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

Equity Bottom-Up

<ul>
<li>Trip Com, Contemporary Amperex Technology and Xiaomi all hit fresh highs in EM fund ownership.</li>
<li>Rotation in all three was among the most positive across all China stocks, with all measures of fund ownership moving higher.</li>
<li>Conviction opens from GIB, Putnam and Aubrey we among the funds driving ownership higher.</li>
</ul>


Trip Com, Contemporary Amperex Technology and Xiaomi all hit fresh highs in EM fund ownership.
Rotation in all three was among the most positive across all China stocks, with all measures of fund ownership moving higher.
Conviction opens from GIB, Putnam and Aubrey we among the funds driving ownership higher.


Breaking New Ground: Xiaomi, Trip Com and CATL Hit Record Highs

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

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>The "Buy the worst" basket has outperformed the HSI by a massive 16.7pp YTD, mainly boosted by <a href="https://www.smartkarma.com/entities/chow-tai-fook-jewellery-group" target="_blank" data-smartkarma-citation="entities:549:1" rel="noopener">Chow Tai Fook Jewellery (1929 HK)</a> and <a href="https://www.smartkarma.com/entities/wuxi-apptec" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK)</a>. </li>
<li>The best-performing constituents in 2024, however, lagged behind the HSI, dragged down by <a href="https://www.smartkarma.com/entities/trip-com-group-ltd-23a341d0-4f63-4175-a8c5-ee990906cacd" target="_blank" data-smartkarma-citation="entities:36424:1" rel="noopener">Trip.com Group (9961 HK)</a> and <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>. </li>
<li>Government's consumption boost should benefit <a href="https://www.smartkarma.com/entities/chow-tai-fook-jewellery-group" target="_blank" data-smartkarma-citation="entities:549:1" rel="noopener">Chow Tai Fook Jewellery (1929 HK)</a>, <a href="https://www.smartkarma.com/entities/budweiser-brewing-co-apac-ltd" target="_blank" data-smartkarma-citation="entities:28077:1" rel="noopener">Budweiser Brewing APAC (1876 HK)</a>, and <a href="https://www.smartkarma.com/entities/hang-lung-properties-ltd" target="_blank" data-smartkarma-citation="entities:49:1" rel="noopener">Hang Lung Properties (101 HK)</a> in 2H25.</li>
</ul>


The "Buy the worst" basket has outperformed the HSI by a massive 16.7pp YTD, mainly boosted by Chow Tai Fook Jewellery (1929 HK) and Wuxi Biologics (2269 HK). 
The best-performing constituents in 2024, however, lagged behind the HSI, dragged down by Trip.com Group (9961 HK) and Meituan (3690 HK). 
Government's consumption boost should benefit Chow Tai Fook Jewellery (1929 HK), Budweiser Brewing APAC (1876 HK), and Hang Lung Properties (101 HK) in 2H25.


"Buy the Worst" HSI Strategy: Solid Gains in 1H25

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>As Hong Kong market continues to consolidate, the consumer discretionary sector is leading in momentum and strength while the energy and materials sectors lag.</li>
<li>
<a href="https://www.smartkarma.com/entities/trip-com-group-ltd-23a341d0-4f63-4175-a8c5-ee990906cacd" target="_blank" data-smartkarma-citation="entities:36424:1" rel="noopener">Trip.com Group (9961 HK)</a> , <a href="https://www.smartkarma.com/entities/trip-com-group-ltd" target="_blank" data-smartkarma-citation="entities:180:1" rel="noopener">Trip.com (TCOM US)</a> received BUY ratings after a strong 3Q24 announcement on revenue and earnings.  China's tourist numbers are projected to reach Pre-COVID levels soon.
</li>
<li><a href="https://www.smartkarma.com/entities/yum-china-holdings-inc-0533692c-6dae-4014-baa1-ed0b050638f2" target="_blank" data-smartkarma-citation="entities:29259:1" rel="noopener">Yum China Holdings (9987 HK)</a> , <a href="https://www.smartkarma.com/entities/yum-china-holdings-inc" target="_blank" data-smartkarma-citation="entities:23677:1" rel="noopener">Yum China Holdings (YUMC US)</a> received BUY ratings after initial success from its small store/franchising strategy.  The company is actively returning capital to shareholders.</li>
</ul>


As Hong Kong market continues to consolidate, the consumer discretionary sector is leading in momentum and strength while the energy and materials sectors lag.

