Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
 <li>TCS Group operates a highly successful digital-first 'ecosystem' model through Tinkoff Bank, which has allowed it to become Russia's second-largest bank by active retail customers, demonstrating significant technological and marketing prowess.</li>
 <li>The company's financial performance shows a strong recovery in profitability in 2023 after a sharp decline in 2022, highlighting the resilience of its business model but also its sensitivity to the macroeconomic environment.</li>
 <li>Extreme geopolitical and economic uncertainty is the primary investment consideration. The company's re-domiciliation to Russia, international sanctions on the banking sector, and dependence on the Russian economy create substantial risks that overshadow its operational strengths.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  TCS Group operates a highly successful digital-first 'ecosystem' model through Tinkoff Bank, which has allowed it to become Russia's second-largest bank by active retail customers, demonstrating significant technological and marketing prowess.
  The company's financial performance shows a strong recovery in profitability in 2023 after a sharp decline in 2022, highlighting the resilience of its business model but also its sensitivity to the macroeconomic environment.
  Extreme geopolitical and economic uncertainty is the primary investment consideration. The company's re-domiciliation to Russia, international sanctions on the banking sector, and dependence on the Russian economy create substantial risks that overshadow its operational strengths.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: TCS Group Holding  (TCS LI) - Dec 2025

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Oracle eliminated up to 30,000 jobs globally on March 31, 2026, its largest-ever layoff, affecting roughly 18% of its workforce.</li>
<li>Oracle frees $8–10B in cash flow for AI infrastructure; broader IT sector faces a structural shift from headcount to compute capital.</li>
<li>AI is permanently reshaping IT employment economics, companies converting wages into GPU clusters will likely dominate the next technology cycle.</li>
</ul>


Oracle eliminated up to 30,000 jobs globally on March 31, 2026, its largest-ever layoff, affecting roughly 18% of its workforce.
Oracle frees $8–10B in cash flow for AI infrastructure; broader IT sector faces a structural shift from headcount to compute capital.
AI is permanently reshaping IT employment economics, companies converting wages into GPU clusters will likely dominate the next technology cycle.


Oracle's 30,000-Person Layoff: AI's Is Reshaping the IT Sector?

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>Russian overweight wiped out after initial phase of Russia drop.  China underweight contracts on the back of natural portfolio adjustments.</li>
<li>South Africa takes on new role as the top pure EM play in the region.  Saudi Arabia underweight increases.</li>
<li>Russian overweight causes underperformance of -0.64% for active managers compared to benchmark.  Saudi Arabia u/w is proving a costly position for active managers in the face of inflated oil prices.</li>
</ul>


Russian overweight wiped out after initial phase of Russia drop.  China underweight contracts on the back of natural portfolio adjustments.
South Africa takes on new role as the top pure EM play in the region.  Saudi Arabia underweight increases.
Russian overweight causes underperformance of -0.64% for active managers compared to benchmark.  Saudi Arabia u/w is proving a costly position for active managers in the face of inflated oil prices.


<ul>
<li>Russia suffered a significant reallocation of capital during the Crimea Annexation in 2014.  Average weights fell by -3.36%, 7.9% of funds closed positions and investors shifted from overweight to underweight</li>
<li>EM investors were well positioned in Russia heading in to 2022, not perhaps as heavily exposed as pre-Crimea, but enough to significantly effect portfolio returns for many funds.</li>
<li>Given the scale of the Ukraine conflict and the uncertainty surrounding western sanctions, this doesn’t feel like the time for catching a falling knife.</li>
</ul>


Russia suffered a significant reallocation of capital during the Crimea Annexation in 2014.  Average weights fell by -3.36%, 7.9% of funds closed positions and investors shifted from overweight to underweight
EM investors were well positioned in Russia heading in to 2022, not perhaps as heavily exposed as pre-Crimea, but enough to significantly effect portfolio returns for many funds.
Given the scale of the Ukraine conflict and the uncertainty surrounding western sanctions, this doesn’t feel like the time for catching a falling knife.


Russia: Echoes of the Past. Crimea Analysis and Positioning Update

The last decade has seen EMEA allocations in active GEM portfolios drift ever lower, with Asia becoming the dominant weight.  However, the recent rhetoric from China has seen Asian allocations fall from their peak and EMEA allocations rally from their lows.  Average weights in EMEA stocks stand at 13.72%, marginally overweight the iShares MSCI Emerging Markets ETF by 0.24%, with just under half of the active managers in our analysis overweight. <ul>
<li>Over the course of the last decade, exposure to each EMEA sector has either fallen dramatically or at best stayed largely unchanged.  Those that have seen a big decline in investment are led by EMEA Industrials and Health Care, with over 40% of investors closing exposure.  </li>
<li>The largest sector exposure, EMEA Financials allocations sit towards the lower-end of their historical range.  Top holdings are <a href="https://www.smartkarma.com/entities/sberbank-of-russia-pjsc" target="_blank" data-smartkarma-citation="entities:24142:1" rel="noopener">Sberbank Of Russia Pjsc (SBER LI)</a> and <a href="https://www.smartkarma.com/entities/otp-bank-nyrt" target="_blank" data-smartkarma-citation="entities:28806:1" rel="noopener">OTP Bank Nyrt (OTP HB)</a> with 59% and 31% of funds invested respectively.  <a href="https://www.smartkarma.com/entities/tcs-group-holding-plc" target="_blank" data-smartkarma-citation="entities:28148:1" rel="noopener">TCS Group Holding PLC (TCS LI)</a> and <a href="https://www.smartkarma.com/entities/capitec-bank-holdings-ltd" target="_blank" data-smartkarma-citation="entities:27628:1" rel="noopener">Capitec Bank Holdings Ltd (CPI SJ)</a> saw ownership levels increase the most over the last 6-months.</li>
<li>Consumer Discretionary weights hit another all-time high this month of 1.46%, representing a 1.04% overweight versus the iShares MSCI EM ETF.  Underpinning the overweight are out-of-benchmark holdings in <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus (PRX NA)</a> and Fix Price Group, though in general stocks in the sector are not widely held.  Funds with big overweights are led by Comgest's GEM Promising Companies Fund (8.98%) and Van Eck's Emerging Markets Fund (7.21%).  </li>
<li>With active ownership declining throughout 2020, <a href="https://www.smartkarma.com/entities/gazprom-pjsc" target="_blank" data-smartkarma-citation="entities:23749:1" rel="noopener">Gazprom PJSC (GAZP RX)</a> has finally been the recipient of some inflows.  Over the last 6-months, 2% of funds added Gazprom to their portfolios with a combined $217m in inflows.  Leading those were Fidelity (2.7%), Virtus Allianz (2.67%) and JP Morgan ($64m).</li>
</ul>The analysis looks in detail at all sectors in the EMEA region, together with some of the key stocks that underpin investment in the region.Analysis taken from our GEM fund research, covering 250 active GEM strategies with combined AUM of $500bn

