Emerging Market Links + The Week Ahead (July 10, 2023)
Defaulted China debt (+hidden reserves), Taiwan’s wealthy move money abroad, Brazil tax reform, is Mexico overheating, EM stock picks + country winners & losers & the week ahead for emerging markets.
Much has been written about the US treasury bonds that China owns. What is not widely known is how, under the “successor government” doctrine (also see “odious debt”), the CCP led government of China is responsible for the repayment of $1 trillion worth of defaulted ROC bonds from pre-1949 held by Americans.
Apparently and as recently as 2010, the German government made its last payment for reparations from World War I while in 2015, the UK made payments on bonds that dated from the 18th century.
In addition, China is said to have double the amount of foreign reserves or closer to $6 trillion with half of those reserves said to be hidden in state banks.
Finally, we have a range of emerging market stock picks for this week plus there is a research piece covering (in detail) the winners and losers from ongoing geopolitical shifts (also see: Emerging Market Country Selection in a Multipolar World: Twelve Things to Consider).
Emerging Market Stock Pick Tear Sheets
$ = behind a paywall
Bafang Yunji International (TPE: 2753): Turning Things Around and Expanding in HK Plus the USA $
Gourmet Master (TPE: 2723): Taiwan's Rapidly Expanding Version of Starbucks $
Business Day TV Daily Stock Picks (June 2023) Partially $
Includes: Antofagasta, Impala Platinum Holdings, Anglo American Platinum, Afrimat, Naspers, Standard Bank, Nedbank, Firstrand, Redefine Property, Omnia, Northam Platinum, Stadio Holdings, Merafe Resources, AVI, Libstar, RCL, ABSA, CRESUD, Sanlam, KAP, Bidvest, Zeda, Telkom, Sea Limited, Ping AN, City Lodge, Astral Foods, Capitec, SA GOVT Bonds, Premier Group, Metrofile, CA Sales, Renergen, Pepkor, Anglo American, Pick N Pay & Mr Price
Emerging Market Stock Picks / Stock Research
$ = behind a paywall
Fenbi (2469 HK): Rightfully Sold, Wrongfully Punished (Smart Karma) $
Fenbi Ltd (HKG: 2469) [I can’t get their website to stay loaded] is a newly listed China edtech company that focuses on tutoring for China civil servant exams.
The company's share price was caught by a perfect storm in June, dropping by as much as 70% during the month.
Very interesting opportunity to have exposure to a quality company in a sector that is very different from K12 tutoring.
China Tourism Duty Free Corp (601888. CH): Is Now Good Time for Bottom-Fishing? (Smart Karma) $
China Tourism Duty Free Corp (SHA: 601888 / HKG: 1880 / OTCMKTS: CTGDF)’s 1H23 preliminary results suggest that business recovery remains on track. Voices of bottom-fishing are getting louder as free fall in its share price already erased 50% market cap YTD.
We believe the dynamics have fundamentally changed compared to three years ago when CDF was the stock market darling. Investors need be aware of the anchoring effect in making decisions.
Moderate growth, pressured margin and contracted valuation multiple will be the new reality facing investors of the stock in our view. Wait for better entry point.
RoboSense Technology: A Risky IPO As LiDAR Stocks Underperformed (Smart Karma) $
RoboSense Technology, one of the leading providers of LiDAR sensor systems and AI perception software, filed [In Chinese…] for a Hong Kong IPO with J.P. Morgan and China Renaissance leading the offering.
RoboSense Technology is a high-growth mass producer of LiDAR products with mounting operating losses. The company is growing revenue in double digits and still has heavy losses.
I believe RoboSense Technology IPO is risky due to the company’s high cash burn rate, fierce competition, pricing pressure and unhealthy fundamentals. Moreover, LiDAR stocks continue to underperform.
Gravity Co. ($GRVY) (Clark Square Capital's Absolute Value)
I believe that an investment in the common shares of Gravity (NASDAQ: GRVY) (trading on the Nasdaq, ticker: $GRVY) is compelling for the following reasons:
Gravity’s sales and profit growth accelerated in Q4 2022 with the launch of Ragnarok Origin in Taiwan/HK. I expect that the momentum in top-line and EBIT will continue as the company releases RO in SE Asia and globally.
