As of the end of late April, more March/Q1 fund updates have become available (our continuously updated post containing all funds is here) along with new research starting with a non-EM piece:

• 🔬🌍 The energy test for European sectors (Amundi) - We believe that European companies’ Q1 earnings should remain relatively robust. As the Iran conflict only started at the end of February, the impact is likely to be more visible in Q2 reporting and beyond; while the pullback in share prices so far have mostly been due to valuation multiple de-rating from a higher equity risk premium given the uncertain outlook. Summary

  • The consequences of a long-lasting conflict will increase the risks of recession over time (more adverse scenario).

  • European sectors – assessing the impact of the energy shock

New Asia Fund Documents & Research

• 🔬🌏 Asia and the energy shock (Amundi) - Asia is exposed to the Middle East conflict and the resulting rise in oil and gas prices. Most countries in the region are net energy importers (Malaysia is a notable exception). Even if the pass‑through to headline inflation remains limited, sustaining cost‑of‑living support to shield household purchasing power will be expensive for governments. Summary

  • CHINA – diversification efforts are positive, but oil still accounts for a significant share of end use.

  • INDIA – risk of funds meant for capex being diverted to subsidies

  • SOUTH KOREA – bigger push to inflation, modest hit to growth

  • TAIWAN – contained inflation pick-up if the crisis is limited in duration

  • INDONESIA – fiscal stance was already loose before the crisis

  • PHILIPPINES – fiscal deficit limits space for broad subsidies

  • THAILAND – risks of a strong stagflationary impulse

  • JAPAN – BOJ likely to delay rate hike, not reverse course

Read more

Note: On February 16, 2025, the original evergreen post got hopelessly trapped in a savings loop while editing after (likely) hitting a Substack character, length, or memory limit. The post had to be copied, unpublished/deleted, edited with fewer words/characters/imbeds, and then republished... The following week, the save limit was hit again BUT with a warning - forcing the splitting up of the main post into separate posts while the ensuring links in the main evergreen post’s table of contents go to the right post and section…:

And as always, this post is provided for informational purposes only (and to make your life easier…). It does not constitute investment advice and/or a recommendation…

Note that a ⚠️ symbol indicates a fund or fund website might be restricted to certain types of investors or investors in specific locations - please be mindful of any disclosure popups or restrictions if you click on a link going to their homepages. We also avoid directly quoting from fund literature or directly linking to PDF, etc. type files where there might not be a disclosure popup that otherwise would appear when accessing the rest of the website.

Contents of this Post

• Africa

  • 🏦 Allan Gray Africa Funds (Various) ⚠️

Read more

Note: On February 16, 2025, the original evergreen post got hopelessly trapped in a savings loop while editing after (likely) hitting a Substack character, length, or memory limit. The post had to be copied, unpublished/deleted, edited with fewer words/characters/imbeds, and then republished... The following week, the save limit was hit again BUT with a warning - forcing the splitting up of the main post into separate posts while the ensuring links in the main evergreen post’s table of contents go to the right post and section…:

And as always, this post is provided for informational purposes only (and to make your life easier…). It does not constitute investment advice and/or a recommendation…

Note that a ⚠️ symbol indicates a fund or fund website might be restricted to certain types of investors or investors in specific locations - please be mindful of any disclosure popups or restrictions if you click on a link going to their homepages. We also avoid directly quoting from fund literature or directly linking to PDF, etc. type files where there might not be a disclosure popup that otherwise would appear when accessing the rest of the website.

Contents

• Various Frontier Market Focused Funds

  • 🏦 Allan Gray Frontier Markets Equity Fund ⚠️

Read more

• 📯We are Deeply Saddened to Learn of the Passing of Mark Mobius (Mobius Capital Partners)

New Asia Fund Documents & Research

• Asia Frontier Capital has these updates:

  • 🎙️🌍 Peter Lewis’ Money Talk: Ruchir Desai, Co-Fund Manager of the AFC Asia Frontier Fund Discusses Why He is Positive on Bangladesh, Oman, and Uzbekistan (from 36’30”) (RTHK Money Talk) 54:50 Minutes - Whole Show (April 2026)

  • 🗄️🌍 AFC Asia Frontier Fund’s March monthly newsletter (detailed economic and portfolio - Potential De-Escalation in the Middle East Positive for AFC Funds - March 2026 Update) noted declines for Pakistan, Sri Lanka, Vietnam, Mongolia, Bangladesh, and Georgia; but it was noted that net energy-importing countries are in much better shape than in 2022. There were positive performances for Iraq, Laos, Oman and Uzbekistan. Oman was discussed as being perceived as neutral with any correction in Omani stocks as a buying opportunity.

    Named or unnamed performers/transactions (that can be guessed) discussed or mentioned:

    • 📈🇴🇲 Bank Muscat SAOG (MSM: BKMB) - Commercial & investment banking services. Largest branch network in Oman. 🇼

    • 📈🇴🇲🏛️ Oman Telecommunications Company (Omantel) (MSM: OTEL) - Diversified telecom & digital services provider. 🇼

    • 📈🇴🇲🏛️ Oq Exploration and Production CJSC (MSM: OQEP) or OQEP - Pure-play oil & gas exploration & production company. 🇼 🏷️

    • 🇲🇳 Mongolian gas explorer

  • 🗄️🇮🇶 AFC Iraq Fund’s March newsletter (economic and portfolio) discussed the impact of the war with Iran on Iraq. It was noted that oil revenues are normally received two to three months following their exports and the government should be able to meet its expenditures for March, April and probably half of May. Iraq also exports oik to Iran friendly countries.

  • 🗄️🇺🇿 AFC Uzbekistan Fund’s March newsletter discussed the war and its impact on Uzbekistan, the Uzbekistan National Investment Fund (UzNIF) (which is planning a listing on the Tashkent and London Stock Exchanges later this year) and AFC Uzbekistan Tour 2026 (late September 2026). UzNIF holdings briefly mentioned:

    • 🇺🇿 NavoiAzot

    • 🇺🇿 Xalq Bank

    • 🇺🇿 O’zbektelekom

    • 🇺🇿 O’zbekinvest

    • 🇺🇿 Uzpromstroybank

  • 🗄️🇻🇳 AFC Vietnam Fund’s March newsletter discussed market developments, how Vietnam is positioned for strong growth despite elevated oil prices, inflation remains well under control, the impact of higher oil prices on AFC Vietnam Fund, etc. Stocks discussed or mentioned:

    • 🇻🇳 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.

    • 🇻🇳 Tng Investment And Trading JSC (HNX: TNG) - Garment maker.

• 🎥🌍 Aberdeen Asia Focus - Asia’s technology powerhouses: opportunities beyond US mega‑caps (Aberdeen Investments) 9:20 Minutes - Watch the latest manager update video for Abrdn Asia Focus PLC (LON: AAS), featuring Lead Manager Gabriel Sacks.

• 🎥🌍 Aberdeen Asia Focus – Positioning the portfolio amid geopolitical volatility (Aberdeen Investments) 4:19 Minutes - In this short video, Gabriel Sacks, Lead Manager of Abrdn Asia Focus PLC (LON: AAS), discusses how the portfolio is being positioned against a backdrop of heightened geopolitical uncertainty.

Read more

Note: On February 16, 2025, the original evergreen post got hopelessly trapped in a savings loop while editing after (likely) hitting a Substack character, length, or memory limit. The post had to be copied, unpublished/deleted, edited with fewer words/characters/imbeds, and then republished... The following week, the save limit was hit again BUT with a warning - forcing the splitting up of the main post into separate posts while the ensuring links in the main evergreen post’s table of contents go to the right post and section…:

And as always, this post is provided for informational purposes only (and to make your life easier…). It does not constitute investment advice and/or a recommendation…

Note that a ⚠️ symbol indicates a fund or fund website might be restricted to certain types of investors or investors in specific locations - please be mindful of any disclosure popups or restrictions if you click on a link going to their homepages. We also avoid directly quoting from fund literature or directly linking to PDF, etc. type files where there might not be a disclosure popup that otherwise would appear when accessing the rest of the website.

Contents

• Various Emerging Market Focused Funds

  • 🏦 abrdn Emerging Markets ex-China Fund, Inc. (NYSE: AEF)

  • 🏦 abrdn Global Income Fund, Inc. (NYSEAMERICAN: FCO)

Read more

New Asia Fund Documents & Research

• 🔬🌏 Aberdeen Asia Focus: Kepler research note (Kepler Investments) - Read the latest comprehensive research note published by Kepler, providing an update on the Abrdn Asia Focus PLC (LON: AAS)'s portfolio, gearing, performance, dividend, management and charges.

