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)

Allocations in the Financials sector have broken below the decade long range.  In their place are increased exposures in Technology and Consumer Discretionary companies.  At the moment, allocations within the sector are consolidating, with Asia Ex-Japan funds actively increasing weights, but still remaining a long way below previous levels. In this analysis, we look at the mechanics of the downturn, identifying the countries and stocks hardest hit.  We then look at the extent to which Financials stocks have consolidated and moved towards the early stages of a recovery.

Allocations in the Financials sector have broken below the decade long range.  In their place are increased exposures in Technology and Consumer Discretionary companies.  At the moment, allocations within the sector are consolidating, with Asia Ex-Japan funds actively increasing weights, but still remaining a long way below previous levels. In this analysis, we look at the mechanics of the downturn, identifying the countries and stocks hardest hit.  We then look at the extent to which Financials stocks have consolidated and moved towards the early stages of a recovery.

Asia Ex-Japan Financials.  Slowly Regaining the Faith.

Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

*D-SIB Standards Released: The People’s Bank of China (PBOC) and China Bank and Insurance Regulatory Commission (CBIRC) on April 2, 2021 released finalized new capital standards for the country’s domestic systemically important banks (D-SIBs), and indicated that the need for banking  crisis liquidation plans; and* Aggressive Capital Raises Expected: In our view, the forthcoming regulations are likely to focus on: additional paid-in capital; leverage ratios; risk concentrations; corporate governance; disclosure levels; and mechanism to prevent systemic risk; and internal controls. The idea is to finally strengthen mainland Chinese bank balance sheets and improve their loss absorption capacity. Problem for equity raises is that P/BV must be over 1.0x for the raise and many of the potential D-SIBs are trading below book value.

*D-SIB Standards Released: The People’s Bank of China (PBOC) and China Bank and Insurance Regulatory Commission (CBIRC) on April 2, 2021 released finalized new capital standards for the country’s domestic systemically important banks (D-SIBs), and indicated that the need for banking  crisis liquidation plans; and* Aggressive Capital Raises Expected: In our view, the forthcoming regulations are likely to focus on: additional paid-in capital; leverage ratios; risk concentrations; corporate governance; disclosure levels; and mechanism to prevent systemic risk; and internal controls. The idea is to finally strengthen mainland Chinese bank balance sheets and improve their loss absorption capacity. Problem for equity raises is that P/BV must be over 1.0x for the raise and many of the potential D-SIBs are trading below book value. 

China Banks – Big Capital Raises Coming

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

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of A-share stocks as of Jul 3rd. The aggregated net margin trading position is USD406,502m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in TONGHUA GOLDEN-HORSE PHARMACEUTICAL INDUSTRY, ZHEJIANG XINAN CHEMICAL INDUSTRIAL, GUOTAI HAITONG SECURITIES, OMNIVISOIN INTEGRATED CIRCUITS, BOE.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Jul 3rd. The aggregated net margin trading position is USD406,502m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in TONGHUA GOLDEN-HORSE PHARMACEUTICAL INDUSTRY, ZHEJIANG XINAN CHEMICAL INDUSTRIAL, GUOTAI HAITONG SECURITIES, OMNIVISOIN INTEGRATED CIRCUITS, BOE.


A-Share Margin Trading Weekly (Jul 3rd): TONGHUA GOLDEN-HORSE PHARMACEUTICAL INDUSTRY, BOE

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jun 26th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Zijin Mining, Kingboard Laminates, Tencent, Alibaba, AIA, Sunny Optical, Vgt, Wuxi Xdc Cayman, Montage Tech, Guming.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jun 26th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Zijin Mining, Kingboard Laminates, Tencent, Alibaba, AIA, Sunny Optical, Vgt, Wuxi Xdc Cayman, Montage Tech, Guming.


HK Short Interest Weekly: Zijin Mining, Kingboard Laminates, Tencent, Alibaba, AIA, Sunny Optical

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 3rd.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Kingboard Laminates, Smic, Alibaba, Kingboard, China Mobile, Hua Hong Semi, Knowledge Atlas, Xiaomi, Meituan, Ping An.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 3rd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Kingboard Laminates, Smic, Alibaba, Kingboard, China Mobile, Hua Hong Semi, Knowledge Atlas, Xiaomi, Meituan, Ping An.


HK Connect Flows Weekly (Jul 3rd): Kingboard Laminates, Smic, Alibaba, Kingboard, China Mobile

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
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Ping An Insurance Group of (601318 CH)

Asia Ex-Japan Financials. Slowly Regaining the Faith.

Active Asia Ex-Japan managers move back in to the Financials sector after a period of heavy rotation, however allocations remain well below...

Steven Holden

China Banks – Big Capital Raises Coming

CHINA BANKS: The PBOC and CBIRC released finalized new capital standards for the country’s D-SIBs. Equity raises require P/BV over 1.0x and many of...

Thomas J. Monaco

HK Short Interest Weekly: Zijin Mining, Kingboard Laminates, Tencent, Alibaba, AIA, Sunny Optical

We analyzed the latest HK SFC report for aggregate short position as of Jun 26th and highlight short interest changes in Zijin Mining (2899 HK),...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jul 3rd): Kingboard Laminates, Smic, Alibaba, Kingboard, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Kingboard Laminates (1888 HK), Smic (981 HK), Alibaba...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asia Ex-Japan Financials. Slowly Regaining the Faith.

Active Asia Ex-Japan managers move back in to the Financials sector after a period of heavy rotation, however allocations remain well below...

Steven Holden

China Banks – Big Capital Raises Coming

CHINA BANKS: The PBOC and CBIRC released finalized new capital standards for the country’s D-SIBs. Equity raises require P/BV over 1.0x and many of...

Thomas J. Monaco

A-Share Margin Trading Weekly (Jul 3rd): TONGHUA GOLDEN-HORSE PHARMACEUTICAL INDUSTRY, BOE

We analyzed A-share margin trading positions report for the past week and highlighted TONGHUA GOLDEN-HORSE PHARMACEUTICAL INDUSTRY (000766 CH),...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Zijin Mining, Kingboard Laminates, Tencent, Alibaba, AIA, Sunny Optical

We analyzed the latest HK SFC report for aggregate short position as of Jun 26th and highlight short interest changes in Zijin Mining (2899 HK),...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jul 3rd): Kingboard Laminates, Smic, Alibaba, Kingboard, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Kingboard Laminates (1888 HK), Smic (981 HK), Alibaba...

Ke Yan, CFA, FRM