GRVY’s valuation is extremely asymmetric. GRVY is currently trading at ~2.0x ‘24 EBITDA or a +35% FCF yield, but the downside is limited by the company’s net cash balance ($50+ net cash/share vs. $72 current price).
The company’s growing cash pile provides for significant optionality through possible repurchases, dividends, or thoughtful M&A.
The company’s game pipeline could provide valuable diversification of earnings and further upside if the company develops another hit game.
All-in, I see a path for the stock to be worth at least $180/share, or about 160% upside from today’s current price.
HRNetGroup (SGX:CHZ) Staffing in Asia (Mokapu Capital)
HRNetGroup (SGX: CHZ) is a Singapore listed professional recruiting and temporary staffing company currently operating in 15 cities across Asia. The company’s largest operation is in Singapore which makes up over half its revenues and is the largest player. The company has been expanding both domestically and internationally through both organic and inorganic means. The company is trading at an attractive multiple with good growth prospects, pristine balance sheet, and a unique insider ownership model. The staffing industry can be quite cyclical but they do bounce back rather quickly and the company’s pristine balance sheet can pretty much weather anything.
Singapore Depository Receipts (SDRs) Have Started Trading: Here’s What You Should Know (The Smart Investor)
This new type of security allows investors to have access to Thailand’s blue-chip stocks.
Back in May, Singapore Exchange Limited (SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY), or SGX, announced that it will launch a new product under the Thailand-Singapore depository receipt (DR) linkage.
On this note, there are three inaugural SDRs that are issued by Phillip Securities.
These three Thai stocks are touted as blue-chip businesses and comprise Airports of Thailand (SGX: TATD / BKK: AOT / OTCMKTS: AIPUY / AIPUF / ARPRF), CP All (SGX: TCPD / BKK: CPALL / CPALL-R / OTCMKTS: CVPBF / CVPUF), and PTT Exploration & Production (SGX: TPED / BKK: PTTEP / PTTEP-R / OTCMKTS: PEXNY).
Demand from Chinese students to attend SISB Pcl (BKK: SISB), originally called the Singapore International School of Bangkok, has soared, with the number enrolled more-than doubling in March compared with a year earlier.
That helped the school’s stock rise 216% over the past 12 months, making it one of this year’s top gainers among education service stocks globally with a market value of at least $500 million, according to data compiled by Bloomberg News.
SISB’s revenue is mainly generated from tuition fees that, depending on the age of the child and the campus, range from about $12,400 to around $20,800. In comparison, the median annual school fees at an international school last year was $21,386 in Singapore, $43,100 in New York and $21,758 in London, according to the International Schools Database.
Multi Bintang (MLBI IJ): Recovery Story With High Cash Flow Generation and Dividend Pay Out (Smart Karma) $
Multi Bintang Indonesia Tbk PT (IDX: MLBI) is Indonesia's leading beer company, with a marketshare of 50% by volume. The company is 89% owned by Heineken.
The company has maintained an average 5 Yr/10 Yr ROCE of over 72%/82% and paid out 80-100% of its profits as dividends. It is also net cash.
The stock boasts a 6.5%-7% dividend yield and trades at 14-15x PE if profits normalize due to increased tourism in Indonesia, where we believe most of the demand is.
Narrow to think S.Korea casinos rely on Chinese: broker (GGRAsia)
Also see: Kangwon Land (KRX: 035250): Shares Are Still Down Despite a Mass Gaming Revenue Recovery - the only casino locals are allowed to gamble in.
Investors in South Korea’s gaming sector seem to be “maintaining a narrow view that foreigner-only casinos [in the country] depend predominantly on Chinese visitors”, not valuing the fact there has been “rapid recovery in inbound traffic” from other countries, says Shinhan Securities Co Ltd. The brokerage suggested that, for “sentiment to improve the casinos will need to prove investors wrong with reports of solid earnings”.
