EM Fund Stock Picks & Country Commentaries (April 26, 2026)
Korean stock market rally, lessons from history applied to AI, TSMC, Pan African Resources, EM debt, beyond traditional safe havens, Mexican equity market, Middle East + March/Q1 fund updates, etc.
I am leaving tomorrow for Korea (Seoul/Jeonju/Busan, etc.) on frequent flyer miles (meaning long stopovers to and from in Taipei) and Monday’s free post may or may not be delayed until Tuesday (I have already cleared my email inbox of material for it).
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
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
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