• 🔬🌏 Fixed income solutions for Asia-Pacific insurers (Robeco) - Asia Pacific insurers are entering a defining phase for portfolio construction. Regulatory frameworks across Japan, Hong Kong and Singapore are tightening, sustainability commitments are accelerating, and global credit conditions continue to shift. In this environment, insurers must navigate an increasingly complex set of constraints without compromising the stability that fixed income portfolios are expected to provide.

• 🎙️🇨🇳 Get ready for a LOT of driverless cars in China (Under the Banyan Tree by HSBC Global Research) 10:42 Minutes - Head of China Autos Research Yuqian Ding joins Fred and Herald to give her outlook on the explosive growth of autonomous driving in mainland China.

Read more

Otherwise, these funds or their fund managers will tend to produce good commentaries about their portfolios and other types of research that would be of interest to investors or help generate new investing ideas.

And as always, this post is provided for informational purposes only (and to make your life easier…). It does not constitute investment advice and/or a recommendation…

Note that a ⚠️ symbol indicates a fund or fund website might be restricted to certain types of investors or investors in specific locations - please be mindful of any disclosure popups or restrictions if you click on a link going to their homepages. We also avoid directly quoting from fund literature or directly linking to PDF, etc. type files where there might not be a disclosure popup that otherwise would appear when accessing the rest of the website.

Note: On February 16, 2025, the original evergreen post got hopelessly trapped in a savings loop while editing after (likely) hitting a Substack character, length, or memory limit. The post had to be copied, unpublished/deleted, edited with fewer words/characters/imbeds, and then republished... The following week, the save limit was hit again BUT with a warning - forcing the splitting up of the main post into separate posts while the ensuring links in the main evergreen post’s table of contents go to the right post and section…:

Contents of this Post

• Asia

  • 🏦 Abrdn Asia Focus PLC (LON: AAS) ⚠️

  • 🏦 abrdn Asia-Pacific Income Fund, Inc. (NYSEAMERICAN: FAX)

  • 🏦 AFC Asia Frontier Fund ⚠️

Read more

• 🔬🇺🇸🚩 Trip notes: Cleveland, Ohio (Baillie Gifford) - Key points

  • SAINTS manager James Dow looks beyond the AI wave to explore the US’s ‘real economy’, where entrepreneurial growth hides in plain sight

  • Sherwin-Williams Co (NYSE: SHW) and RPM International (NYSE: RPM) demonstrate how paint and coatings companies achieve remarkable competitive advantages

  • On-the-ground research reveals qualities that desk analysis misses, confirming how these Cleveland companies can revive Rockefeller-era confidence

• 🔬🇺🇸🚩 Uber’s age of autonomy (Baillie Gifford) - Key points

  • Uber Technologies Inc (NYSE: UBER)’s established network of 180 million customers and partnerships with leading AV companies position it strongly for the autonomous transport age

  • Its dual ride-hailing and food delivery services create a powerful network effect, with big growth potential in many markets

  • Now developing into a comprehensive super-app with travel booking, advertising and subscription services, it has the unique ability to blend human and autonomous drivers

New Asia Fund Documents & Research

• 🎙️🌏📝 Second Order Effects: From Iran to China, a Live Conversation with Dr. Kurt Campbell (PGIM) 39:24 Minutes - Daleep welcomed Kurt for an in-depth look at the U.S.-China relationship and the Iran war’s implications for Asia-Pacific. Speaking in front of a live audience, they also discussed how geopolitical shifts are reshaping economies, strategic leverage lurking in critical supply chains, and the outlook for Japan.

• 🎙️🌏 Asia’s financial systems: The Middle East stress test (Under the Banyan Tree by HSBC Global Research) 17:01 Minutes - With record outflows from Asian stock markets and currencies feeling the pinch, Fred and Herald discuss how the region is relatively well positioned to ride out the volatility caused by the Middle East conflict.

Read more

They recently interviewed Russian Stanislav Krapivnik who has worked for various multinationals as a supply chain director for oil fields in Eurasia and he explained why the current situation in the Middle East is not just a catastrophe, but a collapse:

🎥 Energy collapse, supply chains WRECKED w/ Stanislav Krapivnik (The Duran) 41:20 Minutes (March 2026)

Energy collapse, supply chains WRECKED w/ Stanislav Krapivnik
Follow Stanislav Krapivnik: / @mrslavikman

(1) 🇷🇺 STANISLAV KRAPIVNIK 🇷🇺 (@STANISKRAPIVNIK) / X

Military-Geopolitical Analyst / Backup @smkrapiv/TG: https://t.me/staswasthereenglish2 / https://t.me/stastydaiobratno /

Substack: / https://zmeigarinich.substack.com/

Given Krapivnik’s significant energy industry related experience, he explained in detail the cascade of problems the war is causing e.g.:

• Damaged sites will need to be cleared of twisted metal (only good for scrap now) and assessed for damage (both above and below ground) with whatever damaged having lead times e.g. specific types of steel can take months to make (e.g. for valves which also need to be machined, repeatedly pressure tested with water and dried out and retested, etc.).

• The high-end Middle East workforce still tends to be Americans/Brits who along with their families were more or less left to fend for themselves by their respective governments (and may not be in a hurry to want to come back to the region - especially if the desalinization plants are hit leading to water shortages). And China and Russia aren’t going to be helping the USA allied Gulf states.

• Important equipment is often made to order equipment (or made by hand) and if the well heads need replacing (values are easier to replace but “Christmas trees” are made to order) or the well itself is damaged, it may need to be redrilled.

• This equipment will need to come from the USA/Russia/China or from Brazil/India to a lesser degree (not Europe as they don’t have energy to produce it and German steel is too expensive). The companies that make it already have a set amount of volume from their own country’s industries/customers; but all of a sudden you have a gigantic volume coming from war damage...

• We need another two Russias (produces 11M barrels and consumes 5M with China eating half the exports) to make up the energy shortfalls. Venezuela’s degraded and warn out equipment produces 800k barrels of heavy crude (that needs light to be mixed in) with $3B in investments needed to get it up to 2M barrels. As for Argentina, most of its gas gets used domestically (and can’t make up the European shortfall).

• It takes 3 to 5 years to bring on a completely new field from a clear field to an actual producing field.

• Krapivnik also noted that 2022 was self inflicted as politicians with no real world experience/understanding went to the spot market to buy because it was cheaper; but that market is for meant for emergencies (like going to the convenience store to buy something you just ran out of). Spot market prices for everything are or will be skyrocketing…

He said we could be looking at 1 to 2+ years or even several years IF the conflict drags on for a return to normalcy (and assuming there is the money to fix everything).

Christoforou explained how he was told that refineries are very resilient and can be repaired quickly. Damaging or shutting down the actual oil extraction and production facilities (rather than just the refineries) is what leads to a crisis and damage over time.

Krapivnik pointed out that’s true - to a degree. In the Ukraine conflict, its oil storage facilities that are getting hit (to create “pretty” pictures/videos); but its the (computerized and pressurized) piping situation where there is serious complexity and logistical bottlenecks. Again, much of this is hand made or made to order, you can’t just patch them up (as it will never hold the same amount of pressure again as a weld becomes a weak point, etc), and its a logistical nightmare to move larger parts around like pipes (e.g. special vehicles are needed, etc).

Note: My father retired a decade ago from working on the shop floor of a company making/assembling various steel products. When the fracking boom accelerated (I guess beyond the capacity of manufacturing companies back east to keep up), the company was trying to get piping jobs. The problem was that all the shop guys at the company who knew how to make pipes were near retirement, retired or dead while the manufacturing plus the oil industry in California had already been decimated by state regulations (meaning there weren’t many workers who knew how to do this sort of work elsewhere in the state and you aren’t going to get them to move to expensive California from other parts of the country that are all much cheaper to live in…). In other words, there is probably almost no capacity to ramp up production from any war damage in the Middle East because there just are not that many workers who know how to do this sort of work…

It was then noted that roughly 40% of the world’s chemical fertilizer comes from Russia with another 25-30% coming from Qatar with these facilities being dependent on gas (which needs to be cleaned, filtered and dried before being used) coming out of the wells.

