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>Technology dominates global active portfolios, with 8 of the 11 most widely held stocks coming from the sector.</li>
<li>TSMC hits record ownership at 65.7% of funds, becoming the second most widely held stock globally.</li>
<li>Broadcom, Tencent and Alibaba see rising adoption, while Novo Nordisk and UnitedHealth face sharp ownership declines.</li>
</ul>


Technology dominates global active portfolios, with 8 of the 11 most widely held stocks coming from the sector.
TSMC hits record ownership at 65.7% of funds, becoming the second most widely held stock globally.
Broadcom, Tencent and Alibaba see rising adoption, while Novo Nordisk and UnitedHealth face sharp ownership declines.


Global Stock Positioning: Tech Dominance, China Rotation, and Record TSMC Ownership

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Commodities

<ul>
<li>U.S. tariffs intensify strain on the petrochemical sector, shielding domestic producers while redirecting Chinese exports into Asia and leaving European firms most exposed.</li>
<li>Trade barriers amplify oversupply pressures, benefiting U.S.-centric petrochemical firms, granting Middle Eastern players new market share, and pushing Chinese exporters into low-margin Asian markets.</li>
<li>Global petrochemicals face a reset, exposing Europe’s vulnerabilities, capping Asian gains, and reinforcing domestic advantages for American producers.</li>
</ul>


U.S. tariffs intensify strain on the petrochemical sector, shielding domestic producers while redirecting Chinese exports into Asia and leaving European firms most exposed.
Trade barriers amplify oversupply pressures, benefiting U.S.-centric petrochemical firms, granting Middle Eastern players new market share, and pushing Chinese exporters into low-margin Asian markets.
Global petrochemicals face a reset, exposing Europe’s vulnerabilities, capping Asian gains, and reinforcing domestic advantages for American producers.


U.S. Petrochemical Companies Gain Ground as European Firms Falter in U.S.-China Trade War

Fundamental Analyses, Contrarian Cashflows

Contrarian Cashflows

Fundamental Analyses

The purpose of Contrarian Cashflows is to document my investment research and share it with everyone who is interested in value investing. My long term aspiration for Contrarian Cashflows is to become a platform for professional investors and serious amateurs where they can get inspiration and discuss investing-related topics.
I plan to publish one company deep dive per month that is guided by my investment approach. All information I use for my write-ups is publicly available and most of the time directly sourced from public filings issued by the respective companies. To guarantee maximum transparency, for every post I provide a list of all used sources in the resources section.
Contrarian Cashflows is built around the principles of respect, honesty, open-mindedness and a touch of humour. Please consider these principles in any engagement interaction with me, other readers and the content on this blog. Misbehaviour is not tolerated.
If you want to reach out to me directly, the best way is via LinkedIn, Twitter or email. You can find the details at my homepage contrariancashflows.com

Thematic (Sector/Industry)

<ul><li>Welcome to Random Walks Down David's Mind!</li><li>With inflation being a relevant macroeconomic variable in the US and Europe for the first time since the early 1990s, many currently active European and US investors are experiencing their first period of elevated inflation in their professional lives—or even their entire lives (yep, I was born after 1990!).</li><li>In this context, I am studying which businesses benefit from inflation and which are harmed by it.</li></ul>

Welcome to Random Walks Down David's Mind!With inflation being a relevant macroeconomic variable in the US and Europe for the first time since the early 1990s, many currently active European and US investors are experiencing their first period of elevated inflation in their professional lives—or even their entire lives (yep, I was born after 1990!).In this context, I am studying which businesses benefit from inflation and which are harmed by it.

RW-08-25: Inflation and Capital Intensity: Blessing or Curse?

<ul>
<li>WTI crude prices are pressured by oversupply and weak sentiment, but received support late-week by a strong inventory draw and improved outlook for U.S.-EU trade talks. </li>
<li>U.S. natural gas prices dipped early due to high output and mild weather but recovered slightly on heat-driven demand, with ample storage limiting further upside.</li>
<li>Oil and gas corporate updates showed mixed earnings and strategy shifts, with Halliburton guiding lower, BP appointing a new chairman, and SLB falling despite beating expectations.</li>
</ul>


WTI crude prices are pressured by oversupply and weak sentiment, but received support late-week by a strong inventory draw and improved outlook for U.S.-EU trade talks. 
U.S. natural gas prices dipped early due to high output and mild weather but recovered slightly on heat-driven demand, with ample storage limiting further upside.
Oil and gas corporate updates showed mixed earnings and strategy shifts, with Halliburton guiding lower, BP appointing a new chairman, and SLB falling despite beating expectations.


