Morgan Stanley-Asia Quantitative Strategy Positions of Active Long-Only Ma...-109395005

MUpdateAsiaQuantitativeStrategy|AsiaPacificPositionsofActiveLong-OnlyManagersinAsia/EMWepublishourJuly2024Asia/EMpositioningguidetosummarizeallocationchangesatthestock,marketandsectorlevelovertimefromaregionalperspective.Ontopofthat,wesharethedistributionofactiveweightsandcomparetheallocationdifferencebetweenUSandEUmanagers.MorganStanleyAsiaLimited+JasonNg,CFAQuantitativeStrategistJason.Dl.Ng@morganstanley.com+8522848-8845MorganStanleyAsia(Singapore)Pte.+DanielKBlakeEquityStrategistDaniel.Blake@morganstanley.com+656834-6597Exhibit1:GEMactivemanagersrotatedoutofMexico,IndiaandBrazilandintoTaiwan,ChinaandKoreainJune2024-0.60%-0.40%-0.20%0.00%0.20%0.40%0.60%TaiwanChinaKoreaBrazilIndiaMexicoRegionalRebalancinginJune2024-TopvsBottom3Source:FactSet,Morningstar,MorganStanleyResearch.Note:DataasofJune30,2024.Thischartcoversthe80largestactivemutualfundswithemergingmarketsasinvestmentuniverse.Allbottom-updriven.Dividend,ESGandquantfundsareexcluded.FocusofTheMonth-Regionalrebalancing:fromLatinAmericaintoAsiaAccordingtoourbottom-upfundpositionanalysisofthelargest80EMactivelong-onlymutualfunds(withaveragefundAUMatUS$3.2bn),weseesignsofregionalrebalancing.OverweightsinMexico,IndiaandBrazilweretrimmedwhileunderweightsinChinaandTaiwanwerereduced(Exhibit1).Korea'spositioningisnowneutralvsbenchmark(Exhibit4).AsofJunemonth-end,...