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>The Magnificent 7, comprising Microsoft, Apple, Alphabet, Amazon, Meta, NVIDIA and Tesla  hit record high allocations among active Global equity funds this year.</li>
<li>Thought of as a standalone allocation, they represent the 2nd largest country weight, but also stand as a sizeable underweight versus the benchmark.</li>
<li>Microsoft's dominates the group, NVIDIA has attracted a new investors this year, whilst Tesla has struggled to gain the same level of trust from active Global investors.</li>
</ul>


The Magnificent 7, comprising Microsoft, Apple, Alphabet, Amazon, Meta, NVIDIA and Tesla  hit record high allocations among active Global equity funds this year.
Thought of as a standalone allocation, they represent the 2nd largest country weight, but also stand as a sizeable underweight versus the benchmark.
Microsoft's dominates the group, NVIDIA has attracted a new investors this year, whilst Tesla has struggled to gain the same level of trust from active Global investors.


Riding High: The Magnificent 7 Surge in Global Equity Funds

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

uPI Semiconductor Corp / Equity Bottom-Up

<ul>
<li>UPI Semi is a specialist designer of electronic components and semiconductors for power management. Power management is a key performance factor for AI devices.</li>
<li>UPI's clients include most of the world's largest leading technology companies for semiconductor distribution and AI products.</li>
<li>UPI shares have lagged the strong performance of its clients -- We see opportunity for UPI to now Outperform.</li>
</ul>


UPI Semi is a specialist designer of electronic components and semiconductors for power management. Power management is a key performance factor for AI devices.
UPI's clients include most of the world's largest leading technology companies for semiconductor distribution and AI products.
UPI shares have lagged the strong performance of its clients -- We see opportunity for UPI to now Outperform.


Power Semiconductor Specialist Will Benefit from AI Yet Lagging Key Customers' Share Price Rallies

Taiwan Tech Focused Senior Analyst

Patrick Liao

King Yuan Electronics Co, Ltd. / Equity Bottom-Up

<ul>
<li>It's a greater chance that there will be an upward pickup in 2024F revenue for <a href="https://www.smartkarma.com/entities/king-yuan-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:6630:1" rel="noopener">King Yuan Electronics Co, Ltd. (2449 TT)</a>, but the magnitude is hard to predict in 1H24.  </li>
<li>It is expected the revenue to decline by approximately -5% in 1Q24F.</li>
<li>However, the demand for CoWoS at a corporate level is expected to increase by about 10% in 2024F .</li>
</ul>


It's a greater chance that there will be an upward pickup in 2024F revenue for King Yuan Electronics Co, Ltd. (2449 TT), but the magnitude is hard to predict in 1H24.  
It is expected the revenue to decline by approximately -5% in 1Q24F.
However, the demand for CoWoS at a corporate level is expected to increase by about 10% in 2024F .


KYEC (2449.TT): The Revenue Outlook Will Be an Upward Pickup in 2024F.

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>Intel's "AI Everywhere" event turned out to be little more than last minute launches client and server products promised for 2023</li>
<li>While these products have little new in the way of ground-breaking AI hardware, the entire event was infused with AI marketing to the highest degree</li>
<li>Ostensibly Intel's great hope in AI hardware acceleration, Gaudi, featured solely as a last minute gimmick announcing that Gaudi3 was "out of the fab and into the lab". Yawn!</li>
</ul>


Intel's "AI Everywhere" event turned out to be little more than last minute launches client and server products promised for 2023
While these products have little new in the way of ground-breaking AI hardware, the entire event was infused with AI marketing to the highest degree
Ostensibly Intel's great hope in AI hardware acceleration, Gaudi, featured solely as a last minute gimmick announcing that Gaudi3 was "out of the fab and into the lab". Yawn!


Asia and Global Semiconductor and Tech Research

Andrew Lu

<ul>
<li>Driven by stronger PC/networking DRAM sales, Micron reports 5% stronger 4Q23 sales, 10-13ppts q/q margin improvement and 34% y/y decline in MOI to 5.2 months;</li>
<li>Micron guides 1Q24 sales growth 8-16% q/q and 38-49% y/y and gross margin of 12%, beating Bloomberg consensus estimates by 6ppts;</li>
<li>Rooms to raise: 1. 1Q24 sales of 18% q/q likely; 2. Turning profits sooner than expected; 3. +Free cash flow in 2024; 4. HBM3E for GH200/H200 to improve mix, margin. </li>
</ul>


Driven by stronger PC/networking DRAM sales, Micron reports 5% stronger 4Q23 sales, 10-13ppts q/q margin improvement and 34% y/y decline in MOI to 5.2 months;
Micron guides 1Q24 sales growth 8-16% q/q and 38-49% y/y and gross margin of 12%, beating Bloomberg consensus estimates by 6ppts;
Rooms to raise: 1. 1Q24 sales of 18% q/q likely; 2. Turning profits sooner than expected; 3. +Free cash flow in 2024; 4. HBM3E for GH200/H200 to improve mix, margin. 


The First Semi Micron to Guide 1Q24; Conservative Now but Likely Raise Later

United States

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

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NVIDIA Corp (NVDA US)

Riding High: The Magnificent 7 Surge in Global Equity Funds

Microsoft's dominates the group, NVIDIA has attracted a new investors this year, whilst Tesla has struggled to gain the same level of trust from...

Steven Holden

KYEC (2449.TT): The Revenue Outlook Will Be an Upward Pickup in 2024F.

KYEC is projected to have a potentially positive growth in 2024, with a predicted decline in 1Q24F. However, there is expected to be an increase...

Patrick Liao

Intel's AI Everywhere In New York

Ostensibly Intel's great hope in AI hardware acceleration, Gaudi, featured solely as a last minute gimmick announcing that Gaudi3 was "out of the...

William Keating

The First Semi Micron to Guide 1Q24; Conservative Now but Likely Raise Later

The First Semi Micron to Guide 1Q24; Conservative Now but Likely Raise Later; Rooms to raise: 1. 1Q24 sales of 18% q/q likely; 2. See profits...

Andrew Lu

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Riding High: The Magnificent 7 Surge in Global Equity Funds

Microsoft's dominates the group, NVIDIA has attracted a new investors this year, whilst Tesla has struggled to gain the same level of trust from...

Steven Holden

Power Semiconductor Specialist Will Benefit from AI Yet Lagging Key Customers' Share Price Rallies

UPI's clients include most of the world's leading tech companies for chip distribution and AI products. UPI shares have lagged the strong...

Vincent Fernando, CFA

KYEC (2449.TT): The Revenue Outlook Will Be an Upward Pickup in 2024F.

​KYEC is projected to have a potentially positive growth in 2024, with a predicted decline in 1Q24F. However, there is expected to be an increase...

Patrick Liao

Intel's AI Everywhere In New York

Ostensibly Intel's great hope in AI hardware acceleration, Gaudi, featured solely as a last minute gimmick announcing that Gaudi3 was "out of the...

William Keating

The First Semi Micron to Guide 1Q24; Conservative Now but Likely Raise Later

The First Semi Micron to Guide 1Q24; Conservative Now but Likely Raise Later; Rooms to raise: 1. 1Q24 sales of 18% q/q likely; 2. See profits...

Andrew Lu

KYEC is projected to have a potentially positive growth in 2024, with a predicted decline in 1Q24F. However, there is expected to be an increase...