EM Fund Stock Picks & Country Commentaries (March 9, 2025)
DeepSeek/AI/tariff research pieces, resurgence of the South African consumer, frontier market boom, Mexico trip report, Sonatel Senegal, Myanmar note, 2024 fund annual or semi-annual reports, etc.
As of early March, only a couple of February fund updates and 2024 annual or semi-annual reports have dropped (our continuously updated post containing all funds is here) along with more AI or tariff research related pieces (as I guess that’s what is on the mind of many funds or investors):
🔬🌐🚩 AI-powered autonomous driving: global expansion and regulatory support (Robeco) - Autonomous driving offers enhanced safety and convenience as well as greater efficiency and productivity for both consumers and companies. Moreover, regulation and falling technology costs are paving the way for growth, driving smart mobility investments.
🇮🇱 Mobileye Global (NASDAQ: MBLY) - Advanced driver assistance systems (ADAS) and autonomous driving technologies.
🎙️🌐 There is a transcript for this Robeco Podcast: You AI-nt seen nothing yet 29:37 Minutes - AI has shaken up the investment world, generating impressive stock-market gains for the perceived winners. Is the market now starting to move beyond its obsession with the usual suspects in the AI race? Portfolio managers Jack Neele and Daniel Ernst discuss how they’re dealing with these questions.
🔬🇪🇺 Chart to Watch: European defense spending ramps up (Janus Henderson) - Under the Trump administration, long-held precepts about the post-World War II order are coming into question. As such, a growing number of European governments have announced plans to ramp up defense spending – a boon to defense companies in the region and a potential opportunity for investors looking for growth outside the U.S.
New Asia Fund Documents & Research
🎙️🌏 07/03/2025 - View on the Frontier Markets (RTHK Money Talk) 6:59 Minutes (February 2025) - Ruchir Desai, Co-Fund Manager of the AFC Asia Frontier Fund discusses with James Ross why South Asian and Central Asian Frontier Markets Offer Good Diversification in a Volatile Market Environment.
🎥🌏 The Frontier Boom You Didn’t See Coming (Alpha Uncovered) 57:40 Minutes - In this episode, Ruchir Desai, co-investment manager of AFC Asia Frontier Fund, shares insights on investing in often-overlooked markets like Sri Lanka, Pakistan, and Central Asia. From demographic-driven growth to supply chain shifts and financial innovation, Desai explains why these economies are at an inflection point. We explore how macro risks are managed, why digital banking and fintech are thriving, and how investors can capitalize on this once-in-a-generation opportunity.
(00:00) - Teaser
(00:33) - Introducing Ruchir Desai & AFC Asia Frontier Fund
(02:05) - Why Frontier Markets Are Underresearched Yet Profitable
(05:10) - Navigating Macro & Political Risks in These Markets
(09:20) - Frontier Markets & Global Macroeconomic Cycles
(12:40) - Bottom-Up Research in Undercovered Markets
(16:05) - Demographics & Consumption Growth in Pakistan, Bangladesh & Vietnam
(20:32) - Sri Lanka’s Resurgence: Tourism, Trade & Indian Leverage
(26:10) - How Central Asia Is Thriving Amid Global Shifts
(30:25) - Georgia’s Black Sea Trade & Kazakhstan’s Fintech Boom
(36:15) - The Rise of Digital Banking & Super Apps in Central Asia
(41:05) - Investment Strategies: Large Caps vs. Small Caps
(45:18) - Why Frontier Markets Offer a Multi-Year Growth Opportunity
(50:12) - Lessons Learned from 12 Years in Frontier Investing
(54:30) - Closing Thoughts