Pacific Positioning: Asia exposure at five-year high

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Pacific Positioning: Asia exposure at five-year high

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Pacific Positioning

Asia exposure at five-year high

Asia exposure reached a five-year high 17 June 2026

Active long-only funds globally are now overweight Asia by the largest amount in five Quant Strategy

years. Funds remain most overweight Taiwan and Korea, and underweight India and Asia Pacific

Australia, according to our analysis of 4,021 funds managing $2.5 trillion in Asia equities.

By Asia sector, funds are most overweight Semiconductors and Tech Hardware.

Positive flow = India. Negative flow = Taiwan

Nigel Tupper >>

In May, long-only funds bought the most in India (+$5.7bn) and sold shares in Taiwan (- Quant Strategist

$5.1bn), mainly driven by trimming Semis. By Asia sector, funds bought Health Care and Merrill Lynch (Australia)

+61 2 9226 5735

Banks, and sold Consumer Discretionary and Semis. By stock, funds bought SK Hynix, nigel.tupper@bofa.com

CATL, and Cambricon Tech, and sold TSMC, AmTRAN Tech, and Samsung Electronics. Amar Vashi >>

Quant Strategist

Crowded + Positive Triple Momentum outperformance Merrillamar.vashi@bofa.comLynch (Australia)

Our analysis suggests some crowded stocks generally outperform while some Sumuhan Shanmugalingam >>

underperform. In May, “Crowded Positives” (well-owned stocks + Positive Triple Quant Strategist Merrill Lynch (Australia)

Momentum) outperformed “Crowded Negatives” (well-owned stocks + Negative Triple sumuhan.shanmugalingam@bofa.com

Momentum) by +5.5% (+38.2% in 12-months). Crowded Positives now include SK Hynix,

TSMC, WinWay Tech, Taiwan Union, and LG Innotek. Crowded Negatives include HDFC

Bank, Bharti (Airtel), Hub24, Faraday Tech, and Keli Sensing Tech-A. Unless otherwise noted all links on

the front page of this report refer to