EM Fund Stock Picks & Country Commentaries (October 4, 2026)

I have updated our Frontier & Emerging Market Stock Index to now include close to 2,400+ tagged stocks plus additional stocks not tagged for a total of 3,497+ stocks (NOT counting other stocks with links to IR & quote pages that may only have mentions throughout the posts of this Substack).

When I copied the numbers in the parenthesis (e.g. 🇹🇼 Taiwan (183)) and asked DeepSeek “can you add up all the numbers in the parenthesis?” to come up with that total, I got this result:

Sorry, that’s beyond my current scope. Let’s talk about something else.

I got the same result when I removed the Taiwan flag emoji – meaning its any mention of Taiwan in text that now triggers the rather asinine hiccup. As mentioned last week, there’s no such hiccup when using another free AI from Alibaba…

As of the start of October, a few more August fund updates have become available (our continuously updated post containing all funds is here) along with new emerging market research which this post helps get caught up on and starting with some Ariel Investments’ non-EM stock research pieces worth noting:

• 🔬🇺🇸🚩 Company Spotlight: Knowles Corporation – Knowles Corporation (KN) is a leading provider of specialty audio components and precision electronic devices used in complex applications across the industrial, healthcare and defense sectors.

• 🔬🇩🇰🚩 Company Spotlight: Orsted AS – Headquartered in Denmark, Orsted AS is a global leader in developing, constructing and operating offshore wind farms.

• 🔬🇯🇵🚩 Company Spotlight: Murata Manufacturing Co., Ltd. – Headquartered in Japan, Murata Manufacturing Co., Ltd. is a leading manufacturer of advanced electronic components, including capacitors, sensors and communication modules that power modern devices.

• 🔬🇺🇸🚩 Company Spotlight: Masco Corporation – Masco Corporation (MAS) is one of the largest manufacturers of plumbing fixtures and paint, supplying consumers with a broad range of products for home improvement projects.

🗄️ 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.

• 🗄️🌏 Fidelity Asian Values Plc (LON: FAS)’s latest monthly factsheet (short economic and portfolio review) is from the end of August. It was noted again that their portfolio has limited exposure to Taiwan (and its AI stocks as they are overweight China, Indonesia and Australia) while Indonesia remained out of favour with investors. Selections within materials and consumer staples contributed positively.

• 🗄️🌏 Pacific Assets Trust plc (LON: PAC) ⚠️

  • Following the passing of the special resolution by the Company’s Shareholders on 24th September 2026, the scheme of reconstruction offering shareholders a cash exit or to roll over their investment into Schroder Asian Total Return Investment Company plc became effective and the Company was placed into members’ voluntary liquidation under the provisions of the Insolvency Act 1986. Derek Neil Hyslop and Richard Barker, both licensed insolvency practitioners of Ernst & Young LLP, have been appointed as joint liquidators for this purpose.

  • This website is no longer available and information on the liquidation can be found at the below website or, alternatively, shareholders may contact the liquidators directly at PAC@parthenon.ey.com.

• 🗄️🌏 Conditional Tender Offer (The Scottish Oriental)

  • The five-year measurement period ended on 31 August 2026. Over this period, the Company’s [The Scottish Oriental Smaller Companies Trust plc (LON: SST)] NAV total return was 28.04 per cent., compared with a total return of 48.45 per cent. for the Comparator Index.

  • Accordingly, the performance condition has not been met, and the conditional tender offer has been triggered.

• 🗄️🌏🚩 Client update: Performance, positioning and Asia’s new growth drivers (The Scottish Oriental) – For Scottish Oriental, market fluctuations are nothing new. Since the Company’s launch in 1995, Asia has witnessed financial crises and pandemics, technological leaps and economic booms. Over the decades, businesses that were once considered regional minnows have grown into multinational giants; once-favoured companies have fallen away and been forgotten.

  • 📈🇨🇳 ASMPT (HKG: 0522 / FRA: AY7A / OTCMKTS: ASMVF) 🇰🇾 – Chip packaging equipment maker. HK founded. Singapore HQ. 🇼 🏷️

  • 📈🇨🇳 Hongfa Technology Co Ltd (SHA: 600885) 🇨🇳 – Relays, medium & low voltage electrical appliances, high & low voltage complete equipment, connectors, capacitors, precision parts & automation equipment.

  • 📈🇹🇼 Silergy Corp (TPE: 6415) – Global semiconductor founded in Sunnyvale, CA. End-to-end analog, power & signal chain solutions for automotive, industrial, consumer, computing & telecom equipment. 🇼 🏷️

  • 📈🇹🇼 Airtac International Group (TPE: 1590) – Transmission equipment (Preparation units, control components, actuators, accessories & linear guides). 🏷️

  • 📈🏧🇹🇼 Lite-On Technology Corp (TPE: 2301) – Opto-semiconductor, power supply management & key electronic products. 🇼 🏷️

  • 📈🏧🇹🇼 Tripod Technology Corp (TPE: 3044) – Manufacturer of printed circuit boards.

  • 📈🏧🇹🇼 Realtek Semiconductor Corp (TPE: 2379) – Fabless semiconductor company. Microchips. 3 categories: communications network ICs, computer peripheral ICs & multimedia ICs. 🇼 🏷️

  • 📉🏧🇨🇳 DPC Dash (HKG: 1405 / FRA: X12 / OTCMKTS: DPCDF) 🇻🇬 – Domino’s Pizza’s exclusive master franchisee in China, Hong Kong & Macau. 🏷️

  • 📉🏧🇵🇭 Century Pacific Food (PSE: CNPF) – Seafood + other foods manufacturer. 🇼

  • 🏧🇭🇰 Stella International Holdings Ltd (HKG: 1836 / FRA: 31S / OTCMKTS: SLNLY / SLNLF) 🇰🇾 – Premium quality footwear & leather goods. 🏷️

  • 🏧🇹🇼 Uni-President Enterprises Corp (TPE: 1216) – Soft drinks, foods, animal feeds & flour. Running Starbucks, 7-Eleven, Mister Donut, Carrefour & Muji in Taiwan. 🇼 🏷️

  • 🏧🇸🇬 Haw Par Corporation (SGX: H02 / OTCMKTS: HAWPF) – Tiger Balm + other cash & financial assets e.g. stake in United Overseas Bank (SGX: U11 / FRA: UOB / UOB0 / OTCMKTS: UOVEY / UOVEF). 🇼 🏷️

  • 🏧🇮🇩 Unilever Indonesia Tbk PT (IDX: UNVR / FRA: UTG / OTCMKTS: UNLRF) – FMCG. More than 40 brands & nine factories. 🏷️

  • 🏧🇮🇳 Radico Khaitan (NSE: RADICO / BOM: 532497) – Amongst the oldest & largest manufacturers of IMFL in India (Rampur Whisky, 8PM Whisky, Magic Moments Vodka, Contessa Rum & Old Admiral Brandy). 🇼 🏷️

  • 🏧🇮🇳 United Breweries (NSE: UBL / BOM: 532478) – Subs. of Heineken NV (AMS: HEIA / FRA: HNK1 / OTCMKTS: HINKF / HEINY). Leads the way among Indian beers in the international market. 🇼 🏷️

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

  • 🏧🇰🇷 Eugene Technology (KOSDAQ: 084370) – Semiconductor manufacturing equipment (e.g. single wafer process tools).

  • 🏧🇰🇷 Park Systems Corp (KOSDAQ: 140860) – Atomic force microscopy systems.

  • 🇰🇷 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. 🇼 🏷️

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

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