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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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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