BNY Mellon Q1 2021: New positions in Agora and Li Auto; increased stakes in Tencent Music and NIO; reduced stakes in TSMC and Alibaba.

Hi everyone, I’m Jiangxin. Today, let’s take a look together at BNY Mellon’s (Bank of New York Mellon) portfolio holdings as of the end of Q1 2021. About BNY Mellon (source: internet): BNY Mellon is listed on the New York Stock Exchange under the ticker “BK” and employs approximately 40,000 people worldwide. On May 13, 2020, BNY Mellon ranked 159th on the Forbes Global 2000 list. On May 18, 2020, it ranked 159th on Fortune’s 2020 U.S. 500 list. BNY Mellon currently holds $489.02 billion in market-value assets, up from $459.31 billion previously. Its portfolio added 242 new individual stocks and increased stakes in 1,796 stocks. Meanwhile, it reduced stakes in 2,176 stocks and fully exited 132 stocks. The top ten holdings account for 18.29% of its total market value.

Global Window | BNY Mellon: A Globally Leading Financial Services Institution

Chart: Fee income primarily comprises investment services and investment management income. Source: Company announcements, China International Capital Corporation Research Department. Investment Services: Comprehensive financial solutions centered on asset custody. The core of asset custody business is to safeguard the safety and independence of clients’ invested assets and to execute fund settlements and securities deliveries on behalf of custodied assets. During operations, mutual funds, private equity funds, bank wealth management products, pension funds, and other asset management products must entrust an independent third-party custodian to hold their funds—preventing misappropriation and ensuring the independence and security of invested assets. Custody services have also given rise to a suite of integrated financial services: beyond clearing and settlement involving fund transfers, derivative services include investment compliance monitoring, valuation and accounting, share registration, and performance evaluation. BNY Mellon centers its business on custody services, promoting one-stop financial solutions to deliver added value and generate revenue. Due to high homogeneity across the industry and generally low profit margins, custody fees average between 0.08% and 0.15%. However, BNY Mellon’s leadership position in custody has enabled it to build extensive institutional client relationships: as of end-2020, it collaborated with 93 of the world’s top 100 asset managers, partnered with 97 of the top 100 global banks by asset size, and served 72% of the Fortune Global 500 companies. Leveraging this high-quality client base, the firm extends beyond basic custody needs to offer comprehensive financial solutions. Beyond custody and clearing services, it provides depositary receipt services enabling asset managers to invest in foreign equities; foreign exchange and international payment services facilitating overseas investments; and margin financing, securities lending, and collateral management services addressing clients’ liquidity needs throughout the investment process. This robust integrated financial service system expands the profitability potential of traditional custody businesses. Moreover, as economies of scale deepen and fintech investment intensifies, the company has gradually built a sustainable competitive moat. Currently, the company’s investment services segment is divided into five major categories: Asset Services, Clearing & Settlement Services, Issuer Services, Treasury Services, and Clearing & Collateral Management. In 2020, fee income from investment services totaled $8 billion, representing a 2% year-on-year increase; over the past decade, such fee income has grown steadily. ► Asset Services: Core offerings include global asset custody, foreign exchange, securities lending and financing, customized structured products, and alternative investment strategies. Custody fees constitute one of the primary revenue sources for this business line. In 2020, combined revenue from Asset Services and Clearing & Collateral Management accounted for 58% of total investment services fee income. ► Clearing & Settlement Services (Pershing): Pershing is a subsidiary specializing in clearing, settlement, and technical support, acquired in 2003 by BNY Mellon’s predecessor, The Bank of New York. Pershing primarily delivers global trade settlement and fund clearing services to securities brokers, asset managers, and registered investment advisors (RIAs). Through years of business development, Pershing has helped BNY Mellon become the world’s largest U.S. Treasury clearing bank and the top clearing bank for broker-dealer transactions.

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Bank of New York Mellon decreased its stake in RPM International by 3.3%, selling 37,975 shares while analysts maintain a Moderate Buy consensus. The company also announced a quarterly dividend of $0.54 per share.

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