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>North American allocations continue to trend higher, hitting a record average weight of 58.1% across the 358 global funds in our analysis</li>
<li>North America has consistently stolen market share from other key global regions, most notably Developed Market Europe, where average fund weights have hit all-time lows of 24.24%</li>
<li>Sectors driving allocations higher are led by Energy, Health Care and Industrials with active rotation in to all 3, whilst Consumer Staples have seen signs of investor fatigue.</li>
</ul>


North American allocations continue to trend higher, hitting a record average weight of 58.1% across the 358 global funds in our analysis
North America has consistently stolen market share from other key global regions, most notably Developed Market Europe, where average fund weights have hit all-time lows of 24.24%
Sectors driving allocations higher are led by Energy, Health Care and Industrials with active rotation in to all 3, whilst Consumer Staples have seen signs of investor fatigue.


North America Hits New Highs as Global Rotation Continues

House of Market Insights, Market Radar

Market Radar

House of Market Insights

Quick market updates and lot of ideas for your investments from a multi-asset portfolio manager working for a family office.

Quick Market Updates

Technical Analysis

<ul><li>The S&amp;P 500 had a great reaction in the second part of July and the first half of August, but now he's showing weak again.</li><li>The last high is perfectly aligned with a down-sloping trendline.</li><li>On the other side there is an interesting support close to 3,800. Is the index going to test that level again?</li></ul>

The S&amp;P 500 had a great reaction in the second part of July and the first half of August, but now he's showing weak again.The last high is perfectly aligned with a down-sloping trendline.On the other side there is an interesting support close to 3,800. Is the index going to test that level again?

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/terumo-corp" target="_blank" data-smartkarma-citation="entities:6708:1" rel="noopener">Terumo Corp (4543 JP)</a> earns 56% revenue from cardiac and vascular segment, which is the fastest growing segment of the company. The segment is seeing continued recovery from COVID impact.</li>
<li>For FY23, Terumo guided for cardiac and vascular segment revenue of ¥445.5B (+12% y/y) and adjusted operating profit of ¥113.4B (+22% y/y), leading to operating margin of 25.5% (+200bps y/y).</li>
<li>Over the next five years, Terumo aims for high single-digit revenue growth from the segment, through new product launches and expanding adoption of existing products across disease areas.</li>
</ul>



Terumo Corp (4543 JP) earns 56% revenue from cardiac and vascular segment, which is the fastest growing segment of the company. The segment is seeing continued recovery from COVID impact.
For FY23, Terumo guided for cardiac and vascular segment revenue of ¥445.5B (+12% y/y) and adjusted operating profit of ¥113.4B (+22% y/y), leading to operating margin of 25.5% (+200bps y/y).
Over the next five years, Terumo aims for high single-digit revenue growth from the segment, through new product launches and expanding adoption of existing products across disease areas.


Terumo Corp (4543 JP): A COVID Recovery Play; Cardiac & Vascular Business to Drive Multi-Year Growth

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>Recently a note on <a href="https://www.smartkarma.com/entities/shockwave-medical-inc" target="_blank" data-smartkarma-citation="entities:28730:1" rel="noopener">Shockwave Medical Inc (SWAV US)</a> was published on SK. Being a potential game changer, we analyzed technical publications to see how well the company is positioned</li>
<li>Currently, Shockwave Medical is likely the only player in the intravascular lithotripsy market. As the intravascular device deals with calcified lesions, its primary competition is from the atherectomy market </li>
<li>Despite being a recent company with a new technology it ranks third in innovating in the area of - removing/modifying obstructions, calculi and pre-procedure preparation for intravascular intervention.</li>
</ul>


Recently a note on Shockwave Medical Inc (SWAV US) was published on SK. Being a potential game changer, we analyzed technical publications to see how well the company is positioned
Currently, Shockwave Medical is likely the only player in the intravascular lithotripsy market. As the intravascular device deals with calcified lesions, its primary competition is from the atherectomy market 
Despite being a recent company with a new technology it ranks third in innovating in the area of - removing/modifying obstructions, calculi and pre-procedure preparation for intravascular intervention.


Datamining Tech Publications to Assess Shockwave's Paradigm Shift Solution In Vascular Interventions

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shockwave-medical-inc" target="_blank" data-smartkarma-citation="entities:28730:1" rel="noopener">Shockwave Medical Inc (SWAV US)</a>, with its differentiated local delivery of sonic pressure waves for the treatment of calcified plaque, seeks to establish a new standard of care through IVL.  </li>
<li>The company is advancing IVL system for multiple large addressable markets totaling over $8.5B. Shockwave’s revenue has five-year CAGR of 244%, with continued improvement in gross margins.</li>
<li>Ongoing clinical programs to expand geographies and indications should further accelerate growth. Recently, the company obtained marketing approval in China and Japan.</li>
</ul>



Shockwave Medical Inc (SWAV US), with its differentiated local delivery of sonic pressure waves for the treatment of calcified plaque, seeks to establish a new standard of care through IVL.  
The company is advancing IVL system for multiple large addressable markets totaling over $8.5B. Shockwave’s revenue has five-year CAGR of 244%, with continued improvement in gross margins.
Ongoing clinical programs to expand geographies and indications should further accelerate growth. Recently, the company obtained marketing approval in China and Japan.


Shockwave Medical Inc (SWAV US): An Emerging High-Quality Cardiovascular Devices Idea

United States

Medtronic, PLC develops therapeutic and diagnostic medical products. The Company's principal products include those for bradycardia pacing, tachyarrhythmia management, atrial fibrillation management, heart failure management, heart valve replacement, malignant and non-malignant pain, and movement disorders. Medtronic's products are sold worldwide.

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Medtronic Plc (MDT US)

North America Hits New Highs as Global Rotation Continues

North American allocations among active Global investors hit record highs, driven by Energy, Health Care and Industrials rotation.

Steven Holden

Charts to Watch #7

The last high is perfectly aligned with a down-sloping trendline. On the other side there is an interesting support close to 3,800. Is the index...

Market Radar

Terumo Corp (4543 JP): A COVID Recovery Play; Cardiac & Vascular Business to Drive Multi-Year Growth

Driven by continued recovery from the impact of COVID and new product launches, Terumo is well-positioned for consistent revenue growth. Cardiac...

Tina Banerjee

Datamining Tech Publications to Assess Shockwave's Paradigm Shift Solution In Vascular Interventions

Shockwave’s intravascular lithotripsy product could become a game changer in dealing with coronary calcium and may offer a more effective solution...

Pyari Menon

Shockwave Medical Inc (SWAV US): An Emerging High-Quality Cardiovascular Devices Idea

Shockwave is seeing increasing adoption of its differentiated IVL systems for the treatment of calcified cardiovascular disease. Indication and...

Tina Banerjee

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