Russia also has a diesel export ban until the end of the planting season because you need diesel (trucks, tractors, etc.) to spread the fertilizer (20% of a farmer’s costs) and they want to make sure their farmers are able to plant (vs. European and African farmers). You also need diesel to get the fertilizer in and transport crops to market. But without artificial fertilizers (which fuelled the “green revolution”), yields drop by 1/4th to 1/2th.

Krapivnik noted a friend in Italy who he interviewed a few months ago who said among the lower classes there (not the migrants as they are getting taken care of…), there is already often not enough money or food by week 3 or 4 of a month to feed a poor family. People will get even more hungrier or have less money for food when industries cut back on work hours due to the lack of energy (as 80% of the gas goes to industry).

Europe’s only hope might be to “cosy up” to Russia for energy; but Krapivnik noted that Russians are in no mood to help Europeans (whose politicians have already burned most bridges with Russia along with China) and the USA cannot help them beyond supplying their excess gas. By summer time (once people figure out the real food situation as its planting season in Southern Europe now followed by Northern Europe in the coming weeks), food futures prices will skyrocket.

Finally, Krapivnik mentioned the old Russian saying, “winter is not beyond the mountains…” and commented that “cold hungry angry people are very mean…” If Europeans don’t have enough food and gas to heat their homes, things are going to get ugly there fast…

As of the end of March, more February fund updates have become available (our continuously updated post containing all funds is here) along with new research starting with a non-EM piece:

• 🔬🌍 Industrial property: the key to Europe’s economic revival (Aberdeen Investments) - Could industrial real estate be Europe’s strongest growth story?

New Asia Fund Documents & Research

• 🔬🌏 Waiting for the clouds to part (Aberdeen Investments) - In a gloomy period of market turbulence, Abrdn Asia Focus PLC (LON: AAS) Manager Gabriel Sacks explains why long‑term investors can still find reasons for optimism as the clouds begin to lift.

• 🎙️🌏 abrdn Asia-Pacific Income Fund, VCC. (FAP) – 40th Anniversary Podcast (Aberdeen Investments) 14:40 Minutes - In this special episode, Adam McCabe—Head of Fixed Income, Asia Pacific and Portfolio Manager for FAP—reflects on the fund’s rich history and enduring relevance.

• 🗄️🌏 Fidelity Asian Values Plc (LON: FAS)’s February monthly factsheet (short economic and portfolio review) noted that they have exposure to select Indonesian stocks which detracted from performance while underweight exposure to South Korea and Taiwan hurt returns. Selections within materials and consumer discretionary helped performance.

Read more

• TCW must have some private credit or AI investments to unload:

  • 🔬🌐 When the Crowd Exits: The Case for Entering Private Credit

  • 🔬🌐 Beyond Cockroaches and Canaries: A Clearer View of Private Credit

  • 🔬🌐 AI Runs on Power, Silicon… and Credit

• 🔬🌐 AI Boom Enters the Cash-Burning Stage (Harding Loevner) - What happens when Big Tech’s pockets aren’t deep enough?

• 🎥🌐 Agents of Change – AI’s Recent Impact on Software Stocks (Harding Loevner) 9:48 Minutes - As tools such as Claude Code lower the cost and complexity of building software, the market is debating whether this marks disruption or simply the next phase of its evolution.

New Asia Fund Documents & Research

• 🗄️🌏 Abrdn Asia Focus PLC (LON: AAS)’s February monthly factsheet (detailed economic and portfolio) for this high conviction portfolio of Asian small caps discussed or mentioned:

  • 📈🇹🇼 Chroma Ate Inc (TPE: 2360) - Taiwanese automated testing company. Semiconductor testing for AI-artificial intelligence. 🇼 🏷️

  • 📈🇮🇳 KEI Industries Limited (NSE: KEI / BOM: 517569) - Manufactures, sells & markets wires & cables. 3 segments: Cable & Wires; Engineering, Procurement & Construction; Stainless Steel Wire. 🏷️

  • 📈🇨🇳 Hesai Group (NASDAQ: HSAI) - Lidar products for autonomous mobility, robots, etc. Three-dimensional light detection & ranging (lidar) solutions. 🏷️

  • 📉🇰🇷 Classys (KRX: 214150) - Medical aesthetics technologies w/ market share positioning in 55+ countries (Europe, Australia, Brazil & Singapore). 🏷️

  • 🏧🇹🇼 Grand Process Technology Corporation (TPEX: 3131) - Semiconductor wet processing equipment (metal etching equipment & 8/12 inch single wafer cleaning equipment).

  • 🏧🇨🇳 Kingdee International Software Group (HKG: 0268 / FRA: KDID / FRA: KDIC / OTCMKTS: KGDEY) 🇰🇾 - Enterprise management software company.

  • 🏧🇮🇳 Newgen Software Technologies Ltd (NSE: NEWGEN / BOM: 540900) - Enterprise content management software.

  • 🏧🇹🇼 POYA International Co (TPEX: 5904) - Specialty store offering personal beauty & daily merchandise.

  • 🏧🇮🇩 Ultrajaya Milk Industry & Trading Company Tbk PT (IDX: ULTJ / OTCMKTS: PTMKF) - Dairy products $ other Ready to Drink (RTD) beverage products.

  • 🇹🇼 Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE: TSM) 🇼 🏷️

Read more

New Asia Fund Documents & Research

• 🗄️🌏 abrdn Asia-Pacific Income Fund, Inc. (NYSEAMERICAN: FAX)’s quarterly commentary (market review and outlook) is dated from the Quarter ended January 31, 2026. It gives or covers an economic & market overview, Asian bonds, Asian currencies, Asian credit, EM debt & currencies and an outlook.

• 🎥🌏 Aberdeen Asia Focus: UK Investor Magazine webinar (Aberdeen Investments) 23:53 Minutes (March 2026) - Gabriel Sacks, Lead Manager of Abrdn Asia Focus PLC (LON: AAS), outlined the trust’s approach to identifying high‑quality smaller companies across Asia that are positioned to benefit from long‑term structural growth. He provided an overview of the portfolio by country and sector, before discussing stock‑level attribution and the key contributors to performance.

• Asia Frontier Capital has the following updates:

  • 🗄️🌏🚩 The latest monthly newsletter (detailed economic and portfolio) for the AFC Asia Frontier Fund is from the end of February (Asian Frontier Macro Intact - Middle East Tensions Provide an Excellent Buying Opportunity - February 2026 Update) noted that in the last six years, any major economic shock has been an excellent buying opportunity as frontier markets have reacted swiftly to any stock market correction. Gains were led by Bangladesh, Georgia, Uzbekistan, Papua New Guinea, Oman, and Iraq while Pakistan detracted. Parliamentary elections in Bangladesh, on the ground in Vietnam in February for an investor conference, top-down case for Pakistan, etc were discussed:

    Named or unnamed performers/transactions (that can be guessed) discussed or mentioned:

    • 📈🇧🇩 BRAC Bank (DSE: BRAC) - Provides banking solutions to ‘unbanked’ SMEs. 🇼

    • 📈🇧🇩 City Bank Ltd (DSE: CTBK) - Financial products & services. 🇼

    • 🏧🇵🇰 Lucky Cement (PSK: LUKC / LON: LKCA) - Cement maker. Yunus Brothers Group (YBG). 🇼

    • 🏧🇻🇳 Mobile World Investment Corp (HOSE: MWG / SET: MWG19) - Multi-category retail platform.

    • 🏧🇻🇳 Phu Nhuan Jewelry JSC (HOSE: PNJ) - Retail jewellery chain owner.

    • 🇲🇳 Mongolia

    • 🇴🇲 Oman

    • 🇵🇰 Pakistan

    • 🇻🇳 Vietnam

  • 🗄️🇮🇶 AFC Iraq Fund’s February newsletter (economic and portfolio) noted and discussed the start of the war with Iran.

  • 🗄️🇺🇿 AFC Uzbekistan Fund’s February newsletter discussed America’s Central Asian strategy increasingly focuses on Uzbekistan, the upcoming AFC Uzbekistan Tour 2026, etc.

