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

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

Adding to last week’s concerns reiterated above, additional developments which have further dampened our overall outlook include a breakdown in the global Discretionary vs. Staples ratio, price and RS deterioration for mainland China, Germany, and European Technology, and new lows in the NASDAQ Global Automobile index. Aside from Germany, other major indexes remain above support in Europe/UK and Japan.  We highlight a number of attractive opportunities in “defensive” Financials including electronic exchanges/markets, insurance, commercial/consumer financing, and select asset managers.

Adding to last week’s concerns reiterated above, additional developments which have further dampened our overall outlook include a breakdown in the global Discretionary vs. Staples ratio, price and RS deterioration for mainland China, Germany, and European Technology, and new lows in the NASDAQ Global Automobile index. Aside from Germany, other major indexes remain above support in Europe/UK and Japan.  We highlight a number of attractive opportunities in “defensive” Financials including electronic exchanges/markets, insurance, commercial/consumer financing, and select asset managers.

Global Equity Strategy: More Cracks Begin to Show

Specialist in Indian Banking and Economic Research

Hemindra Hazari

Equity Bottom-Up

HDFC Bank’s low-cost liabilities strategy of focusing on huge numbers of new client acquisitions in the semi-urban and rural centres may be getting large numbers of new customers, but is not resulting in significant growth in current and savings account deposits (CASA). The pressure on CASA appears to be an industry-wide problem, on account of falling interest rates and the squeeze on corporate liquidity due to the economic slowdown. HDFC Bank believes that growth in customer acquisition can alleviate its situation in the present economic environment. While its strategy may assist the bank in defying the tide, the fact remains that the new CASA liabilities will not be as lucrative as in the past.

HDFC Bank’s low-cost liabilities strategy of focusing on huge numbers of new client acquisitions in the semi-urban and rural centres may be getting large numbers of new customers, but is not resulting in significant growth in current and savings account deposits (CASA). The pressure on CASA appears to be an industry-wide problem, on account of falling interest rates and the squeeze on corporate liquidity due to the economic slowdown. HDFC Bank believes that growth in customer acquisition can alleviate its situation in the present economic environment. While its strategy may assist the bank in defying the tide, the fact remains that the new CASA liabilities will not be as lucrative as in the past.

HDFC Bank: Growing Customers, Shrinking CASA?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Ask Investment Managers / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/ask-investment-managers-ltd" target="_blank" data-smartkarma-citation="entities:28141:1" rel="noopener">Ask Investment Managers (ASKIM IN)</a> plans to raise around US$250m in its India IPO. The company is one of the largest portfolio management services (PMS) providers in India and also has a significant wealth management business. 
ASKIM has displayed stupendous growth over the past few years and seems to be on the right track to becoming a sizeable player in the market, at least amongst the non-banks. While most aspects of the company look good, the founders involvement with some of the real estate projects is something that one needs to keep an eye on and find out more about.

Ask Investment Managers (ASKIM IN) plans to raise around US$250m in its India IPO. The company is one of the largest portfolio management services (PMS) providers in India and also has a significant wealth management business. 
ASKIM has displayed stupendous growth over the past few years and seems to be on the right track to becoming a sizeable player in the market, at least amongst the non-banks. While most aspects of the company look good, the founders involvement with some of the real estate projects is something that one needs to keep an eye on and find out more about.

ASK Investment Managers Pre-IPO - Riding on a Wave of Wealth

Indian allocations among Asia Ex-Japan funds have hit record levels after the Modi re-election last month.  In this report, we analyse the holdings of 120 Asia Ex-Japan long-only equity funds, detailing the sectors, stocks and funds that have driven Indian exposures to their highest levels on record.

Indian allocations among Asia Ex-Japan funds have hit record levels after the Modi re-election last month.  In this report, we analyse the holdings of 120 Asia Ex-Japan long-only equity funds, detailing the sectors, stocks and funds that have driven Indian exposures to their highest levels on record.

India - Record Asia Ex-Japan Fund Exposure After Modi Re-Election

India

Kotak Mahindra Bank Limited is a full service commercial bank. The Bank offers a wide range of products and services such as personal, commercial, and corporate banking services, including deposit accounts, loans, and investments. Kotak Mahindra Bank serves customers in India.

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Kotak Mahindra Bank (KMB IN)

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

Global Equity Strategy: More Cracks Begin to Show

Adding to last week’s concerns reiterated above, additional developments which have further dampened our overall outlook include a breakdown in the...

Vermilion Research

HDFC Bank: Growing Customers, Shrinking CASA?

HDFC Bank’s low-cost liabilities strategy of focusing on huge numbers of new client acquisitions in the semi-urban and rural centres may be getting...

Hemindra Hazari

ASK Investment Managers Pre-IPO - Riding on a Wave of Wealth

Ask Investment Managers (ASKIM IN) plans to raise around US$250m in its India IPO. The company is one of the largest portfolio management services...

Sumeet Singh

India - Record Asia Ex-Japan Fund Exposure After Modi Re-Election

Indian allocations among Asia Ex-Japan funds have hit record levels after the Modi re-election last month. In this report, we analyse the holdings...

Steven Holden

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