EM Fund Stock Picks & Country Commentaries (September 28, 2025)

I have finally updated the Other International Funds page and have been meaning to mention that ZeroHedge had recently reposted a sarcastic Tweet from “Kuppy,” the CIO of Praetorian Capital, about his life as a hedge fund manager under Trump:

💻 “Every F**kin’ Day Bro” – A Glimpse Into The Life Of A Hedge Fund Manager Under Trump 2.0 (ZeroHedge) 🗃️

For those who may not be in the seat, or have a clue as to just what the daily roller-coaster has been like for the last seven months and counting, Harris Kupperman, CIO of Praetorian Capital posted the following on X, which although a little tongue in cheek, is awfully close to the reality of anyone trying to trade this chaos. Brace yourself, as Kuppy says “Every fuckin’ day bro… every one!”:

6:00 – Wake up, check what Trump tariffed overnight. Cambodia up +200%, Paraguay -3% (they said thanks).

6:05 – Brew some coffee.

6:10 – Trump tweets that the laws are rigged, since he cannot tariff Arizona. Mentally scroll the portfolio for exposure…

6:15 – Check what happened in Asia and Europe. 6:22 – Trump announces that hot dogs will join the food pyramid. Bans hot dog exports. Fortunately our book dodged that one.

6:30 – Drink some coffee, talk to wife, pray Trump will spend the morning golfing so I can do some actual work…

6:31 – Trump announces that oil at $65 is too high. Threatens anyone who isn’t producing more oil.

6:32 – Top 5 position announces earnings, want to join the earnings call at 7am, but Trump just scheduled a press conference then, and he’s looking unpredictable.

7:02 – Trump announces that Japan can now export golf balls tariff-free, in honor of Abe letting him cheat at golf. Join the earnings call instead.

7:06 – Futures plunge 65 handles in a single tick, frantically leave the earnings call and go back to whatever Trump is still yapping about in his press conference.

It goes on to about noon…

As you can imagine, the comments from ZeroHedge readers were brutal (the comments don’t seem to load on all browsers):

Twitter users though were surprisingly nicer…

Note that we mentioned Kuppy’s very reasonable/well thought out Global Crossing Is Reborn… piece a month ago about the AI bubble feeling less like a revolution and more like a rerun of previous bubbles…

As of the end of September, more August fund updates have become available (our continuously updated post containing all funds is here) plus new research starting with more fund pieces pushing Europe:

🔬🇪🇺 Why we remain positive about Europe’s outlook (Fidelity International) – Marcel Stotzel outlines why quality businesses backed by strong balance sheets and dividend growth potential remain well placed to deliver strong relative returns over the long-term. [Fidelity European Trust PLC]
🔬🇬🇧 The takeover tailwind in UK equities (Fidelity International) – Alex Wright, portfolio manager of Fidelity Special Values PLC discusses the flurry of takeover announcements of companies within the portfolio, despite turbulent markets and sharp currency moves. While the level of activity underscores the inherent value and opportunities in the UK market, he highlights why he believes his contrarian approach should continue to benefit from an active takeover market.
🔬🇪🇺 This lengthy piece has a Table 1: Major EU policy initiatives: Gateway to Europe (DWS)
- Europe could be regaining its investment attractiveness, and Germany, as Europe’s largest economy, is a natural gateway
- After years of excessive fiscal caution, programs to upgrade Europe’s defenses and infrastructure as well as support the green transformation and high-tech low-carbon industrial revolution could be changing the investment picture
- We see potential opportunities across multiple asset classes. Currently, European equities remain undervalued compared to their global peers, fixed income yields appear attractive and private markets and real assets could be propelled by policy-driven tailwinds
🎙️🇬🇧 How will Reeves plug the UK’s fiscal black hole? (Aberdeen Investments) 27:12 Minutes – Why is the UK government facing a daunting fiscal gap ahead of the budget? What’s driving this so-called ‘black hole’ and what could filling it mean for the economy, markets and you?

However, this might be good reality check on Europe from ZeroHedge:

💻🇪🇺 European Neo-Feudalism: How Exit Taxes Chain Citizens To A Failing System (ZeroHedge) 🗃️
- More and more people are turning their backs on the European Union. With them, the states are also losing economic substance. Exit taxes are being used in an attempt to counter this.
- The states of the European Union are experiencing a veritable exodus. About 1.4 million EU citizens left their home countries in 2023, among them 265,000 Germans. Among the favored destinations are, alongside Switzerland and the United States, booming regions such as Qatar or Dubai.
- Anyone who, as an entrepreneur, holds at least 1 percent of a corporation (this includes stock capital) and turns his back on Germany triggers exit taxation—even if no sales proceeds have been realized. In this case, the state assumes a fictitious sale of the shares and taxes the theoretical capital gain. What is decisive is the difference between the original purchase price and the current market value. Sixty percent of this gain is added to taxable income and taxed at up to 45 percent, depending on the income tax rate. In addition comes the solidarity surcharge and a possible church tax levy.
- The response is further barriers to capital, such as the planned digital euro. It would amount to an almost insurmountable capital barrier. And it would at the same time send the signal to worldwide capital to give the eurozone a wide berth.

New Asia Fund Documents & Research

🗄️🌏 Fidelity Asian Values Plc (LON: FAS)’s August monthly factsheet (short economic and portfolio review) noted the fund has a significant percentage of the portfolio in China and Hong Kong which helped relative returns along with selections within materials and consumer discretionary; but an overweight exposure to Indonesia versus the index detracted.
🗄️🌏 Henderson Far East Income Limited (LON: HFEL) latest August monthly factsheet (detailed economic and portfolio – in the top corner + under documents) discussed or mentioned:
- 📈🇨🇳 Brilliance China Automotive Holdings (HKG: 1114 / FRA: CBA / OTCMKTS: BCAUF) 🇧🇲 – BMW vehicles, automobiles, microvans & automotive components maker. 🇼
- 📈🇨🇳🏛️ China Construction Bank (SHA: 601939 / HKG: 0939 / VIE: CNCB / OTCMKTS: CICHY / CICHF) 🇨🇳 – One of the “big four” banks in China. 🇼
- 📈 [Not owning hurt returns] 🇸🇬 DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) – Financial services group in Asia with a presence in 19 markets: Greater China, Southeast Asia & South Asia. 🇼 🏷️
- 📉🇹🇼 Evergreen Marine Corp Taiwan Ltd (TPE: 2603) – Fleet of 200+ full-containerships. Among the world’s leading international shipping companies. 🇼 🏷️
- 🏧🇨🇳 Bosideng International Holdings (HKG: 3998 / FRA: 3BD / OTCMKTS: BSDGY / BSDGF) 🇰🇾 – Down apparel + ladieswear brands. 🇼 🏷️

New Asia Fund Documents & Research

Similar Posts:

Leave a Comment Cancel reply

Similar Posts: