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>Global Ex-USA funds have almost eliminated a decade-long Japan underweight, lifting average exposure to 13.64%, just 0.22% below benchmark.</li>
<li>Japan has seen strong rotation in 2026, with an estimated $3.8bn of net inflows and broadening ownership across Industrials, Financials and Materials.</li>
<li>Stock selection is shifting towards semiconductors and industrial technology, led by Kioxia, Advantest and Sumitomo Electric, while established holdings including Nintendo and Sony lose ground.</li>
</ul>


Global Ex-USA funds have almost eliminated a decade-long Japan underweight, lifting average exposure to 13.64%, just 0.22% below benchmark.
Japan has seen strong rotation in 2026, with an estimated $3.8bn of net inflows and broadening ownership across Industrials, Financials and Materials.
Stock selection is shifting towards semiconductors and industrial technology, led by Kioxia, Advantest and Sumitomo Electric, while established holdings including Nintendo and Sony lose ground.


Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Equity Bottom-Up

<ul>
<li>ASML selling down another 12m shs of Kokusai Elec won't even touch the sides and the bigger float, lower overhang is a longer term positive</li>
<li>Sandisk numbers telling us to believe the hype, with 3Q EPS guidance 4x ahead of street estimates (!!) Kioxia partnership extended to guarantee production capacity. </li>
<li>META +10.4% vs MSFT -10% shows us companies don’t have a blank cheque to keep ramping up AI infra spending unless they can generate short-term growth.</li>
</ul>


ASML selling down another 12m shs of Kokusai Elec won't even touch the sides and the bigger float, lower overhang is a longer term positive
Sandisk numbers telling us to believe the hype, with 3Q EPS guidance 4x ahead of street estimates (!!) Kioxia partnership extended to guarantee production capacity. 
META +10.4% vs MSFT -10% shows us companies don’t have a blank cheque to keep ramping up AI infra spending unless they can generate short-term growth.


Japan Morning Connection: Tech Rally off Morning Lows Sets Better Trajectory for Japan

<ul>
<li>New highs for Kioxia Friday set to continue with DRAM prices set to rise a further 40-50% this quarter </li>
<li>TDK starting to look oversold on China rare earth and high memory price concerns vs peers such as Murata</li>
<li>Rates up on Fed chairman concerns and home builders down ahead of Lennar numbers this week. </li>
</ul>


New highs for Kioxia Friday set to continue with DRAM prices set to rise a further 40-50% this quarter 
TDK starting to look oversold on China rare earth and high memory price concerns vs peers such as Murata
Rates up on Fed chairman concerns and home builders down ahead of Lennar numbers this week. 


Japan Morning Connection: Micron Breakout Keeps Mood for Memory Names Buoyant

Equity/Index & Cross Asset Volatility Specialist, Cameron Design

Jay Cameron

Equity/Index & Cross Asset Volatility Specialist

Cameron Design

We specialize in financial products and volatility. Our strategies balance speed, data, and risk control to capture opportunities across global markets. Our research leverages AI and data analytics to continuously refine our algorithms and adapt to evolving market dynamics.

Event-Driven

<ul>
<li>A once-again 'Young Stock' with massive liquidity is set to challenge traditional entry rules, leveraging a recent precedent to secure a spot in the benchmark index.</li>
<li>The committee's focus remains on raising the index's liquidity floor, resulting in a systemic removal of legacy constituents from various industrial sectors.</li>
<li>Sector balance is another priority, driving the modernization of segments and correcting lopsided underrepresentation of Japanese sectors on the index.</li>
</ul>


A once-again 'Young Stock' with massive liquidity is set to challenge traditional entry rules, leveraging a recent precedent to secure a spot in the benchmark index.
The committee's focus remains on raising the index's liquidity floor, resulting in a systemic removal of legacy constituents from various industrial sectors.
Sector balance is another priority, driving the modernization of segments and correcting lopsided underrepresentation of Japanese sectors on the index.


