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>China and HK stocks dominate the list of rising exposures among EM funds</li>
<li>Trip.com, CATL, and Xiaomi have reached new highs following sustained rotation, while Meituan and JD.com are rebounding after periods of consolidation</li>
<li>Aubrey and Putnam initiate stakes in Xiaomi, GIB open Trip.com exposure, and the Alger EM fund enters Meituan.</li>
</ul>


China and HK stocks dominate the list of rising exposures among EM funds
Trip.com, CATL, and Xiaomi have reached new highs following sustained rotation, while Meituan and JD.com are rebounding after periods of consolidation
Aubrey and Putnam initiate stakes in Xiaomi, GIB open Trip.com exposure, and the Alger EM fund enters Meituan.


EM Stock Rotation: China & HK Stocks Take Centre Stage

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Alibaba Health Information Tec / Event-Driven

In <a href="https://skr.ma/rHAUM" target="_blank" rel="noopener">Hong Kong Short Interest: From the Wuhan Lockdown, The Market Low, Until Now</a> at end May, I thought it would be a useful exercise to see how shorts behaved in 2020, using specific notable points in time as reference points (at the time of the lockdown in Wuhan (23 Jan), the low of stock markets in late March) against where we were then.
In something of a companion piece, this insight looks at the holdings via the Shanghai &amp; Shenzhen Connect into Hong Kong stocks (i.e. southbound holdings) at these moments in time.
I've broken down these holdings into various industries, both in HK$ terms and as a % of the accumulated market caps of the companies into which the Shanghai/Shenzhen holdings are held.
And finally, I've looked into the top price to book companies via these connect holdings to gauge if any meaningful pattern emerges.
Information for this insight is all sourced from the HKEx disclosure page. There are, by last count, <a href="http://www.sse.com.cn/services/hkexsc/disclo/eligible/" target="_blank" rel="noopener">318</a> Hong Kong-listed companies under the Shanghai Connect and, and <a href="http://www.szse.cn/szhk/hkbussiness/underlylist/" target="_blank" rel="noopener">477</a> under Shenzhen; although every HK-listed company under the Shanghai connect can also be found in the Shenzhen eligible list. 
<div>
As always, more below the fold.
</div>

In Hong Kong Short Interest: From the Wuhan Lockdown, The Market Low, Until Now at end May, I thought it would be a useful exercise to see how shorts behaved in 2020, using specific notable points in time as reference points (at the time of the lockdown in Wuhan (23 Jan), the low of stock markets in late March) against where we were then.
In something of a companion piece, this insight looks at the holdings via the Shanghai &amp; Shenzhen Connect into Hong Kong stocks (i.e. southbound holdings) at these moments in time.
I've broken down these holdings into various industries, both in HK$ terms and as a % of the accumulated market caps of the companies into which the Shanghai/Shenzhen holdings are held.
And finally, I've looked into the top price to book companies via these connect holdings to gauge if any meaningful pattern emerges.
Information for this insight is all sourced from the HKEx disclosure page. There are, by last count, 318 Hong Kong-listed companies under the Shanghai Connect and, and 477 under Shenzhen; although every HK-listed company under the Shanghai connect can also be found in the Shenzhen eligible list. 

As always, more below the fold.


Shanghai/Shenzhen Connect: Holdings From the Wuhan Lockdown, The Market Low, Until Now

Founder, Supreme Peoples Court Monitor

Susan Finder

Founder

Supreme Peoples Court Monitor

Shenji Group Kunming Mach Tool Co Ltd / ESG

China's securities regulatory authority, the China Securities Regulatory Commission (CSRC) <a href="http://www.csrc.gov.cn/pub/newsite/jcj/aqfb/201702/t20170227_312735.html" target="_blank">issued</a> a set of typical "inspection of illegality" cases in late February, part of its campaign against stock market "crocodiles" (explained <a href="http://www.scmp.com/news/china/economy/article/2074366/why-beijing-declaring-war-stock-market-crocodiles-now" target="_blank">here</a>). The Chinese authorities (Party, government, courts, prosecutors) have a long history in using "typical/model cases" to educate a certain audience, but (as I have <a href="https://cpianalysis.org/2014/04/07/using-model-cases-to-guide-the-chinese-courts/" target="_blank">written previously</a>) the audience and content of the instruction depends on the type of case. Model…

China's securities regulatory authority, the China Securities Regulatory Commission (CSRC) issued a set of typical "inspection of illegality" cases in late February, part of its campaign against stock market "crocodiles" (explained here). The Chinese authorities (Party, government, courts, prosecutors) have a long history in using "typical/model cases" to educate a certain audience, but (as I have written previously) the audience and content of the instruction depends on the type of case. Model…

China's Securities Regulatory Authority Issues "Typical Inspection of Illegality" Cases

China

Shenji Group Kunming Machine Tool Company Limited designs, develops, produces, and sells machine tools, precision measuring equipment and precision transducers.  The Company also diversified its business in the design, development, production and sales of digital control machine tool, digital scanning machine tools, and related products.

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