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

Thematic (Sector/Industry)

<ul>
<li>Over the past decade, Cyclical sectors have traded places with Sensitive sectors as the largest allocation among active Asia Ex-Japan investors. </li>
<li>The last cycle started in early 2019 and saw Sensitive overtake Cyclicals and move to a key overweight, but this peaked in mid-2021 and has started to reverse.</li>
<li>The major rotation on the year so far has been a scaling back of Technology and Communication Services allocations in favour of Financials and Consumer Discretionary/Staples</li>
</ul>


Over the past decade, Cyclical sectors have traded places with Sensitive sectors as the largest allocation among active Asia Ex-Japan investors. 
The last cycle started in early 2019 and saw Sensitive overtake Cyclicals and move to a key overweight, but this peaked in mid-2021 and has started to reverse.
The major rotation on the year so far has been a scaling back of Technology and Communication Services allocations in favour of Financials and Consumer Discretionary/Staples


Asia Ex-Japan:  Tech to Financials Rotation

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/quanta-computer-inc" target="_blank" data-smartkarma-citation="entities:2754:1" rel="noopener">Quanta Computer (2382 TT)</a> is looking to raise up to US$2.2bn, selling 245m shares (49m GDRs) via a GDR offering. Proceeds will be used to procure raw materials overseas.</li>
<li>Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



Quanta Computer (2382 TT) is looking to raise up to US$2.2bn, selling 245m shares (49m GDRs) via a GDR offering. Proceeds will be used to procure raw materials overseas.
Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Aequitas: Quanta Computer GDR - Well Flagged US$2.2bn GDR Offering; Shares Have Traded Down Recently

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Jul 24th. The aggregated holding was USD2,123.7bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,385mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in TSMC, Wistron, Hon Hai Precision, Zhen Ding Technology, Nan Ya Plastics.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jul 24th. The aggregated holding was USD2,123.7bn.
We estimate that foreign flows to be outflows of USD1,385mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, Wistron, Hon Hai Precision, Zhen Ding Technology, Nan Ya Plastics.


TWSE Foreign Holding Weekly (Jul 24th): TSMC, Wistron, Hon Hai Precision, Zhen Ding Technology

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Jul 17th. The aggregated holding was USD2,069.7bn.</li>
<li>We estimate that foreign flows to be outflows of USD5,447mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in TSMC, Nan Ya Plastics, Unimicron Technology, Nanya Technology, Delta Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jul 17th. The aggregated holding was USD2,069.7bn.
We estimate that foreign flows to be outflows of USD5,447mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, Nan Ya Plastics, Unimicron Technology, Nanya Technology, Delta Electronics.


TWSE Foreign Holding Weekly (Jul 17th): TSMC, Nan Ya Plastics, Unimicron Technology

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bizlink-holding-inc" target="_blank" data-smartkarma-citation="entities:6779:1" rel="noopener">Bizlink Holding (3665 TT)</a> (BizLink) is looking to raise up to US$350m in its upcoming GDR offering. The firm is also looking to raise another US$500m via convertible bonds.</li>
<li>In July 2026, Bizlink announced its board’s resolution to issue between 4.5-6m common shares via a GDR offering.As per the firm, proceeds will be used to purchase overseas raw materials.</li>
<li>Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.</li>
</ul>



Bizlink Holding (3665 TT) (BizLink) is looking to raise up to US$350m in its upcoming GDR offering. The firm is also looking to raise another US$500m via convertible bonds.
In July 2026, Bizlink announced its board’s resolution to issue between 4.5-6m common shares via a GDR offering.As per the firm, proceeds will be used to purchase overseas raw materials.
Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.


Aequitas: BizLink Holding GDR Early Look - Proposed GDR and CB Issuance Amid Strategic Expansion

Taiwan

Unimicron Technology Corp. manufactures and markets double-sided and multi-layer printed circuit boards.  The Company also provides integrated circuits (IC) burning and testing services.

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Unimicron Technology (3037 TT)

Asia Ex-Japan: Tech to Financials Rotation

Asia Ex-Japan funds are in the midst of a major rotation out of Technology and Communication Services stocks and in to Financials and Consumer...

Steven Holden

Aequitas: Quanta Computer GDR - Well Flagged US$2.2bn GDR Offering; Shares Have Traded Down Recently

Quanta Computer (2382.TT) is looking to raise up to US$2.2bn, selling 245m shares (49m GDRs) via a GDR offering. In this note, we run the deal...

Akshat Shah

TWSE Foreign Holding Weekly (Jul 24th): TSMC, Wistron, Hon Hai Precision, Zhen Ding Technology

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Wistron, Hon Hai Precision, Zhen Ding...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Jul 17th): TSMC, Nan Ya Plastics, Unimicron Technology

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Nan Ya Plastics, Unimicron Technology,...

Ke Yan, CFA, FRM

Aequitas: BizLink Holding GDR Early Look - Proposed GDR and CB Issuance Amid Strategic Expansion

BizLink Holding Inc (BizLink) is looking to raise up to US$350m in its upcoming GDRs offering. The firm is also looking to raise another US$500m...

Akshat Shah

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52-week Range

Market Cap (USDm)

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