Emerging Market Links + The Week Ahead (July 24, 2023)
No BRICS currency yet, TSMC not optimistic about AI or China, Koreans burned on foreign office investments, Malaysia vs. Thai investors, EM stock picks & the week ahead for emerging markets.
It looks like we are not going to get an announcement about a new BRICS “currency” this time around. Given what happened to Russia’s foreign reserves outside of Russia, it’s clear most countries are looking for some sort of safer alternative (the Yuan? Their own currencies? An asset backed system? Blockchain? A whole new currency? etc. ) to the USD and not subject to fickle US politics or foreign policy.
On the other hand, no country wants to jump out of an uncertain fire and into an equally uncertain frying pan… For Example: Someone on Twitter (who’s Chinese ex-wife is a billionaire accused of corruption and is among those who have “disappeared”) has tweeted an interesting comment about how the Chinese foreign minister has vanished - with no cover story, apparent successor, or explanation of any kind… He pointed out:
No one knows what are the new rules of the game. Thus, there are a lot of uncertainty for everyone 2. Decisions are made in secrecy, no transparency and no open process, from Qin’s rapid rise thru the ranks to his downfall today. Everyone is trying to read thru the tea leaves, including senior ccp bureaucrats…
In other words, you probably don’t want to completely replace the USD (or US treasury bonds) with the Yuan (and whatever the Chinese equivalent of US treasuries are)…
Meanwhile, the recent earnings call from Taiwan Semiconductor Manufacturing revealed they are not so optimistic about the Chinese economy while AI is not living up to all the hype. As pointed out in our July 4th post, AI or EV batteries along Chinese stocks in certain hyped sectors have a tendency to remind me of what happened with 3D printing and 3D printer stocks which also did not live up to their lofty expectations.
Finally, we have a number of stock pick ideas for you to investigate further - including several tear sheets about education related stocks in Brazil and Africa (as education tends to be an almost inflation proof cash flow business IF done correctly and not overleveraged). The recently launched or closed ETFs sections have also been updated.
Emerging Market Stock Pick Tear Sheets
$ = behind a paywall
Mirae Asset Securities' Korean Stock Picks (June 2023) Partially $
June Korean stock picks: Duksan Neolux, LX International, SK Innovation, SK Hynix, Lotte Data Communication, Samsung SDS, Hyundai AutoEver, SK Biopharmaceuticals, KakaoBank, SKC & HanAll Biopharma.
YDUQS Participações (BVMF: YDUQ3): Digital Learning Investments Pay Off as Growth Continues $
CIRA Education (EGX: CIRA): Record Revenues and Minimal Margin Contraction Amid High Inflation $
ADvTECH (JSE: ADH): Becoming a Pan-African Education Business $
Curro Holdings (JSE: COH / FRA: 24P): Performing Significantly Better After Expanding Too Quickly $
Stadio Holdings (JSE: SDO): An Asset Light Distance Learning Model Pays Off $
moneycontrol India Stock of the Day (June 2023) Partially $
Includes: Page Industries, SJS Enterprises, Repco Home Finance, Bharat Electronics, Saregama, IDBI Bank, Paradeep Phosphates, Ami Organics, Heritage Foods, Indian Hotels Company, ZF Commercial Vehicle Control Systems India, JK Paper, Sagar Cement, NTPC Ltd, DCB Bank, Max Healthcare Institute, EaseMy Trip, Emami, & HG Infra Engineering Co
Emerging Market Stock Picks / Stock Research
$ = behind a paywall
Hollysys automation (Fabricated Automation)
I think it’s very likely Hollysys Automation Technologies (NASDAQ: HOLI) will be taken out in the next few months for $26-29 vs the current share price of just over $17. 70% of the market cap is in net cash by now and the stock trades at about 8x forward earnings. Backlog is $900 million vs previous backlogs of around $600 million in 2019-2021.
Up in smoke? Not exactly for Huabao, crown jewel of China’s ‘vaping queen’ (Bamboo Works)
When it comes to feasting on China’s lucrative state tobacco monopoly, Huabao International Holdings Ltd. (HKG: 0336 / FRA: CEY2 / CEY / OTCMKTS: HUABF / HUIHY) and its affiliated Huabao Flavours & Fragrances Co. Ltd. (SHE: 300741) are about as deeply integrated into the machine as they come. But life hasn’t been a bed of roses lately for the major supplier of tobacco flavorings to China National Tobacco Corp. (CNTC).
Huabao’s Chairman Zhu Linyao, also known as Chu Lam Yiu, spent years working her way into the innermost recesses of China’s lucrative tobacco monopoly, only to get caught up in an anti-corruption campaign targeting the industry dating back to 2021.
