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

Copley Fund Research analyse the holdings of long-only equity funds.  This analysis is taken from our GEM research product, covering 189 global emerging market funds with a combined AUM of $350bn. In this month's Positioning Monthly, we highlight an increasing exposure towards Indonesian Financial stocks, with <a href="https://www.smartkarma.com/entities/484" target="_blank" data-smartkarma-citation="entities:484:1">Bank Rakyat Indonesia Perser (BBRI IJ)</a> and <a href="https://www.smartkarma.com/entities/440" target="_blank" data-smartkarma-citation="entities:440:1">Bank Central Asia (BBCA IJ)</a> the key overweight positions.  We analyse holdings in the food and beverages industry groups as ownership reaches peak levels in both.  Finally, we explore the sharp reversal in <a href="https://www.smartkarma.com/entities/13359" target="_blank" data-smartkarma-citation="entities:13359:1">Lenovo (992 HK)</a> sentiment as more and more GEM funds buy into the stock.

Copley Fund Research analyse the holdings of long-only equity funds.  This analysis is taken from our GEM research product, covering 189 global emerging market funds with a combined AUM of $350bn. In this month's Positioning Monthly, we highlight an increasing exposure towards Indonesian Financial stocks, with Bank Rakyat Indonesia Perser (BBRI IJ) and Bank Central Asia (BBCA IJ) the key overweight positions.  We analyse holdings in the food and beverages industry groups as ownership reaches peak levels in both.  Finally, we explore the sharp reversal in Lenovo (992 HK) sentiment as more and more GEM funds buy into the stock.

GEM Positioning Monthly:  Indonesian Financials, Food & Beverages, Lenovo Sentiment Reversal

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

Shanghai Stock Exchange Composite Index / Technical Analysis

Shanghai Stock Exchange Composite Index (SHCOMP INDEX)

The MSCI EM index continues to develop positively from a price perspective and we expect higher prices ahead. China remains leadership -- overweight. At the same time we recommend selectivity in new purchases considering many Chinese equities are extended. In this report we highlight a number of attractive stocks from Chines markets as well as opportunities within Greece, South Africa, India, and Taiwan.

The MSCI EM index continues to develop positively from a price perspective and we expect higher prices ahead. China remains leadership -- overweight. At the same time we recommend selectivity in new purchases considering many Chinese equities are extended. In this report we highlight a number of attractive stocks from Chines markets as well as opportunities within Greece, South Africa, India, and Taiwan.

EM Equity Strategy: Remain Overweight China

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of A-share stocks as of May 29th. The aggregated net margin trading position is USD394,952m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in INDUSTRIAL BANK, ANHUI JIANGHUAI AUTOMOBILE, KUANG-CHI TECHNOLOGIES, GCH TECHNOLOGY, BOE.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of May 29th. The aggregated net margin trading position is USD394,952m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in INDUSTRIAL BANK, ANHUI JIANGHUAI AUTOMOBILE, KUANG-CHI TECHNOLOGIES, GCH TECHNOLOGY, BOE.


A-Share Margin Trading Weekly (May 29th): INDUSTRIAL BANK, ANHUI JIANGHUAI AUTOMOBILE, BOE

Global Emerging Market funds made a strong start to 2019, with just over two-thirds of funds outperforming the benchmark, generating an average alpha above the <a href="https://www.smartkarma.com/entities/438" target="_blank" data-smartkarma-citation="entities:438:1">IShares MSCI Emerging Markets Indx (ETF) (EEM US)</a> of 1.3%.In this report, we look at the performance of 180 global emerging market strategies over the first quarter of 2019 and analyse the countries, sectors and stocks that helped generate that outperformance.  We also take a look at the longer-dated outperformance of active GEM funds.

Global Emerging Market funds made a strong start to 2019, with just over two-thirds of funds outperforming the benchmark, generating an average alpha above the IShares MSCI Emerging Markets Indx (ETF) (EEM US) of 1.3%.In this report, we look at the performance of 180 global emerging market strategies over the first quarter of 2019 and analyse the countries, sectors and stocks that helped generate that outperformance.  We also take a look at the longer-dated outperformance of active GEM funds.

