Our Coverage

The Active Fund Intelligence Universe

AFI UNIVERSES

Understanding Active Fund Positioning Across Markets

Copley tracks the holdings and positioning of leading active equity funds across six major universes — providing a detailed view of how active capital is deployed through global markets.

Each universe is analysed using Copley’s Active Fund Intelligence (AFI) framework, which maps fund-level holdings to countries, sectors, industries, and stocks — and interprets positioning through AFI’s three analytical pillars: market structure, peer positioning, and fund identity.

afi universes

Global Equity

Coverage: 360 Funds | Combined AUM: USD 1.5tr


Copley’s Global Equity universe captures how active managers allocate across the world’s major markets — balancing exposure between the increasing dominance of the US and opportunities across Europe, Asia, and Emerging Markets.

Through the Active Fund Intelligence (AFI) framework, Copley analyses how global strategies express conviction, the range of investment styles shaping portfolio design, and how distinct fund identities emerge across the evolving global landscape.

Representative Managers Include: Aberdeen, Baillie Gifford, Capital, Fidelity, Fundsmith and more..

afi universes

Emerging Markets Equity

Coverage: 360 Funds | Combined AUM: USD 550bn


Copley’s Emerging Markets universe captures how leading managers allocate capital across a uniquely diverse landscape — from the structural growth engines of China and India to the expanding MENA region and rich Latin American markets. The benchmark itself presents a challenging reference point, often masking opportunity behind the dominance of state-owned enterprises and concentrated country weights.

Through the Active Fund Intelligence (AFI) framework, Copley examines how active managers express conviction, the diversity of fund styles shaping Emerging Market exposure, and the way select funds carve distinct identities within this increasingly diverse universe.

Representative Managers Include: Pictet, BlackRock, Ashmore, Schroders, GQG Partners and more..

afi universes

USA Equity

Coverage: 300 Funds | Combined AUM: USD 3.5tr


Copley’s US Equity universe tracks how active managers compete within the world’s most efficient and benchmark-aware market. The dominance of mega-cap growth stocks and index concentration has challenged traditional active strategies, yet a wide spectrum of approaches persists — from high-conviction large-cap funds to specialist mid- and small-cap strategies seeking to uncover inefficiencies beyond the benchmark core.

Through the Active Fund Intelligence (AFI) framework, Copley analyses how US managers express conviction, the style and size dynamics shaping portfolio design, and how independent strategies maintain differentiation in an increasingly concentrated market.

Representative Managers Include: Amercian Funds, Fidelity, JP Morgan, Dodge & Cox, Vanguard and more..

afi universes

UK Equity

Coverage: 300 Funds | Combined AUM: USD 200bn


Copley’s UK Equity universe captures how managers navigate one of the world’s most internationally exposed markets — where multinational earnings dominate benchmarks, yet domestic opportunities continue to drive active differentiation. Copley’s coverage of both large-cap and small/mid-cap strategies provides visibility across the full spectrum of UK active management, revealing how investors balance exposure between global franchises and locally driven growth themes.

Through the Active Fund Intelligence (AFI) framework, Copley analyses how UK strategies express conviction, the range of fund styles shaping exposure, and how managers define distinct identities within a market that bridges global and domestic opportunity.

Representative Managers Include: Artemis, St James's Place, Invesco, Man GLG, Lindsell Train and more..

afi universes

Asia Ex-Japan Equity

Coverage: 95 Funds | Combined AUM: USD 80bn


Copley’s Asia ex-Japan universe captures how active managers allocate across one of the world’s most dynamic and diverse regions — from the structural growth of India and Indonesia to the cyclical opportunities in Korea and Taiwan.

Through the Active Fund Intelligence (AFI) framework, Copley analyses how managers express conviction, the variety of fund styles and regional tilts shaping exposure, and how specialist strategies build distinct identities across this fast-evolving regional landscape.

Representative Managers Include: TT International, Pictet, Baillie Gifford, Eastspring, Hermes and more..

afi universes

China Equity

Coverage: 220 Funds | Combined AUM: USD 80bn


Copley’s China Equity universe focuses mainly on internationally managed strategies investing in MSCI China and A-share markets. The market’s combination of state influence, rapid policy shifts, and concentrated index composition makes China a distinct challenge for active managers — one where conviction and selectivity are essential.

