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>Global equity fund ownership in Samsung Electronics has dropped to the bottom of its 10-year range.</li>
<li>The percentage of global funds invested has fallen from 32.6% to 23.5% over the past 12-months.</li>
<li>Key Growth investors from Schroders to Templeton exit the stock, leaving an investor base largely comprised of Value oriented funds.</li>
</ul>


Global equity fund ownership in Samsung Electronics has dropped to the bottom of its 10-year range.
The percentage of global funds invested has fallen from 32.6% to 23.5% over the past 12-months.
Key Growth investors from Schroders to Templeton exit the stock, leaving an investor base largely comprised of Value oriented funds.


Samsung Electronics:  Global Funds Hit Rock Bottom

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>In this insight, we discuss some of the key beneficiaries in Korea that could actually stand to gain from such export restrictions. </li>
<li>We also discuss other Korean companies that could be negatively impacted by this move by the Chinese government. </li>
<li>Despite the uncertainties related to China’s export restrictions of rare earths minerals, we do not expect sudden collapse of the entire semiconductor and EVs value-chain in Korea.</li>
</ul>


In this insight, we discuss some of the key beneficiaries in Korea that could actually stand to gain from such export restrictions. 
We also discuss other Korean companies that could be negatively impacted by this move by the Chinese government. 
Despite the uncertainties related to China’s export restrictions of rare earths minerals, we do not expect sudden collapse of the entire semiconductor and EVs value-chain in Korea.


China's Export Restrictions on Rare Earth Minerals - Key Impact on Korean Companies

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>1Q25 better than Consensus by a good margin, guided Operating Profit KRW 6.6tn versus Consensus 5.3tn. Better Smartphone and Memory price. Risk of demand boosted ahead of US tariffs. </li>
<li>Consensus expects sequential growth from 1Q to 4Q25 on better memory prices and HBM3E contribution (late, small, but finally). </li>
<li>The stock is cheap and outperforming, flat YTD and flat since the market correction started mid-Feb-25. Also outperforming SK Hynix. Main risk is AI demand outlook.</li>
</ul>


1Q25 better than Consensus by a good margin, guided Operating Profit KRW 6.6tn versus Consensus 5.3tn. Better Smartphone and Memory price. Risk of demand boosted ahead of US tariffs. 
Consensus expects sequential growth from 1Q to 4Q25 on better memory prices and HBM3E contribution (late, small, but finally). 
The stock is cheap and outperforming, flat YTD and flat since the market correction started mid-Feb-25. Also outperforming SK Hynix. Main risk is AI demand outlook.


Samsung Elec Better 1Q25 on Smartphone. 2-4Q25 Upside Due to Memory Price Recovery

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>Samsung India Electronics, a 100% subsidiary of <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a>, reported a 2024 turnover of USD 12 bn, ranking it among India’s largest consumer sector companies.</li>
<li>It is a leading player in smartphones, smart TVs, and home appliances, with FY2024 revenues 4.5X that of <a href="https://www.smartkarma.com/entities/lg-electronics-india" target="_blank" data-smartkarma-citation="entities:44148:1" rel="noopener">LG Electronics India (123D IN).</a>
</li>
<li>Estimated valuations of Samsung India Electronics could represent nearly 20% to 25% of its parent’s EV, when valued using India peer group multiples.</li>
</ul>


Samsung India Electronics, a 100% subsidiary of Samsung Electronics (005930 KS), reported a 2024 turnover of USD 12 bn, ranking it among India’s largest consumer sector companies.
It is a leading player in smartphones, smart TVs, and home appliances, with FY2024 revenues 4.5X that of LG Electronics India (123D IN).

Estimated valuations of Samsung India Electronics could represent nearly 20% to 25% of its parent’s EV, when valued using India peer group multiples.


Samsung India Electronics: The Biggest Consumer Company in India. Financials & Valuation

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>DeepSeek is participating in a China-US AI competition, showcasing their innovative technology and competing on an international stage.</li><li>The China chip sector is rebounding at SEMICON China, with a focus on AI technology to drive growth and progress in the industry.</li><li>Samsung Electronics co-CEO Jong-Hee Han tragically passes away, while Hyundai makes a significant $21B investment in US production, supply chain, and future mobility. The EU is investigating Chinese subsidies for BYD's $4.3B Hungary EV plant.</li></ul>

DeepSeek is participating in a China-US AI competition, showcasing their innovative technology and competing on an international stage.The China chip sector is rebounding at SEMICON China, with a focus on AI technology to drive growth and progress in the industry.Samsung Electronics co-CEO Jong-Hee Han tragically passes away, while Hyundai makes a significant $21B investment in US production, supply chain, and future mobility. The EU is investigating Chinese subsidies for BYD's $4.3B Hungary EV plant.

Tech Supply Chain Tracker (26-Mar-2025): DeepSeek in China-US AI comp.

South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

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Samsung Electronics (SMSN LI)

Samsung Electronics: Global Funds Hit Rock Bottom

Global equity fund ownership in Samsung Electronics has significantly decreased over the past year, with key growth investors exiting the stock...

Steven Holden

China's Export Restrictions on Rare Earth Minerals - Key Impact on Korean Companies

Despite the uncertainties related to China’s export restrictions of rare earths minerals, we do not expect sudden collapse of the entire...

Douglas Kim

Samsung Elec Better 1Q25 on Smartphone. 2-4Q25 Upside Due to Memory Price Recovery

Samsung's 1Q25 results beat consensus, guided higher operating profit. Expecting growth in 4Q25 with better memory prices. Stock cheap and...

Nicolas Baratte

Samsung India Electronics: The Biggest Consumer Company in India. Financials & Valuation

Samsung Electronics' India subsidiary valuation is estimated to range between USD 45 and 60 billion—roughly 20% to 25% of parent's EV. LG...

Devi Subhakesan

Tech Supply Chain Tracker (26-Mar-2025): DeepSeek in China-US AI comp.

DeepSeek competes in the China-US AI competition, while the China chip sector showcases AI technology at SEMICON China; Samsung Electronics co-CEO...

Tech Supply Chain Tracker

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Samsung Electronics: Global Funds Hit Rock Bottom

​Global equity fund ownership in Samsung Electronics has significantly decreased over the past year, with key growth investors exiting the stock...

Steven Holden

China's Export Restrictions on Rare Earth Minerals - Key Impact on Korean Companies

Despite the uncertainties related to China’s export restrictions of rare earths minerals, we do not expect sudden collapse of the entire...

Douglas Kim

Samsung Elec Better 1Q25 on Smartphone. 2-4Q25 Upside Due to Memory Price Recovery

​Samsung's 1Q25 results beat consensus, guided higher operating profit. Expecting growth in 4Q25 with better memory prices. Stock cheap and...

Nicolas Baratte

Samsung India Electronics: The Biggest Consumer Company in India. Financials & Valuation

Samsung Electronics' India subsidiary valuation is estimated to range between USD 45 and 60 billion—roughly 20% to 25% of parent's EV. LG...

Devi Subhakesan

Tech Supply Chain Tracker (26-Mar-2025): DeepSeek in China-US AI comp.

DeepSeek competes in the China-US AI competition, while the China chip sector showcases AI technology at SEMICON China; Samsung Electronics co-CEO...

Tech Supply Chain Tracker

Global equity fund ownership in Samsung Electronics has significantly decreased over the past year, with key growth investors exiting the stock...

Samsung's 1Q25 results beat consensus, guided higher operating profit. Expecting growth in 4Q25 with better memory prices. Stock cheap and...