GEM Active Funds:  Big Q1 Outperformance

Chief Economist

Diana Choyleva

Enodo Economics

Enodo Economics is an independent macroeconomic forecasting company that untangles complexity, challenges the consensus, and makes sense of the future. Our focus is on China – one of the most misunderstood economies in the world, but one of the most important to figure out.  Enodo’s chief economist, Diana Choyleva, has been analysing China for almost 20 years, while Enodo’s team boasts a combined 140 years’ experience covering China’s economy, politics and markets. 

Macroeconomics

<h2>China News That Matters</h2><ul>
<li>Ride that A-Share wave. Until you can’t</li>
<li>Europe looks East</li>
<li>Change, China! You’ll thank us for it</li>
<li>We’ll buy your gear - but please try and behave</li>
<li>Scots take aim at Chinese pension insurance</li>
</ul><div class="content-remarks">In my weekly digest China News That Matters, I will give you selected summaries, sourced from a variety of local Chinese-language and international news outlets, and highlight why I think the news is significant. These posts are meant to neither be bullish nor bearish, but help you separate the signal from the noise.</div>

China News That Matters
Ride that A-Share wave. Until you can’t
Europe looks East
Change, China! You’ll thank us for it
We’ll buy your gear - but please try and behave
Scots take aim at Chinese pension insurance
In my weekly digest China News That Matters, I will give you selected summaries, sourced from a variety of local Chinese-language and international news outlets, and highlight why I think the news is significant. These posts are meant to neither be bullish nor bearish, but help you separate the signal from the noise.

Buy or Sell/Europe/Trade War/Huawei/Financial Services

China

Kweichow Moutai Co., Ltd. manufactures spirits.  The Company's spirit products are distilled from sorghum and wheat.  Kweichow Moutai markets its products worldwide.

Price Gauge
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Kweichow Moutai (600519 CH)

GEM Positioning Monthly: Indonesian Financials, Food & Beverages, Lenovo Sentiment Reversal

Copley Fund Research analyse the holdings of long-only equity funds. This analysis is taken from our GEM research product, covering 189 global...

Steven Holden

EM Equity Strategy: Remain Overweight China

The MSCI EM index continues to develop positively from a price perspective and we expect higher prices ahead. China remains leadership --...

Vermilion Research

GEM Active Funds: Big Q1 Outperformance

Global Emerging Market funds made a strong start to 2019, with just over two-thirds of funds outperforming the benchmark, generating an average...

Steven Holden

Buy or Sell/Europe/Trade War/Huawei/Financial Services

China News That Matters Ride that A-Share wave. Until you can’t Europe looks East Change, China! You’ll thank us for it We’ll buy your gear -...

Diana Choyleva

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

GEM Positioning Monthly: Indonesian Financials, Food & Beverages, Lenovo Sentiment Reversal

Copley Fund Research analyse the holdings of long-only equity funds. This analysis is taken from our GEM research product, covering 189 global...

Steven Holden

EM Equity Strategy: Remain Overweight China

The MSCI EM index continues to develop positively from a price perspective and we expect higher prices ahead. China remains leadership --...

Vermilion Research

A-Share Margin Trading Weekly (May 29th): INDUSTRIAL BANK, ANHUI JIANGHUAI AUTOMOBILE, BOE

We analyzed A-share margin trading positions report for the past week and highlighted INDUSTRIAL BANK, ANHUI JIANGHUAI AUTOMOBILE, KUANG-CHI...

Ke Yan, CFA, FRM

GEM Active Funds: Big Q1 Outperformance

Global Emerging Market funds made a strong start to 2019, with just over two-thirds of funds outperforming the benchmark, generating an average...

Steven Holden

Buy or Sell/Europe/Trade War/Huawei/Financial Services

China News That Matters Ride that A-Share wave. Until you can’t Europe looks East Change, China! You’ll thank us for it We’ll buy your gear -...

Diana Choyleva