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

Indian Fund Positioning— the Macro Picture

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

Quantitative Analysis

<ul>
<li>Spain Financials ownership has surged from under 25% of global active funds a year ago to 32% today, leapfrogging Italy, Canada and the Netherlands to rank 8th globally.</li>
<li>The rotation is heavily one-sided: 47 funds entered the sector over 12 months, outpacing closures four-to-one, with BBVA and Santander absorbing the bulk of new buying.</li>
<li>Spain Financials sits in the top-right quadrant of the Ownership Cycle grid, signalling both elevated long-term positioning and strong short-term momentum — underweights remain a growing active risk.</li>
</ul>


Spain Financials ownership has surged from under 25% of global active funds a year ago to 32% today, leapfrogging Italy, Canada and the Netherlands to rank 8th globally.
The rotation is heavily one-sided: 47 funds entered the sector over 12 months, outpacing closures four-to-one, with BBVA and Santander absorbing the bulk of new buying.
Spain Financials sits in the top-right quadrant of the Ownership Cycle grid, signalling both elevated long-term positioning and strong short-term momentum — underweights remain a growing active risk.


Spain Financials: Surging Higher