Our Coverage

The Active Fund Intelligence Universe

AFI UNIVERSES

Understanding Active Fund Positioning Across Markets

Copley tracks the holdings and positioning of leading active equity funds across six major universes — providing a detailed view of how active capital is deployed through global markets.

Each universe is analysed using Copley’s Active Fund Intelligence (AFI) framework, which maps fund-level holdings to countries, sectors, industries, and stocks — and interprets positioning through AFI’s three analytical pillars: market structure, peer positioning, and fund identity.

afi universes

Global Equity

Coverage: 360 Funds | Combined AUM: USD 1.5tr


Copley’s Global Equity universe captures how active managers allocate across the world’s major markets — balancing exposure between the increasing dominance of the US and opportunities across Europe, Asia, and Emerging Markets.

Through the Active Fund Intelligence (AFI) framework, Copley analyses how global strategies express conviction, the range of investment styles shaping portfolio design, and how distinct fund identities emerge across the evolving global landscape.

Representative Managers Include: Aberdeen, Baillie Gifford, Capital, Fidelity, Fundsmith and more..

afi universes

Emerging Markets Equity

Coverage: 360 Funds | Combined AUM: USD 550bn


Copley’s Emerging Markets universe captures how leading managers allocate capital across a uniquely diverse landscape — from the structural growth engines of China and India to the expanding MENA region and rich Latin American markets. The benchmark itself presents a challenging reference point, often masking opportunity behind the dominance of state-owned enterprises and concentrated country weights.

Through the Active Fund Intelligence (AFI) framework, Copley examines how active managers express conviction, the diversity of fund styles shaping Emerging Market exposure, and the way select funds carve distinct identities within this increasingly diverse universe.

Representative Managers Include: Pictet, BlackRock, Ashmore, Schroders, GQG Partners and more..

afi universes

USA Equity

Coverage: 300 Funds | Combined AUM: USD 3.5tr


Copley’s US Equity universe tracks how active managers compete within the world’s most efficient and benchmark-aware market. The dominance of mega-cap growth stocks and index concentration has challenged traditional active strategies, yet a wide spectrum of approaches persists — from high-conviction large-cap funds to specialist mid- and small-cap strategies seeking to uncover inefficiencies beyond the benchmark core.

Through the Active Fund Intelligence (AFI) framework, Copley analyses how US managers express conviction, the style and size dynamics shaping portfolio design, and how independent strategies maintain differentiation in an increasingly concentrated market.

Representative Managers Include: Amercian Funds, Fidelity, JP Morgan, Dodge & Cox, Vanguard and more..

afi universes

UK Equity

Coverage: 300 Funds | Combined AUM: USD 200bn


Copley’s UK Equity universe captures how managers navigate one of the world’s most internationally exposed markets — where multinational earnings dominate benchmarks, yet domestic opportunities continue to drive active differentiation. Copley’s coverage of both large-cap and small/mid-cap strategies provides visibility across the full spectrum of UK active management, revealing how investors balance exposure between global franchises and locally driven growth themes.

Through the Active Fund Intelligence (AFI) framework, Copley analyses how UK strategies express conviction, the range of fund styles shaping exposure, and how managers define distinct identities within a market that bridges global and domestic opportunity.

Representative Managers Include: Artemis, St James's Place, Invesco, Man GLG, Lindsell Train and more..

afi universes

Asia Ex-Japan Equity

Coverage: 95 Funds | Combined AUM: USD 80bn


Copley’s Asia ex-Japan universe captures how active managers allocate across one of the world’s most dynamic and diverse regions — from the structural growth of India and Indonesia to the cyclical opportunities in Korea and Taiwan.

Through the Active Fund Intelligence (AFI) framework, Copley analyses how managers express conviction, the variety of fund styles and regional tilts shaping exposure, and how specialist strategies build distinct identities across this fast-evolving regional landscape.

Representative Managers Include: TT International, Pictet, Baillie Gifford, Eastspring, Hermes and more..

afi universes

China Equity

Coverage: 220 Funds | Combined AUM: USD 80bn


Copley’s China Equity universe focuses mainly on internationally managed strategies investing in MSCI China and A-share markets. The market’s combination of state influence, rapid policy shifts, and concentrated index composition makes China a distinct challenge for active managers — one where conviction and selectivity are essential.

Through the Active Fund Intelligence (AFI) framework, Copley analyses how managers express conviction, the variety of approaches shaping China exposure, and how active strategies adapt to changing policy, investment opportunities, and sentiment cycles within this large and complex market.

Representative Managers Include: UBS, First Sentier, Barings, Fonditalia, Allianz and more..

Get in touch

Request AFI Briefing

Book your 30-minute AFI briefing to review current market positioning and see how our framework is applied in practice.

What the session will cover:

  • Overview of current market structure and positioning trends
  • How managers differ — highlighting diversity of approach, style extremes, and clustering across the active universe
  • Fund-specific insights and Q&A