Huabao’s chairman Zhu Linyao reappeared last week after more than a year under house arrest
The tobacco flavoring company’s CFO Choy Man Har was detained just days later by Hong Kong’s anti-corruption watchdog
Zhu’s ties with the tobacco monopoly may have helped her avoid the fate of vaping startups like RLX (NYSE: RLX) and Smoore International (HKG: 6969 / OTCMKTS: SMORF) after China announced major new restrictions on e-cigarettes in March last year.
GreenTree attracts investors with new green shoots (Bamboo Works)
GreenTree Hospitality Group Ltd. (NYSE: GHG)’s revenue from its organic hotel business rose 17% in the first quarter, as its revpar rose by an even stronger 25%
The hotel operator also closed its purchase of two restaurant chains during the quarter, which will become strong contributors to its revenue
But some new preliminary first-quarter data from GreenTree Hospitality Group eems to tell a larger story of a company that is slowly getting its act together after a period of turmoil.
Rebounding Perfect Medical finds beauty safe haven in Hong Kong (Bamboo Works)
Perfect Medical Health Management (HKG: 1830 / OTCMKTS: PFSMF)
The medical beauty center operator’s net profit rebounded post-pandemic, as its focus on Hong Kong helped to mitigate harsher supervision for its smaller Mainland operations
Perfect Medical’s latest annual revenue and profit rose by about 3%, reversing a double-digit decline in the first half of its fiscal year through March
The medical beauty center operator’s total dividends for its last fiscal year equaled a payout ratio of 118%, marking the eighth straight year at more than 100%
Gap Trades in Korean Prefs Vs Common Share Pairs in 3Q 2023 (Smart Karma) $
In this insight, we discuss numerous gap trades involving Korean preferred and common shares in 3Q 2023.
The excessive gaps in the preferred and common shares of Kumho Petrochem, LG Electronics, and Samsung Electronics could reverse in the next several months, in our view.
We see some attractive longer-term opportunities for Amorepacific Corp, Doosan Fuelcell, LG Electronics, and Samsung Electro-Mechanics which have especially high discounts for the preferred shares versus their counterpart common shares.
World's Largest Chipmaker Slashes Guidance As AI Boom Fails To Deliver (Zero Hedge), TSMC Sees Continued Weakness, and EUV's Quandary (ASML) (Fabricated Knowledge) & Taiwan Semiconductor Manufacturing (TSM) Q2 2023 Earnings Call Transcript (Motley Fool Transcribing)
"Three months ago we were probably more optimistic, but now [we are] not. The recovery of the Chinese economy is weaker than we thought, so end-market demand is not as we expected," said C.C. Wei, CEO of TSMC.
Wei continued, "Although we have very good AI end-market demand, it is not enough to offset [that weakness]."
Meanwhile, TSMC chairman Mark Liu pointed out, "The short-term frenzy about the AI demand definitely cannot extrapolate for the long term. Neither can we predict the near future - meaning next year - how the sudden demand will continue or flatten out."
ChipMOS: Results Ahead & Key Clients for Display and Memory Signal a Turn Around Is Happening (Smart Karma) $
We had a call with ChipMOS Technologies (NASDAQ: IMOS) management about their latest long-term R&D efforts and drivers.
We see many of the company's key clients' businesses turning a corner, hence see these developments likely to benefit ChipMOS.
The company will be reporting earnings on August 3rd, we have an Outperform rating for the shares. Could see some continued margin weakness, however we believe forward outlook is improving.
Pharmaessentia Corp (6446 TT): Besremi Revenue Is Recovering; Fund Raising Through GDS Completed (Smart Karma) $
PharmaEssentia Corp (TPE: 6446) has reported record-high revenue of NT$509 million for June 2023, representing growth of 84% YoY and 22% MoM, mainly driven by its sole marketed product Besremi.
Besremi got marketing approval in Japan this year. Besremi’s marketing application is also under review process in China, Hong Kong, Singapore, and Malaysia.
In April, Pharmaessentia has raised $462.74M through the issuance of 34M GDS to accelerate commercialization of Besremi and global clinical trials. The company has also announced NT$9.6B equity buyback program.
Voltronic Power: Rising Up the Ranks (Smart Karma) $
Ownership levels in Voltronic Power Technology (TPE: 6409) rise as EM funds open new positions.
A record 15.7% of EM long-only funds own a position, with Wasatch and Morgan Stanley among the high conviction holders.
Voltronic Power Technology is now the 12th most widely owned stock in Taiwan and the 7th most overweighted company.