Trip.com Group (9961 HK) , Trip.com (TCOM US) received BUY ratings after a strong 3Q24 announcement on revenue and earnings.  China's tourist numbers are projected to reach Pre-COVID levels soon.

Yum China Holdings (9987 HK) , Yum China Holdings (YUMC US) received BUY ratings after initial success from its small store/franchising strategy.  The company is actively returning capital to shareholders.


BUY/SELL/HOLD: Hong Kong Stock Updates (NOVEMBER 29)

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

<ul>
<li>The stock has risen by 38% since our last buy rate.</li>
<li>The 3Q24 results are still healthy – both growth rate and operating margin.</li>
<li>We set a downside of 19% for the end of 2025.</li>
</ul>


The stock has risen by 38% since our last buy rate.
The 3Q24 results are still healthy – both growth rate and operating margin.
We set a downside of 19% for the end of 2025.


Trip.com (9961.HK, TCOM): 3Q24, Still Healthy, But Stock Price Exceeded Our Last Target

China

Trip.com Group Limited provides online travel agency services. The Company offers mobile applications, hotel reservations, flight ticketing, package tours, corporate travel management, and train ticketing services. Trip.com Group provides services worldwide.

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Trip.com Group (9961 HK)

Breaking New Ground: Xiaomi, Trip Com and CATL Hit Record Highs

Strong rotation pushes Trip Com, Contemporary Amperex Technology and Xiaomi Corp to fresh highs in EM active fund ownership.

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

"Buy the Worst" HSI Strategy: Solid Gains in 1H25

The "Buy the worst" basket outperformed the HSI by 16.7pp YTD, boosted by Chow Tai Fook and Wuxi Biologics, while top performers in 2024 lagged,...

Osbert Tang, CFA

BUY/SELL/HOLD: Hong Kong Stock Updates (NOVEMBER 29)

Hong Kong and China markets are outperforming their Asian peers this year. Trip.com announced strong results as China's tourism industry...

David Mudd

Trip.com (9961.HK, TCOM): 3Q24, Still Healthy, But Stock Price Exceeded Our Last Target

The stock has risen by 38% since our last buy rate. The 3Q24 results are still healthy – both growth rate and operating margin. We set a down side...

Ming Lu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Breaking New Ground: Xiaomi, Trip Com and CATL Hit Record Highs

Strong rotation pushes Trip Com, Contemporary Amperex Technology and Xiaomi Corp to fresh highs in EM active fund ownership.

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

"Buy the Worst" HSI Strategy: Solid Gains in 1H25

​The "Buy the worst" basket outperformed the HSI by 16.7pp YTD, boosted by Chow Tai Fook and Wuxi Biologics, while top performers in 2024 lagged,...

Osbert Tang, CFA

BUY/SELL/HOLD: Hong Kong Stock Updates (NOVEMBER 29)

Hong Kong and China markets are outperforming their Asian peers this year. Trip.com announced strong results as China's tourism industry...

David Mudd

Trip.com (9961.HK, TCOM): 3Q24, Still Healthy, But Stock Price Exceeded Our Last Target

The stock has risen by 38% since our last buy rate. The 3Q24 results are still healthy – both growth rate and operating margin. We set a down side...

Ming Lu

The "Buy the worst" basket outperformed the HSI by 16.7pp YTD, boosted by Chow Tai Fook and Wuxi Biologics, while top performers in 2024 lagged,...