The last decade has seen EMEA allocations in active GEM portfolios drift ever lower, with Asia becoming the dominant weight.  However, the recent rhetoric from China has seen Asian allocations fall from their peak and EMEA allocations rally from their lows.  Average weights in EMEA stocks stand at 13.72%, marginally overweight the iShares MSCI Emerging Markets ETF by 0.24%, with just under half of the active managers in our analysis overweight. 
Over the course of the last decade, exposure to each EMEA sector has either fallen dramatically or at best stayed largely unchanged.  Those that have seen a big decline in investment are led by EMEA Industrials and Health Care, with over 40% of investors closing exposure.  
The largest sector exposure, EMEA Financials allocations sit towards the lower-end of their historical range.  Top holdings are Sberbank Of Russia Pjsc (SBER LI) and OTP Bank Nyrt (OTP HB) with 59% and 31% of funds invested respectively.  TCS Group Holding PLC (TCS LI) and Capitec Bank Holdings Ltd (CPI SJ) saw ownership levels increase the most over the last 6-months.
Consumer Discretionary weights hit another all-time high this month of 1.46%, representing a 1.04% overweight versus the iShares MSCI EM ETF.  Underpinning the overweight are out-of-benchmark holdings in Prosus (PRX NA) and Fix Price Group, though in general stocks in the sector are not widely held.  Funds with big overweights are led by Comgest's GEM Promising Companies Fund (8.98%) and Van Eck's Emerging Markets Fund (7.21%).  
With active ownership declining throughout 2020, Gazprom PJSC (GAZP RX) has finally been the recipient of some inflows.  Over the last 6-months, 2% of funds added Gazprom to their portfolios with a combined $217m in inflows.  Leading those were Fidelity (2.7%), Virtus Allianz (2.67%) and JP Morgan ($64m).
The analysis looks in detail at all sectors in the EMEA region, together with some of the key stocks that underpin investment in the region.Analysis taken from our GEM fund research, covering 250 active GEM strategies with combined AUM of $500bn

EMEA Sectors Deep-Dive.  Active Positioning in the EMEA Region

Russia

TCS Group Holding PLC, a digital provider of online financial and lifestyle services via its ecosystem. With no branches, the Group serves all its customers remotely via online channels and a cloud-based call centre.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

TCS Group Holding (TCS LI)

Primer: TCS Group Holding (TCS LI) - Dec 2025

TCS Group operates a highly successful digital-first 'ecosystem' model through Tinkoff Bank, which has allowed it to become Russia's...

αSK Primers

Oracle's 30,000-Person Layoff: AI's Is Reshaping the IT Sector?

Oracle's massive layoff of up to 30,000 employees on March 31, 2026, signals a shift in the IT sector towards AI infrastructure and compute...

Nimish Maheshwari

EM Positioning After Russia’s Collapse

Russian overweight wiped out after initial phase of Russia drop. China underweight contracts on the back of natural portfolio adjustments.

Steven Holden

Russia: Echoes of the Past. Crimea Analysis and Positioning Update

Russia suffered a significant reallocation of capital during the Crimea Annexation of 2014. It took 2 years for sentiment to recover. This time...

Steven Holden

EMEA Sectors Deep-Dive. Active Positioning in the EMEA Region

The last decade has seen EMEA weights drift ever lower. We look in detail at all sectors in the EMEA region, together with some of the key stocks...

Steven Holden

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Primer: TCS Group Holding (TCS LI) - Dec 2025

TCS Group operates a highly successful digital-first 'ecosystem' model through Tinkoff Bank, which has allowed it to become Russia's...

αSK Primers

Oracle's 30,000-Person Layoff: AI's Is Reshaping the IT Sector?

​Oracle's massive layoff of up to 30,000 employees on March 31, 2026, signals a shift in the IT sector towards AI infrastructure and compute...

Nimish Maheshwari

EM Positioning After Russia’s Collapse

Russian overweight wiped out after initial phase of Russia drop. China underweight contracts on the back of natural portfolio adjustments.

Steven Holden

Russia: Echoes of the Past. Crimea Analysis and Positioning Update

Russia suffered a significant reallocation of capital during the Crimea Annexation of 2014. It took 2 years for sentiment to recover. This time...

Steven Holden

EMEA Sectors Deep-Dive. Active Positioning in the EMEA Region

The last decade has seen EMEA weights drift ever lower. We look in detail at all sectors in the EMEA region, together with some of the key stocks...

Steven Holden

Oracle's massive layoff of up to 30,000 employees on March 31, 2026, signals a shift in the IT sector towards AI infrastructure and compute...