EM Fund Stock Picks & Country Commentaries (October 11, 2026)

A couple of recent fund updates starting with the Pacific Assets Trust plc (LON: PAC):

🏦 Schroder Investment Trusts (Various) ⚠️

NOTE: Pacific Assets Trust plc (LON: PAC) – “Following the passing of the special resolution by the Company’s Shareholders on 24th September 2026, the scheme of reconstruction offering shareholders a cash exit or to roll over their investment into Schroder Asian Total Return Investment Company plc became effective and the Company was placed into members’ voluntary liquidation under the provisions of the Insolvency Act 1986. Derek Neil Hyslop and Richard Barker, both licensed insolvency practitioners of Ernst & Young LLP, have been appointed as joint liquidators for this purpose.

This website is no longer available and information on the liquidation can be found at the below website or, alternatively, shareholders may contact the liquidators directly at PAC@parthenon.ey.com.”

Note that Schroder offers a few Asia focused investment trusts, including the Schroder AsiaPacific Fund plc (LSE: SDP), Schroder Oriental Income Fund Limited (LSE: SOI) and Schroder Asian Total Return Investment Company plc (LSE: ATR) plus Schroder Japan Trust plc (LON: SJG).

In addition:

🏦 Stewart Investors Investment Trusts (Various) ⚠️

IMPORTANT NEWS: Transition of investment management responsibilities (excluding the Worldwide strategies)

First Sentier Group, the global asset management organisation, has announced a strategic transition of Stewart Investors’ investment management responsibilities to its affiliate investment team, FSSA Investment Managers, effective Friday, 14 November close of business EST. “

Stewart Investors has a few Asia focused funds, including the Asia Pacific All Cap, Asia Pacific and Japan All Cap and Asia Pacific Leaders.

Note that Stewart Investors were among the first to get on the “sustainability” bandwagon and to see the writing on the wall by getting off of it (as ESG or “sustainably” became toxic words – at least for American investors…):

🗄️ Client letter: Why change a name? (Stewart Investors) September 2024 – We have decided to remove the word ‘Sustainability’ from the Stewart Investors fund names. Why? Three and a half slow-burning thoughts have combined to make it the right time.

In late 2005, after much agonising, we launched what is now one of the world’s oldest Asia Sustainability funds. This was never our intention. As long-term investors in Asia, we were already compelled to consider the sustainability positioning of companies to which we were handing over our clients’ savings for five, ten years and longer. We had spent the previous decade and more trying to find better ways to analyse sustainability positioning as an essential part of our investment approach.

As of early October, a few remaining August plus some September fund updates (our continuously updated post containing all funds is here) along with new emerging market research starting with some non-EM pieces:

🔬🇪🇺 Is Europe Facing Another Debt Crisis? (Lazard Asset Management)
- Since the Iran war began, European bond spreads—a measure of risk perception among investors—have been rising. Spreads of 10-Year French Government Bonds have widened by 81 basis points (bps) to 137 bps as of 5 October relative to benchmark 10-Year German Bunds, reaching levels not seen since the Eurozone debt crisis of 2011–2012 (Exhibit 1).
- As I argued in my mid-year outlook, investors are increasingly questioning which developed-market government bonds still serve as safe havens. In my opinion, they are wise to do so.
🔬🌐Lam and Alnylam: time well spent(BaillieGifford) – Key points
- New LTGG holdings Alnylam and Lam show that outliers can come from very different places
- Years of accumulated expertise have given both companies advantages that are hard to replicate
- Time can be an advantage for companies as well as for long-term investment teams
  - 🇺🇸 Alnylam Pharmaceuticals
  - 🇺🇸 Lam Research Corporation

🗄️ 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

🔬🌏 Emerging Asia (ex China) government bonds monthly (FTSE Russell) – Explore monthly insights on key developments across India, Indonesia, Malaysia, the Philippines and Thailand government bond markets.
🎙️🌏 Asia’s race against time (Under the Banyan Tree by HSBC Global Research) 14 Minutes – It’s well known that Asia’s major economies are aging fast, but so are its smaller ones. Herald and Fred sit down with Economist Ines Lam to talk about what this means for the region.
🔬🌏 Asia-Pacific: A real diversifier for US 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.
🔬🌏 Peter Lewis’ Money Talk: Ruchir Desai, Co-Fund Manager of the AFC Asia Frontier Fund Discusses How Asian Frontier Economies are Performing in an Uncertain Geopolitical Environment (RTHK Money Talk) At the 34:06 minute mark – On Thursday’s “Peter Lewis’ Money Talk” podcast, I’m joined by Andrew Freris, the CEO of Ecognosis Advisory and Nitin Dialdas, Chief Investment Officer at Mandarin Capital. We also get an update on Asia’s frontier markets with Ruchir Desai of AFC Asia Frontier Fund.
🎬🌏⏰ From Macro Shifts to Fixed Income Markets: APAC Outlook 2026 (S&P Dow Jones) Wednesday, October 14, 2026 | 11:30 AM IST / 2:00 PM HKT, SGT / 4:00 PM AEST – Join S&P Global Market Intelligence’s Aries Poon and S&P Dow Jones Indices’ Jessica Tan, to explore the latest Asia-Pacific outlook and find out how recent developments in fixed income are creating new opportunities and challenges for investors. Topics will include:
- The APAC economic outlook amid shifting growth, inflation and geopolitical dynamics
- Diverging monetary policy paths across major Asia-Pacific economies and their potential implications for investors
- How evolving macro conditions are driving market realignment across Asia-Pacific fixed income markets
- What currency movements and fixed income index trends may reveal about opportunities and risks across the region’s bond markets
🎬🇨🇳⏰China Q3 Update: Earnings-Driven Re-Rating? & IPO Pipeline (KraneShares) – Tuesday, October 13, 2026, 10:00 am – 11:00 am EDT
- Join KraneShares CIO Brendan Ahern and Head of International Dr. Xiaolin Chen as they discuss their outlook for China’s stock market.In this webinar, we will discuss:
  - Upcoming IPOs & Potential Market Impact
  - What’s driving the expected sharp earnings turnaround for some of China’s largest internet companies
  - How to access local technology IPOs through the KraneShares China Technology & Semiconductor STAR Market 50 ETF (Ticker: KSTR)
  - Live Q&A

📈 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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