EM Fund Stock Picks & Country Commentaries (October 25, 2026)

As of late October, a number of new September/Q3 fund updates (our continuously updated post containing all funds is here) are available along with new emerging markets research starting with a non-EM piece:

🔬 Made in Europe: Turning European demand into European production (FTSE Russell)
- This paper examines the six policy blocks that make up the Made in Europe framework and how they could affect European industry. Europe already has a substantial manufacturing base, so the first effects may be seen in fuller order books and higher utilisation at existing facilities before they translate into a broader expansion in capacity.
- The paper also introduces the FTSE Made in Europe 50 Index, a rules-based index of 50 EU-27 companies. The methodology scores subsectors against the six policy blocks and then adjusts company-level exposure according to the share of revenue generated in Europe, identifying companies where policy support overlaps with an existing commercial link to the region.

🗄️ Fund documents / updates; ⚠️ Disclosures or restricted access e.g. based on your location, investor status, etc.; 🇼 Wikipedia page; 🔬 Research analysis (including articles/blog posts from fund managers, etc.); 🎥 Video; 🎙️ Podcast; 🎬 Webinar; 📝 Transcript; 📰 Newspaper/magazine article; 📯 Press release; 💻 Substack/blog/website article; ✅ Our own posts; 🗃️ Linked archived article; ⏰ Upcoming webinar or event.

📈 Contributors; 📉 *Detractors;🏧 Transactions; 🚩Discusses/mentions stocks by name.***

Disclaimer: We usually use Deepseek to summarize or extract stock names and assign performance emojis. Like all AI, Deepseek is not perfect and regularly adjusts their model which can lead to mistakes/misunderstandings/misinterpretations of the data its given. Your use of any content is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness of the content.

🌏 New Asia Fund Documents & Research

🔬🌏 2026 Asia Pulse Survey: AI Supercycle Shapes Expectations (Natixis IM) – The Natixis 2026 Asia Pulse Survey finds investors embracing the opportunities created by AI while struggling to reconcile those ambitions with their attitudes toward risk. While 85% want the opportunity to outperform the market, 76% say they would choose safety over investment performance if forced to decide. The disconnect highlights a defining tension in the survey: Investors are pursuing increasingly ambitious return goals while remaining fundamentally risk averse.
🔬🌏 Asia-Pacific: A Real Diversifier for U.S. Equity Risk (Robeco) – The valuation gap between Asia-Pacific and the US has narrowed, but we believe the trend is nascent. We believe this makes Asia-Pacific equities an appropriate allocation for investors seeking diversification from concentrated US exposure. Summary
- Asia is the engine of global growth
- Asia-Pacific equities remain at a discount to global markets
- Broad Asia-Pacific offers lower volatility compared to Asia ex-Japan
🔬🇨🇳 China’s innovation hidden in plain sight (BaillieGifford) – Key points
- China’s economic challenges can obscure companies setting the pace in technology and manufacturing
- BYD, CATL and Horizon Robotics show how Chinese innovation is reshaping global competition
- Extensive local research helps the China Growth Trust weigh risks and find companies with lasting advantages
  - 🇨🇳BYD Company (SHE: 002594 / HKG: 1211 / SGX: HYDD / OTCMKTS: BYDDY / BYDDF) 🇨🇳 – Electronics, automobiles, new energy & rail transit. 🇼 🏷️
  - 🇨🇳 Contemporary Amperex Technology Co Ltd (CATL) (SHE: 300750 / HKG: 3750 / SGX: HCCD / OTCMKTS: CYATY / CTATF) 🇨🇳 – World’s largest EV battery maker. 🇼 🏷️
  - 🇨🇳 Horizon Robotics (HKG: 9660) 🇰🇾 – Advanced driver assistance systems (ADAS) & autonomous driving (AD) solutions for passenger vehicles. 🇼🏷️
🔬🇨🇳 Aesop or Zeno? AI competition and the economics of staying ahead (FSSA Investment Managers) – Key takeaways:
- Artificial Intelligence (AI) is advancing at remarkable speed, but history suggests that technological leadership does not always translate into lasting economic value. As competitors narrow the gap more quickly, investors need to look beyond headline innovation and ask harder questions about pricing power, returns on capital and the durability of competitive advantages.
- For FSSA, this reinforces the importance of focusing on business quality, capital allocation and valuation rather than trying to predict the winners of a fast-moving technology race. We seek exposure where returns can be sustained across a range of outcomes, while remaining mindful of concentration risk.
- Our portfolios are exposed to the AI opportunity through high-quality companies across the ecosystem, including TSMC, Silergy, MediaTek, Lite-On, Tripod and Realtek*. These businesses also have sources of growth beyond AI, which reduces their reliance on a single industry.
  - 🇹🇼 Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE: TSM) 🇼 🏷️
  - 🇹🇼 Silergy Corp (TPE: 6415) – Global semiconductor founded in Sunnyvale, CA. End-to-end analog, power & signal chain solutions for automotive, industrial, consumer, computing & telecom equipment. 🇼 🏷️
  - 🇹🇼 MediaTek (TPE: 2454 / OTCMKTS: MDTTF) – Fabless semiconductor company. Systems-on-chip (SoC) for mobile device, home entertainment, connectivity & IoT products. 🇼 🏷️
  - 🇹🇼 Lite-On Technology Corp (TPE: 2301) – Opto-semiconductor, power supply management & key electronic products. 🇼 🏷️
  - 🇹🇼 Tripod Technology Corp (TPE: 3044) – Manufacturer of printed circuit boards.
  - 🇹🇼 Realtek Semiconductor Corp (TPE: 2379) – Fabless semiconductor company. Microchips. 3 categories: communications network ICs, computer peripheral ICs & multimedia ICs. 🇼 🏷️
  - 🇺🇸 NVIDIA
  - 🇨🇳 Xiaomi (HKG: 1810 / SGX: HXXD / FRA: 3CP / OTCMKTS: XIACF) 🇰🇾 – Consumer electronics & smart manufacturing company. Smartphones & smart hardware connected by an IoT platform at its core. 🇼 🏷️
  - 🇨🇳 Changxin Memory Technologies (CXMT) (SHA: 688825) – Manufactures dynamic random-access memory (DRAM) chips for mobile phones, PCs, tablets, servers, etc.🇼
  - 🇺🇸 Anthropic
  - 🇺🇸 OpenAI
  - 🇨🇳 DeepSeek

📈 Contributors; 📉 Detractors;🏧 Transactions; 🚩Discusses/mentions stocks by name.

🌏 New Asia Fund Documents & Research

To read more, please visit this article on Substack

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📈 Contributors; 📉 *Detractors;🏧 Transactions; 🚩Discusses/mentions stocks by name.***