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

Japan Picks a Fight with China!! What Happens Now?

China: Winning the Trade War While Still Imploding Domestically

The Art of the Trade War: HE SAID, XI SAID..... WHAT WAS AGREED?

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>China exposure among GEM funds has rebounded to 26%, up from the 2024 low, but still far below the 37.5% peak. India has eased while Taiwan allocations hit new highs.</li>
<li>China remains a major EM underweight at -3.09% vs. benchmark, despite rising allocations. High Active funds stay the most underweight</li>
<li>Industrials see the strongest buying, while Utilities and Consumer sectors decline. Tencent and Alibaba dominate ownership, but many new names are entering the picture.</li>
</ul>


China exposure among GEM funds has rebounded to 26%, up from the 2024 low, but still far below the 37.5% peak. India has eased while Taiwan allocations hit new highs.
China remains a major EM underweight at -3.09% vs. benchmark, despite rising allocations. High Active funds stay the most underweight
Industrials see the strongest buying, while Utilities and Consumer sectors decline. Tencent and Alibaba dominate ownership, but many new names are entering the picture.


Contemporary Amperex Technology (CATL) (300750 CH)

Tencent Music Entertainment Group (1698 HK)

Jiangsu Hengrui Pharmaceuticals (1276 HK)

China & HK: Rebuild Slows Amid Heavy Sector and Stock Rotation