“May sales hinged on hold percentage,” with Paradise Co Ltd (KOSDAQ: 034230), an operator of some foreigner-only casinos, “reporting sales of KRW70.1 billion [US$53.6 million], the second highest on record, thanks to significant improvement in hold percentage,” wrote analyst Ji.
The commentary added, referring to Grand Korea Leisure Co Ltd (KRX: 114090), a foreigner-only casino operator that is controlled by the Korea Tourism Organization: “In contrast, Grand Korea Leisure’s hold percentage reversed solid gains seen over the past three months, causing sales to plunge month-on-month to KRW25.3 billion in May.”
India Industrials | Riding the Tailwind (Smart Karma) $
India's strong growth projections are widely agreed upon, therefore warranting a deeper analysis of the key factors driving this growth, to identify potential deviations from projections.
The Industrials sector, supported by government initiatives, plays a critical role in the growth of the Indian economy and is currently benefiting from a strong tailwind.
While ABB India (NSE: ABB / BOM: 500002) and Polycab India (NSE: POLYCAB / BOM: 542652) are compelling investment ideas, caution is advised for Siemens Ltd (NSE: SIEMENS / BOM: SIEMENS) and Havells India (NSE: HAVELLS / BOM: 517354).
Turkcell Iletisim Hizmetleri A.S (TCELL) (RhinoInsight's Substack)
Market Leader: Dominant market share of 41.5% in an attractive, three-player market with a subscriber base of about 41.7 million (37.5 million on the mobile front) in Turkey
Revenue Growth Continues: Strong Q1/23, 61.5% YoY revenue growth, surpassing TL 17 million with and EBITDA margins maintained around 39%
String Unit Economics: ARPU growth of 67.9% in 1Q/23 (YoY) outpacing inflation, impressive churn numbers of less than 2%, both for mobile and fix segment
Low Leverage: Despite the Turkish Lira's depreciation against major currencies, the company managed to reduce its leverage level (net debt/EBITDA) to 0.9x
Challenging Business Environment: Despite Turkcell's strong performance, current price reflects the problems with Turkish Lira (TK) and Turkey’s economy leading to a general dislike in investing of Turkish stocks
Dino Polska (DNP.WA): Long-term Perspective (Fundasy Investor)
Today’s business, Dino Polska (WSE: DNP / FRA: 5Y2 / OTCMKTS: DNOPY), is Poland’s largest grocery store chain, serving 80% of Poland’s population (38 million in total) that live in its rural countryside. Just for a teaser, the company is Poland’s second largest company by market cap, owns nearly all its own real estate, the founder still owns 51% of the company, and its growing like an inflation resistant weed!
Another better and more detailed thesis presentation from Sohra Peak is linked HERE.
I purchased Dino Polska (DNP.WA) at a trailing 32x multiple, where I had nearly a 15% bear case. The stock is now up 14% in the past month, and I have no plans on selling. I think an investment in this company can intrinsically grow at ridiculous rates of return for a number of years to come.
Further Suggested Reading
$ = behind a paywall
Shadow reserves — how China hides trillions of dollars of hard currency (The China Project)
China has a lot of foreign exchange reserves that do not show up in the official books of the People’s Bank of China. Those funds have been hidden in the state banks, and largely escaped scrutiny.
All told, institutions that report to China’s central government probably have closer to $6 trillion in foreign assets than the $3.12 trillion SAFE reported in December 2022.
China is in default on a trillion dollars in debt to US bondholders. Will the US force repayment? (The Hill)
Note: See Wikipedia entries for “successor government” doctrine and “odious debt” plus some of Undervalued Shares’ write-ups: 9 opportunities in litigation finance, defaulted debt and expropriation claims and The Cuba files – court documents for distressed debt investors:
The United States pays interest on approximately $850 billion in debt held by the People’s Republic of China. China, however, is currently in default on its sovereign debt held by American bondholders.
In 1938, during its conflict with Japan, the ROC defaulted on its sovereign debt. After the military victory of the communists, the ROC government fled to Taiwan. The People’s Republic of China was eventually recognized internationally as the successor government of China. Under well-established international law, the “successor government” doctrine holds that the current government of China, led by the Chinese Communist Party, is responsible for repayment of the defaulted bonds.
