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

Equity Bottom-Up

<ul>
<li>Ownership levels in AIA Group Ltd (1299 HK) and HDFC Bank (HDFCB IN) have started to reverse from the highs. </li>
<li>SK Hynix, Meituan and Mediatek Inc all make recent gains in fund ownership, while HDFC Bank and AIA Group see closures.</li>
<li>UBS in AIA Group and TT International in HDFC Bank lead the fund-level closures.</li>
</ul>


Ownership levels in AIA Group Ltd (1299 HK) and HDFC Bank (HDFCB IN) have started to reverse from the highs. 
SK Hynix, Meituan and Mediatek Inc all make recent gains in fund ownership, while HDFC Bank and AIA Group see closures.
UBS in AIA Group and TT International in HDFC Bank lead the fund-level closures.


AIA Group & HDFC Bank: Big Hitters Lose Momentum

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Thematic (Sector/Industry)

<ul>
<li>One key element was the linking of consumption to the wealth effect</li>
<li>Continuation of targeted support for certain vulnerable sections of society</li>
<li>Tactical changes as well as structural ones to support consumption longer-term</li>
</ul>


One key element was the linking of consumption to the wealth effect
Continuation of targeted support for certain vulnerable sections of society
Tactical changes as well as structural ones to support consumption longer-term


China Consumption Plan: How Special Is This “Special Plan”?

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes. </li>
<li>In this insight, we take a look at the rankings of potential ADDs and potential DELs for the June 2025 index rebal event.</li>
<li>We see zero index changes based on the latest available data but we estimate there to be US$204mn one-way flows due to capping.</li>
</ul>


The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes. 
In this insight, we take a look at the rankings of potential ADDs and potential DELs for the June 2025 index rebal event.
We see zero index changes based on the latest available data but we estimate there to be US$204mn one-way flows due to capping.


Quiddity Leaderboard HSTECH Jun25: US$204mn One-Way; No Index Changes Likely

<ul>
<li>The HSCEI serves as a benchmark to reflect the overall performance of the top 50 "Mainland China" securities listed in Hong Kong.</li>
<li>In this insight, we take a look at the rankings of potential ADDs and potential DELs for the June 2025 index rebal event.</li>
<li>We see no index changes based on the latest available data. However, there will be some flows in June 2025 due to capping.</li>
</ul>


The HSCEI serves as a benchmark to reflect the overall performance of the top 50 "Mainland China" securities listed in Hong Kong.
In this insight, we take a look at the rankings of potential ADDs and potential DELs for the June 2025 index rebal event.
We see no index changes based on the latest available data. However, there will be some flows in June 2025 due to capping.


Quiddity Leaderboard HSCEI Jun25: Large Price Swings Needed to Trigger Index Changes

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>Market sentiment shifted again this week, with participation in stock gains dropping sharply from last week’s levels.</li>
<li>Option volumes continued to decline from February peaks, though single stocks saw a notable increase in activity on Friday.</li>
<li>We cover stocks with liquid options that have earnings reports in the coming week.</li>
</ul>


Market sentiment shifted again this week, with participation in stock gains dropping sharply from last week’s levels.
Option volumes continued to decline from February peaks, though single stocks saw a notable increase in activity on Friday.
We cover stocks with liquid options that have earnings reports in the coming week.


Hong Kong Single Stock Options Weekly (March 10 – 14): Sentiment Shifts, Option Volumes Cool

China

Meituan operates as a web based shopping platform for locally found consumer products and retail services. The Company offers deals of the day by selling vouchers on local services and entertainment, dining, delivery, and other services. Meituan provides its services throughout China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Meituan (3690 HK)

AIA Group & HDFC Bank: Big Hitters Lose Momentum

After establishing themselves as mainstays among active Asia Ex-Japan investors, ownership levels in AIA Group Ltd (1299 HK) and HDFC Bank (HDFCB...

Steven Holden

China Consumption Plan: How Special Is This “Special Plan”?

One key new element is the linking consumption to the wealth effect, while continuing targeted support for vulnerable groups and structural changes

Rikki Malik

Quiddity Leaderboard HSTECH Jun25: US$204mn One-Way; No Index Changes Likely

AAC Technologies and China Literature are the highest-ranked potential ADD and potential DEL respectively. However, both of these names are very...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard HSCEI Jun25: Large Price Swings Needed to Trigger Index Changes

China Resource Power and Sunny Optical are the top-ranked potential ADD and potential DEL respectively. Both names require large relative price...

Janaghan Jeyakumar, CFA

Hong Kong Single Stock Options Weekly (March 10 – 14): Sentiment Shifts, Option Volumes Cool

Market sentiment shifted as stock gains saw a drop in participation, while option volumes continued to decline. Earnings reports for stocks with...

John Ley

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

AIA Group & HDFC Bank: Big Hitters Lose Momentum

After establishing themselves as mainstays among active Asia Ex-Japan investors, ownership levels in AIA Group Ltd (1299 HK) and HDFC Bank (HDFCB...

Steven Holden

China Consumption Plan: How Special Is This “Special Plan”?

One key new element is the linking consumption to the wealth effect, while continuing targeted support for vulnerable groups and structural changes

Rikki Malik

Quiddity Leaderboard HSTECH Jun25: US$204mn One-Way; No Index Changes Likely

AAC Technologies and China Literature are the highest-ranked potential ADD and potential DEL respectively. However, both of these names are very...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard HSCEI Jun25: Large Price Swings Needed to Trigger Index Changes

China Resource Power and Sunny Optical are the top-ranked potential ADD and potential DEL respectively. Both names require large relative price...

Janaghan Jeyakumar, CFA

Hong Kong Single Stock Options Weekly (March 10 – 14): Sentiment Shifts, Option Volumes Cool

​Market sentiment shifted as stock gains saw a drop in participation, while option volumes continued to decline. Earnings reports for stocks with...

John Ley

Market sentiment shifted as stock gains saw a drop in participation, while option volumes continued to decline. Earnings reports for stocks with...