EM Fund Stock Picks & Country Commentaries (July 13, 2025)
Humanoids as the future of industrial automation, dividends decline as share buybacks rise, HK evolves, Sri Lankan stocks, Iraq trip, why EM bonds deserve a look, Q2 fund updates start to drop, etc.
As of mid-July, June or Q2 fund updates have started becoming available (our continuously updated post containing all funds is here) along with new research starting with some non-emerging markets focused pieces:
JP Morgan - Asset Management has these lengthy slide decks:
🔬🌐 2025 Regional Spotlights: Investment Opportunities Around the World - Location Matters: Our Investment Research team expands on its 2025 Global Outlook publication – taking a deep dive into the distinct real estate investment outlooks within the United States, Mexico, Europe and Asia Pacific, as well as private credit opportunities around the world.
🔬🇺🇸 United States
🔬🇪🇺 Europe
🔬🌏 Asia Pacific
🔬🇲🇽 Mexico
🎥🇪🇺 There is a transcript for this talk: European Growth Trust: Zeitenwende – Europe’s turning point (Baillie Gifford) 49 Minutes - Investment manager Chris Davies explains why Europe’s changing economic landscape, increased defence spending and capital market reforms are creating opportunities for growth investors.
🔬🇪🇺 From summit to strategy: Europe’s new reality of NATO defence commitments (Janus Henderson Investors) - NATO’s European members have committed to a major increase in defence spending. Portfolio Manager Robert Schramm-Fuchs considers what it means for investors after a Janus Henderson client event with two experts on European defence.
New Asia Fund Documents & Research
Asia Frontier Capital’s monthly newsletter (detailed economic and portfolio) is from the end of June (Asian Frontier Markets Remain Resilient Despite Geopolitical Tensions - June 2025 Update):
🗄️🌏 AFC Asia Frontier Fund’s update discussed trips to Sri Lanka (where confidence is strong) and Iraq, the rally of the Dhaka Broad Index in Bangladesh, etc. Unnamed performers/transactions (that can be guessed) mentioned:
📈🇻🇳 Vietnam nickel miner
📈🇲🇳 Mongolian gold miner
📈🇹🇱 Manganese miner from Timor-Leste
📈🇱🇰 Sri Lankan glove manufacturer
📈🇰🇿 Kazakh mining company
🏧🇱🇰 Sri Lankan conglomerate focused on the beverage industry
🏧🇱🇰 Sri Lanka cement producer
🏧🇱🇰 Sri Lanka hotel operator
🏧🇵🇰 Aluminium can producer in Pakistan
🏧🇲🇳 Added to and reduced existing positions in Mongolia
🗄️🇮🇶 AFC Iraq Fund’s June newsletter (economic and portfolio) consisted of a detailed trip report with many pictures covering their visit to the ISX, the Bank of Baghdad, and one of Iraq’s best consumer companies (Baghdad Soft Drinks) with its state-of-the-art production plant (the largest of its kind in the Middle East).
🗄️🇺🇿 AFC Uzbekistan Fund’s June newsletter noted they are regularly being approached by institutional investors about accessing the market or seeking share blocks; how future IPOs of state-owned enterprises should draw more foreign institutional and local retail investments; mentioned the Tashkent International Investment Forum, etc.
🗄️🇻🇳 AFC Vietnam Fund’s June newsletter discussed market developments in the light of Trump’s tariffs, the rapidly improving macroeconomic picture, the strong earnings growth in Q2 2025, the two private giants competing to build Vietnam’s first high-speed railway, and Vietnam’s strengthening state budget. Stocks discussed or mentioned:
🇻🇳 Vinspeed [🇻🇳 Vingroup JSC (HOSE: VIC) - Diversified conglomerate: Industrials & technology, real estate & services, & social enterprises. 🇼']
🇻🇳 Lam Dong Mineral and Building Material JSC (HOSE: LBM) - Precasted concrete, tuynel brick, construction stone, refractory material, kaolin & Bentonite
🇻🇳 Agriculture Bank Insurance JSC (HNX: ABI) - Insurance.
🇻🇳 Thien Long Group Corp (HOSE: TLG) - Stationery maker.
🇻🇳 Tng Investment And Trading JSC (HNX: TNG) - Garment maker.
🇻🇳 Dong Hai JSC of Ben Tre (HOSE: DHC) - Manufactures, sells & trades in pulp, kraft paper, paper board & carton packaging products.