow-moat NTT (Nippon Telegraph &amp; Telephone) (9432 JP), or NTT’s, third-quarter fiscal 2017 (quarter ended December) result was broadly in line with our expectations, and after small adjustments to our forecasts, we retain our JPY 5,600 per share fair value estimate. Our fair value estimate implies a forward price/earnings multiple of 12.4 times. Third quarter revenue was up 7.8%, with operating income up 10.1% to JPY 488 billion (excluding impairment charges of JPY 51…

NTT’s 3Q Posts Solid Growth Excluding Impacts of Several Small Write-Downs

Japan

KDDI CORPORATION provides mobile communication services and sells mobile devices.  The Company also is a broadband provider.

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KDDI Corp (9433 JP)

Global Funds - Japan Momentum Stalls

A brief note on how rising allocations in Japan among global funds have stalled since the start of the year. Latest Positioning OverviewJapan's...

Steven Holden

All Eyes on Rakuten's Plans as Japanese Telcos Remain Sidelined by Investors

Share prices for Japanese telcos have settled at lower levels since Rakuten's (4755 JP) spectrum announcement. This weakness has come despite...

New Street Research

Most Seasonally Volatile Names and What to Expect in April.....

It has always fascinated me that in Japan price performance can be so seasonal. Take Toyota Motor Corp (7203 JP) for instance, over the last 30...

Custom Products Group

NTT (9432 JP) Back on the Buyback Trail

NTT (Nippon Telegraph & Telephone) (9432 JP) and consolidated subsidiary NTT Docomo Inc (9437 JP) have an interesting push-me-pull-you (cf. Dr....

Travis Lundy

NTT’s 3Q Posts Solid Growth Excluding Impacts of Several Small Write-Downs

On an underlying basis, narrow-moat NTT (Nippon Telegraph & Telephone) (9432 JP), or NTT’s, third-quarter fiscal 2017 (quarter ended December)...

Morningstar, Inc.

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