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>Consumer Staples allocations among GEM funds have fallen to record lows, extending a decade-long decline in the sector’s importance within active EM portfolios.</li>
<li>The retreat is broad-based across countries, fund styles and stocks, with 2026 bringing further reductions in ownership, active selling and estimated net outflows.</li>
<li>Staples remains deep in the bottom-left of our Ownership Cycle, combining historically weak positioning with negative momentum and little evidence yet of a sector-level inflection.</li>
</ul>


Consumer Staples allocations among GEM funds have fallen to record lows, extending a decade-long decline in the sector’s importance within active EM portfolios.
The retreat is broad-based across countries, fund styles and stocks, with 2026 bringing further reductions in ownership, active selling and estimated net outflows.
Staples remains deep in the bottom-left of our Ownership Cycle, combining historically weak positioning with negative momentum and little evidence yet of a sector-level inflection.


Covering the Mexican Economy, Actinver Research

Actinver

Covering the Mexican Economy

Actinver Research

Actinver is a mexican leading financial group, that generates well being for individuals and companies through advisory services that provides investment management to maintain and grow their wealth.

<ul>
<li>We continue to see signs of a K-shaped consumer environment in Mexico (and the U.S.), as some high-earners remain more resilient (e.g., the City Market customer), while the race to the bottom of the socioeconomic spectrum leaves a few players solidly winning share (e.g., TBBB).</li>
<li>With no major catalysts expected for the year —as macro conditions remain soft and the World Cup tailwind is not a panacea—, we mostly lower our price targets (on a median basis), while leaving our ratings unchanged.</li>
<li>Overall, most companies underperformed vs. our estimates and consensus at the sales level, while slightly better in terms of margins. </li>
</ul>


We continue to see signs of a K-shaped consumer environment in Mexico (and the U.S.), as some high-earners remain more resilient (e.g., the City Market customer), while the race to the bottom of the socioeconomic spectrum leaves a few players solidly winning share (e.g., TBBB).
With no major catalysts expected for the year —as macro conditions remain soft and the World Cup tailwind is not a panacea—, we mostly lower our price targets (on a median basis), while leaving our ratings unchanged.
Overall, most companies underperformed vs. our estimates and consensus at the sales level, while slightly better in terms of margins. 


Actinver Research - Consumer post 1Q26: Still Not O-K

<ul>
<li>While we previously had a cautious view on the Consumer sector, results were slightly better than expected (in line vs. our estimates in terms of sales and on a median basis, and slightly outperforming at the EBITDA level).</li>
<li>In our 4Q25 Preview (link here) we mostly lowered our PTs for the sector, and expected flattish margins overall.</li>
<li>Nonetheless, while FX headwinds increased and the soft consumer environment persists, our covered Consumer companies managed to keep mostly resilient numbers. </li>
</ul>


While we previously had a cautious view on the Consumer sector, results were slightly better than expected (in line vs. our estimates in terms of sales and on a median basis, and slightly outperforming at the EBITDA level).
In our 4Q25 Preview (link here) we mostly lowered our PTs for the sector, and expected flattish margins overall.
Nonetheless, while FX headwinds increased and the soft consumer environment persists, our covered Consumer companies managed to keep mostly resilient numbers. 


Actinver Research - Consumer Post 4Q25 Update

Macroeconomics

<ul>
<li>In the midst of the soft top-line performance, management remains cautious, expecting more cost and Capex efficiencies, and a tough consumer environment with consumers remaining more selective as in previous quarters.</li>
<li>Still, most companies reiterated their FY25 guidance, with Bimbo an exception amid different FX conditions vs previously forecasted, and with Chedraui expecting downside risks at the top-line level.</li>
<li>Within Food &amp; Bev, we continue to prefer AC, KOF, FEMSA and Becle (all Outperform). With no major PT changes, we continue to expect these players to outperform peers despite volume pressure and the excise taxes planned for next year. </li>
</ul>


In the midst of the soft top-line performance, management remains cautious, expecting more cost and Capex efficiencies, and a tough consumer environment with consumers remaining more selective as in previous quarters.
Still, most companies reiterated their FY25 guidance, with Bimbo an exception amid different FX conditions vs previously forecasted, and with Chedraui expecting downside risks at the top-line level.
Within Food &amp; Bev, we continue to prefer AC, KOF, FEMSA and Becle (all Outperform). With no major PT changes, we continue to expect these players to outperform peers despite volume pressure and the excise taxes planned for next year. 


Actinver Research - Consumer Post 3Q25 Update

<ul>
<li>ANTAD’s same-store sales (SSS) rose 7.6% in August, while total store sales increased 10.6% YoY, marking a sharp rebound from July’s 2.4% and 4.8%, respectively, and c.2x YTD averages.</li>
<li>Calendar tailwinds and payday timing drove the strong print despite persistent weather challenges.</li>
<li>The recovery was mainly driven by favorable calendar effects: August included one additional full weekend versus last year, and both bi-weekly paydays coincided with weekends, boosting traffic and consumption. </li>
</ul>


ANTAD’s same-store sales (SSS) rose 7.6% in August, while total store sales increased 10.6% YoY, marking a sharp rebound from July’s 2.4% and 4.8%, respectively, and c.2x YTD averages.
Calendar tailwinds and payday timing drove the strong print despite persistent weather challenges.
The recovery was mainly driven by favorable calendar effects: August included one additional full weekend versus last year, and both bi-weekly paydays coincided with weekends, boosting traffic and consumption. 


Actinver Research - Retail Update: ANTAD August SSS and Feedback from Store Tour

Mexico

Wal-Mart de Mexico S.A.B. de C.V. retails food, clothing, and other merchandise under a variety of store formats. The Company operates Wal-Mart Supercenters, Sam's Club wholesale outlets, Bodega discount stores and Superama supermarkets.

Wal-Mart de Mexico SAB de CV (WALMEX* MM EQUITY)

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

Wal-Mart de Mexico SAB de CV (WALMEX* MM EQUITY)

Consumer Staples: Rock Bottom (Again?)

Consumer Staples allocations among GEM funds have fallen to record lows, with the retreat spanning countries, styles and stocks. Positioning...

Steven Holden

Actinver Research - Consumer post 1Q26: Still Not O-K

We continue to see signs of a K-shaped consumer environment in Mexico (and the U.S.), as some high-earners remain more resilient (e.g., the City...

Actinver

Actinver Research - Consumer Post 4Q25 Update

While we previously had a cautious view on the Consumer sector, results were slightly better than expected (in line vs. our estimates in terms of...

Actinver

Actinver Research - Consumer Post 3Q25 Update

We highlight Becle given its solid margin performance, ahead of our previous upbeat estimates, even after accounting for non-recurring items

Actinver

Actinver Research - Retail Update: ANTAD August SSS and Feedback from Store Tour

ANTAD’s same-store sales (SSS) rose 7.6% in August, while total store sales increased 10.6% YoY, marking a sharp rebound from July’s 2.4% and 4.8%,...

Actinver

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)