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>Asia ex-Japan funds returned 29.4% in 2025, with a tight dispersion and a few standout performers above 40%.</li>
<li>Tech and North Asia dominated returns, while India's flat performance created significant fund-level differentiation.</li>
<li>Relative performance was shaped by stock selection in Korea and Taiwan, offset by cash drag and missteps in India and Indonesia.</li>
</ul>


Asia ex-Japan funds returned 29.4% in 2025, with a tight dispersion and a few standout performers above 40%.
Tech and North Asia dominated returns, while India's flat performance created significant fund-level differentiation.
Relative performance was shaped by stock selection in Korea and Taiwan, offset by cash drag and missteps in India and Indonesia.


A High-Return Year for Asia Ex-Japan: What Drove Performance?

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>FY 2025 generated net profit, removing bankruptcy risk for <a href="https://www.smartkarma.com/entities/grab-holdings-limited-class-a" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab (GRAB US)</a> .</li>
<li>Grab posted strong revenue growth momentum, achieved record revenue, and had positive FCF while it was trading at a discount to its global peers. </li>
<li>Its CEO, Anthony Tan, bought back around USD 30 million worth of Grab shares recently. </li>
</ul>


FY 2025 generated net profit, removing bankruptcy risk for Grab (GRAB US) .
Grab posted strong revenue growth momentum, achieved record revenue, and had positive FCF while it was trading at a discount to its global peers. 
Its CEO, Anthony Tan, bought back around USD 30 million worth of Grab shares recently. 


Grab: Strong Momentum + Management Is Buying

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

<ul>
<li>US is focusing on propelling growth with tax cuts, ignoring the debt problem. The obvious consequence, more USD depreciation, could drive more money from US assets into Asia and Europe.</li>
<li>If 1% of US free float market cap flows into Asia, it would constitute 7.2% of Asia's market cap. That's more than 5x the highest ever annual Asian FII inflow.</li>
<li>Taiwan, Korea and India have seen the biggest FII flow revival. To sidestep the deleterious effect of sharp USD appreciation on Asian exports, investors should play China, India, Indonesia, Philippines.</li>
</ul>


US is focusing on propelling growth with tax cuts, ignoring the debt problem. The obvious consequence, more USD depreciation, could drive more money from US assets into Asia and Europe.
If 1% of US free float market cap flows into Asia, it would constitute 7.2% of Asia's market cap. That's more than 5x the highest ever annual Asian FII inflow.
Taiwan, Korea and India have seen the biggest FII flow revival. To sidestep the deleterious effect of sharp USD appreciation on Asian exports, investors should play China, India, Indonesia, Philippines.


More USD Depreciation on the Cards - Who Wins, Who Loses.

<ul>
<li>The USD is moderating, not just against developed market currencies, but also against Asian currencies. Usually, Asian currency revival is a lead indicator of acceleration of FII flows in Asia. </li>
<li>Our analysis of cumulative FII sales as proportion of market cap shows that Korea and Indonesia are oversold. India is almost there, but not quite. HK/China is still under-owned. </li>
<li>Taiwan and Thailand, despite large FII selling over an extended period, are still not oversold. Both markets face risks from the tariff war and could face more FII selling pressure.</li>
</ul>


The USD is moderating, not just against developed market currencies, but also against Asian currencies. Usually, Asian currency revival is a lead indicator of acceleration of FII flows in Asia. 
Our analysis of cumulative FII sales as proportion of market cap shows that Korea and Indonesia are oversold. India is almost there, but not quite. HK/China is still under-owned. 
Taiwan and Thailand, despite large FII selling over an extended period, are still not oversold. Both markets face risks from the tariff war and could face more FII selling pressure.


Asian Equities: The Currency Tailwind - Where Would FII Flows Gravitate?