  • 🗄️🇻🇳 AFC Vietnam Fund’s February newsletter discussed the Supreme Court striking down Trump’s global tariffs (positive implications for Vietnam), Vietnam’s state budget surplus (a structural fiscal breakthrough), fiscal discipline and revenue breakthrough under strong leadership, structural turning point for Vietnam, etc. Stocks discussed or mentioned:

    • 📈🇻🇳🏛️ Petrovietnam Gas JSC (HOSE: GAS) - Oil & gas exploration, production, storage, processing, transportation, distribution & services. 🇼

    • 📈🇻🇳🏛️ Vietnam National Petroleum Group (Petrolimex) (HOSE: PLX) - Oil & gas (incl. gas stations) + insurance, transport & trading. 🇼

    • 📈🇻🇳 Binh Son Refining and Petrochemical Co Ltd (HOSE: BSR) - Receiving, managing & operating the Dung Quat Refinery.

    • 🇻🇳 Minh Phu Seafood Corp (HNX: MPC) - Shrimp farming & processing.

    • 🇻🇳 Agriculture Bank Insurance JSC (HNX: ABI) - Insurance.

    • 🇻🇳 Tng Investment And Trading JSC (HNX: TNG) - Garment maker.

    • 🇻🇳 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.

• 🎥🌏 Ruchir Desai, Co-Fund Manager of the AFC Asia Frontier Fund Discusses with Steven Filby on Why He Remains Positive on the Outlook Despite the Conflict in the Middle East (RTHK Money Talk) 10:04 Minutes (March 2026)

Read more

🎥 The Bubble You Can’t Exit | Dan Rasmussen on the Private Equity Trap (Excess Returns) 55:15 Minutes (Jan 29, 2026)

In this episode of Excess Returns, we’re joined again by Dan Rasmussen of Verdad Advisers for a wide-ranging conversation that challenges some of the most popular narratives in markets today. From private equity and private credit risks to AI-driven capital cycles and overlooked opportunities in biotech and international equities, Dan offers a deeply research-driven perspective on where investors may be misallocating capital and where future returns could emerge. Alongside Justin and special guest co-host Kai Wu, the discussion connects valuation, incentives, and innovation in a market environment shaped by concentration, leverage, and technological change.

Main topics covered
• Why private equity performance continues to disappoint and where the biggest structural risks are emerging
• The growing stress in private credit and what rising bankruptcies signal for lower middle-market deals
• Why democratizing private equity through 401ks, interval funds, and ETFs may create more problems than solutions
• How AI CapEx is changing the economics of Big Tech and why asset-light models may be getting worse, not better
• The case for diversifying away from U.S. concentration toward international markets and international small value
• Why bubbles are often necessary for innovation and how to think about AI through that historical lens
• How investors may be underestimating valuation and growth bankruptcy risk in the Mag 7
• Why biotech is one of the hardest sectors to model and how Verdad rebuilt its framework from scratch
• How intangible value, clinical trial data, specialist ownership, and peer momentum can improve biotech investing
• What capital starvation, M&A dynamics, and global competition mean for biotech’s future returns

Timestamps
00:00 Introduction and market narratives
02:20 Revisiting private equity risks and performance
06:58 Private credit stress and bankruptcy signals
10:58 Private equity in 401ks and interval fund risks
14:52 Private assets in ETFs and liquidity concerns
15:45 Why bubbles drive innovation and capital formation
20:13 AI CapEx, Mag 7 concentration, and valuation risk
25:24 International diversification and market leadership
29:41 Why Verdad turned to biotech research
37:13 Rebuilding biotech valuation and quality metrics
44:26 Clinical trial data and peer momentum insights
49:17 Portfolio construction and long-short biotech strategies
51:00 Capital starvation, AI, and biotech’s setup
53:58 Research culture, humility, and evolving quant models

Among the things he talked about was private equity using private credit to do “stupid things like rolling up veterinarian clinics at 22x EBTDA…” along with other “low margin crappy businesses” that are GDP growers…:

Then there is the private credit fraud bubble:

And when it comes to SPACs, Chamath of the All-in podcast comes across as a real shyster as he seems to think generating tax losses for his investors (and no doubt profits for himself…) is a win win; but got rightly mocked on Twitter:

As of the start of March, this post mostly updates the EM Fund Stock Picks & Country Commentaries (Other International Funds) page containing funds that invest in many international or emerging market stocks (our continuously updated post containing all funds is here) plus some new research starting with some interesting non-EM pieces:

• 🔬🌐 I’ve written a bit about growing almonds and would advise to be VERY CAREFUL doing these sorts of investments unless you directly control the property/farming operation: Strengthening Real Assets Portfolios Through Agriculture and Timberland Allocations (Fiera Oaks) - Most real assets portfolios are built on two pillars: infrastructure and real estate. There’s a third, and it’s often overlooked.

• 🔬🌐 Valuation, Innovation and the Lessons of 2000 (Wasatch) - Examining today’s small-cap market through the lens of the dot-com bubble

New Asia Fund Documents & Research

• 🔬🇨🇳 A Turtle’s Take on China (Ariel Investments) - Christine Phillpotts, Portfolio Manager, Ariel Emerging Markets Value, recently returned from an extensive research trip to China. Her investment conclusions reflect insights gathered through more than 75 meetings with listed and private companies, industry experts and local business leaders, as well as multiple site visits across 12 cities.

• 🔬🇨🇳 China’s innovation revolution (FSSA Investment Managers) - For centuries, Chinese ingenuity reshaped the world. Inventions such as paper, gunpowder, silk, porcelain and the magnetic compass transformed global trade, science and culture. Today, that spirit of innovation is evident in China’s rapid progress in next-generation technologies, from autonomous vehicles to renewable energy and artificial intelligence (AI).

  • 🇨🇳 ACM Research (NASDAQ: ACMR) - Wet processing technology & products for the semiconductor industry. Silicon Valley & China based. 🇼 🏷️

  • 🇰🇷 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. 🇼 🏷️

  • 🇨🇳 Tencent (HKG: 0700 / LON: 0LEA / FRA: NNND / SGX: HTCD / OTCMKTS: TCEHY) 🇰🇾 - Technology & entertainment conglomerate & holding company. 🇼 🏷️

  • 🇨🇳 Alibaba (NYSE: BABA) 🇰🇾 - eCommerce, retail, Internet & technology. 🇼 🏷️

  • 🇨🇳 China Mengniu Dairy Company (HKG: 2319 / FRA: EZQ0 / EZQ / OTCMKTS: CIADY / CIADF) 🇰🇾 - Dairy products to Chinese & global consumers. 🇼 🏷️

  • 🇨🇳 Meituan (HKG: 3690 / 83690 / SGX: HMTD / FRA: 9MD / OTCMKTS: MPNGF / MPNGY) 🇰🇾 - Chinese shopping platform for locally found consumer products & retail services including entertainment, dining, delivery, travel etc. 🇼 🏷️

  • 🇨🇳 JD.com (NASDAQ: JD / SGX: HJDD) - Supply chain-based technology & service provider. One of the 3 largest eCommerce platforms in China. 🇼 🏷️

  • 🇨🇳 Luxshare Precision Industry (SHE: 002475) - Global designer & manufacturer of cable assembly & connector system solutions for consumer, automotive, cloud & enterprise applications. 🇼 🏷️

  • 🇺🇸 Apple

  • 🇹🇼 Hon Hai Precision Industry Co (TPE: 2317 / FRA: HHP2 / OTCMKTS: HNHPF) - Foxconn is the World’s largest electronics manufacturer. 🇼 🏷️

  • 🇺🇸 Tesla

  • 🇨🇳 BYD Company (SHE: 002594 / HKG: 1211 / SGX: HYDD / OTCMKTS: BYDDY / BYDDF) 🇨🇳 - Electronics, automobiles, new energy & rail transit. 🇼 🏷️

  • 🇨🇳 Midea Group (SHE: 000333 / HKG: 0300 / FRA: 1520 / OTCMKTS: MGCOF) 🇨🇳 - Manufactures & sells home appliances & robotic & automation systems (Smart Home, Electro-Mechanical, Building Technologies, Robotics & Automation & Digital Innovation). 🇼 🏷️

  • 🇨🇳 Xiaomi (HKG: 1810 / SGX: HXXD / FRA: 3CP / OTCMKTS: XIACF) 🇰🇾 - Consumer electronics & smart manufacturing company. Smartphones & smart hardware connected by an IoT platform at its core. 🇼 🏷️

  • 🇨🇳 H World Group (NASDAQ: HTHT) - Leased & owned or franchised hotel models. Chairman was a co-founder of Trip.com (NASDAQ: TCOM). 🇼 🏷️

  • 🇨🇳 Chery Automobile Co Ltd (HKG: 9973) - Designs, develops, manufactures & sells passenger vehicles. 🇼

Read more

Note: On February 16, 2025, the original evergreen post got hopelessly trapped in a savings loop while editing after (likely) hitting a Substack character, length, or memory limit. The post had to be copied, unpublished/deleted, edited with fewer words/characters/imbeds, and then republished... The following week, the save limit was hit again BUT with a warning - forcing the splitting up of the main post into separate posts while the ensuring links in the main evergreen post’s table of contents go to the right post and section…:

And as always, this post is provided for informational purposes only (and to make your life easier…). It does not constitute investment advice and/or a recommendation…

Note that a ⚠️ symbol indicates a fund or fund website might be restricted to certain types of investors or investors in specific locations - please be mindful of any disclosure popups or restrictions if you click on a link going to their homepages. We also avoid directly quoting from fund literature or directly linking to PDF, etc. type files where there might not be a disclosure popup that otherwise would appear when accessing the rest of the website.

