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

Equity Bottom-Up

<ul>
<li>US Mutual Fund exposure in Ford Motor Company hits all-time lows with just 11 out of 295 funds holding a position.</li>
<li>Ford Motor Company is now the 6th most widely held Auto stock after Tesla, General Motors, Rivian Automotive, Harley Davidson and Oshkosh Corp.</li>
<li>Ford tops the list of unloved companies in the US, with the vast majority of active managers expecting Ford to underperform.</li>
</ul>


US Mutual Fund exposure in Ford Motor Company hits all-time lows with just 11 out of 295 funds holding a position.
Ford Motor Company is now the 6th most widely held Auto stock after Tesla, General Motors, Rivian Automotive, Harley Davidson and Oshkosh Corp.
Ford tops the list of unloved companies in the US, with the vast majority of active managers expecting Ford to underperform.


US Mutual Funds: Is Ford Motor Company Uninvestible?

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>Almac announced its IPO price of 50,000 won, which is 11% higher than the high end of the IPO price range. Demand ratio was very high at 1,697 to 1.</li>
<li>A 98.7% of the IPO shares applied thought that the company's value is more than 45,000 won</li>
<li>Given the exceptional demand for IPO shares, it is likely that the IPO share price is likely to trade at higher end of the IPO range in our sensitivity analysis.</li>
</ul>


Almac announced its IPO price of 50,000 won, which is 11% higher than the high end of the IPO price range. Demand ratio was very high at 1,697 to 1.
A 98.7% of the IPO shares applied thought that the company's value is more than 45,000 won
Given the exceptional demand for IPO shares, it is likely that the IPO share price is likely to trade at higher end of the IPO range in our sensitivity analysis.


<ul>
<li>Our target price of Almac is 58,573 won per share, which is 30% higher than the high end of the IPO price range of 45,000 won. </li>
<li>Our target price is based on 14.8x P/E using our estimated net profit of 25.4 billion won in 2024. </li>
<li>Almac ranks first in domestic market share (Korea) in the aluminum extruded module cases that protect batteries from external shocks.</li>
</ul>


Our target price of Almac is 58,573 won per share, which is 30% higher than the high end of the IPO price range of 45,000 won. 
Our target price is based on 14.8x P/E using our estimated net profit of 25.4 billion won in 2024. 
Almac ranks first in domestic market share (Korea) in the aluminum extruded module cases that protect batteries from external shocks.


<ul>
<li>Almac is getting ready to complete its IPO on KOSDAQ in June. Almac is one of the leading aluminum parts company for the electric vehicles. </li>
<li>The company ranks first in domestic market share in the aluminum extruded module cases that protect batteries from external shocks.</li>
<li>The company is offering 1 million new shares in this IPO. The IPO price range is from 40,000 won to 45,000 won.</li>
</ul>


Almac is getting ready to complete its IPO on KOSDAQ in June. Almac is one of the leading aluminum parts company for the electric vehicles. 
The company ranks first in domestic market share in the aluminum extruded module cases that protect batteries from external shocks.
The company is offering 1 million new shares in this IPO. The IPO price range is from 40,000 won to 45,000 won.


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vinfast" target="_blank" data-smartkarma-citation="entities:36550:1" rel="noopener">VinFast (1905332D VN)</a>, a Vietnamese EV manufacturer and a majority-owned affiliate of <a href="https://www.smartkarma.com/entities/vingroup-jsc" target="_blank" data-smartkarma-citation="entities:13213:1" rel="noopener">Vingroup Jsc (VIC VN)</a>, has filed for a US$1.0 billion IPO to list on Nasdaq.</li>
<li>In <em><strong><a href="https://www.smartkarma.com/insights/vinfast-auto-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:85901" rel="noopener">VinFast Auto IPO: The Bull Case</a>,</strong></em> we highlighted the key elements of the bull case. In this note, we outline the bear case.  </li>
<li>The key elements of the bear case are a lack of brand recognition, questionable ability to generate profits, the precarious state of financing and liability exposure to ICE vehicles.</li>
</ul>



VinFast (1905332D VN), a Vietnamese EV manufacturer and a majority-owned affiliate of Vingroup Jsc (VIC VN), has filed for a US$1.0 billion IPO to list on Nasdaq.
In VinFast Auto IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.  
The key elements of the bear case are a lack of brand recognition, questionable ability to generate profits, the precarious state of financing and liability exposure to ICE vehicles.


United States

Rivian Automotive, Inc. is an automotive technology company. The Company designs and manufactures vans, trucks, and sports utility vehicles, as well as offers software solutions, IT, repair, and maintenance services. Rivian Automotive serves customers in North America and the United Kingdom.

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Rivian Automotive (RIVN US)

US Mutual Funds: Is Ford Motor Company Uninvestible?

US active mutual fund exposure in Ford Motor Company hits all-time lows with just 11 out of 295 funds holding a position.

Steven Holden

Almac IPO Bookbuilding Results Analysis

Almac announced its IPO price of 50,000 won, which is 11% higher than the high end of the IPO price range. Demand ratio was very high at 1,697 to 1.

Douglas Kim

Almac IPO Valuation Analysis

Our target price of Almac is 58,573 won per share, which is 30% higher than the high end of the IPO price range of 45,000 won.

Douglas Kim

Almac IPO Preview

Almac is getting ready to complete its IPO on KOSDAQ in June. Almac is one of the leading aluminum parts company for the electric vehicles.

Douglas Kim

VinFast Auto IPO: The Bear Case

The key elements of the bear case are a lack of brand recognition, questionable ability to generate profits, the precarious state of financing and...

Arun George

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