270 UK Equity Funds, AUM $190bn UK Real Estate Hots Up • Record number of UK funds now exposed to Real Estate sector. • CT, BlackRock and Quilter among funds adding to exposure since mid 2023. • SEGRO and Land Securities the key holdings and the drivers behind the recent rotation Author: Steven HoldenDate: February 14th, 2024Fund Universe: UK Equity …
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361 emerging market Funds, AUM $400bn Country Positioning Update • China weights fall to lowest levels in 7-years, managers remain underweight. • India weights move to all-time highs, but active funds increase underweights to record levels. Value funds become increasingly sceptical. • Saudi Arabia the 2nd largest country underweight, but momentum among investors remains compelling. • Overweights led by the …
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361 Global EM Equity Funds, AUM $400bn Reassessing Turkey • After a decade-long bear market in investor positioning, GEM managers are beginning to show tentative signs of a sentiment shift towards Turkey. Author: Steven HoldenDate: February 20th, 2024Fund Universe: Global Emerging Markets Equity Turkey Positioning Overview In this video, we look into the fundamentals of Turkish market positioning among active …
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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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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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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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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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1600+ Active Equity Funds, AUM $4.7tr Fund Positioning Chart Pack: October 2023 This week, selected charts and commentary from our Global, EM and Asia Ex-Japan research. • Global Equity Managers Trim EM Underweight, but Remain Bearish • EM Industrials Deep Dive • Baidu: Back in the Mix 349 GLOBAL EQUITY FUNDS, AUM $999BN Global Equity Managers Trim EM Underweight, …
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1600+ Active Equity Funds, AUM $4.7tr Fund Positioning Chart Pack IV US Funds: Is Ford Motor Company Uninvestible? Global Funds. H1 Performance & Attribution Asia Ex-Japan Funds: India: Outperformance Potential in Doubt UK Funds: Softcat PLC: Record Overweight as UK Managers Buy In Emerging Market Funds: Americas: Consensus Overweight 295 US Equity Funds, AUM $3.3Tr US Funds: Is Ford Motor …
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1600 Active Equity Funds, AUM $4.7tr Fund Positioning Chart Pack Samsung Electronics: Return of the King Japan: Early Signs of Potential Re-Weight China A-Share Sector & Stock Positioning Update UK Half Year Performance Update Emerging Market Stock Radar 86 ASIA EX-JAPAN EQUITY FUNDS, AUM $54.5BN Samsung Electronics: Return of the King Asia Ex-Japan funds have increased ownership in Samsung Electronics …
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