EM Fund Stock Picks & Country Commentaries (March 30, 2025)
Local independent oil stocks, Taiwan trip report, L’Oréal, how will tariffs affect EM corporate bonds (Mexico) + small caps, navigating Trump 2.0, South America's election cycle, fund updates, etc.
Unrelated to emerging markets, the always entertaining and enlightening All-In Podcast (every Friday) with various Silicon Valley techies such as Chamath Palihapitiya, Jason Calacanis, David Sacks (who is now the White House AI and crypto czar) and David Friedberg had an interesting discussion about Nvidia where some of its balance sheet was explained:
🎥 The AI Cold War, Signalgate, CoreWeave IPO, Tariff Endgames, El Salvador Deportations (All-In Podcast) 1:27:59 Hours (March 2025)
(0:00) The Besties welcome Gavin Baker back on the show!
(1:20) Nvidia balance sheet questions, CoreWeave IPO, M&A/IPO bounce back
(16:22) US vs China in AI: Manus, China building its own Nvidia, and more
(28:37) The Administration's endgame for tariffs
(53:05) Signalgate: context and fallout
(1:09:42) El Salvador deportations
Some (including voices in the alt-finance space) have expressed scepticism concerning Nvidia financing vendors and its accounts receivable numbers. However, some fairly reasonable explanations were provided in the podcast that are worth considering plus there was a good discussion about China’s capabilities in the AI space.
The All-In Podcast is also worth listening to for a better understanding of the Trump 2.0 administration (as they don’t all agree or disagree with all of his policies)…
As of the end of March, more fund updates (our continuously updated post containing all funds is here) along with research that also covers specific stocks has become available:
🔬🚩 This Janus Henderson Investors piece mentioned a number of non-EM stocks: Data is (still) the “new oil” - Exploring the transformative power of data in the digital age, we uncover the strategic advantages that position data asset companies for unprecedented growth in the AI-driven economy, while simultaneously displaying compelling sustainability alignment.
🔬🌍 Are the tides rising for European equities in 2025? (Janus Henderson Investors) - Is Europe at a turning point? European Equities Portfolio Manager Robert Schramm-Fuchs explores the factors, reforms, and challenges shaping the future of European markets.
🔬🚩 Why Analysts May Be Wrong About L’Oréal (Harding Loevner) - Is L'Oreal SA (EPA: OR / FRA: LOR / OTCMKTS: LRLCF) overvalued? Your answer to that might depend on where your investment focus lies—Europe, or the entire world.
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:
📈🇨🇳 Kingdee International Software Group (HKG: 0268 / FRA: KDID / FRA: KDIC / OTCMKTS: KGDEY)
📈🇰🇷 Classys (KRX: 214150) - Medical aesthetics technologies w/ market share positioning in 55+ countries (Europe, Australia, Brazil & Singapore).
📈🇹🇭 Mega Lifesciences PCL (BKK: MEGA) - Brands, Distribution & Original Equipment Manufacture (OEM).
📉🇰🇷 HD Hyundai Marine Solution (KRX: 443060) - Integrated engineering-based services to Hyundai brand ships. 🇼 🏷️
📉🏧🇹🇼 Chroma Ate Inc (TPE: 2360) - Taiwanese automated testing company. Semiconductor testing for AI-artificial intelligence.
🏧🇨🇳 Cloud Music (HKG: 9899) 🇰🇾 or NetEase Cloud Music - Leading online music platforms in China. Interactive content community for music enthusiasts.
🏧🇲🇾 Aeon Credit Service (M) Bhd (KLSE: AEONCR) - Consumer financial services.
🏧🇨🇳 Chacha Food (SHE: 002557) - Produces & sells fresh nuts in China.
🏧🇮🇳 Cyient (NSE: CYIENT / BOM: 532175) - Global Engineering & Technology solutions company. Design digital enterprises, build intelligent products & platforms.
🏧🇮🇳 Prestige Estates Projects Ltd (NSE: PRESTIGE / BOM: 533274) - Diversified real estate developer.