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>The difference in Indian exposures between Value and Aggressive Growth managers hits record wides of +10.5%.</li>
<li>Value managers are increasing underweights, with today’s level of -5.52% below benchmark the lowest on record.  Key underweights are Reliance Industries, Infosys, HDFC Limited, Bajaj Finance and Bharti Airtel</li>
<li>For Aggressive Growth funds, Infosys was a key driver behind the recent spike in exposure, with 8.6% of funds buying in to the stock and average weights increasing by +0.42%.</li>
</ul>


The difference in Indian exposures between Value and Aggressive Growth managers hits record wides of +10.5%.
Value managers are increasing underweights, with today’s level of -5.52% below benchmark the lowest on record.  Key underweights are Reliance Industries, Infosys, HDFC Limited, Bajaj Finance and Bharti Airtel
For Aggressive Growth funds, Infosys was a key driver behind the recent spike in exposure, with 8.6% of funds buying in to the stock and average weights increasing by +0.42%.


India: Value/Growth Divide Hits New Peak Among GEM Funds.

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul>
<li>We expect loan growth momentum for banks to sustain on a sequential basis, mainly driven by Retail/SME segments</li>
<li>Deposit growth continues to remain range-bound. However, most banks have reported a healthy CASA growth aiding CoF, thereby supporting margins.</li>
<li>Positive result plays: SBI, ICICI Bank, HDFC Bank, CanFin Homes, SBI Cards, AU Small Finance Bank</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


We expect loan growth momentum for banks to sustain on a sequential basis, mainly driven by Retail/SME segments
Deposit growth continues to remain range-bound. However, most banks have reported a healthy CASA growth aiding CoF, thereby supporting margins.
Positive result plays: SBI, ICICI Bank, HDFC Bank, CanFin Homes, SBI Cards, AU Small Finance Bank

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BFSI Q4FY22 Result Preview – Growth Momentum Robust; Asset Quality Pressures to Ease

<ul><li>Q4FY22 is expected to be a roller coaster quarter with COVID 3.0 impacting the first month of the quarter.</li><li>However, Feb’22 witnessed some recovery as fewer fatalities revived the confidence in improving health conditions and thereby diminished the risk parameters.</li><li>OUR TOP 10 “TRADING BUYs” Earnings Play: SBI, ICICI bank, Tata Steel, Nalco, Ashok Leyland, Eicher Motors, PSP Projects, ITC, Varun beverages, Tech Mahindra</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Q4FY22 is expected to be a roller coaster quarter with COVID 3.0 impacting the first month of the quarter.However, Feb’22 witnessed some recovery as fewer fatalities revived the confidence in improving health conditions and thereby diminished the risk parameters.OUR TOP 10 “TRADING BUYs” Earnings Play: SBI, ICICI bank, Tata Steel, Nalco, Ashok Leyland, Eicher Motors, PSP Projects, ITC, Varun beverages, Tech MahindraContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Q4FY22 Result Preview: Management Commentaries on the Outlook Stand Critical

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

Life Insurance  of India / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>This week we looked at the South Korean SK twins that are looking to list. In addition, LIC appears to be testing waters again.</li>
<li>Placement flows slowed down a bit with the mid-week HK holiday, although Australia and India blocks have continued to flow-in.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
This week we looked at the South Korean SK twins that are looking to list. In addition, LIC appears to be testing waters again.
Placement flows slowed down a bit with the mid-week HK holiday, although Australia and India blocks have continued to flow-in.


ECM Weekly (10th Apr 2022)- LIC, GoTo, Shieldus, One Store, China ADRs, Air NZ, Chrysos, Zhihu

<ul>
<li>Government of India (GoI) is now said to be looking to raise around US$6-7bn via selling a stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO.</li>
<li>As of FY21, LIC was the largest life insurer in India with a 64.1% market share in terms of GWP, a 66.2% market share in terms of NBP.</li>
<li>In this note, we undertake a peer comparison and look at the implied multiples at the rumored valuations.</li>
</ul>


Government of India (GoI) is now said to be looking to raise around US$6-7bn via selling a stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO.
As of FY21, LIC was the largest life insurer in India with a 64.1% market share in terms of GWP, a 66.2% market share in terms of NBP.
In this note, we undertake a peer comparison and look at the implied multiples at the rumored valuations.


Life Insurance Corporation of India Pre-IPO - Peer Comparison, Quick Thoughts on Rumored Valuations

India

State Bank of India provides a wide range of banking and financial services to corporate, institutional, commercial, agricultural, industrial and individual customers throughout India.  The Bank also provides international banking to its Indian customers and has operations in other countries.

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State Bank of India (SBID LI)

India: Value/Growth Divide Hits New Peak Among GEM Funds.

The difference in Indian exposures between Value and Aggressive Growth managers hits record wides of +10.5%. Value managers go max underweight,...

Steven Holden

BFSI Q4FY22 Result Preview – Growth Momentum Robust; Asset Quality Pressures to Ease

We expect loan growth momentum for banks to sustain on a sequential basis, mainly driven by Retail/SME segments. Deposit growth continues to remain...

Axis Direct

Q4FY22 Result Preview: Management Commentaries on the Outlook Stand Critical

OUR TOP 10 “TRADING BUYs” Earnings Play: SBI, ICICI bank, Tata Steel, Nalco, Ashok Leyland, Eicher Motors, PSP Projects, ITC, Varun beverages, Tech...

Axis Direct

ECM Weekly (10th Apr 2022)- LIC, GoTo, Shieldus, One Store, China ADRs, Air NZ, Chrysos, Zhihu

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Life Insurance Corporation of India Pre-IPO - Peer Comparison, Quick Thoughts on Rumored Valuations

Government of India is now said to be looking to raise around US$6-7bn via selling a stake in LIC in its upcoming India IPO. In this deal, we talk...

Sumeet Singh

Price Gauge

52-week Range

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P/E

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