Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>Asian earnings estimates are being revised up stupendously. Over past 6 months, 2026 consensus EPS is up 16%. 63 market-sectors out of 159 saw upgrades, vs 30 few months ago.</li>
<li>While the main drivers are Korean and Taiwanese tech, the spill-over from tech into consumption sentiment and investment propensity are visible. Korean retail, financials, Taiwanese financials have had significant upgrades.</li>
<li>The pedestrian upgrade to China's EPS and the downgrade to Hong Kong's are surprising. Our preferences remain on Korean tech, industrials, defense, financials, Taiwanese tech, Chinese basic materials, HK financials.</li>
</ul>


Asian earnings estimates are being revised up stupendously. Over past 6 months, 2026 consensus EPS is up 16%. 63 market-sectors out of 159 saw upgrades, vs 30 few months ago.
While the main drivers are Korean and Taiwanese tech, the spill-over from tech into consumption sentiment and investment propensity are visible. Korean retail, financials, Taiwanese financials have had significant upgrades.
The pedestrian upgrade to China's EPS and the downgrade to Hong Kong's are surprising. Our preferences remain on Korean tech, industrials, defense, financials, Taiwanese tech, Chinese basic materials, HK financials.


Asian Equities: The Earnings Juggernaut Is Rolling on and Getting Broad-Based

<ul>
<li>China is again finding favour among investors but investment in Chinese equities has to be nuanced and calibrated. Even high growth and policy beneficiary sectors have underperformed lately.</li>
<li>Avoiding the victims of involution, selecting market leaders who can protect their margins and companies with overseas manufacturing bases who can protect their foreign margins seem a viable strategy.</li>
<li>Latest consumption trends indicate strength in communication equipment, gold and silver jewelry, beverages and cosmetics. Precautionary buying of precious metals indicates that high dividend yield stocks could do well too.</li>
</ul>


China is again finding favour among investors but investment in Chinese equities has to be nuanced and calibrated. Even high growth and policy beneficiary sectors have underperformed lately.
Avoiding the victims of involution, selecting market leaders who can protect their margins and companies with overseas manufacturing bases who can protect their foreign margins seem a viable strategy.
Latest consumption trends indicate strength in communication equipment, gold and silver jewelry, beverages and cosmetics. Precautionary buying of precious metals indicates that high dividend yield stocks could do well too.


Asian Equities: Investing in China Necessitates a Careful and Calibrated Approach

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>The Hong Kong Alpha portfolio's March performance was -11.25%, compared with -7.75% for the benchmark index.  The Hang Seng Index lost 6.92% for the month.</li>
<li>Performance was hurt by its exposure to the oil equipment and fertilizer sectors, which normally benefit from higher energy prices. China imposed price and export restrictions in the energy sector.</li>
<li>At the end of March, we positioned the portfolio to better cope with the difficulties in China's economy and in the global market due to persistently high energy prices.</li>
</ul>


The Hong Kong Alpha portfolio's March performance was -11.25%, compared with -7.75% for the benchmark index.  The Hang Seng Index lost 6.92% for the month.
Performance was hurt by its exposure to the oil equipment and fertilizer sectors, which normally benefit from higher energy prices. China imposed price and export restrictions in the energy sector.
At the end of March, we positioned the portfolio to better cope with the difficulties in China's economy and in the global market due to persistently high energy prices.


<ul>
<li>The Asian Alpha Hedge Portfolio performance in 1Q26 was +17.83% versus its benchmark performance of +1.79% for an outperformance of 16.04%.</li>
<li>Over the last year, AAHP's Sharpe ratio is 4.39 with a mean excess annualized return of 69%.  The portfolio has a gross and net exposure of 132% and +30%, respectively.</li>
<li>The war has changed outlooks for economies and markets in the region.  Accordingly, we reduced risk in the portfolio and adjusted our long/short exposures to reflect this new reality.</li>
</ul>


The Asian Alpha Hedge Portfolio performance in 1Q26 was +17.83% versus its benchmark performance of +1.79% for an outperformance of 16.04%.
Over the last year, AAHP's Sharpe ratio is 4.39 with a mean excess annualized return of 69%.  The portfolio has a gross and net exposure of 132% and +30%, respectively.
The war has changed outlooks for economies and markets in the region.  Accordingly, we reduced risk in the portfolio and adjusted our long/short exposures to reflect this new reality.


