EM Fund Stock Picks & Country Commentaries (October 26, 2025)

As of late October, more September/Q3 fund updates have become available (our continuously updated post containing all funds is here) along with new research starting with pieces pushing the AI narrative:

🔬🌐 AI versus the Dotcom Bubble: 8 reasons the AI wave is different (Janus Henderson Investors) – Portfolio Manager Alison Porter draws on her experience of investing through multiple technology waves to explain why she and the team believe AI’s unique dynamics distinguish it from the dotcom era.
🔬🌐 Dispelling the boogeyman of AI circularity (Janus Henderson Investors) – Portfolio Manager Denny Fish draws a contrast between recent artificial intelligence (AI) transactions and those of the dot.com era, noting that rather than being an example of unproductive “circularity,” the current crop of deals represents a potentially virtuous circle for a nascent industry.

New Asia Fund Documents & Research

🔬🌏🚩 Unearthing Asia’s buried treasures (Aberdeen Investments) – Gabriel Sacks, Co-Manager of Abrdn Asia Focus PLC (LON: AAS), highlights how under-researched smaller companies in Asia can offer strong long-term potential – if investors are willing to dig deeper and go beyond the data.
- 🇵🇭 Century Pacific Food (PSE: CNPF) – Seafood + other foods manufacturer. 🇼
- 🇮🇳 Aegis Logistics (NSE: AEGISLOG / BOM: 500003) – Integrated oil, gas & chemical logistics solutions provider.
🎙️🌏 Investor Insights Podcast #62 – Gabriel Sacks, Portfolio Manager of abrdn Asia Focus (Killik & Co) – Episode #62 features a discussion with Gabriel Sacks, an Investment Director on the Global Emerging Markets equities team at Aberdeen and the lead manager of the Abrdn Asia Focus PLC (LON: AAS). Episode timestamps:
- 00:00 Introduction
- 02:24 Speaker biography
- 04:20 Opening anecdote
- 07:07 A summary of the investment approach
- 10:41 Some example holdings
- 14:38 The macro-outlook
- 18:41 Navigating the recent period
- 22:08 The benefits of running the strategy within an investment trust
- 24:21 Management of risk
- 27:43 High conviction area
- 30:06 Risk Summary

🗄️🌏 The September monthly factsheet (detailed economic and portfolio) for the Abrdn Asia Focus PLC (LON: AAS), a high conviction portfolio of Asian small caps, discussed or mentioned:
- 📈🇰🇷 Hansol Chemical (KRX: 014680) – Fine chemicals + display, semiconductor & LiB materials. 🇼 🏷️
- 📈🇭🇰 🇨🇳 Hang Lung Properties Ltd (HKG: 0101 / FRA: AOP / OTCMKTS: HLPPY / HLPPF) 🇭🇰 – Top-tier property developer. Luxury positioning under the “66” brand. Subs. of Hang Lung Group Limited (HKG: 0010 / FRA: HLU / OTCMKTS: HNLGF / HNLGY). 🇼 🏷️
- 📉🇹🇼 Taiwan Union Technology Corporation (TPEX: 6274) – Value-added materials & advanced mass lamination service to the global electronics industry.
- 📉🇹🇼 Chung-Hsin Electric and Machinery Manufacturing Corp (TPE: 1513) – Manufacturing electric motors & generators. Power equipment, engineering & parking management services. 🇼
- 🏧🇺🇸 AvePoint Inc (NASDAQ: AVPT) – Data security. 🇼
- 🏧🇹🇭 Thai Life Insurance PCL (BKK: TLI / TLI-F / FRA: DQ20) – First Thai-operated life insurance company. 🇼
- 🏧🇨🇳 WuXi XDC Cayman (HKG: 2268 / FRA: L74) 🇰🇾 – Contract Research, Development & Manufacturing Organization (CRDMO) focused on the global ADC & bioconjugate market. 🏷️
- 🏧🇮🇳 Poly Medicure (NSE: POLYMED / BOM: 531768) – Consumable medical device maker.
- 🏧🇨🇳 Tongcheng Travel Holdings (HKG: 0780) 🇰🇾 – Online travel industry. 🏷️
- 🇨🇳 Alibaba (NYSE: BABA) 🇼 🏷️
- 🇨🇳 Baidu (NASDAQ: BIDU) 🇰🇾 – Internet-related services, products & AI. Chinese search engine, Baidu Maps, etc. 🇼 🏷️
⏰🌏 Invitation – Asia Frontier Capital – Quarterly Webinar on Thursday, 30^th October 2025 (Asian Frontier Capital)
- We will host our regular quarterly webinar to update existing and potential investors on the performance and outlook for our funds. The webinar will be held on Thursday, 30th October 2025, at 9:00am NY, 1:00pm UK, 2:00pm Swiss, and 9:00pm HK/SG time and will be recorded for viewing at your convenience. The speakers on the webinar will be:
  - Thomas Hugger, CEO & Fund Manager
  - Ruchir Desai, Co-Fund Manager of the AFC Asia Frontier Fund
  - Ahmed Tabaqchali, Chief Strategist of the AFC Iraq Fund
  - Scott Osheroff, CIO of the AFC Uzbekistan Fund
  - Vicente Nguyen, CIO of the AFC Vietnam Fund
- The webinar will highlight the following key points:
  - Drivers of performance so far in 2025
  - Outlook for 4Q25 and 2026
  - Key country picks for the AFC Asia Frontier Fund for 2026
  - Positive catalysts and key concerns for the future
  - Outlook for the AFC Asia Frontier Fund, AFC Iraq Fund, AFC Uzbekistan Fund, and AFC Vietnam Fund
- The webinar will run for 75 minutes, including a 30-minute Q&A session following the fund managers’ presentations.

New Asia Fund Documents & Research

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