Copley Fund Research

Contemporary Amperex Technology - King of the Overweights Published on @smartkarma Read more: smartkarma.com/insights/cont… #CATL #china #markets #activeinvesting

Active GEM funds went into Brazil’s election heavily positioned: the largest country overweight at +1.78%, held overweight by 73.5% of funds, with a record $42.4bn invested. skr.ma/quEk5

Active Asia ex-Japan funds returned 24.32% in the first nine months of 2026, trailing the benchmark by 0.75%; 55% of managers outperformed, but weak outliers pulled down the average. skr.ma/fHRvh

Active Global funds returned 8.32% in the first nine months of 2026, trailing the benchmark by 4.10%; only 26% of managers outperformed. skr.ma/V2URJ

Active GEM funds returned 22.95% in the first nine months of 2026, narrowly beating the benchmark by 0.18%; 58% of managers outperformed. skr.ma/mgTuP

One in five holders has left HDFC Bank this year and capital has halved. A cooling on India amid the AI trade may have triggered the exodus, but rivals ICICI and SBI are winning the switch. skr.ma/Wd3QR

NAURA's fund ownership has surged seven-fold since 2023, built almost entirely in emerging markets. The next leg? Global portfolios, where funds hold $15bn in its peers but barely any NAURA. skr.ma/sDPsW

Chips & Memory has overtaken Hyperscalers as the largest theme in active Global funds. We examine the shift towards AI Build-out, growing memory ownership and the managers behind the rotation. skr.ma/UHN5r

Three-quarters of GEM funds own GCC stocks, yet average exposure is near a five-year low. Our latest report finds managers rotating towards Saudi Arabia while reducing UAE banks and property. skr.ma/5wCL8

Consumer Staples allocations among GEM funds have fallen to record lows, with the retreat spanning countries, styles and stocks. Positioning remains weak, with little sign yet of an inflection. skr.ma/U3aCI

Global Ex-USA funds have almost eliminated their decade-long Japan underweight, as rising allocations and strong inflows drive rotation towards semiconductors, industrials and financials. skr.ma/mFZPP

Quality investing is synonymous with owning the world’s best businesses.  But what does a Global Quality fund actually look like, and have they performed? skr.ma/X81wQ

Active EM managers are selectively rebuilding China exposure, buying into weakness as AI, semiconductors and advanced technology lead a new cycle of ownership. skr.ma/z0i9U

UK active funds delivered strong absolute returns, but the FTSE All Share remained a difficult benchmark to beat, with just 26.3% of funds outperforming in H1 2026. skr.ma/YROaH

Discover what drove Emerging Markets in H1 2026, from AI-led Technology gains to the stock and sector decisions that shaped active managers' performance versus the benchmark. skr.ma/BDoXK

Asia ex-Japan active funds returned 28.1% in H1 2026. Our latest review explores the Technology-led rally, the drivers of active performance, and the stocks, sectors and countries that shaped returns. skr.ma/TthhB

Despite strong absolute returns, only 20.5% of active Global funds beat the benchmark in H1 2026, highlighting the challenge for active managers to outperform as market leadership narrows. skr.ma/UG9MT

What are the most widely owned companies across active Global, Emerging Markets, Asia Ex-Japan, MSCI China and China A-Share funds? skr.ma/a8nJw

South Korea overtakes China & HK as EM's second-largest country allocation at 22.4%, driven almost entirely by a surge in Technology weights in recent months. skr.ma/m8Drj

Average weights have fallen to an all-time low of 0.93%, with fund participation at a 15-year low of 80.45% — yet the majority of active EM managers remain invested. skr.ma/uv2sk

Energy remains one of the most structurally underowned sectors in the global universe, but appetite for a larger allocation is growing skr.ma/vNWvp