EM Fund Stock Picks & Country Commentaries (November 1, 2026)

About a month ago, I noted how lately when I use DeepSeek to help extract stock names from fund documents covered in these posts, I have been getting this message:

This was happening when there with any discussion of the Chinese stock market in August or Q2 (and possibly Taiwan or Taiwan stocks).

And when I asked DeepSeek to add up all the numbers in the parenthesis (e.g. 🇹🇼 Taiwan (183)) of our Frontier & Emerging Market Stock Index to come up with a total number of stocks, I started getting the same results. Removing the Taiwan flag emoji did not help as its now any mention of Taiwan in text that triggers the asinine hiccup.

However, Alibaba must have just gotten a memo (or tap on the shoulder) as now I am getting a few of these warnings when text presumably talks too negatively about China or maybe too much about Taiwan:

Granted, the commentary about China from funds has been pretty negative lately; but all of this on the English language versions of Chinese AI used by foreigners is, again, rather asinine. I am using Chinese AI not just because its free; but to also avoid the more subtle to clownish (e.g. black Popes and Kings of England that Western AI like woke Google Gemini was producing) levels of censorship practiced by Western AI.

As with the Yuan, the Chinese would be wise to have both an onshore and an offshore AI as that will win it more credibility.

As of the start of November, a large number of remaining September/Q3 fund updates (our continuously updated post containing all funds is here) along with new emerging market research have become available.

🗄️ Fund documents / updates; ⚠️ Disclosures or restricted access e.g. based on your location, investor status, etc.; 🇼 Wikipedia page; 🔬 Research analysis (including articles/blog posts from fund managers, etc.); 🎥 Video; 🎙️ Podcast; 🎬 Webinar; 📝 Transcript; 📰 Newspaper/magazine article; 📯 Press release; 💻 Substack/blog/website article; ✅ Our own posts; 🗃️ Linked archived article; ⏰ Upcoming webinar or event.

📈 Contributors; 📉 Detractors; 🏧 Transactions; 🚩Discusses/mentions stocks by name.

Disclaimer: We usually use Deepseek to summarize or extract stock names and assign performance emojis. Like all AI, Deepseek is not perfect and regularly adjusts their model which can lead to mistakes/misunderstandings/misinterpretations of the data its given. 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.

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

  • 📈🇹🇼 Kaori Heat Treatment Co Ltd (TPE: 8996) – Metal heat treatment processing. Plate heat exchangers & critical components for stationary Solid Oxide Fuel Cell (SOFCs). 🇼

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

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

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

  • 📈🇰🇷 HPSP (KOSDAQ: 403870) – High pressure annealing semiconductor equipment.

  • 📈🇮🇩 🇲🇾 MP Evans Group PLC (LON: MPE / FRA: NYP / OTCMKTS: MPEVF) – Palm plantations in Indonesia + investment in a property company in Malaysia.

  • 📈🇨🇳 WuXi XDC Cayman (HKG: 2268 / FRA: L74) 🇰🇾 – Contract Research, Development & Manufacturing Organization (CRDMO) focused on the global ADC & bioconjugate market. 🏷️

  • 📈🇮🇳 Aegis Logistics (NSE: AEGISLOG / BOM: 500003) – Integrated oil, gas & chemical logistics solutions provider.

  • 📈🇮🇳 Welspun Corp Ltd (NSE: WELCORP / BOM: 532144) – Manufactures, sells & distributes steel pipes, tubes, bars, coils & plates. 🇼

  • 📈🇰🇷 HD Hyundai Marine Solution (KRX: 443060) – Integrated engineering-based services to Hyundai brand ships. 🇼 🏷️

  • 📉🇨🇳 Precision Tsugami China Corporation Ltd (HKG: 1651) 🇰🇾 – CNC high precision machines (precision automatic lathes, turret machines, machining centre, grinding machines, thread/rolling machines, etc.). Subs. of Tsugami Corp (TYO: 6101 / OTCMKTS: TSGMF). 🏷️

  • 📉🇸🇬 China Yuchai International Limited (NYSE: CYD) 🇧🇲 – Diesel & natural gas engines for trucks, buses & passenger vehicles, marine, industrial, construction, agriculture & generator set applications. Subs. of Singapore-based Hong Leong Asia Ltd (SGX: H22 / FRA: HOM). 🇼

  • 📉🇭🇰 Impro Precision Industries Ltd (HKG: 1286 / FRA: 7IP) 🇭🇰 – Casting & machined components for diverse end-markets.

