Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Steven Holden is the CEO and Founder of Copley Fund Research, an independent provider of research on equity fund positioning and performance.  Set up in 2014, Copley focuses on global, global emerging market, US, Asia Ex-Japan and China active equity funds, covering over $4tr in assets across 1300 active managers.  The company provides data and analysis on market trends, manager exposures and active fund performance to an audience of investment managers, pension funds and fund selectors worldwide.  Mr Holden’s 14-year investment banking career started in 2000, where he worked for Morgan Stanley as an equity derivative trader focused on emerging markets in London.  Following this, he spent 4 years at Citibank in London and Hong Kong as an Executive Director in derivative sales, focused again on emerging markets.

Asset Allocation & Fund Positioning

Active Global Funds - Performance & Attribution Review, H1 2026

Active GEM Funds:  H1 Performance & Attribution Review

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>UK active funds delivered strong absolute returns, but the FTSE All Share remained a difficult benchmark to beat, with just 26.3% of funds outperforming in H1 2026.</li>
<li>Financials once again dominated market returns, while underweights in several of the UK’s biggest winners—including HSBC and Rolls-Royce—proved the largest drag on active performance.</li>
<li>Six years of benchmark underperformance raises an important question: should active managers be judged against an increasingly concentrated index, or by the risks they consciously choose not to own?</li>
</ul>


UK active funds delivered strong absolute returns, but the FTSE All Share remained a difficult benchmark to beat, with just 26.3% of funds outperforming in H1 2026.
Financials once again dominated market returns, while underweights in several of the UK’s biggest winners—including HSBC and Rolls-Royce—proved the largest drag on active performance.
Six years of benchmark underperformance raises an important question: should active managers be judged against an increasingly concentrated index, or by the risks they consciously choose not to own?


Active UK Funds: Performance & Attribution H1 2026