EM Fund Stock Picks & Country Commentaries (June 28, 2026)

As of the end of June, remaining May fund updates (our continuously updated post containing all funds is here) along with new emerging market research have become available starting with another excellent non-EM piece from Praetorian Capital:

🔬🌐 Datacenters Are the New Shale Oil… (Praetorian Capital)
- I’ve now written two pieces on the economics of AI datacenters (Piece 1, Piece 2). Nothing shakes me from my view that these are deeply negative ROIC investments. Yet, hyperscalers have continued to plow ahead and build them anyway.
- The only recent historical comparable that I can think of is last decade’s shale patch. While I’m not involved in datacenters, I did have a unique window into shale through my frequent calls to shale CEOs, pleading with them to stop drilling wells with negative ROICs at then-current strip prices. I see a lot of the datacenter mentality, through the lens of those calls. Let me combine a few dozen of those shale oil CEO calls, and build you a composite collage of the typical conversation.

🗄️ 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

🗄️🌏Henderson Far East Income Limited (LON: HFEL)’s Maymonthly factsheet (detailed economic and portfolio – in the top corner + under documents) discussed or mentioned:
- 📉🇰🇷 SK Hynix (KRX: 000660) – Manufactures, distributes & sells semiconductor products in Korea, China, Asia, USA & Europe. DRAM, NAND storage products, SSD, MCP & CMOS image sensors for server, networking, mobile, PC, consumer & auto applications. 🇼 🏷️
- 📉🇰🇷🅿️ Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) 🇼 🏷️
- 📈🇹🇼 United Microelectronics Corp (TPE: 2303 / NYSE: UMC) – Global semiconductor foundry. 🇼 🏷️
- 📈🇹🇼 MediaTek (TPE: 2454 / OTCMKTS: MDTTF) – Fabless semiconductor company. Systems-on-chip (SoC) for mobile device, home entertainment, connectivity & IoT products. 🇼 🏷️
- 🏧🇦🇺 ANZ Group Holdings Ltd (ASX: ANZ / FRA: X5Z1 / OTCMKTS: ANZGF) – Diversified financial services.
- 🏧🌏 Astra International (IDX: ASII / FRA: ASJA / OTCMKTS: PTAIF) – Largest independent auto group in SE Asia. 🇼 🏷️
🔬🌏 ESG Thema #24 – Assessing physical climate risks for sovereigns – Focus on Asia (PGIM) – In Asia, climate hazard risks are more significant in south and south-east Asia than in east Asia. Verisk’s Climate Hazard index shows that Singapore, Thailand, India, Indonesia and Sri Lanka face the highest risks by 2050 and 2080. Meanwhile, Japan, South Korea, Taiwan and China appear less at risk, although a high temperature scenario would significantly increase their exposure to acute and chronic climate hazards by 2080.
🗄️🌏Platinum Asia Fund’s May monthly factsheet (detailed economic and portfolio) discussed or mentioned:
- 📈🇰🇷 SK Hynix (KRX: 000660) – Manufactures, distributes & sells semiconductor products in Korea, China, Asia, USA & Europe. DRAM, NAND storage products, SSD, MCP & CMOS image sensors for server, networking, mobile, PC, consumer & auto applications. 🇼 🏷️
- 📈🇰🇷🅿️ Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) 🇼 🏷️
- 📈🇹🇼 Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE: TSM) 🇼 🏷️
- 📈🇨🇳🏛️ CR Land (HKG: 1109 / FRA: CHZ / OTCMKTS: CRBJY / CRBJF) 🇰🇾 – Real estate flagship subs. of China Resources (Holdings) Company Limited. 🇼 🏷️
- 📈🇭🇰🏛️ China Overseas Land & Investment (HKG: 0688 / OTCMKTS: CAOVF) 🇭🇰 – Hong Kong-based real estate conglomerate. Property development (condominium & office) & commercial property management operation. Indirect subs. of China State Construction Engineering Corporation Limited (CSCEC). 🇼 🏷️
- 📈🇨🇳 Pony AI Inc (NASDAQ: PONY) – Vehicle-agnostic autonomous driving technology + robotaxi services. 🇼
- 📉🇵🇭 Jollibee Foods (PSE: JFC / OTCMKTS: JBFCF / JBFCY) – Foreign & local fast food/restaurant brands in the Philippines & abroad (Chowking, Greenwich, Red Ribbon, Mang Inasal, etc.). 🇼
- 📉🌏 Astra International (IDX: ASII / FRA: ASJA / OTCMKTS: PTAIF) – Largest independent auto group in SE Asia. 🇼 🏷️

📈 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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