  • 📉🇮🇳 KEI Industries Limited (NSE: KEI / BOM: 517569) – Manufactures, sells & markets wires & cables. 3 segments: Cable & Wires; Engineering, Procurement & Construction; Stainless Steel Wire. 🏷️

  • 📉🇨🇳 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.

  • 📉🇰🇷👼🏻 HD Hyundai Electric Co Ltd (KRX: 267260) – Electrical equipment, energy storage devices, marine solutions, industrial IoT-based application platform, eco-friendly products, voltage switchboard & generates solar power energy. 🇼 🏷️

  • 📉🇹🇼 Accton Technology (TPE: 2345) – Open hardware platforms for data center, carrier access, campus, SD-WAN networks & IoT. 🇼 🏷️

  • 🏧🇰🇷 Cosmecca Korea (KOSDAQ: 241710) – Development, manufacture & sale of skincare products. 🏷️

  • 🏧🇰🇷 Classys (KRX: 214150) – Medical aesthetics technologies w/ market share positioning in 55+ countries (Europe, Australia, Brazil & Singapore). 🏷️

• 🎬🌏⏰Asia Frontier Capital – Quarterly Webinar on Thursday, 5^th November 2026 (Asia Frontier Capital) – The webinar will highlight the following key points:

  • Drivers of Performance for AFC Asia Frontier Fund in 2026

  • Potential longer-term winners from the geopolitical tensions in the Middle East

  • AFC Asia Frontier Fund Key Market Picks for 2027

  • 2027 Outlook for the AFC Iraq Fund, AFC Uzbekistan Fund, AFC Vietnam Fund

  • Key Concerns and Risks

  The webinar will be held on Thursday, 5^th November 2026 at 8:00 am NY, 1:00 pm UK, 2:00 pm Swiss and 9:00 pm HK/SG time and will be recorded for viewing at your convenience.

  The webinar will run for 75 minutes, including a 30-minute Q&A session following the fund managers’ presentations.

  If you are unable to attend, please register nonetheless, and we will send you the link to the recording a day after the webinar.

• 🔬🌏 The Case for Re-Weighting Emerging Asia (Natixis IM) – We can observe that US dominance has been fueled by a “narrative and celebrity premium” that has heavily rewarded high-profile intellectual property (IP) and charismatic founders. Asia is different. Here, tech giants have quietly built the essential hardware, advanced battery chemistry, and physical infrastructure powering the AI and digital revolution. Operating without marketing hype, these Asian innovators are generating massive revenues and hold vital global monopolies. This has created a “discretion discount” versus their Western peers.

  

  • 🇹🇼 Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE: TSM) 🇼 🏷️

  • 🇰🇷🅿️ Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) 🇼 🏷️

  • 🇰🇷 SK Hynix (KRX: 000660 / NASDAQ: SKHY) – Manufactures, distributes & sells semiconductor products in Korea, China, Asia, USA & Europe. DRAM, NAND storage products, SSD, MCP & CMOS image sensors for server, networking, mobile, PC, consumer & auto applications. 🇼 🏷️

  • 🇺🇸 Google

  • 🇨🇳 BYD Company (SHE: 002594 / HKG: 1211 / SGX: HYDD / OTCMKTS: BYDDY / BYDDF) 🇨🇳 – Electronics, automobiles, new energy & rail transit. 🇼 🏷️

  • 🇨🇳 Tencent (HKG: 0700 / LON: 0LEA / FRA: NNND / SGX: HTCD / OTCMKTS: TCEHY) 🇰🇾 – Technology & entertainment conglomerate & holding company. 🇼 🏷️