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 highlight how Frontier Market allocations among global EM managers have reached a new peak. Argentina is by far the largest frontier market weight, yet Vietnam has seen the largest increases in ownership over the last 6 months. We explore Vietnam positioning in more detail, highlighting the stocks and funds behind this latest uptick in positioning.

In this report, we highlight how Frontier Market allocations among global EM managers have reached a new peak. Argentina is by far the largest frontier market weight, yet Vietnam has seen the largest increases in ownership over the last 6 months. We explore Vietnam positioning in more detail, highlighting the stocks and funds behind this latest uptick in positioning.

Frontier Markets: GEM Fund Allocations Hit New Highs - Vietnam Sparks into Life

Chief Economist, Aletheia Capital

Dr. Jim Walker

Chief Economist

Independent and original Asian investment research

Aletheia Capital

Aletheia Capital (HK) Ltd. (previously known as Asianomics) combines the extensive knowledge of its experienced team with technology and regulatory changes to disrupt Global Markets business in Asia. The firm is completely independent with no conflicts of interest either on Investment Banking advisory or Capital Markets execution.

Macroeconomics

We are as upbeat about Vietnam’s economy today as we were when we visited this past September. But if there is one frustration it is that the government is still relatively slow moving on state company equitisation and privatisation. The government of Prime Minister Nguyen Xuan Phuc promised last year that it would accelerate the equitisation process and list some of the country’s coveted state companies. It has been slow to do so although some progress on the over-the-counter market has been made.Vietnam is still off most investors’ radar screen because it is not included in the emerging markets index. In order to make the market attractive to MSCI the government will need to deliver on market breadth. We suspect that will happen and open the door to Vietnam being included in the emerging market indices by 2019.  The world still awaits, and drools at the prospect, of a much broader Vietnamese market. We understand why.

We are as upbeat about Vietnam’s economy today as we were when we visited this past September. But if there is one frustration it is that the government is still relatively slow moving on state company equitisation and privatisation. The government of Prime Minister Nguyen Xuan Phuc promised last year that it would accelerate the equitisation process and list some of the country’s coveted state companies. It has been slow to do so although some progress on the over-the-counter market has been made.Vietnam is still off most investors’ radar screen because it is not included in the emerging markets index. In order to make the market attractive to MSCI the government will need to deliver on market breadth. We suspect that will happen and open the door to Vietnam being included in the emerging market indices by 2019.  The world still awaits, and drools at the prospect, of a much broader Vietnamese market. We understand why.

Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

Riedel provides equity research and analysis to leading financial organizations. By becoming members of a region (Asia, Latin America, Emerging Europe or Global), organizations have access to an integrated set of services including:

Regular company coverage reports
Up-to-date investment decision advice (buy, hold, sell)
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Customized company reports and unlimited on-line access to the program's services.

Riedel provides research coverage of companies across the full range of market capitalization. Experienced research professionals in each market develop company reports and analysis as well as earnings models and projections. Ratings are Buy, Hold and Sell with a focus on compelling investment ideas - both long and short. Downloadable, dynamic earnings models are built to facilitate sensitivity analysis.

Please feel free to contact us for complimentary access to our written research.  We want to show you that our unique research flow can add value and help develop a long-term, high value-add relationship.

Riedel's model focuses on providing clients with unique insights and consulting in addition to unlimited access to all produced research This model allows members to receive exponential benefits for their retainer fees.

Thematic (Sector/Industry)

<ul>
<li>Vietnam: Weight in MSCI Frontier to rise to nearly 20% with Pakistan and potentially Argentina moving to Emerging.  This could be a major boost to interest in Vietnam.</li>
<li>Saudi Arabia: Has been working hard for inclusion in Emerging Markets. Could be announced any day - Would be 5% of EM.</li>
<li>Argentina: Likely to be returned to Emerging Markets. Announcement June 20. Was demoted to Frontier in 2009.  Argentina will be a small portion of the benchmark but we believe investors are primed for interest in…</li>
</ul>


Vietnam: Weight in MSCI Frontier to rise to nearly 20% with Pakistan and potentially Argentina moving to Emerging.  This could be a major boost to interest in Vietnam.
Saudi Arabia: Has been working hard for inclusion in Emerging Markets. Could be announced any day - Would be 5% of EM.
Argentina: Likely to be returned to Emerging Markets. Announcement June 20. Was demoted to Frontier in 2009.  Argentina will be a small portion of the benchmark but we believe investors are primed for interest in…


Emerging and Frontier Markets Roiled by MSCI Changes

Could Complacency and Market Stability Last All Year? Probably Not - Position into Growth Markets<ol>
<li>Vietnam: Economy doing well on strong retail sales and tourist arrivals.  We have seen this market take off very quickly in the past.</li>
<li>South Africa: Zuma dodged a vote of no-confidence but it is unclear how long he can hold on.  Currency could strengthen if investors start to plan for Zuma's exit.  International investors could benefit from a rise in the currency and equities like they did in Brazil in…</li>
</ol>

Could Complacency and Market Stability Last All Year? Probably Not - Position into Growth Markets
Vietnam: Economy doing well on strong retail sales and tourist arrivals.  We have seen this market take off very quickly in the past.
South Africa: Zuma dodged a vote of no-confidence but it is unclear how long he can hold on.  Currency could strengthen if investors start to plan for Zuma's exit.  International investors could benefit from a rise in the currency and equities like they did in Brazil in…


RRG Global Macro Insights - Could Vietnam and South Africa Surprise Us in 2017?

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

The South Korean President Park Geun-Hye was officially impeached today, with the South Korean Supreme Court upholding the impeachment decision. Most likely, the next South Korean Presidential election is likely to take place on May 9th. At this point, Moon Jae-In is the odds on favorite to become the next South Korean President, barring any major last minute catastrophes.Since late last year, the market has been pricing in both the official impeachment of President Park as well as who may…

The South Korean President Park Geun-Hye was officially impeached today, with the South Korean Supreme Court upholding the impeachment decision. Most likely, the next South Korean Presidential election is likely to take place on May 9th. At this point, Moon Jae-In is the odds on favorite to become the next South Korean President, barring any major last minute catastrophes.Since late last year, the market has been pricing in both the official impeachment of President Park as well as who may…

Vietnam

Market Vectors Vietnam ETF is an exchange traded fund incorporated in the USA. The Fund's objective is to replicate as closely as possible the price and yield performance of the Market Vectors Vietnam Index. The Fund invests at least 80% of its total assets in securities that comprise the Fund's benchmark index.

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Market Vectors Vietnam ETF (VNM US)

Frontier Markets: GEM Fund Allocations Hit New Highs - Vietnam Sparks into Life

In this report, we highlight how Frontier Market allocations among global EM managers have reached a new peak. Argentina is by far the largest...

Steven Holden

Vietnam Blue Skies: With the Odd Monsoon

We are as upbeat about Vietnam’s economy today as we were when we visited this past September. But if there is one frustration it is that the...

Dr. Jim Walker

Emerging and Frontier Markets Roiled by MSCI Changes

Vietnam: Weight in MSCI Frontier to rise to nearly 20% with Pakistan and potentially Argentina moving to Emerging. This could be a major boost to...

David Riedel

RRG Global Macro Insights - Could Vietnam and South Africa Surprise Us in 2017?

Could Complacency and Market Stability Last All Year? Probably Not - Position into Growth Markets Vietnam: Economy doing well on strong retail...

David Riedel

President Park Is Officially Impeached

The South Korean President Park Geun-Hye was officially impeached today, with the South Korean Supreme Court upholding the impeachment decision....

Douglas Kim

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