A private group of American citizens holds a large quantity of these gold-denominated bonds. This citizen-led group, the American Bondholders Foundation (ABF), serves as trustee with power of attorney for some 20,000 bondholders, whose bonds are valued at well more than $1 trillion.
As recently as 2010, the German government made its last payment for reparations from World War I. In 2015 Great Britain made payments on bonds issuances that dated from the 18th century.
‘People are nervous’: Taiwan’s wealthy shelter money overseas in fear of China conflict (FT) (Archived Article)
Geopolitical tensions and crackdown on longstanding offshore holdings trigger shift into portable assets
Interviews with half a dozen wealth managers reveal that some Taiwanese clients have begun looking for investments in highly portable assets since China held unprecedented military exercises around the island in August last year. One money manager who looks after Taiwanese wealth says China’s military assertiveness against the country have prompted several clients to purchase assets — such as art and diamonds — that can easily be moved in the event of a war.
Wealthy individuals connected to Taiwan’s ruling Democratic Progressive party, which has frosty relations with Beijing, are driving the push to diversify assets, the person points out.
Local consultants say many wealthy Taiwanese are prone to a traditional scepticism about handing their money to external managers and prefer investing in physical assets instead, especially in times of uncertainty.
Exciting Developments in Singapore Markets | Boon Chye Loh, CEO, Singapore Exchange (SGX Group) (London Stock Exchange Group (LSEG)) 4:05 Minutes
Following a difficult year for the global financial markets in 2022, what is the outlook for Singapore in 2023 and how are exchanges providing support through this period of uncertainty? In this episode of FTSE Russell Convenes ASEAN, Boon Chye Loh, Chief Executive Officer of Singapore Exchange (SGX), discusses his thoughts on the year ahead as well as how ecosystem-building has facilitated significant developments in Singaporean markets, how global investors can access Singapore and ASEAN markets, and how retail and institutional participation in Singapore has grown.
Latin America’s bonds and currencies lure yield-hungry investors (FT) (Archived Article)
Greer, whose portfolio is overweight in local currency bonds in Brazil, Mexico, Colombia, Peru and Uruguay, said that for both government debt and pure currency exposure, Latin America is “the place to be”. An exception, he said, was Argentina, which has been cut off from access to international markets after a debt default and where inflation runs at more than 100 per cent.
Brazil’s tax reform wins approval in lower house of Congress (FT) (Archived Article)
Senate vote now needed to simplify one of world’s most complicated tax regimes.
Latin America’s largest economy has for decades been hampered by the complexity and opacity of its tax regime. A midsized company in Brazil takes about 1,500 hours to prepare and pay taxes, by far the most in the world, according to the World Bank. By contrast, a US company takes 175 hours and a UK group takes 114 hours.
During the past 34 years, an average of 37 tax rules were changed every day, according to the Brazilian Institute for Planning and Taxation.
Tequila sunset: is the Mexican peso’s run coming to an end? (LGIM)
Low unemployment, retail sales outpacing manufacturing and a deteriorating trade balance all indicate Mexico is overheating, suggesting the peso could weaken.
Geopolitical Shifts And Investment Implications (Amundi)
Note: Good discussion of the winners and losers in the whole piece plus this table (Also see: Emerging Market Country Selection in a Multipolar World: Twelve Things to Consider):
Earnings Calendar
Note: Investing.com has a full calendar for most global stock exchanges BUT you may need an Investing.com account, then hit “Filter,” and select the countries you wish to see company earnings from. Otherwise, purple (below) are upcoming earnings for US listed international stocks (Finviz.com):
Economic Calendar
Click here for the full weekly calendar from Investing.com containing frontier and emerging market economic events or releases (my filter excludes USA, Canada, EU, Australia & NZ).
