Asia Ex-Japan Positioning Insights, February 2024

98 Asia Ex-Japan Funds, AUM $50bn Asia Ex-Japan Positioning Insights, February 2024 • The China/India Divide: Spread between 2 nations hits tightest levels on record. • Tech Allocations Close in on the Highs: Allocations approach the 2021 highs as Tech takes portfolio share from Industrials and Consumer Discretionary. • Pinduoduo Rotation Continues: Ownership levels hit record highs as funds continue …

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China: Darkest before the Dawn?

340 Global Equity Funds, AUM $1tr China: Darkest before the Dawn? Author:  Steven Holden Date:  February 14th, 2024 Fund Universe: Global Equity China’s Decent Chinese equity ownership among Global equity funds has reached an all-time low. The chart set opposite documents the time series of fund exposure and ownership among global funds in Chinese equities between 2012 and 2024. Chart …

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Global Positioning Insights, February 2024

340 Global Equity Funds, AUM $1tr Global Positioning Insights, February 2024 • LATAM Momentum: MercadoLibre leads regional allocations higher. • Consumer Staples: Allocations fall to lowest levels on record, but optimism remains. • China: Darkest before the Dawn? Sentiment plunges to new depths. • Salesforce Hits New Highs: Strong rotation drives Salesforce up the Tech rankings. • The latest stock …

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Reassessing Turkey: EM Fund Managers Show Signs of Sentiment Shift

361 emerging market Funds, AUM $400bn Reassessing Turkey: EM Fund Managers Show Signs of Sentiment Shift • After a decade-long bear market in investor positioning, GEM managers are beginning to show tentative signs of a sentiment shift towards Turkey. • Positive fund flows and numerous new positions over the past six months highlight Turkey as a primary beneficiary of recent …

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UK Fund Positioning Dashboards Overview

267 UK Funds, AUM $185bn UK Fund Positioning Dashboard Overview In this week’s analysis, we present a “teach-in” of our newly released suite of positioning dashboards, illustrated through three instructional videos. These videos guide you through the latest functionality and also offer some valuable insights on the latest positioning among active UK funds. • Macro & Sector Dashboards: The latest …

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China Macro: Sector Positioning Update

146 China Equity Funds, AUM $46bn China Macro: Sector Positioning Update Industrials and Consumer Staples remain top overweights, though sentiment fragile for both. Energy sector shows signs of a turnaround from long-term decline, whilst Financials remain unloved by China investors. Real Estate allocations have hit record lows, with average holdings at just 2.93%, while Consumer Discretionary sector approaches all-time highs. …

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Fund Positioning Dashboards Overview

365 emerging market Funds, AUM $412bn Emerging Markets Fund Positioning Dashboard Overview In this week’s analysis, we present a comprehensive “teach-in” of our newly released suite of positioning dashboards, illustrated through three instructional videos. These videos guide you through the latest functionality and also offer some valuable insights on the latest positioning among active EM funds. • Macro/Regional Dashboards: The …

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EM Active Fund 2023 Performance Review

2023 was a good year for active EM managers, as 60% outperformed generating +1.6% of alpha versus the tradable benchmark, on average. Returns were driven higher by strong performance from Value and Small/Midcap managers, whilst high Growth struggled. China & HK positions were costly, whilst LATAM and Technology contributed the most to outperformance. 2023 Fund Performance Active EM funds had a good 2023. Average fund returns came in at a healthy 10.57%, ahead of the iShares MSCI Emerging Markets ETF by +1.58%, with 59.8% of funds outperforming. Broken down by Style, Value and Yield funds had the best year, averaging 14.77% and 14.29% respectively, with Aggressive …

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Global Active Fund Performance & Attribution Review, 2023

342 Global Equity Funds, AUM $1.1bn Global Active Fund Performance & Attribution Review, 2023 Active Global funds posted strong returns of 19.1% in 2023, but few surpassed the benchmark MSCI ACWI benchmark. Value and Yield funds severely dragged on fund returns, underperforming the top Growth funds by a significant margin. Returns driven by the Magnificent 7 group of stocks, but …

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Asia Ex-Japan Active Fund Performance & Attribution Review, 2023

100 Asia Ex-Japan Funds, AUM $55bn Asia Ex-Japan Active Fund Performance & Attribution Review, 2023 Active Asia Ex-Japan funds struggled in 2023, with only 21.9% outperforming and an average underperformance of 3.26% against the tradable benchmark. Returns driven lower by poor performance from Aggressive Growth funds, whilst Value and Yield funds fared better. Poor stock selection in China & HK …

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