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

Thematic (Sector/Industry)

<ul>
<li>Agricultural Commodities have experienced a surge in ownership among active China investors. Average weights are at all-time highs as a record number of funds gain exposure to the sector.</li>
<li>Among industry peers, Agricultural Commodities saw some of the strongest ownership growth over the last 6-month period, with 9.3% of managers opening new exposure.</li>
<li>Inner Mongolia Yili was the key driver behind the move, though Yuan Longping High-Tech and Muyuan Foodstuff also saw investment levels rise.</li>
</ul>


Agricultural Commodities have experienced a surge in ownership among active China investors. Average weights are at all-time highs as a record number of funds gain exposure to the sector.
Among industry peers, Agricultural Commodities saw some of the strongest ownership growth over the last 6-month period, with 9.3% of managers opening new exposure.
Inner Mongolia Yili was the key driver behind the move, though Yuan Longping High-Tech and Muyuan Foodstuff also saw investment levels rise.


China Funds:  Agricultural Commodities Spike

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

Zhongji InnoLight / Equity Capital Markets

<ul>
<li>The IPO of <a href="https://www.smartkarma.com/entities/zhongji-innolight" target="_blank" data-smartkarma-citation="entities:55331:1" rel="noopener">Zhongji InnoLight (3308 HK)</a>, a leading global provider of optical interconnect solutions, which seeks HK$54.5bn, is the largest since 2019.</li>
<li>Its FY25-28F EPS CAGR will reach 89.8%, underpinned by the jump in revenue and expansion in margin. Its 1Q26 net profit has already surged by 262.3%.</li>
<li>The IPO is priced at a 17.7% HA discount. At a HK$1.2trn market capitalisation, pegging it to its A-share will give a price of HK$1,227, or a 21.5% upside.</li>
</ul>


The IPO of Zhongji InnoLight (3308 HK), a leading global provider of optical interconnect solutions, which seeks HK$54.5bn, is the largest since 2019.
Its FY25-28F EPS CAGR will reach 89.8%, underpinned by the jump in revenue and expansion in margin. Its 1Q26 net profit has already surged by 262.3%.
The IPO is priced at a 17.7% HA discount. At a HK$1.2trn market capitalisation, pegging it to its A-share will give a price of HK$1,227, or a 21.5% upside.


Zhongji InnoLight (3308 HK) IPO: Assessing the Valuation

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhongji-innolight" target="_blank" data-smartkarma-citation="entities:55331:1" rel="noopener">Zhongji InnoLight (3308 HK)</a>, a leading global provider of optical interconnect solutions, has launched an H Share listing to raise US$7.0 billion.</li>
<li>I discussed the H Share listing in <strong><em><a href="https://www.smartkarma.com/insights/innolight-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:247130" rel="noopener">Innolight H Share Listing: The Investment Case</a></em></strong>. </li>
<li>The proposed AH discount of 23.3% (based on the close on 21 July A Share price) is attractive, and I would participate in the H Share listing.</li>
</ul>



Zhongji InnoLight (3308 HK), a leading global provider of optical interconnect solutions, has launched an H Share listing to raise US$7.0 billion.
I discussed the H Share listing in Innolight H Share Listing: The Investment Case. 
The proposed AH discount of 23.3% (based on the close on 21 July A Share price) is attractive, and I would participate in the H Share listing.


Innolight H Share Listing (3308 HK): Valuation Insights

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Index Rebalance

<ul>
<li>We screen HK stocks ahead of the HSCI September 2026 half-yearly review, with 44 ADD candidates and 26 DELETE candidates.</li>
<li>ADD candidates are mostly new listings and prior constituents, including seven A+H names already in Connect.</li>
<li>DELETE candidates include 21 MV DELETEs, three retention-line borderline names, and two velocity cases.</li>
</ul>


We screen HK stocks ahead of the HSCI September 2026 half-yearly review, with 44 ADD candidates and 26 DELETE candidates.
ADD candidates are mostly new listings and prior constituents, including seven A+H names already in Connect.
DELETE candidates include 21 MV DELETEs, three retention-line borderline names, and two velocity cases.


