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)

<ul>
<li>Semiconductors are the 2nd largest industry allocation and the 6th largest overweight among EM active managers. However, the momentum witnessed between 2019 and 2021 has stalled.</li>
<li>EM Growth funds remain overweight, but Value and GARP funds switch from an equal weight to an underweight.</li>
<li>TSMC is the dominant stock holding whilst SK Hynix and Mediatek occupy a 2nd tier. Alchip Technologies has captured inflows, whilst EM funds are closing LONGi Green Energy Technology exposure</li>
</ul>


Semiconductors are the 2nd largest industry allocation and the 6th largest overweight among EM active managers. However, the momentum witnessed between 2019 and 2021 has stalled.
EM Growth funds remain overweight, but Value and GARP funds switch from an equal weight to an underweight.
TSMC is the dominant stock holding whilst SK Hynix and Mediatek occupy a 2nd tier. Alchip Technologies has captured inflows, whilst EM funds are closing LONGi Green Energy Technology exposure


EM Semiconductors:  Positioning Deep Dive

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>TSMC and ASML will report results this week. We may get additional detail about the scope of AI-related demand as a medium-term driver for the semiconductor industry.</li>
<li>Many Taiwan AI plays were top losers last week. Separately, the U.S. is expected to announce new tech restrictions for China this week.</li>
<li>SK Hynix is reportedly working closely with Mediatek to integrate some of its most advanced memory in Mediatek's flagship Dimensity chips. Mediatek was a top gainer last week.</li>
</ul>


TSMC and ASML will report results this week. We may get additional detail about the scope of AI-related demand as a medium-term driver for the semiconductor industry.
Many Taiwan AI plays were top losers last week. Separately, the U.S. is expected to announce new tech restrictions for China this week.
SK Hynix is reportedly working closely with Mediatek to integrate some of its most advanced memory in Mediatek's flagship Dimensity chips. Mediatek was a top gainer last week.


Taiwan Tech Weekly: TSMC & ASML Results This Week; Taiwan AI Plays Top Losers

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 13th which has an aggregated holding worth USD638.7bn.</li>
<li>We tabulate league table for top changes by value for 1 week, one 4 weeks, 1 year and top stocks held by foreign instutions by dollar value.</li>
<li>We estimate that foreign flows to be inflows of USD1,177mln and highlight foreign changes in TSMC, Mediatek, Quanta Computer, Wistron.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 13th which has an aggregated holding worth USD638.7bn.
We tabulate league table for top changes by value for 1 week, one 4 weeks, 1 year and top stocks held by foreign instutions by dollar value.
We estimate that foreign flows to be inflows of USD1,177mln and highlight foreign changes in TSMC, Mediatek, Quanta Computer, Wistron.


TWSE Foreign Holding Weekly (Oct 13th): TSMC, Mediatek, Quanta Computer, Wistron

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 6th which has an aggregated holding worth USD621.8bn.</li>
<li>We tabulate league table for top changes by value for 1 week, one 4 weeks, 1 year and top stocks held by foreign instutions by dollar value.</li>
<li>We estimate that foreign flows to be outflows of USD449mln. We highlight foreign changes in Fubon Financial, TSMC.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 6th which has an aggregated holding worth USD621.8bn.
We tabulate league table for top changes by value for 1 week, one 4 weeks, 1 year and top stocks held by foreign instutions by dollar value.
We estimate that foreign flows to be outflows of USD449mln. We highlight foreign changes in Fubon Financial, TSMC.


TWSE Foreign Holding Weekly (Oct 6th): Fubon Financial, TSMC

<ul>
<li>Samsung Electronics and Nanya Technology will report their results this week. Samsung could reportedly increase NAND prices this month, giving a potential hint to the memory outlook they will provide.</li>
<li>Hon Hai will begin mass production of its Model C electric car in 4Q23E in Taiwan. This will provide a proof point for Hon Hai's global EV platform business model.</li>
<li>Top gainers recently have included rebounding AI names -- One can consider using the bounce to find AI shorts to pair against an Nvidia long.</li>
</ul>


Samsung Electronics and Nanya Technology will report their results this week. Samsung could reportedly increase NAND prices this month, giving a potential hint to the memory outlook they will provide.
Hon Hai will begin mass production of its Model C electric car in 4Q23E in Taiwan. This will provide a proof point for Hon Hai's global EV platform business model.
Top gainers recently have included rebounding AI names -- One can consider using the bounce to find AI shorts to pair against an Nvidia long.


Taiwan Tech Weekly: Samsung & Nanya Earnings; AI Names Rebound Again

Taiwan

Realtek Semiconductor Corp. designs, tests, and distributes integrated circuits which are used in consumer electronics, computer systems and peripherals, and communication network hardware.  The Company also provides technical counseling and systems software services.

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Realtek Semiconductor (2379 TT)

EM Semiconductors: Positioning Deep Dive

The momentum in Semiconductor positioning witnessed between 2019 and 2021 has stalled. In this report we identifying the funds and the companies...

Steven Holden

Taiwan Tech Weekly: TSMC & ASML Results This Week; Taiwan AI Plays Top Losers

SK Hynix is reportedly working closely with Mediatek to integrate some of its most advanced memory in Mediatek's flagship Dimensity chips. Mediatek...

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Oct 13th): TSMC, Mediatek, Quanta Computer, Wistron

We analyzed TWSE foreign holding data for the past week and highlight foreign holding changes in TSMC, Mediatek, Quanta Computer, Wistron.

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Oct 6th): Fubon Financial, TSMC

We analyzed TWSE foreign holding data for the past week and highlight foreign holding changes in Fubon Financial, Taiwan Semiconductor...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: Samsung & Nanya Earnings; AI Names Rebound Again

Top gainers recently have included rebounding AI names -- One can consider using the bounce to find AI shorts to pair against an Nvidia long.

Vincent Fernando, CFA

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