4 Beaten-Down Singapore Stocks That Could See a Share Price Rebound (The Smart Investor)
DFI Retail Group (SGX: D01 / FRA: DFA1 / OTCMKTS: DFIHY) is a pan-Asian retailer that operates around 10,600 outlets around the region comprising supermarkets, hypermarkets, convenience stores, and health and beauty outlets. The group’s share price has come under pressure, falling by 68.5% over the past five years to US$2.92.
Grand Venture Technology (SGX: JLB), or GVT, is a services provider for the manufacture of complex precision machining, sheet metal components, and mechatronics modules. The group’s customers hail from the semiconductor, electronics, aerospace, and life sciences sectors, among others. The company saw its share price fall by 57% in 2022 as the semiconductor industry saw demand decline suddenly and sharply.
Q&M Dental (SGX: QC7) is a dental healthcare group with a network of 107 dental clinics in Singapore, 44 dental clinics in Malaysia and a dental supplies and equipment distribution business as of 31 December 2022. The group hires 270 experienced dentists and operates five medical clinics in Singapore. The dental group’s share price has slid by 30.4% in the past year and closed at S$0.32.
SATS Ltd (SGX: S58 / FRA: W1J / OTCMKTS: SPASF) is a provider of gateway services and food solutions for the airline industry. In the past year, SATS’ share price has fallen nearly 30% to S$2.68.
EbixCash IPO: The Bear Case (Smart Karma) $
EbixCash (EBIXC IN), a subsidiary of Ebix Inc (NASDAQ: EBIX) and India’s largest end-to-end financial exchange, is seeking to launch an Rs60 billion (US$730 million) in July.
In EbixCash IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The key elements of the bear case rest on margin pressure due to rising operating costs, a related party being the largest customer, declining revenue visibility and deteriorating cash generation.
Venezuelan Distressed Assets Rally – Is Argentina Next? (Undervalued Shares)
Investing in legal claims against sovereign nations is usually complex and time-consuming, but it can also be surprisingly easy and accessible.
A year ago, the Weekly Dispatches featured Rusoro Mining (CVE: RML / FRA: PKJ2 / OTCMKTS: RMLFF), a tiny Canadian company that owns financial claims against Venezuela totalling USD 1.7bn. Fast-forward not even 12 months, and the stock is up a whopping 200%.
Gold Reserve Inc. (CVE: GRZ / FRA: GODA / OTCMKTS: GDRZF) is another such Canadian company.
BluMar Seafood - LATAM Stocks Investment Analysis #18 (LATAM Stocks)
BluMar Seafood (BCS: BLUMAR) is a Chilean fishing and aquaculture company. They are a globally relevant salmon exporter.
The global salmon market is a duopoly, dominated by Norway and Chile. BluMar is a top ten fishing company in Chile, meaning it is also a globally relevant player. BluMar has large extractive fishing operations as well as aquaculture operations.
The company has emerged from a few difficult years and has returned to revenue growth, profits, and a clean balance sheet.
BluMar’s stock currently trades at a reasonable valuation and pays a healthy dividend. However the shares are tightly held and there is not much trading volume.
Further Suggested Reading
$ = behind a paywall
Desmond Shum @DesmondShum Author of Red Roulette. Ex China real estate developer, ex CFA, ex Beijinger … Current Hong Konger, current dad, current home chef, current…
Note: Duan Weihong (Wikipedia)
China’s local government leverage: elephants in the room (LGIM)
The strains in China's property sector are also raising risks among local governments.
Will BRICS Implement A Gold Backed Currency In August? (Gainsville Coins)
Although it’s likely discussions are going on among BRICS nations to create a new currency, no agreement has been reached and policy makers are denying the new currency is soon to be launched. Current talk about a new currency—suggesting a gold standard will be implemented in August at the next BRICS summit—should be treated with skepticism.
Multipolarity: Special Edition. The Fall Of The Dollar and The New Monetary Order (Multipolarity) 1:16 Hours
Note: This was a measured and well worth listening to overview and discussion.
De-dollarisation. We've been warning about it since the start of the show.
But it won't happen overnight. To arrive at a place where the dollar is just one of many global currencies is the work of years, maybe decades.
In this Special Edition, our duo are taking the long view. We're going right back to Bretton Woods, to Nixon & The Gold Window, to the Emerging Markets Crisis of 97 and 98, and to the long sag of post-2008, to trace the internal logic of the dollar system.
Then, we're peering into the near future: what could possibly replace it? How long would that take? Are there brakes on this train?
Block Deals Pre-Disclosure Rule Changes in Korea Likely to Be Implemented Around October 2023 (Smart Karma) $
As a result of the likely implementation of the changes to the block deal pre-disclosure rules in Korea, numerous block deal sales are likely in the next 2-3 months.
Block deal sales worth 50 billion won or more totaled 5.2 trillion won in 2022. As of 17 July 2023, it was 1.1 trillion won.
