Emerging Market Active Fund Performance & Attribution Review, 2023

365 emerging market Funds, AUM $412bn Emerging Market Active Fund Performance & Attribution Review, 2023 2023 was a good year for active EM managers as 60% outperformed, generating +1.6% of alpha versus the tradable benchmark. Returns driven higher by strong performance from Value and Small/Midcap managers, whilst high Growth struggled. China & HK positions were costly, whilst LATAM and Technology …

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Riding High: The Magnificent 7 Surge in Global Equity Funds

The Magnificent 7, comprising Microsoft, Apple, Alphabet, Amazon, Meta, NVIDIA and Tesla have hit record high allocations among active Global equity funds this year. Thought of as a standalone allocation, they represent the 2nd largest country weight, but also stand as a sizeable underweight versus the benchmark. Value funds continue to find reasons to sell, with underweights growing in magnitude as key funds close out. Microsoft’s dominates the group, NVIDIA has attracted a new investors this year, whilst Tesla has struggled to gain the same level of trust from active Global investors. Magnificent 7 Ownership Trends Allocations to the ‘Magnificent 7’ group of stocks in global equity funds have reached record highs. As depicted in Chart 1 opposite, both the average active Global fund and the iShares ACWI ETF have seen a marked increase in allocations following a decline through most of 2022. Despite this uptrend, active funds …

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Magnificent 7 Deep Dive

342 Global Equity Funds, AUM $990bn Riding High: The Magnificent 7 Surge in Global Equity Funds • The Magnificent 7, comprising Microsoft, Apple, Alphabet, Amazon, Meta, NVIDIA and Tesla have hit record high allocations among active Global equity funds this year. • Thought of as a standalone allocation, they represent the 2nd largest country weight, but also stand as a …

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Saudi Arabia Special Report: A Tipping Point in EM Equity Allocations

2023 marks a pivotal year with EM investors significantly increasing holdings in the Saudi market. Major EM investors from GQG Partners to Capital Funds record notable fund inflows into Saudi for the first time. Despite growing interest, the Saudi market still presents ample room for broader investor engagement. Saudi Arabia remains comparatively ‘under-owned’ in relation to its Asian and LATAM …

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Precious Metals Buck Weakening Materials Trend

149 Active MSCI China Funds, AUM $45bn Precious Metals Buck Weakening Materials Trend • Rotation in to China Precious Metals stocks pushes ownership to record levels, bucking the trend of overall Materials sector decline. • Precious Metals overtake Industrials Specialties as the largest industry holding in the Materials sector. • Zijin Mining Group soars to new ownership highs, attracting funds …

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Asian Autos: Increasing Exposure Reflects Rising Market Confidence

100 Active Asia Ex-Japan Funds, AUM $54bn Asian Autos: Increasing Exposure Reflects Rising Market Confidence • Improved sentiment in Asia Ex-Japan Autos sector as sustained increases in positioning continue through 2023. • BYD Company most widely held but stabilizing; Li Auto sees increased buying. Sector 7th most owned, underweight by -0.85%. • Rising allocations, low historical positioning and net underweight …

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Saudi Arabia Special Report: A Tipping Point in EM Equity Allocations

367 emerging market Funds, AUM $396bn Saudi Arabia Special Report – A Tipping Point in EM Equity Allocations 2023 marks a pivotal year with EM investors significantly increasing holdings in the Saudi market. Major EM investors from GQG Partners to Capital Funds record notable fund inflows into Saudi for the first time. Despite growing interest, the Saudi market still presents …

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GEM Fund Positioning Analysis, November 2023

370 emerging market Funds, AUM $368bn GEM Fund Positioning Analysis, November 2023 In this issue: EMEA Financials: Uneven Recovery JD.com: Test of Investor Resolve as Selling Continues GEM Funds Stock Radar 370 emerging market Funds, AUM $368bn EMEA Financials: Uneven Recovery • EM Funds are at historically low levels of exposure to the EMEA Financials sector. • EMEA Financials are …

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Global Fund Positioning Analysis, November 2023

344 Global Equity Funds, AUM $905bn Global Fund Positioning Analysis, November 2023 Taiwan: Underowned Yet Gaining on Peers ServiceNow.Inc: Global Funds Ramp Up Exposure Global Funds Stock Radar   344 Global Equity Funds, AUM $905bn Taiwan: Underowned Yet Gaining on Peers • The percentage of Global funds invested in Taiwan hits an all-time high of 57.8%. • Taiwan has been …

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Asia Ex-Japan Fund Positioning Analysis, October 2023

100 Active Asia Ex-Japan Funds, AUM $54bn Asia Ex-Japan Fund Positioning Analysis, October 2023 In this issue: Betting on Recovery: Asia Ex-Japan Funds Return to Casino Stocks JD.Com. Losing its Appeal? Asia Ex-Japan Stock Positioning & Activity Update   100 Active Asia Ex-Japan Funds, AUM $54bn Betting on Recovery: Asia Ex-Japan Funds Return to Casino Stocks • Ownership levels in …

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