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>China A-Shares allocations continues to grow among active EM investors. Average holding weights sit close to all-time highs of 5.60%, with a record 87.8% of funds invested</li>
<li>Over the past 6-months, EM investors have made a clear rotation in to A-Shares, with all measures of ownership moving higher vs country peers. Growth investors are the key allocators</li>
<li>Ecovacs Robotics Co Ltd and East Money Information have seen ownership levels double, whilst CATL and Midea Group remain the most widely held stocks.</li>
</ul>


China A-Shares allocations continues to grow among active EM investors. Average holding weights sit close to all-time highs of 5.60%, with a record 87.8% of funds invested
Over the past 6-months, EM investors have made a clear rotation in to A-Shares, with all measures of ownership moving higher vs country peers. Growth investors are the key allocators
Ecovacs Robotics Co Ltd and East Money Information have seen ownership levels double, whilst CATL and Midea Group remain the most widely held stocks.


Thematic (Sector/Industry)

<ul>
<li>China &amp; HK Insurance stocks have suffered an immense collapse in exposure among active China managers.</li>
<li>Investors scaled back exposure in Ping An Insurance (H) (2318 HK), with 8.3% of investors closing positions over the last 6-months.</li>
<li>AIA Group Limited and Ping An Insurance remain the key positions. Without these 2 stocks, conviction in the Insurance sector is almost non-existent.</li>
</ul>


China &amp; HK Insurance stocks have suffered an immense collapse in exposure among active China managers.
Investors scaled back exposure in Ping An Insurance (H) (2318 HK), with 8.3% of investors closing positions over the last 6-months.
AIA Group Limited and Ping An Insurance remain the key positions. Without these 2 stocks, conviction in the Insurance sector is almost non-existent.


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 analyse the changes of A-H premium on 195 stocks over the last week. The average A-H premium was 83.0% as of Jul 17th.</li>
<li>The average A-H premium changed by -1.9ppt week-on-week, led by real estate, consumer staples, energy.</li>
<li>We highlight weekly changes in A-H premium for Hua Hong Semi, Innocare, Yofc, China Life, Zijin Mining.</li>
</ul>


We analyse the changes of A-H premium on 195 stocks over the last week. The average A-H premium was 83.0% as of Jul 17th.
The average A-H premium changed by -1.9ppt week-on-week, led by real estate, consumer staples, energy.
We highlight weekly changes in A-H premium for Hua Hong Semi, Innocare, Yofc, China Life, Zijin Mining.


A-H Premium Weekly (Jul 17th): Hua Hong Semi, Innocare, Yofc, China Life, Zijin Mining

<ul>
<li>We analyzed the changes in margin trading positions of A-share stocks as of Jul 17th. The aggregated net margin trading position is USD381,388m.</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 CHINA MINSHENG BANKING, PING AN INSURANCE, ZHANGZHOU PIENTZEHUANG PHARMACEUTICAL, BOE, Moutai.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Jul 17th. The aggregated net margin trading position is USD381,388m.
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 CHINA MINSHENG BANKING, PING AN INSURANCE, ZHANGZHOU PIENTZEHUANG PHARMACEUTICAL, BOE, Moutai.


A-Share Margin Trading Weekly (Jul 17th): CHINA MINSHENG BANKING, PING AN INSURANCE, BOE, Moutai

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jul 10th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Alibaba, Tencent, Kingboard Laminates, Knowledge Atlas, CCB, Yofc, ICBC, Hesai, Ntes, Minimax.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jul 10th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Alibaba, Tencent, Kingboard Laminates, Knowledge Atlas, CCB, Yofc, ICBC, Hesai, Ntes, Minimax.


HK Short Interest Weekly: Alibaba, Tencent, Kingboard Laminates, Knowledge Atlas, CCB, Yofc, ICBC

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)

China A-Shares: Powering to New Highs

China A-Shares allocations have hit new highs among EM investors. We see a clear rotation in to A-Shares, with all measures of ownership moving...

Steven Holden

MSCI China Funds: Insurance Write-Off

China & HK Insurance stocks have suffered a collapse in exposure. Ping An Insurance is the most widely held stock in the sector, but more and more...

Steven Holden

A-H Premium Weekly (Jul 17th): Hua Hong Semi, Innocare, Yofc, China Life, Zijin Mining

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Hua Hong Semi, Innocare, Yofc, China Life, Zijin Mining.

Ke Yan, CFA, FRM

HK Short Interest Weekly: Alibaba, Tencent, Kingboard Laminates, Knowledge Atlas, CCB, Yofc, ICBC

We analyzed the latest HK SFC report for aggregate short position as of Jul 10th and highlight short interest changes in Alibaba (9988 HK), Tencent...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China A-Shares: Powering to New Highs

China A-Shares allocations have hit new highs among EM investors. We see a clear rotation in to A-Shares, with all measures of ownership moving...

Steven Holden

MSCI China Funds: Insurance Write-Off

China & HK Insurance stocks have suffered a collapse in exposure. Ping An Insurance is the most widely held stock in the sector, but more and more...

Steven Holden

A-H Premium Weekly (Jul 17th): Hua Hong Semi, Innocare, Yofc, China Life, Zijin Mining

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Hua Hong Semi, Innocare, Yofc, China Life, Zijin Mining.

Ke Yan, CFA, FRM

A-Share Margin Trading Weekly (Jul 17th): CHINA MINSHENG BANKING, PING AN INSURANCE, BOE, Moutai

We analyzed A-share margin trading positions report for the past week and highlighted CHINA MINSHENG BANKING, PING AN INSURANCE, ZHANGZHOU...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Alibaba, Tencent, Kingboard Laminates, Knowledge Atlas, CCB, Yofc, ICBC

We analyzed the latest HK SFC report for aggregate short position as of Jul 10th and highlight short interest changes in Alibaba (9988 HK), Tencent...

Ke Yan, CFA, FRM