Contents of this Post

• Other International Focused Funds (Not updated weekly…)

Read more

💻 When the Blue Owl Roosts Before the Credit Reckoning… (by The Macro Butler via ZeroHedge) February 2026 🗃️

However, the bears over at ZeroHedge are increasingly skeptical about private credit over the past week:

💻 Could Private Credit Topple the Global Financial System? (Dohmen Capital Research via ZeroHedge) February 2026 🗃️

• Last week, we explained in our article on ZeroHedge, “The Cracks In Private Credit Are Now Visible,” [🗃️] the reason behind the constant hard promotions by Wall Street of private credit stocks over the past 6 months was that they needed buyers for the garbage they hold.

• For those who may not clearly understand how the private credit sector could be the signaling a crisis on the horizon, which is currently infecting the broader markets, below is our overview.

• Over the past few years, a number of firms jumped into the “private credit” sector and large investors loaded up with this sub-prime credit.

• In our May 2025 Wellington Letter we wrote about how private credit funds were booming and how they were going to be marketed to the public. We warned our members at the time, “We have a big warning for investors: Private Credit is illiquid.”

• We warned in our Wellington Letter at the time that these private creditors “very dangerous and could topple the global financial system.”

• Smart Family Offices were already making significant shifts away from private equity and into listed public stocks. That of course reduced the LIQUIDITY of private credit even further.

Again, there are literally 10,000s of stocks/bonds etc to invest in outside of the USA/Western Europe that are not involved in private credit like some of the following stocks:

As of the start of March, more January fund updates (our continuously updated post containing all funds is here) along with new research have become available starting with a non-EM piece:

• 🔬🌐 Beyond Cockroaches and Canaries: A Clearer View of Private Credit (TCW) - When the bankruptcies of First Brands and Tricolor hit the headlines in late 2025, a lot of people jumped to negative conclusions about what this meant for private credit. Were these the proverbial cockroaches – the first visible hints of something ugly lurking under the floorboards? Could these be the canaries in the coal mine, warning of a much bigger problem? In our opinion, those situations weren’t representative private credit deals. However, the instinct to look closer is the right one. These events reveal something we’ve been worried about and written about for several years – an erosion in underwriting discipline that has been masked by an unusually forgiving economic environment. This paper lays out how we think about these headline events, what they do (and don’t) tell us about the health of private credit portfolios, and why the next few years will likely separate disciplined lenders from those who simply rode the beta trade and aggressively deployed capital in an incredibly benign credit market.

New Asia Fund Documents & Research

• 🔬🌎 Why direct engagement makes a difference (Aberdeen Investments) - Direct engagement can reveal insights that aren’t always visible from afar. Here’s how meeting Asia’s smaller companies directly can add valuable perspective.

• 🗄️🌎 Henderson Far East Income Limited (LON: HFEL)’s January monthly factsheet (detailed economic and portfolio - in the top corner + under documents) discussed or mentioned:

  • 📈🇰🇷🅿️ Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) 🇼 🏷️

  • 📈🇰🇷🅿️ Hyundai Motor (KRX: 005380 / FRA: HYU / OTCMKTS: HYMTF) - Multinational automotive manufacturer. 🇼 🏷️

  • 📉🇰🇷 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. 🇼 🏷️

  • 📉🇹🇼 Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE: TSM) 🇼 🏷️

  • 🏧🇹🇭🏛️ PTT Exploration & Production PCL (BKK: PTTEP / PTTEP-R / SGX: TPED / OTCMKTS: PEXNY) - Petroleum exploration, development & production, renewable energy, new forms of energy & advanced technology. 🇼 🏷️

  • 🏧🇬🇧 Rio Tinto plc (NYSE: RIO)

Read more

• 🔬🌎🚩 Complement, not substitute: broadening income with North American stability (Janus Henderson Investors) - When building an income portfolio, familiarity often feels reassuring. But markets are global, and resilience increasingly comes from looking beyond a single region. Here we explore how exposure to North American equities - and the structural strengths of the US market - can provide stability, diversification and dependable income, while sitting comfortably alongside other regional holdings.

  • 🇺🇸 Lamar Advertising

  • 🇺🇸 PNC

  • 🇺🇸 Morgan Stanley

  • 🇺🇸 Xcel Energy

  • 🇺🇸 Enbridge

• 🔬🌐🚩 Big Pharma’s New Playbook (Harding Loevner) - The era of mass-marketed drugs and mega-deals is over. Now, the battle is heating up over specialist doctors, insurance coverage, and differentiated treatments.

  • 🇺🇸 Pfizer

  • 🇺🇸 Elanco

  • 🇬🇧 Haleon

  • 🇺🇸 Zoetis

  • 🇺🇸 Seagen

  • 🇨🇭 Roche

  • 🇨🇭 Novartis

  • 🇬🇧 AstraZeneca

  • 🇯🇵 Chugai Pharmaceutical

  • 🇨🇭 Galderma

  • 🇫🇷 Sanofi

  • 🇺🇸 Regeneron

  • 🇺🇸 Bristol Myers Squibb

• 🔬🌐 Includes a “10 Largest Stocks Change Frequently From Decade To Decade” table: The Messy Aftermath of Concentrated Markets (Hartford Funds) - The story of concentrated markets has historically had a very unhappy ending.

New Asia Fund Documents & Research

• 🗄️🌏 The January monthly factsheet (detailed economic and portfolio) for Abrdn Asia Focus PLC (LON: AAS), a high conviction portfolio of Asian small caps, discussed or mentioned:

  • 📈 [Not owning hurt performance] 🇹🇼 Nanya Technology Corp (TPE: 2408 / OTCMKTS: NNYAF) - R&D, design, manufacturing & sales of DRAM (Dynamic Random Access Memory), ranking #4 in the global DRAM industry. 🇼 🏷️

  • 📈🇹🇼 Chroma Ate Inc (TPE: 2360) - Taiwanese automated testing company. Semiconductor testing for AI-artificial intelligence. 🇼 🏷️

  • 📈🇰🇷 LEENO Industrial (KOSDAQ: 058470) - Testing components for IC production, test & analysis.

  • 📈🇰🇷 Hansol Chemical (KRX: 014680) - Fine chemicals + display, semiconductor & LiB materials. 🇼 🏷️

  • 📉🇨🇳 Zhejiang Shuanghuan Driveline Co Ltd (SHE: 002472) - Gears, transmission & drive components.

  • 📈🇰🇷 Classys (KRX: 214150) - Medical aesthetics technologies w/ market share positioning in 55+ countries (Europe, Australia, Brazil & Singapore). 🏷️

  • 🏧🇮🇳 Karur Vysya Bank (NSE: KARURVYSYA / BOM: 590003) - Financial institution offering a gamut of financial services. 🇼 🏷️

  • 🏧🌐 ASMPT (HKG: 0522 / FRA: AY7A / OTCMKTS: ASMVF) - Chip packaging equipment maker. HK founded. Singapore HQ.

• 🗄️🌏 Fidelity Asian Values Plc (LON: FAS)’s January monthly factsheet (short economic and portfolio review) once again noted that the fund has a significant percentage of the portfolio in Hong Kong which helped relative returns along with exposure to materials and consumer discretionary while security selection in Indonesia weighed on returns.