2026 NK 225 Reconstitution Forecast: Kioxia’s "Young Stock" Ascendance & The Legacy Materials Purge

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The Nikkei 225 data observation period is coming to a close. There aren't many trading days left. Recent moves have meant some changes in rankings. </li>
<li>However, I still see TWO ADDs and TWO DELs. There is one cap as of now and another is but 5% away from seeing a $3.2bn sell. </li>
<li>I see nearly $5.2bn of value to trade as of now. A 5% relative move by one stock in the next 18 days would make that $11.4bn.</li>
</ul>


The Nikkei 225 data observation period is coming to a close. There aren't many trading days left. Recent moves have meant some changes in rankings. 
However, I still see TWO ADDs and TWO DELs. There is one cap as of now and another is but 5% away from seeing a $3.2bn sell. 
I see nearly $5.2bn of value to trade as of now. A 5% relative move by one stock in the next 18 days would make that $11.4bn.


[Quiddity Index] Nikkei 225 Mar26 Rebal - 2 ADDs (3rd Poss?), 2 DELs (One New), 1 CAP, Another Close

Japan

Kioxia Holdings Corporation manufactures semiconductor memory products. The Company develops, produces, and sells flash memory cards, solid state drives, secure digital memory cards, and other products. Kioxia Holdings also operates group management strategy formulation and management.

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Kioxia Holdings (285A JP)

Japan: Underweight No More?

Global Ex-USA funds have almost eliminated their decade-long Japan underweight, as rising allocations and strong inflows drive rotation towards...

Steven Holden

Japan Morning Connection: Tech Rally off Morning Lows Sets Better Trajectory for Japan

ASML selling shares of Kokusai Elec is positive for long-term outlook, Sandisk exceeds EPS estimates with Kioxia partnership, META outperforms...

Andrew Jackson

Japan Morning Connection: Micron Breakout Keeps Mood for Memory Names Buoyant

Kioxia hits new highs as DRAM prices expected to surge, TDK oversold on China rare earth worries, home builders down on Fed chairman concerns.

Andrew Jackson

2026 NK 225 Reconstitution Forecast: Kioxia’s "Young Stock" Ascendance & The Legacy Materials Purge

A new 'Young Stock' with high liquidity challenges entry rules, as index committee focuses on raising liquidity floor and balancing sectors.

Jay Cameron

[Quiddity Index] Nikkei 225 Mar26 Rebal - 2 ADDs (3rd Poss?), 2 DELs (One New), 1 CAP, Another Close

The recent interest and move higher in metals means a change in expected Nikkei 225 DELETE. And the recent move higher in USDJPY and earnings means...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan: Underweight No More?

Global Ex-USA funds have almost eliminated their decade-long Japan underweight, as rising allocations and strong inflows drive rotation towards...

Steven Holden

Japan Morning Connection: Tech Rally off Morning Lows Sets Better Trajectory for Japan

​ASML selling shares of Kokusai Elec is positive for long-term outlook, Sandisk exceeds EPS estimates with Kioxia partnership, META outperforms...

Andrew Jackson

Japan Morning Connection: Micron Breakout Keeps Mood for Memory Names Buoyant

​Kioxia hits new highs as DRAM prices expected to surge, TDK oversold on China rare earth worries, home builders down on Fed chairman concerns.

Andrew Jackson

2026 NK 225 Reconstitution Forecast: Kioxia’s "Young Stock" Ascendance & The Legacy Materials Purge

​A new 'Young Stock' with high liquidity challenges entry rules, as index committee focuses on raising liquidity floor and balancing sectors.

Jay Cameron

[Quiddity Index] Nikkei 225 Mar26 Rebal - 2 ADDs (3rd Poss?), 2 DELs (One New), 1 CAP, Another Close

The recent interest and move higher in metals means a change in expected Nikkei 225 DELETE. And the recent move higher in USDJPY and earnings means...

Travis Lundy

ASML selling shares of Kokusai Elec is positive for long-term outlook, Sandisk exceeds EPS estimates with Kioxia partnership, META outperforms...

Kioxia hits new highs as DRAM prices expected to surge, TDK oversold on China rare earth worries, home builders down on Fed chairman concerns.

A new 'Young Stock' with high liquidity challenges entry rules, as index committee focuses on raising liquidity floor and balancing sectors.