We provide shareholding structures of the top 20 stocks in KOSDAQ and a few companies in this list could announce block deal sales in 2H 2023.
In London, New York and Paris, a Giant Office Bet Is Going Wrong (Bloomberg) (Archived Article)
As companies around the world insist on only the very best and newest office blocks, Korean real-estate investors look especially vulnerable to the impact.
But Hana’s plight does also highlight something more specific: the common involvement of Korean money in buildings of this profile. The country’s asset managers splurged tens of billions of dollars on overseas offices and risky property loans in recent years — right before Covid and rate-hiking central bankers drove a bulldozer through the market.
A trip to Kuala Lumpur and Bangkok highlights nuances in local investor perspectives (Ashmore Group)
A trip to Bangkok and Kuala Lumpur is always enjoyable. Both are lively, vibrant cities and both countries have been enjoying a stronger than expected economic performance, even if local investors sometimes feel less impressed. In this Market Commentary, we highlight the nuances making local investors in Malaysia pessimistic despite the recent strong economic performance, while Thai investors appear less worried about politics than we expected, for now at least.
What Investors Need to Know About Emerging Markets Debt (Van Eck)
EM Countries Have Lower Debt
EM Debt Has Higher Yields
EM Debt Benefits from New Supply Chain Dynamics
02:13 - Eric's background and how he ended up designing weapons systems
06:24 - Espionage, being the son of diplomats and building the first clearing system in Russia
13:44 - The overall emerging market debt landscape
16:23 - The benefits of emerging market debt for the US investor
21:12 - Some of the unique issues in emerging market debt relative to developed markets
23:52 - Currency hedging in emerging market debt investing
25:37 - Eric's initial quantitative screen in his investment process
28:06 - The qualitative portion of Eric's process
30:08 - Sovereign vs. corporate emerging market debt
32:02 - Eric's views on country concentration
36:11 - How Eric thinks about setting the duration of his portfolio
41:12 - The areas Eric currently likes and dislikes
44:28 - The overall growth of emerging markets
46:50 - The current opportunity in emerging markets
53:01 - Political risk in emerging markets
58:41 - The one lesson Eric would teach the average investor
Fixed income: Global investor study (Vontobel Asset Management)
Last year's bond market disappointments now seem far behind us and investors tell us they are once again bullish on fixed income.
In fact, in our latest survey of more than 200 institutional investors, 75 percent said they are likely to increase their exposure to emerging-market bonds over the next two years. Why?
Asian Frontier Markets Update (AFC)
Tuesday, 25th July 2023, at 9:00am NY, 2:00pm UK, 3:00pm Swiss and 9:00pm HK/SG time.
The webinar will highlight the following key points:
Have interest rates peaked in Asian frontier markets?
Macro outlook for Asian frontier countries as inflation comes down
Top country picks for the rest of 2023
Longer-term structural trends benefitting Asian frontier countries
Outlook for the AFC Asia Frontier Fund / AFC Iraq Fund / AFC Uzbekistan Fund / AFC Vietnam Fund
The Looting Machine – An Insightful Read into the Shady World of Resource Extraction in Africa (Pyramids and Pagodas)
Unveiling the Dark Side of African Investment: Tom Burgis' Cautionary Tale of Local Powerbrokers and Multinationals
To give our readers a sense of how we make rhyme and reason out of the emerging and frontier markets covered on Pyramids and Pagodas, we will start sharing reviews and summaries of some of the interesting books we have read over the years. Our first such piece looks at The Looting Machine by Tom Burgis, a veteran Financial Times journalist who spent much of his career in Africa. The book highlights the interrelation between politics and resource extraction on the mineral-rich continent. Although published in 2015, the dynamics Burgis highlights remain very much relevant today and investors hoping to cash in on resource plays would do well to grasp the underpinnings of these deals.
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):
Cambodia 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
Ecuador Referendum Aug 20, 2023 (t) Confirmed Feb 5, 2023
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
PolandReferendum Oct 31, 2023 (t) Date not confirmed Sep 6, 2015
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):
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:
05/18/2023 - Putnam Emerging Markets ex-China ETF PEMX - Value + growth stocks
05/11/2023 - JPMorgan BetaBuilders Emerging Markets Equity ETF BBEM - Large + midcap stocks
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:
07/07/2023 - Emerge EMPWR Sustainable Emerging Markets Equity ETF - EMCH
06/23/2023 - Invesco PureBeta FTSE Emerging Markets ETF - PBEE
06/16/2023 - AXS Short China Internet ETF - SWEB
04/11/2023 - SPDR Bloomberg SASB Emerging Markets ESG Select ETF - REMG
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 (August 24, 2023) was also published on our website under the Newsletter category.