[ETP 2025/30] TotalEnergies Lifts Payouts, BP Reboots Leadership; WTI Recovers While Henry Hub Drops

<ul>
<li>Chevron’s arbitration win over ExxonMobil unlocks Guyana’s Stabroek Block, a key asset underpinning its USD 53 billion Hess acquisition.</li>
<li>SLB outperformed Q2 estimates despite YoY declines and also completed its ChampionX acquisition amid regulatory challenges.</li>
<li>WTI crude found support late-week after better-than-expected economic data tempered demand fears, despite early pressure from inventory and macro concerns.</li>
</ul>


Chevron’s arbitration win over ExxonMobil unlocks Guyana’s Stabroek Block, a key asset underpinning its USD 53 billion Hess acquisition.
SLB outperformed Q2 estimates despite YoY declines and also completed its ChampionX acquisition amid regulatory challenges.
WTI crude found support late-week after better-than-expected economic data tempered demand fears, despite early pressure from inventory and macro concerns.


[ETP 2025/29] Chevron Secures Guyana Win as SLB Surprises; WTI Slips, Henry Hub Snaps Losing Streak

United States

Occidental Petroleum Corporation explores for, develops, produces, and markets crude oil and natural gas.  The Company also manufactures and markets a variety of basic chemicals, vinyls and performance chemicals. Occidental also gathers, treats, processes, transports, stores, trades and markets crude oil, natural gas, NGLs, condensate and carbon dioxide (CO2) and generates and markets power.

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Occidental Petroleum (OXY US)

Global Stock Positioning: Tech Dominance, China Rotation, and Record TSMC Ownership

Technology continues to anchor global active portfolios, with TSMC at record ownership. Rotation persists across regions as managers selectively...

Steven Holden

U.S. Petrochemical Companies Gain Ground as European Firms Falter in U.S.-China Trade War

U.S. tariffs on petrochemicals shift global trade dynamics, benefiting American producers, Middle Eastern players, and low-margin Asian markets...

Mint Finance

RW-08-25: Inflation and Capital Intensity: Blessing or Curse?

Welcome to Random Walks Down David's Mind! With inflation being a relevant macroeconomic variable in the US and Europe for the first time since...

Contrarian Cashflows

[ETP 2025/30] TotalEnergies Lifts Payouts, BP Reboots Leadership; WTI Recovers While Henry Hub Drops

WTI crude prices face pressure from oversupply and weak sentiment. US natural gas prices dip due to high output and mild weather. Oil & Gas...

Mint Finance

[ETP 2025/29] Chevron Secures Guyana Win as SLB Surprises; WTI Slips, Henry Hub Snaps Losing Streak

Chevron's arbitration win over ExxonMobil unlocks key asset in Guyana, Hess acquisition; SLB outperforms Q2 estimates with ChampionX acquisition;...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Global Stock Positioning: Tech Dominance, China Rotation, and Record TSMC Ownership

Technology continues to anchor global active portfolios, with TSMC at record ownership. Rotation persists across regions as managers selectively...

Steven Holden

U.S. Petrochemical Companies Gain Ground as European Firms Falter in U.S.-China Trade War

​U.S. tariffs on petrochemicals shift global trade dynamics, benefiting American producers, Middle Eastern players, and low-margin Asian markets...

Mint Finance

RW-08-25: Inflation and Capital Intensity: Blessing or Curse?

Welcome to Random Walks Down David's Mind! With inflation being a relevant macroeconomic variable in the US and Europe for the first time since...

Contrarian Cashflows

[ETP 2025/30] TotalEnergies Lifts Payouts, BP Reboots Leadership; WTI Recovers While Henry Hub Drops

​WTI crude prices face pressure from oversupply and weak sentiment. US natural gas prices dip due to high output and mild weather. Oil & Gas...

Mint Finance

[ETP 2025/29] Chevron Secures Guyana Win as SLB Surprises; WTI Slips, Henry Hub Snaps Losing Streak

​Chevron's arbitration win over ExxonMobil unlocks key asset in Guyana, Hess acquisition; SLB outperforms Q2 estimates with ChampionX acquisition;...

Mint Finance

U.S. tariffs on petrochemicals shift global trade dynamics, benefiting American producers, Middle Eastern players, and low-margin Asian markets...

WTI crude prices face pressure from oversupply and weak sentiment. US natural gas prices dip due to high output and mild weather. Oil & Gas...

Chevron's arbitration win over ExxonMobil unlocks key asset in Guyana, Hess acquisition; SLB outperforms Q2 estimates with ChampionX acquisition;...