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>Asia ex-Japan funds returned 29.4% in 2025, with a tight dispersion and a few standout performers above 40%.</li>
<li>Tech and North Asia dominated returns, while India's flat performance created significant fund-level differentiation.</li>
<li>Relative performance was shaped by stock selection in Korea and Taiwan, offset by cash drag and missteps in India and Indonesia.</li>
</ul>


Asia ex-Japan funds returned 29.4% in 2025, with a tight dispersion and a few standout performers above 40%.
Tech and North Asia dominated returns, while India's flat performance created significant fund-level differentiation.
Relative performance was shaped by stock selection in Korea and Taiwan, offset by cash drag and missteps in India and Indonesia.


A High-Return Year for Asia Ex-Japan: What Drove Performance?

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

ASE Technology Holding   / Technical Analysis

<ul>
<li>We will stay near-term bullish as long as crucial support levels of 6824 on SPX (up from 6480-6520) and $141.50 on ACWI-US (up from $134-135.70) continue to hold.</li>
<li>Signs of impending upside are evident with the ACWI-US and all the other MSCI global indexes (MSCI EAFE, ACWI ex-US, EM) breaking out (more on that below).</li>
<li>Our intermediate-term bullish outlook has been in place since our 5/14/25 Compass. Actionable themes include Technology and Industrials, focused in EM, Europe, and Japan.</li>
</ul>


We will stay near-term bullish as long as crucial support levels of 6824 on SPX (up from 6480-6520) and $141.50 on ACWI-US (up from $134-135.70) continue to hold.
Signs of impending upside are evident with the ACWI-US and all the other MSCI global indexes (MSCI EAFE, ACWI ex-US, EM) breaking out (more on that below).
Our intermediate-term bullish outlook has been in place since our 5/14/25 Compass. Actionable themes include Technology and Industrials, focused in EM, Europe, and Japan.


Breakouts Galore in All MSCI Global Indexes; Bullish Outlook Intact

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>We discuss the five most important factors driving the Korean stock market this year which was the best performing among all major country equity markets in the world in 2025.</li>
<li>These five factors included the global AI boom, wars and rumors of wars, beneficiaries of MASGA, Korea Value-Up initiatives, and reduced political uncertainties with new President elected in June 2025. </li>
<li>Our best bet to diversify one's portfolio and be more cautious because staying alive will be a key in 2026 rather than FOMO, especially in 2H 2026. </li>
</ul>


We discuss the five most important factors driving the Korean stock market this year which was the best performing among all major country equity markets in the world in 2025.
These five factors included the global AI boom, wars and rumors of wars, beneficiaries of MASGA, Korea Value-Up initiatives, and reduced political uncertainties with new President elected in June 2025. 
Our best bet to diversify one's portfolio and be more cautious because staying alive will be a key in 2026 rather than FOMO, especially in 2H 2026. 


Korean Stock Market - The Best Performing Among Major Countries Indices in 2025

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>For memory swing traders, October 7’s MTD reply is the key catalyst, with Hynix potentially front running it by disclosing HBM customer commitments and 2027 capacity allocation.</li>
<li>Samsung’s HBM capacity messaging strengthens the supply trade off case, while Hynix could go further with customer commitments and allocation data to support an AI driven capacity reallocation narrative.</li>
<li>For Hynix, hard 2027 HBM capacity numbers or incremental customer commitments would matter far more than another generic capacity update, potentially driving estimates and near term share price volatility higher.</li>
</ul>


For memory swing traders, October 7’s MTD reply is the key catalyst, with Hynix potentially front running it by disclosing HBM customer commitments and 2027 capacity allocation.
Samsung’s HBM capacity messaging strengthens the supply trade off case, while Hynix could go further with customer commitments and allocation data to support an AI driven capacity reallocation narrative.
For Hynix, hard 2027 HBM capacity numbers or incremental customer commitments would matter far more than another generic capacity update, potentially driving estimates and near term share price volatility higher.


Hynix Could Follow Samsung With Key Disclosure Ahead of Oct 7 MTD Reply

<ul>
<li>We had a near-term bullish outlook on MSCI ACWI (ACWI-US) and the S&amp;P 500 (SPX) from 4/22/25 to 11/18/25.</li>
<li>After being near-term neutral for a week, we flipped back to bullish in our 11/25/25 Compass, all while maintaining our intermediate-term bullish outlook (as of our 5/14/25 Compass).</li>
<li>We will stay near-term bullish as long as crucial support levels of 6480-6520 on SPX and $135.70 on ACWI-US continue to hold. </li>
</ul>


We had a near-term bullish outlook on MSCI ACWI (ACWI-US) and the S&amp;P 500 (SPX) from 4/22/25 to 11/18/25.
After being near-term neutral for a week, we flipped back to bullish in our 11/25/25 Compass, all while maintaining our intermediate-term bullish outlook (as of our 5/14/25 Compass).
We will stay near-term bullish as long as crucial support levels of 6480-6520 on SPX and $135.70 on ACWI-US continue to hold. 


"Lockout Rally" Underway; Downgrading China to Market Weight; Weak U.S. Dollar Is Risk-On Signal

South Korea

SK Square Co., Ltd. operates as an investment company. The Company invests in semiconductors, information and communications technologies, and other industries. SK Square conducts businesses in South Korea.

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SK Square (402340 KS)

A High-Return Year for Asia Ex-Japan: What Drove Performance?

Asia ex-Japan funds returned 29.4% in 2025, driven by tech and North Asia. A few standout names led gains, while India’s flat returns created sharp...

Steven Holden

Breakouts Galore in All MSCI Global Indexes; Bullish Outlook Intact

Breakouts Galore in All MSCI Global Indexes (MSCI $ACWI $ACWX $EFA and $EEM) and tons of countries; Bullish Outlook Intact; Remain Overweight...

Vermilion Research

Korean Stock Market - The Best Performing Among Major Countries Indices in 2025

We discuss the five most important factors driving the Korean stock market this year which was the best performing among all major country equity...

Douglas Kim

Hynix Could Follow Samsung With Key Disclosure Ahead of Oct 7 MTD Reply

Hynix, following Samsung yesterday, could disclose key business details as part of the pre MTD buildup ahead of the October 7 reply.

Sanghyun Park

"Lockout Rally" Underway; Downgrading China to Market Weight; Weak U.S. Dollar Is Risk-On Signal

"Lockout Rally" Underway $ACWI; Downgrading China $MCHI $FXI to Market Weight; U.S. Dollar (DXY) Providing Significant Risk-On Signal. Remain...

Vermilion Research

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