EM Fund Stock Picks & Country Commentaries (November 23, 2025)

India (the best anti-AI market?), EHang Holdings (flying cars), We Buy Cars Holdings, Techcom Securities, investment case for Africa, capturing mispriced quality in EMs, Q3/October fund updates, etc.

As of late November, more Q3/October fund updates have become available (our continuously updated post containing all funds is here) plus new research starting with a non-EM piece:

• 🔬🌍 Small caps, big change: European leadership in an age of uncertainty (Janus Henderson Investors) - In an era of geopolitical turmoil and shifting economic alliances, Portfolio Manager Rory Stokes discusses how good leadership can redefine the potential for smaller companies amidst Europe’s evolving landscape.

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New Asia Fund Documents & Research

• 🔬🌏 Suffering from home bias? Try Asia and its smaller companies (Aberdeen Investments) - Gabriel Sacks, Lead Manager of Abrdn Asia Focus PLC (LON: AAS), argues that overcoming home bias is key – and that Asian smaller companies offer overlooked opportunities for diversification and growth.

• 🗄️🌏 Abrdn Asia Focus PLC (LON: AAS)’s October monthly factsheet (detailed economic and portfolio) for this high conviction portfolio of Asian small caps discussed or mentioned:

  • 📈🇹🇼 Chroma Ate Inc (TPE: 2360) - Taiwanese automated testing company. Semiconductor testing for AI-artificial intelligence. 🇼 🏷️

  • 📈🇹🇼 Taiwan Union Technology Corporation (TPEX: 6274) - Value-added materials & advanced mass lamination service to the global electronics industry.

  • 📈🇰🇷 Hansol Chemical (KRX: 014680) - Fine chemicals + display, semiconductor & LiB materials. 🇼 🏷️

  • 📉🇨🇳 Hesai Group (NASDAQ: HSAI) - Lidar products for autonomous mobility, robots, etc. Three-dimensional light detection & ranging (lidar) solutions. 🏷️

  • 🏧🇨🇳 Chifeng Jilong Gold Mining Co Ltd (SHA: 600988 / HKG: 6693 / FRA: 5630) - Operating 6 gold mines, 1 polymetallic mine & 1 resources recycling business in China, Southeast Asia & West Africa.

  • 🏧🇹🇼 Sino-American Silicon Products Inc (TPEX: 5483) - 3″~12″ wafers (semiconductor, solar & sapphire, application expands to solar, photovoltaic & daily energy). 🏷️

  • 🏧🇹🇼 Sunonwealth Electric Machine Industry (TPE: 2421) - Cooling systems. Motors, fans, cooling modules, ventilation fans & air purification solutions.

  • 🏧🇹🇼 Chief Telecom Inc (TPEX: 6561) - VPN service provider. Subs. of Chunghwa Telecom (TPE: 2412 / NYSE: CHT). 🇼

  • 🇻🇳 FPT Corp (HOSE: FPT / SET: FPTVN19) - Among the largest digital IT service companies in the country with over 100 of the Fortune 500 companies as clients. 🇼 🏷️

  • 🇻🇳 Mobile World Investment Corp (HOSE: MWG / SET: MWG19) - Multi-category retail platform.

• 🔬🌏 Private Credit in Asia 2.0 (AIMA)

  

• ⏰🎬🌏 APAC Financial Markets Spotlight: AI Tech drives APAC rally despite tariff uncertainty (US/EMEA Timezone) (FTSE Russell) - Nov 27 2025, 10:00pm, Duration: 45 mins - Join our Global Investment Research team for our new quarterly APAC Financial Markets Spotlight webinars. You will receive analysis and actionable insights on the macro backdrop and multi-asset financial markets across APAC.

  • Improved growth-inflation dynamics in APAC

  • APAC equities continued to outpace global peers

  • YTD bond returns boosted by easing policy, except Japan

  • Tech momentum continues with sustained AI & chip optimism

  • Emerging Asian currencies show resilience amid October USD recovery