21 May Global

Active Global Funds: Top-Down Country Insights

333 Global funds, AUM $1.1tr

Active Global funds: Top-Down Country Insights

Summary

  • Americas Dominance: The United States remains the top allocation and largest country underweight.  Value funds increase underweight in the USA but Growth funds reduce.  Argentina rises at Brazil’s expense, with MercadoLibre gaining popularity.
  • EMEA Conviction Overweight: The UK, France, and the Netherlands maintain near-record overweights. France sees some declining interest, while Belgium, Norway, and Finland play diminishing role. MENA underweight grows as benchmark weights rise but Global funds remain uninvested.
  • Asian Decline:  China & Hong Kong hits record lows and remains a key underweight.  Australia and Japan near ownership lows and India becomes a key underweight.  Taiwan the only bright spot in the region as ownership powers to record highs. 
  • Stock Highlights: Microsoft widely owned with Apple a strategic underweight.  TSMC’s dominance in Asia is unparalleled, driving Taiwan’s positive move. AIA Group and Ping An Insurance see declining exposure, contributing to the downturn in China & Hong Kong. Novo Nordisk and ASML Holdings are the most widely held stocks in EMEA, with the former driving investment increases. Conversely, Nestlé and Pfizer face declining ownership.

For more analysis, data or information on active investor positioning in your market, please get in touch with me on steven.holden@copleyfundresearch.com

 

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