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>Active funds head in to 2023 overweight Industrials and Staples versus underweight Financials and Communication Services</li>
<li>Energy stocks are still only owned by 51% of funds yet captured the largest increase in ownership through 2022.  </li>
<li>China Banks are a key underweight.  Only 11% of funds are positioned ahead of the iShares MSCI China ETF benchmark.  Airlines, Casinos/Gaming and Airfreight/Couriers were the winners in 2022.</li>
</ul>


Active funds head in to 2023 overweight Industrials and Staples versus underweight Financials and Communication Services
Energy stocks are still only owned by 51% of funds yet captured the largest increase in ownership through 2022.  
China Banks are a key underweight.  Only 11% of funds are positioned ahead of the iShares MSCI China ETF benchmark.  Airlines, Casinos/Gaming and Airfreight/Couriers were the winners in 2022.


Active China Funds:  Top-Down Positioning Update, 2023

Founder of Antler Capital

Stanley Tsai, CFA

Thematic (Sector/Industry)

<ul>
<li>We expect to see a strong start to the week for China financials names, with sentiments buoyed by upbeat consumer spending data over the new year holiday.</li>
<li>Early signs point to relatively loose conditions in the interbank market as trading resumes across the board on Monday. The central bank's easing bias will likely continue.</li>
<li>We see more momentum for the sector ahead of Q4 earnings (brokers &gt; insurers &gt; banks). Stock selection will become more important thereafter.</li>
</ul>


We expect to see a strong start to the week for China financials names, with sentiments buoyed by upbeat consumer spending data over the new year holiday.
Early signs point to relatively loose conditions in the interbank market as trading resumes across the board on Monday. The central bank's easing bias will likely continue.
We see more momentum for the sector ahead of Q4 earnings (brokers &gt; insurers &gt; banks). Stock selection will become more important thereafter.


China Financials Weekly: Jan 30 | A Bubbly Opening

<ul>
<li>Over three quarters of Global equity managers are underweight China.  Average weights sit at the bottom of the 10 year range, with 18% of funds holding no exposure at all.</li>
<li>Continued rotation over the last 6-months. Within Asia, Japan has taken the lead as the key exposure, whilst Global funds prefer European countries as their main overweight positions.</li>
<li>Tencent owned by 22% of funds, Alibaba by just 18%.  China re-opening/COVID relaxation places Global funds vulnerable to outperformance.</li>
</ul>


Over three quarters of Global equity managers are underweight China.  Average weights sit at the bottom of the 10 year range, with 18% of funds holding no exposure at all.
Continued rotation over the last 6-months. Within Asia, Japan has taken the lead as the key exposure, whilst Global funds prefer European countries as their main overweight positions.
Tencent owned by 22% of funds, Alibaba by just 18%.  China re-opening/COVID relaxation places Global funds vulnerable to outperformance.


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.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of CSI 300 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on ZHONGJI INNOLIGHT, GUANGZHOU AUTOMOBILE, INDUSTRIAL BANK, Longi Green, SERES, ZIJIN MINING, PING AN INSURANCE, GIGADEVICE SEMICONDUCTOR.</li>
</ul>


We analysed the earning revision of component stocks of CSI 300 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on ZHONGJI INNOLIGHT, GUANGZHOU AUTOMOBILE, INDUSTRIAL BANK, Longi Green, SERES, ZIJIN MINING, PING AN INSURANCE, GIGADEVICE SEMICONDUCTOR.


CSI 300 Index Earning Revision (Jul): ZHONGJI INNOLIGHT, GUANGZHOU AUTOMOBILE, INDUSTRIAL BANK

<ul>
<li>We analysed the earning revision of component stocks of CSI 100 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on ZHONGJI INNOLIGHT, EOPTOLINK TECHNOLOGY, TONGWEI, Longi Green, SERES, ZIJIN MINING, PING AN INSURANCE, GIGADEVICE SEMICONDUCTOR.</li>
</ul>


We analysed the earning revision of component stocks of CSI 100 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on ZHONGJI INNOLIGHT, EOPTOLINK TECHNOLOGY, TONGWEI, Longi Green, SERES, ZIJIN MINING, PING AN INSURANCE, GIGADEVICE SEMICONDUCTOR.


CSI 100 Index Earning Revision (Jul): ZHONGJI INNOLIGHT, EOPTOLINK TECHNOLOGY, TONGWEI, Longi Green

China

Ping An Insurance (Group) Company of China Limited provides products and services through its five ecosystems in financial services, healthcare, auto services, real estate services and Smart City solutions. The Group's insurance business writes property, casualty, and life insurance products.

Price Gauge
52-week Range	0.00 - 0.00
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Ping An Insurance Group of (601318 CH)

Active China Funds: Top-Down Positioning Update, 2023

Our analysis of 119 active China strategies reveals the key sector and industry positions among China equity managers for the upcoming year.

Steven Holden

China Financials Weekly: Jan 30 | A Bubbly Opening

We expect a strong start to the week for the China financials space, after a new year holiday that confirms investors' hopes for a speedy recovery...

Stanley Tsai, CFA

China & HK: Underowned?

Over 3/4 of Global equity managers are underweight China. Average weights sit at the bottom of the 10 year range, with 18% of funds holding no...

Steven Holden

CSI 300 Index Earning Revision (Jul): ZHONGJI INNOLIGHT, GUANGZHOU AUTOMOBILE, INDUSTRIAL BANK

We analyzed CSI 300's consensus for Jul 2026 and highlighted changes of EPS in ZHONGJI INNOLIGHT (300308 CH), GUANGZHOU AUTOMOBILE (601238 CH),...

Ke Yan, CFA, FRM

CSI 100 Index Earning Revision (Jul): ZHONGJI INNOLIGHT, EOPTOLINK TECHNOLOGY, TONGWEI, Longi Green

We analyzed CSI 100's consensus for Jul 2026 and highlighted changes of EPS in ZHONGJI INNOLIGHT (300308 CH), EOPTOLINK TECHNOLOGY (300502 CH),...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)