Through the Active Fund Intelligence (AFI) framework, Copley analyses how managers express conviction, the variety of approaches shaping China exposure, and how active strategies adapt to changing policy, investment opportunities, and sentiment cycles within this large and complex market.

Representative Managers Include: UBS, First Sentier, Barings, Fonditalia, Allianz and more..

Get in touch

Request AFI Briefing

Book your 30-minute AFI briefing to review current market positioning and see how our framework is applied in practice.

What the session will cover:

  • Overview of current market structure and positioning trends
  • How managers differ — highlighting diversity of approach, style extremes, and clustering across the active universe
  • Fund-specific insights and Q&A

Terms and Conditions

Investor Positioning Report — Copley Fund Research Ltd  ·  Last updated: July 2026  ·  Registered in England and Wales

1. Who we are

Copley Fund Research Ltd provides proprietary institutional fund intelligence to listed companies and investor relations professionals. These terms govern every purchase of an Investor Positioning Report. By completing a purchase you confirm you have read, understood, and agreed to these terms in full.

2. What you are purchasing

The Investor Positioning Report is a bespoke PDF report mapping the institutional fund universe around your stock. It covers current investors, past investors, competitor investors, and white space investors. Every report is built from scratch for the specific company ordered and is not a standardised or templated product.

3. Delivery and process

Following payment or invoice issuance, Copley Fund Research will contact you within one working day to agree your competitor set. Production begins once the competitor set is confirmed in writing. The completed report will be released to you within 48 hours of production starting, provided payment has been received in full; where payment is outstanding, the report will be withheld until payment clears. If the requested company falls outside our covered fund universes, or a competitor set cannot be agreed, Copley Fund Research will issue a full refund or cancel the outstanding invoice.

4. Competitor set agreement

The competitor set is agreed with you in writing prior to production, and the report is built to that agreed specification. Requests to amend the competitor set after delivery, based on a change of preference rather than an error, may be treated as a new order.

5. Refund policy

Because each report is produced individually for your company, orders are non-refundable once production has begun, except as set out in clauses 3 and 5a below. By purchasing, you agree not to dispute the charge with your card provider on the basis that the service was not as described, provided the report has been delivered to the agreed specification or corrected under clause 5a.

5a. Quality remedy

If a delivered report contains a material error caused by Copley Fund Research — for example, an incorrect company analysed, a competitor omitted from the agreed set, or content missing from the specification in clause 2 — Copley Fund Research will correct and redeliver the report at no additional charge, within a reasonable timeframe. This is your sole remedy for such errors.

6. Data and accuracy

All fund positioning data in the report reflects holdings as disclosed at the most recently available reporting date at the time of compilation. The timing of fund holdings disclosures is determined by regulatory requirements applicable to each fund and is outside the control of Copley Fund Research Ltd. This data may not reflect current fund positions. Copley Fund Research takes reasonable care to ensure accuracy but makes no warranty, express or implied, as to the completeness or current accuracy of the underlying data — though this does not affect the quality remedy in clause 5a for errors in how that data was analysed or presented. Past fund positioning is not indicative of future fund behaviour or investment decisions.

7. Not investment advice

The Investor Positioning Report is produced for investor relations intelligence purposes only. It does not constitute investment advice, financial advice, or a recommendation to buy, hold, or sell any security. The data reflects historical fund positioning and must not be relied upon as a prediction of future fund behaviour or investment decisions. Copley Fund Research Ltd is not authorised or regulated by the Financial Conduct Authority for the provision of investment advice.

8. Permitted use and confidentiality

The report is licensed for internal use by the purchasing organisation only. You may share it with employees and directors of your organisation. You may not: reproduce, redistribute, publish, or resell the report or any part of it; share it with any third party outside your organisation without prior written consent; use the fund or portfolio manager names contained in the report to approach those individuals on behalf of Copley Fund Research or in a manner that could damage Copley Fund Research's relationships with those funds; or use the data for any purpose other than your own investor relations strategy. The data, analysis, and methodology contained in the report are the intellectual property of Copley