HSCI / HK Connect Sep 2026 Rebalance Forecast

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Victory Giant Technology (HuiZhou) / Equity Capital Markets

Victory Giant Technology (HuiZhou) (2476 HK)

<ul>
<li>We study the 32 HK IPOs of at least US$100m listed in 2Q26, comparing Day 1 and 2W performance with the five prior quarters.</li>
<li>2Q26 had more deals, smaller median deal size, and record subscription demand. Day 1 return reached a six-quarter high, while 2W follow-through weakened.</li>
<li>International-Sponsored deals outperformed domestic-only deals after trailing for three quarters, while the high-retail-subscription debut screen produced negative Day 1 closes for the first time.</li>
</ul>


We study the 32 HK IPOs of at least US$100m listed in 2Q26, comparing Day 1 and 2W performance with the five prior quarters.
2Q26 had more deals, smaller median deal size, and record subscription demand. Day 1 return reached a six-quarter high, while 2W follow-through weakened.
International-Sponsored deals outperformed domestic-only deals after trailing for three quarters, while the high-retail-subscription debut screen produced negative Day 1 closes for the first time.


HK IPO 2Q2026 Essential Analytics: Record Demand, Faster Fade

China

Muyuan Foods Co., Ltd. conducts pigs farming businesses. The Company provides pigs breeding, raising, slaughtering, processing, and other services. Muyuan Foodstuff also produces animal feed products.

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Muyuan Foods Co (2714 HK)

China Funds: Agricultural Commodities Spike

Agricultural Commodities have experienced a surge in ownership among active China investors. Average weights are at all-time highs as a record...

Steven Holden

Zhongji InnoLight (3308 HK) IPO: Assessing the Valuation

Zhongji InnoLight's IPO seeks HK$54.5bn, with strong growth projections. Priced at a 17.7% HA discount, there is potential for 21.5% upside if we...

Osbert Tang, CFA

HSCI / HK Connect Sep 2026 Rebalance Forecast

We forecast 44 ADD candidates and 26 DELETE candidates for the HSCI September review, with the announcement expected on 21 Aug 2026.

Ke Yan, CFA, FRM

HK IPO 2Q2026 Essential Analytics: Record Demand, Faster Fade

We review 32 HK IPOs above US$100m in 2Q26 against the six-quarter history since 1Q25. Record subscription demand met a faster post-debut fade,...

Ke Yan, CFA, FRM

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52-week Range

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China Funds: Agricultural Commodities Spike

Agricultural Commodities have experienced a surge in ownership among active China investors. Average weights are at all-time highs as a record...

Steven Holden

Zhongji InnoLight (3308 HK) IPO: Assessing the Valuation

​Zhongji InnoLight's IPO seeks HK$54.5bn, with strong growth projections. Priced at a 17.7% HA discount, there is potential for 21.5% upside if we...

Osbert Tang, CFA

Innolight H Share Listing (3308 HK): Valuation Insights

InnoLight, a leading global provider of optical interconnect solutions, has launched an H Share listing to raise US$7.0 billion. In this note, I...

Arun George

HSCI / HK Connect Sep 2026 Rebalance Forecast

We forecast 44 ADD candidates and 26 DELETE candidates for the HSCI September review, with the announcement expected on 21 Aug 2026.

Ke Yan, CFA, FRM

HK IPO 2Q2026 Essential Analytics: Record Demand, Faster Fade

We review 32 HK IPOs above US$100m in 2Q26 against the six-quarter history since 1Q25. Record subscription demand met a faster post-debut fade,...

Ke Yan, CFA, FRM

Zhongji InnoLight's IPO seeks HK$54.5bn, with strong growth projections. Priced at a 17.7% HA discount, there is potential for 21.5% upside if we...