EM Fund Stock Picks & Country Commentaries (June 15, 2025)

Israel-Iran conflict impact on stocks/markets, Taiwan trip report, AI monetization taking shape, new leveraged MercadoLibre ETF, can ex-US markets continue their outperformance, May fund updates, etc.

As of mid-June, more May fund updates (our continuously updated post containing all funds is here) have become available plus some managers already have pieces out about the latest Middle East conflict (our 🇮🇱 Israel index only has a few (11) Israeli stocks as most have their HQs, etc. in the USA…):

• 🔬🌍 What the Israel-Iran Conflict Means for Markets and Investors (Northern Trust) - We analyze the impact of the conflict across stock, bond and commodities markets and on our tactical outlook.

• 🔬🌍 Quick View: Implications for crude prices and energy stocks following Israel’s strike (Janus Henderson Investors) - Research Analyst Noah Barrett explains the impact on oil prices and energy stocks from rising geopolitical tensions in the Middle East and how investors should think about the long-term impact.

• 🔬🌍 Quick View: Israeli air strikes further escalate geopolitical risks in the Middle East (Janus Henderson Investors) - Portfolio Manager Oliver Blackbourn discusses the market's initial response to Israel’s attack on Iran and the implications for risk assets.

• 🔬🇪🇺 From deterrence to dividends: Investing in Europe’s defense renaissance (Robeco) - The re-arming of Europe offers investment opportunities both in traditional defense industries and their related stocks, though yields may rise on government bonds, says multi-asset investor Aliki Rouffiac.

• 🎙️🌐 Note: Qantas’ loss-making low cost and Singapore based airline Jetstar Asia Airways is closing. It acts as a feeder airline from SE Asia into Australia. This podcast is an interesting listen: Season 5 | Episode 6 - Balancing Growth, Costs, and Geopolitics in Airlines (PGIM) 22:47 Minutes

  • Airlines represent one of the most challenging and complex industries in today’s economy. With thousands of flights moving people and cargo around the world every day, airlines manage a “complicated logistical dance,” as Oscar Munoz, United Airlines’ former Chairman and CEO, tells us in this episode of The Outthinking Investor. The airline industry has adapted and evolved through technological innovation, consolidation, regulatory changes, and an increasingly competitive transportation sector—providing universal lessons for businesses and investors.

  • Amid a turbulent outlook, this episode explores how airlines are addressing a host of business challenges, from the threat of aircraft tariffs to volatile fuel costs and customer demand. Topics include business strategies that drive revenues and boost profits, the future of business and leisure travel, navigating antiquated air traffic control systems, the outlook for low-cost carriers, and reflections on United Airlines’ turnaround.

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New Asia Fund Documents & Research

• Asia Frontier Capital has the following updates:

  • 🗄️🌏AFC Asia Frontier Fund May monthly newsletter (detailed economic and portfolio - Asian Frontier Markets Make a Strong Comeback - May 2025 Update) and discussed how the AFC Asia Frontier Fund won at the AsianInvestors Awards, AFC Uzbekistan Fund Investor Day 2025, AFC Asia Frontier Fund in Colombo (trip report), etc.

    Stocks discussed or mentioned by name:

    • 🇱🇰 Hemas Holdings PLC (CSE: HHL) - Home & personal care brands, hospitals/pharmaceuticals, aviation & maritime services, etc. 🇼

    Unnamed performers/transactions (that can be guessed) mentioned:

    • 📈🇵🇬 Papua New Guinea gold producer

    • 📈🇹🇱 Manganese miner from Timor-Leste

    • 📈🇲🇲 Myanmar conglomerate

    • 📈🇲🇳 Mongolia gold miner

    • 📈🇰🇭 Cambodian gold miner

  • 🗄️🇮🇶 AFC Iraq Fund’s May newsletter (economic and portfolio) discussed two "humongous" dividend announcements (Iraq Business News - Tabaqchali: Humongous Dividends Boost the Iraqi Market) that impacted the Rabee Securities RSISX USD Index (RSISUSD index), a May trip report, etc.

  • 🗄️🇻🇳 AFC Vietnam Fund’s May newsletter discussed how the tariff impact on Vietnam’s export sector appears overstated, Trump organization expands aggressively in Vietnam’s real estate market, Resolution 68-NQ/TW, KRX launch paves the way for emerging market upgrade, and how the VN-Index’s strong recent performance driven by the Vingroup group of stocks. Stocks discussed or mentioned:

    • Vingroup family of stocks:

      • 🇻🇳 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. 🇼

    • 🇻🇳 Thien Long Group Corp (HOSE: TLG) - Stationery maker.

    • 🇻🇳 Dong Hai JSC of Ben Tre (HOSE: DHC) - Manufactures, sells & trades in pulp, kraft paper, paper board & carton packaging products.

  • 🗄️🇺🇿 AFC Uzbekistan Fund’s May newsletter discussed the AFC Uzbekistan Investor Tour (including company visits). Stocks discussed or mentioned:

    • 🇺🇿🏛️ The Uzbek Commodity Exchange (TSE: URTS) - The largest trading platform in Central Asia & a dynamically developing commodity exchange in the CIS countries. 🏷️

    • 🇬🇪 🇺🇿 Tbc Bank Group Plc (LON: TBCG / OTCMKTS: TBCCF) - The largest banking group in Georgia. 🇼

    • 🇺🇿 Uzmetkombinat (TSE: UZMK) - Steel manufacturer.