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>UK Industrials maintain top Sector weight. Real Estate and Consumer Discretionary underweights fund Technology overweight.</li>
<li>Investment Managers Industry group hits record exposure. REITs largely unloved by UK Small/Midcap funds.</li>
<li>Future plc remains the most widely held company. XPS Pensions and Foresight Group Holdings are the top overweights. B&amp;M, Weir Group and Rightmove lead the underweights.</li>
</ul>


UK Industrials maintain top Sector weight. Real Estate and Consumer Discretionary underweights fund Technology overweight.
Investment Managers Industry group hits record exposure. REITs largely unloved by UK Small/Midcap funds.
Future plc remains the most widely held company. XPS Pensions and Foresight Group Holdings are the top overweights. B&amp;M, Weir Group and Rightmove lead the underweights.


European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Barings Private Equity Asia is in the "preliminary stages of considering a possible offer" for AIM-listed translations leader RWS Holdings. <strong>PUSU deadline is 19 May</strong>.</li>
<li>The offer seems opportunistic at the time of share price weakness. H1 results were in line and the company is confident about its prospects. Barings may boost results adding leverage.</li>
<li>Andrew Brode will not sell cheap (shares traded at 653p four months ago). My (conservative) DCF valuation is 544p. Current market turmoil may represent a chance to go <strong>long RWS LN</strong>.</li>
</ul>


Barings Private Equity Asia is in the "preliminary stages of considering a possible offer" for AIM-listed translations leader RWS Holdings. PUSU deadline is 19 May.
The offer seems opportunistic at the time of share price weakness. H1 results were in line and the company is confident about its prospects. Barings may boost results adding leverage.
Andrew Brode will not sell cheap (shares traded at 653p four months ago). My (conservative) DCF valuation is 544p. Current market turmoil may represent a chance to go long RWS LN.


United Kingdom

RWS Holdings PLC offers patent translation and search services.  The Company also offers translation, documentation and localization services for the legal, financial, medical, pharmaceutical, chemical, engineering, and telecommunications industries.

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RWS Holdings (RWS LN)

UK Small/Midcap Fund Positioning Update

How are UK Small and Midcap equity funds positioned? We analyse the holdings of 106 actively managed UK strategies to find out.

Steven Holden

BPEA / RWS Holdings: Possible Offer

Hong-Kong based Barings Private Equity is eyeing translations leader RWS Holdings. PUSU deadline is 19 May. Andrew Brode will not sell cheaply a...

Jesus Rodriguez Aguilar

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