• 🔬🌏 APAC Financial Markets Spotlight – February 2026 (FTSE Russell) - This report, published quarterly, delves into the major macroeconomic, fixed income, equity and FX market events shaping the APAC financial markets, leveraging our exclusive databases and platforms such as FTSE Russell indices across asset classes, LSEG Workspace, Lipper fund flows and many more.

• 🔬🌏 Asia-Pacific: the evolving income powerhouse (Janus Henderson Investors) [Infographic]

Read more

However and in a couple of posts last year (August 3 & March 23), I discussed anti-private equity activist Tiffany Cianci claiming that Harvard and Yale were trying to quietly unload their private equity investments (that they have already strip mined, but nobody wants to touch any of it). They were apparently pitching a continuation fund for the general public that promises “1,000% returns that will make your brain melt” because, in the words of Cianci, “wealthy people always give us access to their investments that give them 1,000% returns…”

I also did a post that mentioned Yieldstreet (who’s tagline is “Invest like the 1%…” because the 1% are going to let you have access to their investments via an app…) who’s problems were starting to mount (When 'invest like the 1%' fails: How Yieldstreet's real estate bets left customers with massive losses (CNBC) August 2025 🗃️) plus our April 20th post mentioned The end of globalisation (Apollo Asia Fund: the manager's report for 1Q25) which noted predictions of “looming crises in private equity and debt are relevant to American universities, already in some financial difficulty” plus “some Asian pension funds have also been marketing targets for US private equity firms - and major market dislocations usually expose weaknesses in unexpected places.”

In this 3 hour talk from last December which also includes a more recent update, Tiffany Cianci and the Solari Report’s Catherine Austin Fitts in the alternative finance/media space discussed private equity (and the problems with it) in detail:

🎥 Private Equity: See the Game, Change the Game - Full Interview (The Solari Report | Catherine Austin Fitts) 3:04:30 Minutes (February 2026)

• In November 2024, entrepreneur and former franchisee Tiffany Cianci was a Solari Hero of the Week for her valiant pushback against private equity lawfare that has cost her and her family dearly. Since a private equity firm terminated her children’s gym franchise in 2022, Cianci has become a public speaker and small business advocate helping policymakers and citizens understand private equity’s “systematic strip-mining of the American middle class.”

• In Solari’s first interview of 2026, Cianci joins me to draw back the curtain on the wider private equity “game,” with the aim of improving our subscribers’ ability to navigate products, services, and business and investment relationships in an increasingly fraught-with-risk environment.

• We start by discussing the growth of private equity (including the public policies that have encouraged its explosion), the largest players, the role of endowments like Harvard and Yale, private equity’s extraction business model and tactics, and shenanigans related to how private equity returns are calculated and reported. We also take a look at the wide range of sectors affected by private equity’s incursions—including health care, nursing homes, autism services, veterinary services, insurance, sports, retail, and media—and bring the situation up to date with a look at actions taken by the Trump administration, such as giving the private equity industry access to our 401(k) retirement funds.

• The private equity invasion may be widespread, but, as Cianci and I conclude, there is still much we can do—as employees, parents, alumni, investors, pension fund beneficiaries, and voters—to demand accountability and push back against destructive and even criminal business models. Step one is to protect your time, health, finances, and savings from businesses that extract from you and yours rather than add the value that supports a free and inspired life.

• As a reminder, be sure (if you have not already done so) to read our Plunder report, which provides additional details that will help you recognize and navigate the havoc created when too many investment interests use our pension funds and taxpayer resources to build billionaires instead of building wealth.

• Full Report: Private Equity: See the Game, Change the Game (Solari Report)

To paraphrase their private equity discussion and update:

• Under accounting or other rules, private equity investments don’t necessarily need to be mark to market for 10 years. In other words and as opposed to stock investments, they can be kept on a pension fund/endowment’s, etc. books at an acquired or an (inflated) estimated value for the period of time - something fund managers obviously love (as they collect their bonuses and can be long gone by the time they need to be properly valued).

• However, we are starting to hit the 10 year mark for many private equity investments which already has institutions like Harvard/Yale/Calpers etc. starting to panic or face liquidity problems as their PE investments turn out to be worth less than what they are valued on the books. Their options are:

  • Mark to market or to whatever the actual value is and risk exposing huge losses - especially if the PE managers have been asset stripping the portfolio companies and not reinvesting in the businesses.

  • Trade (sell) the investments among themselves for the value on the books in order to reset the 10 year clocks (and kick the can down the road another 10 years…).

  • Move the investments into a new fund to reset the clocks. This has already triggered lawsuits from existing investors.

  • Find new suckers buyers to unload them on - including family offices, investors in Asia, pensions, retail investors, 401(k), etc. Unfortunately, the Trump Administration appears to be making this much easier by planning to or further changing or easing the rules on who can hold such investments.

Again, I am paraphrasing…

Fitts also told a story of someone she knew who was an employee of a company who kept coming up with new ideas to improve the company’s product or service. Every idea was rejected and he could not understand why. So Fitts checked who owned his employer and it was private equity - meaning he did not really work for a company/employer/brand, etc. He was actually working for a “transaction” and all that mattered was maximizing the value of the future transaction - not reinvesting into the business…

On the AI front, we have a peak AI bubble story coming out of Malaysia:

However, there are some questions as to when he actually acquired the domain given how difficult it would have been for a Malaysian boy to buy urls in 1993 (even ones that are his initials): IT Experts Cast Doubt On Malaysian’s Claim Of Buying AI Dot Com Domain In 1993.

I also saw this in one of my feeds and it should not surprise anyone:

Finally, these are some good AI analogies or comments:

As of the mid-February, some January fund updates are available (our continuously updated post containing all funds is here) along with new research starting with some non-EM pieces pushing Europe or private credit:

• 🔬🇪🇺 European real estate market outlook Q1 2026 (Aberdeen Investments) - We discuss what lies ahead for European real estate. Read more here. Key highlights

  • European real estate performance has improved, and there are more signs of life after a steady end to 2025.

  • Economic growth is proving resilient and should modestly accelerate in 2026. Domestic strength is offsetting a more challenging external political environment.

  • We forecast a gradual recovery, led by industrials and residential, but core offices and retail parks now offer strong opportunities for investors.

• 🔬🌐 Private Credit: an old market, newly misunderstood (Aberdeen Investments) - What if private credit isn’t the risk story you’ve been told? Explore the overlooked parts of the market that may offer investors stability, protection and compelling income in 2026.

• 🔬🇪🇺 European defense stocks: The magnitude of Europe’s rearmament remains underappreciated (Janus Henderson Investors) - Heightened geopolitical tensions have refocused attention on increasing military spending globally. Despite a strong start to 2026, markets continue to underestimate the scale and durability of Europe’s defense spending cycle, say Portfolio Managers Christopher O’Malley and Julian McManus.

New Asia Fund Documents & Research

• 🔬🌏 Asia-Pacific real estate market outlook Q1 2026 (Aberdeen Investments) - What’s next for real estate in APAC? We discuss our views. Key Highlights

  • US tariffs and China’s property correction shape divergent policies.

  • The ‘leveraged beta’ trade is likely over, and real estate investment strategies must pivot.

  • Japanese multifamily remains resilient, despite higher interest rates.

• Asia Frontier Capital has the following fund updates:

  • 🗄️🌏 AFC Asia Frontier Fund’s January monthly newsletter (detailed economic and portfolio - Asia Frontier Fund and AFC Uzbekistan Fund Start the Year on a Very Strong Note - January 2026 Update) noted Gains were led by Uzbekistan, Vietnam, Kazakhstan, Bangladesh, Sri Lanka and Pakistan. Positive catalysts on the horizon in Bangladesh, cyclone reconstruction in Sri Lanka and Vietnam were discussed. Named or unnamed performers/transactions (that can be guessed) discussed or mentioned:

    • 📈🏧🇰🇿 Kazakh uranium miner

    • 📈🇱🇦 Power producer in Laos

    • 📈🇵🇬 Gold explorer in Papua New Guinea

    • 📈🇻🇳 Jewellery retailer in Vietnam [probably 🇻🇳 Phu Nhuan Jewelry JSC (HOSE: PNJ) - Retail jewellery chain owner.]