<ul>
<li>As the trade war threatens to upend Asian economies' export driven growth, most will have to provide monetary and fiscal stimuli to boost domestic consumption and investments.</li>
<li>Studying their real policy rates, inflation trajectories, public debt to GDP and Government's borrowing cost, we assess which economies have adequate headroom to provide monetary and fiscal stimuli.</li>
<li>China, Korea and Thailand have adequate space to provide both monetary and fiscal stimulus. India can loosen monetary policy but not fiscal policy. Indonesia and Philippines are in India's camp.</li>
</ul>


As the trade war threatens to upend Asian economies' export driven growth, most will have to provide monetary and fiscal stimuli to boost domestic consumption and investments.
Studying their real policy rates, inflation trajectories, public debt to GDP and Government's borrowing cost, we assess which economies have adequate headroom to provide monetary and fiscal stimuli.
China, Korea and Thailand have adequate space to provide both monetary and fiscal stimulus. India can loosen monetary policy but not fiscal policy. Indonesia and Philippines are in India's camp.


Asia: Look for Economies with Headroom for Policy Support

Indonesia

Bank Central Asia Tbk is an Indonesian commercial bank that provides a comprehensive range of banking solutions, including individual, commercial, and corporate banking services. Its offerings encompass savings accounts, credit cards, investment products, various types of loans, and electronic banking services such as mobile and internet banking. The company was founded in 1955 and is headquartered in Jakarta, Indonesia.

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52-week Range	0.00 - 0.00
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Bank Central Asia (BBCA IJ)

A High-Return Year for Asia Ex-Japan: What Drove Performance?

Asia ex-Japan funds returned 29.4% in 2025, driven by tech and North Asia. A few standout names led gains, while India’s flat returns created sharp...

Steven Holden

Grab: Strong Momentum + Management Is Buying

Grab achieved record revenue and turned to profit while valuation remains at a discount to its peers. CEO bought USD 30 million in open market,...

Henry Soediarko

More USD Depreciation on the Cards - Who Wins, Who Loses.

USD continues to decline against EM currencies. Last month North Asian currencies were up 2-2.5% (notably TWD) & ASEAN currencies 0.6-0.8%. INR was...

Manishi Raychaudhuri

Asian Equities: The Currency Tailwind - Where Would FII Flows Gravitate?

US$ continues to moderate, notwithstanding last week’s moderate bounce. We think Asia’s currency tailwind shall continue to drive foreign flows...

Manishi Raychaudhuri

Asia: Look for Economies with Headroom for Policy Support

Trade war threatens Asian economies' export-driven growth, necessitating monetary/fiscal stimuli. CN, KR, TH have room for both, India for...

Manishi Raychaudhuri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A High-Return Year for Asia Ex-Japan: What Drove Performance?

Asia ex-Japan funds returned 29.4% in 2025, driven by tech and North Asia. A few standout names led gains, while India’s flat returns created sharp...

Steven Holden

Grab: Strong Momentum + Management Is Buying

Grab achieved record revenue and turned to profit while valuation remains at a discount to its peers. CEO bought USD 30 million in open market,...

Henry Soediarko

More USD Depreciation on the Cards - Who Wins, Who Loses.

USD continues to decline against EM currencies. Last month North Asian currencies were up 2-2.5% (notably TWD) & ASEAN currencies 0.6-0.8%. INR was...

Manishi Raychaudhuri

Asian Equities: The Currency Tailwind - Where Would FII Flows Gravitate?

US$ continues to moderate, notwithstanding last week’s moderate bounce. We think Asia’s currency tailwind shall continue to drive foreign flows...

Manishi Raychaudhuri

Asia: Look for Economies with Headroom for Policy Support

​Trade war threatens Asian economies' export-driven growth, necessitating monetary/fiscal stimuli. CN, KR, TH have room for both, India for...

Manishi Raychaudhuri

Trade war threatens Asian economies' export-driven growth, necessitating monetary/fiscal stimuli. CN, KR, TH have room for both, India for...