Election Calendar
Frontier and emerging market highlights (from IFES’s Election Guide calendar):
UzbekistanUzbekistani PresidencyJul 9, 2023 (t) Confirmed Dec 31, 2021Cambodia Cambodian National Assembly Jul 23, 2023 (d) Confirmed Jul 29, 2018
Argentina Argentinian Presidency Aug 13, 2023 (d) Confirmed Oct 22, 2023
Ecuador Ecuadorian Presidency Aug 20, 2023 (t) Confirmed Apr 11, 2021
Ecuador Ecuadorian National Congress Aug 20, 2023 (t) Confirmed Feb 7, 2021
Zimbabwe Zimbabwean National Assembly Aug 23, 2023 (d) Confirmed Jul 30, 2018
Zimbabwe Zimbabwean Presidency Aug 23, 2023 (d) Confirmed Jul 30, 2018
Singapore Singaporean Presidency Sep 13, 2023 Date not confirmed Sep 23, 2017
Slovakia Slovakian National Council Sep 30, 2023 (t) Confirmed Feb 29, 2020
Pakistan Pakistani National Assembly Oct 14, 2023 (t) Date not confirmed Jul 25, 2018
Argentina Argentinian Chamber of Deputies Oct 22, 2023 (d) Confirmed Oct 24, 2021
Argentina Argentinian Senate Oct 22, 2023 (d) Confirmed Nov 14, 2021
Argentina Argentinian Presidency Oct 22, 2023 (d) Confirmed Aug 13, 2023
Ukraine Ukrainian Supreme Council Oct 29, 2023 (d) Confirmed Jul 21, 2019
Poland Polish Sejm Oct 31, 2023 (t) Date not confirmed Oct 13, 2019
Poland Polish Senate Oct 31, 2023 (t) Date not confirmed Oct 13, 2019
Chile Referendum Dec 17, 2023 (t) Confirmed Sep 4, 2022
Emerging Market IPO Calendar/Pipeline
Frontier and emerging market highlights from IPOScoop.com and Investing.com (NOTE: For the latter, you need to go to Filter and “Select All” countries to see IPOs on non-USA exchanges):
Maison Solutions MSS, 3.8M Shares, $4.00-4.00, $15.0 mil, 7/10/2023 Week of
Maison Solutions is a specialty Asian grocery retailer. (Incorporated in Delaware)
We are a fast-growing specialty grocery retailer offering traditional Asian food and merchandise to modern U.S. consumers, in particular to members of Asian-American communities. We are committed to providing Asian fresh produce, meat, seafood, and other daily necessities in a manner that caters to traditional Asian-American family values and cultural norms, while also accounting for the new and faster-paced lifestyle of younger generations and the diverse makeup of the communities in which we operate. To achieve this, we are developing a center-satellite stores network.
Our merchandise includes fresh and unique produce, meats, seafood and other groceries which are staples of traditional Asian cuisine and which are not commonly found in mainstream supermarkets, including a variety of Asian vegetables and fruits such as Chinese broccoli, bitter melon, winter gourd, Shanghai baby bok choy, longan and lychee; a variety of live seafood such as shrimp, clams, lobster, geoduck, and Alaska king crab, and Chinese specialty products like soy sauce, sesame oil, oyster sauce, bean sprouts, Sriracha, tofu, noodles and dried fish. With an in-house logistics team and strong relationships with local and regional farms, we are capable of offering high-quality specialty perishables at competitive prices.
Our multi-pronged approach allows us to provide customers with multiple shopping channels, including integrated online and offline operations, according to Maison Solutions Inc.’s website.
“Customers can place orders on our mobile app “FreshDeal24,” or through our WeChat Applet “Good Luck to Home” for either home delivery or in-store pickup,” the company’s website says.
*Note: Revenue and net income are for the 12 months that ended Jan. 31, 2023.
(Note: Maison Solutions Inc. filed an S-1/A dated June 2, 2023, in which it increased the size of its IPO – to 3.75 million shares – up from 3.0 million shares – and kept the assumed IPO price at $4.00 – to raise $15 million. Under the new terms, Maison Solutions will raise 25 percent more than the $12 million in estimated IPO proceeds under its original terms. Background: Maison Solutions filed its S-1 on May 22, 2023, after submitting confidential IPO documents to the SEC on Dec. 23, 2022.)
