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>South Korea rebounds from a record low, with fund allocations rising from 8.6% to 10.4%—bringing net positioning close to equal weight for the first time in 17 years.</li>
<li>Tech and Financials lead the revival, with SK Hynix surging in both price and ownership. Other names like NAVER and Hyundai Rotem show growing traction.</li>
<li>Selectivity is back. While some stocks still lag, the shift toward Korea’s global leaders is helping EM investors rebuild exposure after years of structural underweight.</li>
</ul>


South Korea rebounds from a record low, with fund allocations rising from 8.6% to 10.4%—bringing net positioning close to equal weight for the first time in 17 years.
Tech and Financials lead the revival, with SK Hynix surging in both price and ownership. Other names like NAVER and Hyundai Rotem show growing traction.
Selectivity is back. While some stocks still lag, the shift toward Korea’s global leaders is helping EM investors rebuild exposure after years of structural underweight.


South Korea: Rebounding as Underweight Narrows

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 short interest of KRX stocks as of Jul 25th. The aggregated short interest was USD9.7bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in LG Chem, Shinhan Group, Hanwha Ocean, Samsung Electronics, SCD.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Jul 25th. The aggregated short interest was USD9.7bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in LG Chem, Shinhan Group, Hanwha Ocean, Samsung Electronics, SCD.


KRX Short Interest Weekly (Jul 25th): LG Chem, Shinhan Group, Hanwha Ocean, Samsung Electronics, SCD

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

<ul>
<li>From Cycles to Systems: Memory's Pivot to Strategic AI Infrastructure</li>
<li>SK Hynix Leads in HBM4 Execution Thus Far; But How This Next HBM Advancement is Carved Up Remains to Be Seen</li>
<li>Conclusion: Memory Market Becoming Less Commoditized and More Specialized into Advanced Categories</li>
</ul>


From Cycles to Systems: Memory's Pivot to Strategic AI Infrastructure
SK Hynix Leads in HBM4 Execution Thus Far; But How This Next HBM Advancement is Carved Up Remains to Be Seen
Conclusion: Memory Market Becoming Less Commoditized and More Specialized into Advanced Categories


Memory Monitor: SK Hynix Vs. Micron -- Different Speeds & Focus, Same Structural Shift

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Jul 25th. The aggregated holding was USD646.8bn.</li>
<li>We estimate that foreign flows to be inflows of USD2,752mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Hanwha Aerospace, Samsung Electronics, Hanwha Ocean, Hyundai Motor, Celltrion.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jul 25th. The aggregated holding was USD646.8bn.
We estimate that foreign flows to be inflows of USD2,752mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Hanwha Aerospace, Samsung Electronics, Hanwha Ocean, Hyundai Motor, Celltrion.


KRX Foreign Holding Weekly (Jul 25th): Hanwha Aerospace, Samsung Electronics, Hanwha Ocean

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

Equity Derivatives

TSMC (Taiwan Semiconductor Manufacturing) / Equity Derivatives

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>A quick synoptic look at the tactical models for the key indices, stocks, commodities and bonds we cover, for the week July 21 - July 25.</li>
<li>
<strong>OVERSOLD</strong>: <a href="https://www.smartkarma.com/entities/meta-platforms-inc-class-a-facebook" target="_blank" data-smartkarma-citation="entities:665:1" rel="noopener">Meta (META US)</a> , <a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a> , <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index (NIFTY INDEX)</a> </li>
<li>
<strong>OVERBOUGHT</strong>: <a href="https://www.smartkarma.com/entities/alphabet-inc-cl-c" target="_blank" data-smartkarma-citation="entities:11369:1" rel="noopener">Alphabet (GOOG US)</a> , <a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon.com Inc (AMZN US)</a> , <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> , <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">Taiwan Semiconductor (2330 TT)</a> , <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-index" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">CSI 300 Index (SHSZ300 INDEX)</a> , <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener"> KOSPI 200 (KOSPI2 INDEX)</a> </li>
</ul>


A quick synoptic look at the tactical models for the key indices, stocks, commodities and bonds we cover, for the week July 21 - July 25.

OVERSOLD: Meta (META US) , HDFC Bank (HDFCB IN) , NIFTY Index (NIFTY INDEX) 

OVERBOUGHT: Alphabet (GOOG US) , Amazon.com Inc (AMZN US) , NVIDIA Corp (NVDA US) , Taiwan Semiconductor (2330 TT) , CSI 300 Index (SHSZ300 INDEX) ,  KOSPI 200 (KOSPI2 INDEX) 


Global Markets Tactical Outlook: Week of July 21 – July 25

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)

South Korea: Rebounding as Underweight Narrows

South Korea is back on the radar. Fund allocations have rebounded to 10.4%, with net positioning near equal weight for the first time in 17...

Steven Holden

KRX Short Interest Weekly (Jul 25th): LG Chem, Shinhan Group, Hanwha Ocean, Samsung Electronics, SCD

We analyzed KRX short interest report for the past week and highlighted short interest changes in LG Chem, Shinhan Group, Hanwha Ocean, Samsung...

Ke Yan, CFA, FRM

Memory Monitor: SK Hynix Vs. Micron -- Different Speeds & Focus, Same Structural Shift

The memory market is shifting towards specialized AI infrastructure, with SK Hynix leading in HBM4 execution. #AI #memory #technology

Vincent Fernando, CFA

KRX Foreign Holding Weekly (Jul 25th): Hanwha Aerospace, Samsung Electronics, Hanwha Ocean

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Hanwha Aerospace, Samsung Electronics, Hanwha...

Ke Yan, CFA, FRM

Global Markets Tactical Outlook: Week of July 21 – July 25

Our tactical models show Meta, NIFTY and HDFC Bank are oversold, while Alphabet, Amazon, NVIDIA, Taiwan Semiconductor, CSI 300 Index, and KOSPI 200...

Nico Rosti

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

South Korea: Rebounding as Underweight Narrows

South Korea is back on the radar. Fund allocations have rebounded to 10.4%, with net positioning near equal weight for the first time in 17...

Steven Holden

KRX Short Interest Weekly (Jul 25th): LG Chem, Shinhan Group, Hanwha Ocean, Samsung Electronics, SCD

We analyzed KRX short interest report for the past week and highlighted short interest changes in LG Chem, Shinhan Group, Hanwha Ocean, Samsung...

Ke Yan, CFA, FRM

Memory Monitor: SK Hynix Vs. Micron -- Different Speeds & Focus, Same Structural Shift

​The memory market is shifting towards specialized AI infrastructure, with SK Hynix leading in HBM4 execution. #AI #memory #technology

Vincent Fernando, CFA

KRX Foreign Holding Weekly (Jul 25th): Hanwha Aerospace, Samsung Electronics, Hanwha Ocean

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Hanwha Aerospace, Samsung Electronics, Hanwha...

Ke Yan, CFA, FRM

Global Markets Tactical Outlook: Week of July 21 – July 25

Our tactical models show Meta, NIFTY and HDFC Bank are oversold, while Alphabet, Amazon, NVIDIA, Taiwan Semiconductor, CSI 300 Index, and KOSPI 200...

Nico Rosti

The memory market is shifting towards specialized AI infrastructure, with SK Hynix leading in HBM4 execution. #AI #memory #technology