    • 📈🇻🇳 Vietnamese bank

    • 🏧🇧🇩 Consumer appliance manufacturer in Bangladesh

    • 🏧🇧🇩 Bangladeshi bank

    • 🏧🇵🇰 Consumer healthcare company in Pakistan

    • 🏧🇱🇰 Construction company in Sri Lanka

    • 🏧🌏 Mobile phone operator with businesses in multiple Asian frontier countries

  • 🗄️🇮🇶 AFC Iraq Fund’s January newsletter (economic and portfolio) noted and discussed in detail how the year began with three significant developments, two of which were marked by conflict that ordinarily would have been expected to negatively impact the equity market. The final development was the government’s implementation, at the start of the year of customs tariffs for increasing non-oil revenues made possible following the automation and digitisation of tariff collection processes over the prior months.

  • 🗄️🇺🇿 AFC Uzbekistan Fund’s January newsletter noted that legislation and infrastructure rails are largely already in place to enable a functioning IPO market but its still the early days in the nascent capital markets of Uzbekistan.

  • 🗄️🇻🇳 AFC Vietnam Fund’s January newsletter discussed or gave market developments, Resolution 79 to improve state-owned enterprises’ performance, Vietnam’s outstanding economic performance in 2025, Mr. To Lam re-elected as General Secretary (political stability and growth Continuity) and the Vietnam–EU partnership marks a strategic turning point. Stocks discussed or mentioned:

    • 📈🇻🇳🏛️ Petrovietnam Gas JSC (HOSE: GAS) - Oil & gas exploration, production, storage, processing, transportation, distribution & services. 🇼

    • 📈🇻🇳🏛️ Vietnam National Petroleum Group (Petrolimex) (HOSE: PLX) - Oil & gas (incl. gas stations) + insurance, transport & trading. 🇼

    • 📈🇻🇳 Vietcom Bank (HOSE: VCB) or Joint Stock Commercial Bank for Foreign Trade of Vietnam - Private Hanoi based commercial bank. 🇼

    • 📈🇻🇳🏛️ Bank for Investment and Development of Vietnam (BIDV) (HOSE: BID) - Banking, insurance, securities & financial investment. 🇼

    • 📈🇻🇳🏛️ Vietnam JSCmmercial Bank for Industry and Trade (Vietinbank) (HOSE: CTG) - Commercial bank. 🇼

    • 📈🇻🇳🏛️ Vietnam Rubber Group JSC (HOSE: GVR) - Vertically integrated rubber + logistics, real estate, etc.

    • 📈🇻🇳🏛️ Bao Viet Holdings (HOSE: BVH) - Insurance. 🇼

    • 📈🇻🇳 Tng Investment And Trading JSC (HNX: TNG) - Garment maker.

    • 📈🇻🇳 Phu Tai Corporation (HOSE: PTB) - Manufacture & trade of stone & wood products.

    • 📈🇻🇳 Minh Phu Seafood Corp (HNX: MPC) - Shrimp farming & processing.

    • 📈🇻🇳 Lam Dong Mineral and Building Material JSC (HOSE: LBM) - Precasted concrete, tuynel brick, construction stone, refractory material, kaolin & Bentonite.

Read more

The BEST performing AI completed tasks well enough to get paid 2.5% of the time.

The worst? 0.3%.

Think about that.

If you were an Uber driver who completed 2.5% of your rides, you'd be kicked off the platform in a week.

This comes from academic research published in the Remote Labor Index - not some anti-AI hit piece.

I sat down with Julian Garran - one of the sharpest macro strategists I know - and he walked through why AI was "built to fail" from day one…

The full interview:

The Noble Update

AI: The Biggest Capital Misallocation in History | Julien Garran

1. Strategic Actions and Decisions…

Listen now

3 months ago · 44 likes · 6 comments · George Noble

It was concluded in the interview that if you are a money manager who’s main concern is monthly or quarterly performance in order to keep your job, you might want to hang out in tech a little longer…

However and if you are a family office with a generational time horizon, you want to be looking at and moving into (as in right now…) natural resources and select emerging markets rather than stay heavily in tech…

In addition:

Meanwhile, Moltbook has gotten some hype as a Hal 9000 waiting to happen, but here are some reality checks about what might be really going on there:

This tweet is also worth noting at the PE industry:

And finally, another reality check about the US Dollar:

As of early February, some remaining December/Q4 plus new January fund updates have become available (our continuously updated post containing all funds is here and November research has been removed) along with new research starting with a non-EM piece:

• 🔬🌐 Don’t burn your boats: the case for selective AI investing (Baillie Gifford) - Key points

  • Despite strong gains, AI-related stocks do not exhibit the characteristics of a classic bubble

  • Supposedly safe stocks may, in fact, carry greater valuation risks

  • Global Alpha employs ruthless selectivity, focusing on persistent bottlenecks in the AI value chain and avoiding unproven business models

New Asia Fund Documents & Research

• 🎙️🌏 Anatomy of an Asian retail investor (Under the Banyan Tree by HSBC Global Research) 17:46 Minutes - Herald welcomes fellow Asia Equity Strategist Prerna Garg to the studio to discuss the role of retail investors in the region, how they're reshaping the investment landscape and where they're choosing to put their money.

• 🎬🌏⏰ MWX Insights Session#3: How Food Delivery Is Reshaping F&B in Southeast Asia (Momentum Works) (Momentum Works) - Feb 12 from 4pm to 5pm GMT+8 - An executive briefing on how food delivery is reshaping Southeast Asia’s F&B - and what this shift means as online sales become fundamental. The session will also briefly reference findings from our newly launched Food Delivery Platforms in Southeast Asia 6.0 report, for context on regional market dynamics. What You’ll Learn

  • How food delivery’s role is shifting from channel to infrastructure in Southeast Asia and other major markets

  • What changes when online orders account for a material share of F&B sales

  • How competitive dynamics, discovery, and unit economics evolve as delivery becomes more embedded

  • Where food delivery supports resilience - and where it can expose structural weaknesses

  • What these shifts imply for platforms, F&B brands, enablers, and the wider ecosystem

• 🗄️🌏 Platinum Asia Fund’s January monthly factsheet (detailed economic and portfolio) discussed or mentioned:

  • 📈🇹🇼 Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE: TSM) 🇼 🏷️

  • 📈🇰🇷🅿️ Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) 🇼 🏷️

  • 📈🇰🇷 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. 🇼 🏷️

  • 📈🇰🇷 Soulbrain (KOSDAQ: 357780) - Semiconductor materials (CVD/ALD materials, etchant & cleaning agents, CMP slurries, plating agents, hydrofluoric acid/buffered oxide etchants, etc.). 🏷️

  • 📈🇨🇳 Weichai Power (SHE: 000338 / HKG: 2338 / FRA: WI4 / OTCMKTS: WEICF) 🇨🇳 - Developer & manufacturer of diesel engines + forklifts & non-diesel engine automotive parts. 🇼 🏷️

  • 📈🇨🇳 Bilibili (NASDAQ: BILI) - Video sharing website (animation, comics & games) + streaming platforms serving videos on demand. 🇼 🏷️

  • 📈🇨🇳🏛️ Kuaishou Technology (HKG: 1024 / 81024 / LON: 0A74 / OTCMKTS: KUASF / KSHTY) 🇰🇾 - Partly state-owned content community and social platform & China’s first short video platform. 🇼 🏷️

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• 🔬🌐 Diversification in Agriculture is Critical to Achieving Investor Objectives in the Asset Class (Fiera Oaks) - Agriculture aims to effectively meet the needs of investors seeking the benefits of diversification and an expansion of the efficient frontier of their portfolio. Even a modest exposure to the asset class can accomplish these objectives.

• 🔬🇪🇺 What is the future of European supply chains? (Aberdeen Investments) - Secular trends including the rise of AI, the green transition, and geopolitical fragmentation are exacerbating vulnerabilities in the EU’s industrial supply chains. But the bloc’s strategy is changing, and involves de-risking at key nodes in critical supply chains and developing leverage in areas of strength.

• 🔬🇬🇧🚩 The Mercantile: 2025’s mid cap winners and the outlook for 2026 (JP Morgan) - With the new year underway, we reflect on the mid and small cap companies that stood out in 2025 and outline the team’s expectations for 2026.

  • 🇬🇧 3i Group

  • 🇬🇧 Serco

  • 🇬🇧 Plus500

  • 🇬🇧 B&M European Value Retail

  • 🇬🇧 Tate & Lyle

New Asia Fund Documents & Research

• 🎙️🌏 Aberdeen Asia Focus – John Baron Portfolios Podcast (Aberdeen Investments) 32:26 Minutes - Gabriel Sacks shares insights into the Abrdn Asia Focus PLC (LON: AAS) investment approach on the John Baron Portfolios Podcast.