BioNexus Gene Lab Corp. BGLC, 1.3M Shares, $4.00-4.00, $5.0 mil, 7/14/2023 Friday
(Note: This is NOT an IPO. This is a NASDAQ uplisting from the OTCQB Marketplace for BioNexus Gene Lab Corp. The company is incorporated in Wyoming, although it is based in Malaysia.)
BioNexus Gene Lab Corp., through our wholly owned subsidiary Chemrex Corporation Sdn Bhd., focuses on the sale of chemical raw materials for the manufacture of industrial, medical, appliance, aero, automotive, mechanical, and electronic industries in the Southeast Asia region. These countries include Malaysia, Indonesia, Vietnam, and other countries in Southeast Asia.
Furthermore, the Company is also in the business of developing and providing safe, effective, and non-invasive liquid biopsy tests for the early detection of disease risks derived from evidence-based research to minimize treatment costs and improve patient management on his current health status. Our non-invasive blood tests provide analysis of changes in RNA to detect the potential risk of 11 different diseases.
We focus on chemical raw material products. We purchase raw chemical materials, mostly FRP, from domestic and international manufacturers and sell them to customers in Southeast Asia Maldives Islands, Sri Lanka, Bangladesh, and Africa. The FRP and other raw materials we offer are used to produce a wide variety of goods, including handrails, bench tops, automotive and aero parts, cleanroom panels, and covers for various instruments used in manufacturing.
As of Sept. 30, 2022, 90% of our revenue are from the sales of FRP and other raw materials.
We provide non-invasive blood tests to analyze changes in RNA to detect the potential risk of 11 different diseases by biomarkers in Malaysia. These diseases include eight cancers (nasopharyngeal, lung, liver, stomach, breast, cervical, prostate and colon), two bowel diseases (colitis and Crohn’s) and osteoarthritis.
As of Sept. 30, 2022, 10% of our revenue are from the sales of non-invasive blood tests.
**Note: Revenue and net income are for the 12 months that ended Sept. 30, 2022.
(Note: BioNexus Gene Lab Corp. filed its S-1 on Feb. 14, 2023, for its NASDAQ uplisting from the OTCQB Marketplace.)
Emerging Market ETF Launches
Climate change and ESG are clearly the latest flavours of the month for most new ETFs. Nevertheless, here are some new frontier and emerging market focused ETFs:
03/16/2023 - JPMorgan Active China ETF JCHI - Active, equity, China
03/03/2023 - First Trust Bloomberg Emerging Market Democracies ETF EMDM - Principles-based
1/31/2023 - Strive Emerging Markets Ex-China ETF STX - Passive, equity, emerging markets
1/20/2023 - Putnam PanAgora ESG Emerging Markets Equity ETF PPEM - Active, equity, ESG, emerging markets
1/12/2023 - KraneShares China Internet and Covered Call Strategy ETF KLIP - Active, equity, China, options overlay, thematic
1/11/2023 - Matthews Emerging Markets ex China Active ETF MEMX - Active, equity, emerging markets
12/13/2022 - GraniteShares 1.75x Long BABA Daily ETF BABX - Active, equity, leveraged, single stock
12/13/2022 - Virtus Stone Harbor Emerging Markets High Yield Bond ETF VEMY - Active, fixed income, junk bond, emerging markets
9/22/2022 - WisdomTree Emerging Markets ex-China Fund XC - Passive, equity, emerging markets
9/15/2022 - KraneShares S&P Pan Asia Dividend Aristocrats Index ETF KDIV - Passive, equity, Asia, dividend strategy
9/15/2022 - OneAscent Emerging Markets ETF OAEM - Active, Equity, emerging markets, ESG
9/9/2022 - Emerge EMPWR Sustainable Select Growth Equity ETF EMGC - Active, equity, emerging markets
9/9/2022 - Emerge EMPWR Unified Sustainable Equity ETF EMPW - Active, equity, emerging markets
9/8/2022 - Emerge EMPWR Sustainable Emerging Markets Equity ETF EMCH - Active, equity, emerging markets, ESG
