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>Malaysian ownership continues its upward trend after a 10-year bear market in positioning from 2014 to 2023</li>
<li>Longer-Term ownership declines in Malaysian Financials and Industrials are starting to reverse.</li>
<li>Only 3 companies are owned by more than 10% of funds, with CIMB Group Holdings (CIMB MK)  the clear leader.</li>
</ul>


Malaysian ownership continues its upward trend after a 10-year bear market in positioning from 2014 to 2023
Longer-Term ownership declines in Malaysian Financials and Industrials are starting to reverse.
Only 3 companies are owned by more than 10% of funds, with CIMB Group Holdings (CIMB MK)  the clear leader.


Malaysia: Sentiment Change Drives Positioning Off the Lows

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<ul>
<li>The idea of investing in banks is to put your capital to work by lending to corporates or consumer in any given economy or several at once</li>
<li>Singapore's banks are telling us with their more than SGD11bn of dividends announced, that they are not able to deploy their capital</li>
<li>We must expect that lending growth will remain subdued in the Singapore home market, in Malaysia, and in Greater China</li>
</ul>


The idea of investing in banks is to put your capital to work by lending to corporates or consumer in any given economy or several at once
Singapore's banks are telling us with their more than SGD11bn of dividends announced, that they are not able to deploy their capital
We must expect that lending growth will remain subdued in the Singapore home market, in Malaysia, and in Greater China


Singapore Banks - Giving Back Many Billions of Capital, Suggests Outlook for Lending, Not Great

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

<ul><li>Brokers' top stock picks include CLAR, CICT, CNMC Goldmine, KORE, Wilmar, Parkway Life REIT, FLCT, and ST Engineering.</li><li>Analysts recommend buying Digital Core REIT due to increased rents and leasing strength, while optimistic about Oiltek's new orders for FY2025.</li><li>CGSI optimistic about Seatrium with new MOU for second bp FPU; OCBC boosts fair value. Citi downgrades SGX to 'sell'. PhillipCapital maintains 'accumulate' rating on BRC Asia, raises TP to $3.15. Maybank Securities maintains 'buy' rating on SingPost. DBS upgrades Elite UK REIT to 'buy'.</li></ul>

Brokers' top stock picks include CLAR, CICT, CNMC Goldmine, KORE, Wilmar, Parkway Life REIT, FLCT, and ST Engineering.Analysts recommend buying Digital Core REIT due to increased rents and leasing strength, while optimistic about Oiltek's new orders for FY2025.CGSI optimistic about Seatrium with new MOU for second bp FPU; OCBC boosts fair value. Citi downgrades SGX to 'sell'. PhillipCapital maintains 'accumulate' rating on BRC Asia, raises TP to $3.15. Maybank Securities maintains 'buy' rating on SingPost. DBS upgrades Elite UK REIT to 'buy'.

Singapore Market Roundup (14-Feb-2025): Brokers' top picks: CLAR, CICT, CNMC, KORE, Wilmar, Parkway Life, FLCT, ST Engineering.

<ul><li>Q&amp;M aims to improve margins after expansion phase, says Phillip Securities, indicating positive outlook for the company. </li><li>DBS remains optimistic on GuocoLand following strong 1HFY2025 performance, highlighting potential growth opportunities. </li><li>Wilmar faces challenges in China operations, but UOB Kay Hian anticipates a brighter future ahead, suggesting positive changes. Analysts raise DBS target prices above $51, predicting capital returns for investors.</li></ul>

Q&amp;M aims to improve margins after expansion phase, says Phillip Securities, indicating positive outlook for the company. DBS remains optimistic on GuocoLand following strong 1HFY2025 performance, highlighting potential growth opportunities. Wilmar faces challenges in China operations, but UOB Kay Hian anticipates a brighter future ahead, suggesting positive changes. Analysts raise DBS target prices above $51, predicting capital returns for investors.

Singapore Market Roundup (12-Feb-2025): Q&M aims to improve margins post expansion: Phillip Securities.

<ul><li>Phillip Securities believes Q&amp;M will reverse margin trends as expansion phase ends; DBS bullish on GuocoLand after strong 1HFY2025 results.</li><li>UOB Kay Hian optimistic about Wilmar's improving China operations; analysts raise DBS's target prices above $51 on strong capital returns.</li><li>Analysts positive on CLAR post FY2024 results; OCBC Investment Research raises DBS's target price to $50 after record profits in FY2024 under Piyush Gupta's leadership.</li></ul>

Phillip Securities believes Q&amp;M will reverse margin trends as expansion phase ends; DBS bullish on GuocoLand after strong 1HFY2025 results.UOB Kay Hian optimistic about Wilmar's improving China operations; analysts raise DBS's target prices above $51 on strong capital returns.Analysts positive on CLAR post FY2024 results; OCBC Investment Research raises DBS's target price to $50 after record profits in FY2024 under Piyush Gupta's leadership.

Singapore Market Roundup (11-Feb-2025): Q&M reversing margin trends as expansion phase ends - Phillip Securities.

Malaysia

Malayan Banking Berhad operates as a bank. The Company provides financial services such as insurance, asset management, stock broking, nominee services, venture capital, leasing, and Internet banking. Malayan Banking Berhad serves customers in South East Asia.

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Maybank (MAY MK)

Malaysia: Sentiment Change Drives Positioning Off the Lows

Among active Emerging Market funds, Malaysian ownership continues its upward trend after a 10-year bear market in positioning from 2014 to 2023.

Steven Holden

Singapore Banks - Giving Back Many Billions of Capital, Suggests Outlook for Lending, Not Great

Singapore's banks are all giving back lots of capital to shareholders. This may appear to be good for yield, but it suggests to us that lending...

Daniel Tabbush

Singapore Market Roundup (14-Feb-2025): Brokers' top picks: CLAR, CICT, CNMC, KORE, Wilmar, Parkway Life, FLCT, ST Engineering.

Analysts recommend buying Digital Core REIT and are optimistic about Oiltek and Seatrium's new orders, while Citi downgrades SGX, PhillipCapital...

Singapore Market Roundup

Singapore Market Roundup (12-Feb-2025): Q&M aims to improve margins post expansion: Phillip Securities.

Analysts are optimistic about Q&M, GuocoLand, Wilmar, and DBS with positive outlooks on margin trends, performance, future growth, and target prices.

Singapore Market Roundup

Singapore Market Roundup (11-Feb-2025): Q&M reversing margin trends as expansion phase ends - Phillip Securities.

Analysts are optimistic about multiple Singaporean companies such as Q&M, GuocoLand, Wilmar, and DBS, with target prices rising and strong...

Singapore Market Roundup

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