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

As of early January, some December/Q4 fund updates (our continuously updated post containing all funds is here) along with new research has become available starting with some non-EM pieces pushing Europe or European stocks (again…):

🔬🌍 Why Europe still offers attractive opportunities in 2026 (Fidelity) – Fidelity European Trust portfolio managers Sam Morse and Marcel Stötzel explain why they see continued opportunity in Europe in 2026.
- 🌐 ASML Holding NV (NASDAQ: ASML) – Dutch MNC that specializes in the development & manufacturing of photolithography machines to make chips. 🇼 🏷️
- 🇫🇷 Dassault Systèmes
- 🇪🇸 Inditex
- 🇫🇷 Legrand
- 🇮🇪 Ryanair Holdings plc (NASDAQ: RYAAY)
- 🇩🇪 SAP
- 🇩🇪 Symrise
- 🇫🇷 TotalEnergies SE (NYSE: TTE)
- 🇫🇷 Veolia Environnement SA (VIE: VIE / ETR: VVD / OTCMKTS: VEOEY)
🔬🇩🇪 Germany’s big comeback? Five reasons smaller companies could lead the charge(Janus Henderson Investors) – Julia Scheufler, deputy fund manager for The European Smaller Companies Trust, recently visited Germany. Here’s what she learned – and why smaller businesses might be the ones to watch.
- 🇩🇪 Bechtle AG
- 🇩🇪 Ströer [Stroeer SE]
🔬 Positioned for 2026: Job Curtis on opportunities ahead for UK investors(Janus Henderson Investors) – As the City of London Investment Trust marks its 59th consecutive year of dividend growth, fund manager Job Curtis reflects on the past 12 months, the trust’s positioning, and what lies ahead for investors.
- 🇬🇧 British Land
- 🇬🇧 Land Securities
- 🇬🇧 Big Yellow Group
- 🇬🇧 NatWest
- 🇬🇧 M&G
- 🇬🇧 BAE Systems
- 🇬🇧 Rolls-Royce
- 🇬🇧 Standard Chartered
- 🇬🇧 HSBC
- 🇬🇧 Unilever
- 🇫🇷 TotalEnergies
- 🇺🇸 Merck
- 🇺🇸 Johnson & Johnson
- 🇨🇭 Novartis
- 🇩🇪 Munich Re
- 🇭🇰 Swire Pacific (HKG: 0019 / 0087 / OTCMKTS: SWRAY / SWRAF) 🇭🇰 – Property, aviation, beverages & food chain, marine services & trading & industrial. 🇼

New Asia Fund Documents & Research

🗄️🎙️🌏 abrdn Asia-Pacific Income Fund (FAX) featuring Portfolio Manager Adam McCabe (Aberdeen Closed-End Funds) 13:39 Minutes – Join Mike Taggart, Head of Closed-End Fund Investor Relations, and Adam McCabe, abrdn Asia-Pacific Income Fund, Inc. (NYSEAMERICAN: FAX) Portfolio Manager, discuss the performance of the US dollar relative to Asian currencies as well as other current trends in the Asia-Pacific marketplace.https://open.spotify.com/embed/episode/3ubG5fca7h1vzp1i64dc2C
Asia Frontier Capital has the following updates:
- 🗄️🌏 AFC Asia Frontier Fund’s latest monthly newsletter (detailed economic and portfolio) is from the end of December (AFC Funds Report Strong Performance in 2025 – December 2025 Update) noted that three out of four AFC Funds reported double-digit gains in 2025, why they expect Pakistani economic momentum to translate into robust earnings growth in 2026, and why they would not be surprised if Sri Lanka 2026 GDP growth remains in the 5% range. Named or unnamed performers/transactions (that can be guessed) discussed or mentioned:
  - 📈🇵🇬 Retail store operator in Papua New Guinea
  - 📈🇻🇳 Nickel explorer in Vietnam
  - 📈🇰🇭 Cambodian gold producer
  - 📈🇰🇿 Kazakh bank
  - 📈🇵🇬 Gold explorer in Papua New Guinea
  - 🏧🇲🇳 Convenience store operator in Mongolia [?🇲🇳 Premium Nexus Jsc (MSE: CUMN) – Convenience store operator. Korea’s CU owned by BGF Retail (KRX: 282330). 🇼?]
  - 🏧🇲🇳 Existing positions in Mongolia
  - 🏧🇱🇰 Existing positions in Sri Lanka
- 🗄️🇮🇶 AFC Iraq Fund’s December newsletter (economic and portfolio) noted and discussed the fund’s three-year return of 253.0% driven by the dynamics that are fuelling a secular transformation of Iraq’s economy following decades of conflict. The update also gave an outlook for 2026.
- 🗄️🇺🇿 AFC Uzbekistan Fund’s December newsletter noted how December saw much-anticipated capital markets legislation to modernise Uzbekistan’s capital markets getting passed by the government. Uzbek citizens will also be able to invest in equities listed abroad (specifically in American and East-Asian stock markets) which should see a surge in new brokerage account openings.
- 🗄️🇻🇳 AFC Vietnam Fund’sDecember newsletter discussed or gave a Vietnam stock market summary 2025, Vietnamese stock market outlook for 2026, which sectors will lead performance in 2026 and political stability reinforces Vietnam’s long-term investment case (2026–2031). Stocks discussed or mentioned:
  - 🇻🇳 Vingroup JSC (HOSE: VIC) – Diversified conglomerate: Industrials & technology, real estate & services, & social enterprises. 🇼
  - 🇻🇳 Vinhomes JSC (HOSE: VHM) – Residential housing arm of private conglomerate Vingroup. 🇼
  - 🇻🇳 Vincom Retail JSC (HOSE: VRE) – Retail real estate developer. Commercial centers/malls + residential & office properties for lease and for sale. 🇼
  - 🇻🇳 Vinpearl JSC (HOSE: VPL) – Diversified mix of luxury & family resorts, convention centers, restaurants & spas in Vietnam’s top destinations. 🇼
  - 🇻🇳 Tng Investment And Trading JSC (HNX: TNG) – Garment maker.
  - 🇻🇳 Phu Tai Corporation (HOSE: PTB) – Manufacture & trade of stone & wood products.
  - 🇻🇳 Vietcom Bank (HOSE: VCB) or Joint Stock Commercial Bank for Foreign Trade of Vietnam – Private Hanoi based commercial bank. 🇼
  - 🇻🇳🏛️ BIDV Insurance Corp (HOSE: BIC) or Bank for Investment and Development of Vietnam Insurance JSC – Insurance, banking, securities & wealth management.
  - 🇻🇳🏛️ Vietnam JSCmmercial Bank for Industry and Trade (Vietinbank) (HOSE: CTG) – Commercial bank. 🇼
  - 🇻🇳 Techcombank (HOSE: TCB) or Vietnam Technological And Commercial Joint Stock Bank – Corporate banking services. Subs. of Masan Group Corp (HOSE: MSN). 🇼
  - 🇻🇳 Minh Phu Seafood Corp (HNX: MPC) – Shrimp farming & processing.
  - 🇻🇳 Agriculture Bank Insurance JSC (HNX: ABI) – Insurance.
  - 🇻🇳 Lam Dong Mineral and Building Material JSC (HOSE: LBM) – Precasted concrete, tuynel brick, construction stone, refractory material, kaolin & Bentonite
  - 🇻🇳 Phu Tai Corporation (HOSE: PTB) – Manufacture & trade of stone & wood products.

New Asia Fund Documents & Research

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