• 🔬🌏🚩 Making the right moves in the AI age (Aberdeen Investments) - AI is reshaping global markets. Here’s where Asia’s overlooked innovators are creating standout opportunities.

  • 🇺🇸 IBM

  • 🇨🇳 Hesai Group (NASDAQ: HSAI) - Lidar products for autonomous mobility, robots, etc. Three-dimensional light detection & ranging (lidar) solutions. 🏷️

  • 🇨🇳 Precision Tsugami China Corporation Ltd (HKG: 1651) - CNC high precision machines (precision automatic lathes, turret machines, machining centre, grinding machines, thread/rolling machines, etc.).

  • 🇹🇼 Taiwan Union Technology Corporation (TPEX: 6274) - Value-added materials & advanced mass lamination service to the global electronics industry.

  • 🇹🇼 Accton Technology (TPE: 2345) - Open hardware platforms for data center, carrier access, campus, SD-WAN networks & IoT. 🇼 🏷️

  • 🇺🇸 AvePoint Inc (NASDAQ: AVPT) - Data security. 🇼

  • 🇺🇸 Nvidia

• 🗄️🌏 The December 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:

  • 📈🇹🇼 Taiwan Union Technology Corporation (TPEX: 6274) - Value-added materials & advanced mass lamination service to the global electronics industry.

  • 📈🇺🇸 AvePoint Inc (NASDAQ: AVPT) - Data security. 🇼

  • 📈🇨🇳 Zhejiang Shuanghuan Driveline Co Ltd (SHE: 002472) - Gears, transmission & drive components.

  • 📈🇨🇳 Hesai Group (NASDAQ: HSAI) - Lidar products for autonomous mobility, robots, etc. Three-dimensional light detection & ranging (lidar) solutions. 🏷️

  • 🏧🇰🇷 Park Systems Corp (KOSDAQ: 140860) - Atomic force microscopy systems.

• 🗄️🎬 Asian Frontier Markets Update 22nd January 2026 (Asia Frontier Capital) 1:18:25 Minutes

  • 00:00 - Thomas Hugger – Introduction

  • 01:54 - Ruchir Desai – AFC Asia Frontier Fund

  • 22:15 - Ahmed Tabaqchali – AFC Iraq Fund

  • 32:23 - Scott Osheroff – AFC Uzbekistan Fund

  • 41:30 - Vicente Nguyen – AFC Vietnam Fund

  • 50:44 - Q&A

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Will Lockett's Newsletter

Reality Is Breaking The "AI Revolution"

If there is one thing Marc Benioff loves, it is AI, and this lust has driven him utterly delusional. Remember when we were all snorting with laughter at Musk’s pathetic AI humanoid robot? The one so inept at even pretending to be functional that the intern teleprompting it, like a crap 90s Disney animatronic, caused it to catastrophically fail and fall on its arse by simply logging out. At the same time we were all pointing and laughing, Benioff was singing its praises, saying it could transform how businesses operate, and shared a…

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3 months ago · 141 likes · 4 comments · Will Lockett

And the reply that sums AI up:

However, this is also a good point:

The piece New Left Review was referring too:

📰 After AI (Sidecar) January 2026

The stock market valuation of AI-related firms has increased tenfold over the past decade. As John Lanchester noted recently, all but one of the world’s ten largest companies are connected to the future value of artificial intelligence. All but one of those are American, and together their value is equal to well over half of the US economy. Over the past few years, anticipation of the AI ‘revolution’ has driven a surge in investment in these US tech companies. Promises of a radical breakthrough in post-human intelligence and miraculous productivity gains have captured the animal spirits of investors to the point where, as the FT’s Ruchir Sharma put it, ‘America is now one big bet on AI’. Fixed investment in the sector is so enormous that it was the primary driver of US growth in 2025. The training and operation of AI models requires a huge physical build-up of data centres, computing equipment, cooling systems, network hardware, grid connections and power provision. Tech firms are expected to spend a staggering $5 trillion on this costly infrastructure – which is still mostly concentrated in the US – to meet expected demand between now and 2030.

The problem is that the numbers do not add up. To meet its colossal financial needs the sector has shifted from a model dominated by cash-flow and equity financing to debt financing……………..

As mentioned in the past, I have been using open source / free Chinese AI providers like DeepSeek as they are good enough for extracting and/or summarizing info/data from short pieces (like fund updates). However, there are inconsistencies in output format from day to day or week to week and occasional hallucinations. And if the piece contains too much negative talk about China (or mentions Jack Ma…), DeepSeek returns this message:

Sorry, that's beyond my current scope. Let’s talk about something else.

Meaning I need to delete those portions and try asking DeepSeek again…

As of mid-January, more December/Q4 fund updates have become available (our continuously updated post containing all funds is here) plus new research starting with some non-EM pieces still pushing Europe or AI:

• 🎙️🌍 Europe with Nael Khatoun, Madelaine Jones, and Suzana Perić (Oaktree) 23:20 Minutes - Get the latest on the European economic backdrop and the state of its private and liquid credit markets with Nael Khatoun (Portfolio Manager, European Private Debt), Madelaine Jones (Portfolio Manager, European High Yield Bonds and Senior Loans), and Suzana Perić (Co-Head of Sourcing & Origination).

• 🎥📝🌐 Smarter models, sharper founders: growth investing in the AI era (Baillie Gifford) 38:19 Minutes - Key points

  • The Long Term Global Growth Team looks beyond the hype to find companies with the ambition, vision and culture to become AI outliers

  • Roblox Corp (NYSE: RBLX) and Applovin Corp (NASDAQ: APP) are using the technology to create transformational products and become more efficient

  • Promising future applications include robotics, which could spur further demand for NVIDIA’s chips

New Asia Fund Documents & Research

• ⏰🎬🌏 Invitation – Asia Frontier Capital – Quarterly Webinar on Thursday, 22^nd January 2026 [INVITATION LINK NOT WORKING] (Asia Frontier Capital) - The webinar will highlight the following key points:

  • Drivers of performance for the AFC Asia Frontier Fund Strategy in 2025

  • AFC Asia Frontier Strategy Outlook for 2026

  • Key country picks for the AFC Asia Frontier Strategy for 2026

  • 2026 Outlook for the AFC Iraq Fund Strategy, AFC Uzbekistan Fund Strategy, AFC Vietnam Fund Strategy

  • Key Concerns and Risks

  The webinar will be held on Thursday, 22^nd January 2026 at 8:00 am NY, 1:00 pm UK, 2:00 pm Swiss and 9:00 pm HK/SG time and will be recorded for viewing at your convenience. The webinar will run for 75 minutes, including a 30-minute Q&A session following the fund managers’ presentations.

• ⏰🎬🇨🇳 China Q4 Update & 2026 Outlook: Five-Year Plan, Pro-Profit Policy, New Listings (KraneShares) - Wednesday, January 21, 2026, 10:00 am - 11:00 am EST

  • China’s equity market closed 2025 among the world’s strongest performers,¹ led by accelerating momentum in internet platforms, artificial intelligence (AI), and e-commerce—the core engines of KWEB’s investment universe. Many of China’s leading technology and AI companies continue to trade at lower earnings multiples compared to U.S. peers,² even as profit margins stabilize and earnings momentum improves, which could create a compelling setup as investors look ahead to 2026.

  • Confidence is also returning to China’s capital markets. A wave of high-profile Hong Kong IPO filings—including Baidu’s Kunlun chip unit, Biren Technology, Minimax, and Zhipu— highlights the depth of China’s AI and semiconductor pipeline and could help re-ignite investor enthusiasm. At the policy level, statements from the draft of the upcoming 15th Five-Year Plan reinforce China’s commitment to technological leadership, corporate discipline, and domestic consumption. At the same time, easing U.S.–China tensions could reduce headline risk and help support renewed global investor engagement in 2026.

  • Join KraneShares CIO Brendan Ahern and Head of International Dr. Xiaolin Chen for a focused discussion on where they see the most compelling opportunities—and key risks—across China’s internet and innovation sectors.

  • In this webinar, we will cover:

    • What recent earnings signal for China’s internet and AI leaders

    • How policy and capital-markets activity may shape returns

    • Where valuations look most attractive for 2026

    • Live Q&A with KraneShares’ investment team

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• 🔬🌍 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.

• 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’s December 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.

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