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>Over three quarters of Global equity managers are underweight China.  Average weights sit at the bottom of the 10 year range, with 18% of funds holding no exposure at all.</li>
<li>Continued rotation over the last 6-months. Within Asia, Japan has taken the lead as the key exposure, whilst Global funds prefer European countries as their main overweight positions.</li>
<li>Tencent owned by 22% of funds, Alibaba by just 18%.  China re-opening/COVID relaxation places Global funds vulnerable to outperformance.</li>
</ul>


Over three quarters of Global equity managers are underweight China.  Average weights sit at the bottom of the 10 year range, with 18% of funds holding no exposure at all.
Continued rotation over the last 6-months. Within Asia, Japan has taken the lead as the key exposure, whilst Global funds prefer European countries as their main overweight positions.
Tencent owned by 22% of funds, Alibaba by just 18%.  China re-opening/COVID relaxation places Global funds vulnerable to outperformance.


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.

Event-Driven

<ul>
<li>PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.</li>
<li>The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.</li>
<li>In this note, we'll talk about the latest developments, possible outcomes and implications.</li>
</ul>


PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.
The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.
In this note, we'll talk about the latest developments, possible outcomes and implications.


China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

<ul>
<li>We believe Tencent’s revenue will stop declining in 3Q22 and bounce back thereafter.</li>
<li>We believe FinTech will grow fast, but online game will still be stagnant.</li>
<li>We expect Tencent will have an upside of 67% for year end 2023.</li>
</ul>


We believe Tencent’s revenue will stop declining in 3Q22 and bounce back thereafter.
We believe FinTech will grow fast, but online game will still be stagnant.
We expect Tencent will have an upside of 67% for year end 2023.


Tencent (700 HK) Earning Preview: To Stop Decreasing in 3Q22, and an Upside of 67%

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>
Context: <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>is set to release Q2 earnings on 13 August 2025, 8:00pm HK time. The stock is in a low-volatility phase, but options traders are watching closely.</li>
<li>
Highlight: Option prices imply a post-earnings move near the top of Tencent’s historical range.</li>
<li>
Why Read: Gain insight into how historic patterns and option pricing shape risk and opportunity ahead of Tencent’s earnings release.</li>
</ul>



Context: Tencent (700 HK)is set to release Q2 earnings on 13 August 2025, 8:00pm HK time. The stock is in a low-volatility phase, but options traders are watching closely.

Highlight: Option prices imply a post-earnings move near the top of Tencent’s historical range.

Why Read: Gain insight into how historic patterns and option pricing shape risk and opportunity ahead of Tencent’s earnings release.


Tencent (700 HK) Earnings on 13 Aug: Patterns, Pricing, and Possibilities

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>SOUTHBOUND gross trading activity was again not stronger per day than the previous several weeks, but SB Net Buying was again BIG. Given the change in Tencent, remarkable even.</li>
<li>The story was follow-through, but SMIC and Xiaomi were also big buys. This is shaping up to be a "let's buy what US Persons cannot" moment.</li>
<li>No sectors saw net selling through CCASS data five days to Weds. Top 10 activity was quite concentrated this week. Very few stray names.</li>
</ul>


SOUTHBOUND gross trading activity was again not stronger per day than the previous several weeks, but SB Net Buying was again BIG. Given the change in Tencent, remarkable even.
The story was follow-through, but SMIC and Xiaomi were also big buys. This is shaping up to be a "let's buy what US Persons cannot" moment.
No sectors saw net selling through CCASS data five days to Weds. Top 10 activity was quite concentrated this week. Very few stray names.


HK Connect SOUTHBOUND Flows (To 24 Jan 2025); Again Big Net Buying by SB, Again on Tech

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

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Tencent (700 HK)

China & HK: Underowned?

Over 3/4 of Global equity managers are underweight China. Average weights sit at the bottom of the 10 year range, with 18% of funds holding no...

Steven Holden

China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US...

Sumeet Singh

Tencent (700 HK) Earning Preview: To Stop Decreasing in 3Q22, and an Upside of 67%

We believe Tencent’s revenue will stop declining in 3Q22 and bounce up thereafter. We believe FinTech will grow fast, but online game will still...

Ming Lu

Tencent (700 HK) Earnings on 13 Aug: Patterns, Pricing, and Possibilities

Tencent (700 HK) reports tomorrow, Wednesday, 13 August 2025, 8:00pm HK. The stock traded sideways over the past four days. Historic move on...

Gaudenz Schneider

HK Connect SOUTHBOUND Flows (To 24 Jan 2025); Again Big Net Buying by SB, Again on Tech

A decent week for flows on a gross basis but not on a net basis. Net buying was on the weak side though tech was still a net buy. Especially Friday.

Travis Lundy

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