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>Japan is widely owned but lightly held: 88% of global funds now hold Japan—well ahead of Asian peers—yet average weights remain near 15-year lows and structurally underweight vs. ACWI.</li>
<li>Allocations are shallow and skewed: 75% of global funds hold less than 6.3% in Japan; exposures above 10% are rare and concentrated in Value and Yield strategies.</li>
<li>Tech &amp; Industrials dominate; ownership is fragmented: Japan exposure is concentrated in Tech/Industrials, with few consensus stocks beyond Sony and Keyence, and a long tail of lightly held names.</li>
</ul>


Japan is widely owned but lightly held: 88% of global funds now hold Japan—well ahead of Asian peers—yet average weights remain near 15-year lows and structurally underweight vs. ACWI.
Allocations are shallow and skewed: 75% of global funds hold less than 6.3% in Japan; exposures above 10% are rare and concentrated in Value and Yield strategies.
Tech &amp; Industrials dominate; ownership is fragmented: Japan exposure is concentrated in Tech/Industrials, with few consensus stocks beyond Sony and Keyence, and a long tail of lightly held names.


Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>We recommend selling MUFG19 and cutting losses on SONY80, with returns of –2.7% and –6.6%, respectively, while opening a new position in AMD80, a DR linked to Advanced Micro Devices (AMD) listed on the NASDAQ.</li><li>The return of KTX DR Tactical Picks portfolio fell 1.66% from the previous day, pressured by weakness in Asian equities amid concerns over rising bad-debt risks among US regional banks.</li><li>Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.</li></ul>

We recommend selling MUFG19 and cutting losses on SONY80, with returns of –2.7% and –6.6%, respectively, while opening a new position in AMD80, a DR linked to Advanced Micro Devices (AMD) listed on the NASDAQ.The return of KTX DR Tactical Picks portfolio fell 1.66% from the previous day, pressured by weakness in Asian equities amid concerns over rising bad-debt risks among US regional banks.Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.

KTX TACTICAL DR PICKS - October 20, 2025 (Eng.)

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.

<ul>
<li>There is very high delta in 30-year JGB yields in the recent month, and preceding periods</li>
<li>This is very much unlike what we see with the 1-year JGBs, different implications.</li>
<li>Insurance companies are the major holders of long-dated JGBs where banks have low duration on their bond holdings.</li>
</ul>


There is very high delta in 30-year JGB yields in the recent month, and preceding periods
This is very much unlike what we see with the 1-year JGBs, different implications.
Insurance companies are the major holders of long-dated JGBs where banks have low duration on their bond holdings.


Japan - Sharply Higher Long-Dated JGBs Should Mean Sizable Valuation Losses at Insurers, Not Banks

<ul>
<li>The story for Japan's banks is multifaceted with several line items working in tandem to support profit and profit delta</li>
<li>Net interest income strength that we see with MUFG, SMFG, Chiba and SBI Sumishin Net Bank can continue, given outlook on loans and pricing</li>
<li>Delta in credit costs is generally benign, allowing good flow through, with a recurring nature of equity trading gains - a unique feature in Japan banking</li>
</ul>


The story for Japan's banks is multifaceted with several line items working in tandem to support profit and profit delta
Net interest income strength that we see with MUFG, SMFG, Chiba and SBI Sumishin Net Bank can continue, given outlook on loans and pricing
Delta in credit costs is generally benign, allowing good flow through, with a recurring nature of equity trading gains - a unique feature in Japan banking


Japan Banks - Net Interest Income, Credit Cost, Trading Gains, All Support Profit

<ul>
<li>The BOJ released its loan officer survey on 21 April which is generally positive for lending demand at firms and eased credit standards (willingness to lend)</li>
<li>Demand for credit over past 3 months for firms, 43 respondents were about the same, 6 were moderately stronger, 1 substantially stronger. No respondents were weaker</li>
<li>Lending policies saw most respondents unchanged, but there were some as 'eased somewhat' and 1 'eased considerably' with no respondents reporting tightening</li>
</ul>


The BOJ released its loan officer survey on 21 April which is generally positive for lending demand at firms and eased credit standards (willingness to lend)
Demand for credit over past 3 months for firms, 43 respondents were about the same, 6 were moderately stronger, 1 substantially stronger. No respondents were weaker
Lending policies saw most respondents unchanged, but there were some as 'eased somewhat' and 1 'eased considerably' with no respondents reporting tightening


Japan - New Loan Officer Survey Is Positive for Lending Growth, for Banks, Underlying Economy

Japan

Mitsubishi UFJ Financial Group, Inc. (MUFG) is a holding company established through the merger of Mitsubishi Tokyo Financial Group and UFJ Holdings. As a financial group, the Company provides a variety of financial and investment services including commercial banking, trust banking, international finance, and assets management services.

Mitsubishi UFJ Financial (MUFG) (8306 JP)

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Mitsubishi UFJ Financial (MUFG) (8306 JP)

Japan: Cautious Reengagment

Global ownership of Japan is rising, but conviction remains weak. Allocations sit near historic lows, with Value funds leading a cautious rotation...

Steven Holden

KTX TACTICAL DR PICKS - October 20, 2025 (Eng.)

The return of KTX DR Tactical Picks portfolio fell 1.66% from the previous day, pressured by weakness in Asian equities amid concerns over rising...

Krungthai XSpring

Japan - Sharply Higher Long-Dated JGBs Should Mean Sizable Valuation Losses at Insurers, Not Banks

Japan's insurance companies are more exposed and highly exposed to rising long-dated JGB yields, unlike for banks. The former will have more...

Daniel Tabbush

Japan Banks - Net Interest Income, Credit Cost, Trading Gains, All Support Profit

While macro story seems strong and improving for Japan's banks we see at the micro level, there are several line items all working in favor of net...

Daniel Tabbush

Japan - New Loan Officer Survey Is Positive for Lending Growth, for Banks, Underlying Economy

Newly released Loan Officer Survey by BOJ has positive implications for current and forward loan growth, especially to companies. We can also...

Daniel Tabbush

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