7/14/2022 - Matthews China Active ETF MCH - Active, equity, China
7/14/2022 - Matthews Emerging Markets Equity Active ETF MEM - Active, equity, emerging markets
7/14/2022 - Matthews Asia Innovators Active ETF MINV - Active, equity, Asia
6/30/2022 - BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF XEMD - Passive, fixed income, emerging markets
5/2/2022 - AXS Short CSI China Internet ETF SWEB - Active, inverse, thematic
4/27/2022 - Dimensional Emerging Markets High Profitability ETF DEHP - Active, equity, emerging markets
4/27/2022 - Dimensional Emerging Markets Core Equity 2 ETF DFEM - Active, equity, emerging markets
4/27/2022 - Dimensional Emerging Markets Value ETF DFEV - Active, equity, emerging markets
4/27/2022 - iShares Emergent Food and AgTech Multisector ETF IVEG - Passive, equity, thematic [Mostly developed markets]
4/21/2022 - FlexShares ESG & Climate Emerging Markets Core Index Fund FEEM - Passive, equity, ESG
4/6/2022 - India Internet & Ecommerce ETF INQQ - Passive, equity, thematic
2/17/2022 - VanEck Digital India ETF DGIN - Passive, India market, thematic
2/17/2022 - Goldman Sachs Access Emerging Markets USD Bond ETF GEMD - Passive, fixed income, emerging markets
1/27/2022 - iShares MSCI China Multisector Tech ETF TCHI - Passive, China, technology
1/11/2022 - Simplify Emerging Markets PLUS Downside Convexity ETF EMGD - Active, equity, options strategy
1/11/2022 - SPDR Bloomberg SASB Emerging Markets ESG Select ETF REMG - Passive, equity, ESG
Emerging Market ETF Closures/Liquidations
Frontier and emerging market highlights:
06/23/2023 - Invesco PureBeta FTSE Emerging Markets ETF - PBEE
3/30/2023 - Invesco BLDRS Emerging Markets 50 ADR Index Fund - ADRE
3/30/2023 - Invesco BulletShares 2023 USD Emerging Markets Debt ETF - BSCE
3/30/2023 - Invesco BulletShares 2024 USD Emerging Markets Debt ETF - BSDE
3/30/2023 - Invesco RAFI Strategic Emerging Markets ETF - ISEM
2/17/2023 - Direxion Daily CSI 300 China A Share Bear 1X Shares - CHAD
1/13/2023 - First Trust Chindia ETF - FNI
12/28/2022 - Franklin FTSE Russia ETF - FLRU
12/22/2022 - VictoryShares Emerging Market High Div Volatility Wtd ETF CEY
8/22/2022 - iShares MSCI Argentina and Global Exposure ETF AGT
8/22/2022 - iShares MSCI Colombia ETFI COL
6/10/2022 - Infusive Compounding Global Equities ETF JOYY
5/3/2022 - ProShares Short Term USD Emerging Markets Bond ETF EMSH
4/7/2022 - DeltaShares S&P EM 100 & Managed Risk ETF DMRE
3/11/2022 - Direxion Daily Russia Bull 2X Shares RUSL
1/27/2022 - Legg Mason Global Infrastructure ETF INFR
1/14/2022 - Direxion Daily Latin America Bull 2X Shares LBJ
Check out our emerging market ETF lists, ADR lists (updated) and closed-end fund (updated) lists (also see our site map + list update status as some ETF lists are still being updated as of Summer 2022).
I have changed the front page of www.emergingmarketskeptic.com to mainly consist of links to other emerging market newspapers, investment firms, newsletters, blogs, podcasts and other helpful emerging market investing resources. The top menu includes links to other resources as well as a link to a general EM investing tips / advice feed e.g. links to specific and useful articles for EM investors.
Disclaimer. The information and views contained on this website and newsletter is provided for informational purposes only and does not constitute investment advice and/or a recommendation. Your use of any content is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness of the content. Seek a duly licensed professional for any investment advice. I may have positions in the investments covered. This is not a recommendation to buy or sell any investment mentioned.
Emerging Market Links + The Week Ahead (July 10, 2023) was also published on our website under the Newsletter category.