Asian Alpha Hedge Portfolio (March, 2026)

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>In 1-2M26, total insurance premiums amounted to RMB1.64tn, up 8.4% YoY with Feb premium income up 0.8% YoY (vs. Jan: +11.6%) partly due to the impact of Chinese New Year (Feb: 16 working days).</li><li>Personal life and P&amp;C industry premiums growth diverged by +10.2%/-1.4% YoY to RMB1.4tn/RMB240bn in 1-2M26 given the strength in Life jumpstart sales and weakened UW demands from auto insurance.</li><li>We have observed three key trends in the industry for the first two months incl. 1) Life growth sustained in double-digit (+10.9%) driven by resilient savings demands amid the trend of deposit migration; 2) P&amp;C weakened (-1.4%) as auto premiums dipped for two consecutive months (Jan/Feb: -0.8%/-1.1%) due to the lackluster new vehicle sales; 3) P&amp;C Health drove non-auto premium growth up by 20.5% YoY in 1-2M26, signalling upside potential amid deepening cooperation between basic medical and commercial health. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In 1-2M26, total insurance premiums amounted to RMB1.64tn, up 8.4% YoY with Feb premium income up 0.8% YoY (vs. Jan: +11.6%) partly due to the impact of Chinese New Year (Feb: 16 working days).Personal life and P&amp;C industry premiums growth diverged by +10.2%/-1.4% YoY to RMB1.4tn/RMB240bn in 1-2M26 given the strength in Life jumpstart sales and weakened UW demands from auto insurance.We have observed three key trends in the industry for the first two months incl. 1) Life growth sustained in double-digit (+10.9%) driven by resilient savings demands amid the trend of deposit migration; 2) P&amp;C weakened (-1.4%) as auto premiums dipped for two consecutive months (Jan/Feb: -0.8%/-1.1%) due to the lackluster new vehicle sales; 3) P&amp;C Health drove non-auto premium growth up by 20.5% YoY in 1-2M26, signalling upside potential amid deepening cooperation between basic medical and commercial health. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Insurance - 1-2M26: Life Sustained Double-Digit Rise...

Hong Kong

AIA Group Limited is a Hong Kong-based multinational insurance and finance corporation, and the largest publicly traded life insurance group in the Asia-Pacific region. It offers a wide range of products and services including life insurance, accident and health insurance, savings plans, employee benefits, and wealth management. The company was founded in Shanghai in 1919 and is headquartered in Hong Kong.

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AIA (1299 HK)

Asian Equities: The Earnings Juggernaut Is Rolling on and Getting Broad-Based

Asian EPS est are soaring driven by KR & TW tech. CN had modest upgrade over past 6 months & HK was downgraded. Spill-over from tech into...

Manishi Raychaudhuri

Asian Equities: Investing in China Necessitates a Careful and Calibrated Approach

Investing in CN equity needs a nuanced approach, focusing on market leaders who can protect margins during "involution" & companies with foreign...

Manishi Raychaudhuri

HONG KONG ALPHA PORTFOLIO: (March 2026)

Guoquan Food announced that management sold a 4.74% stake at a discounted price of $3.8 to boost the liquidity of the shares. We viewed the move...

David Mudd

Asian Alpha Hedge Portfolio (March, 2026)

While we do not believe that the Iran conflict is close to a resolution, we believe that the U.S. side needs to reach one, and that will eventually...

David Mudd

China Insurance - 1-2M26: Life Sustained Double-Digit Rise...

In 1-2M26, total insurance premiums amounted to RMB1.64tn, up 8.4% YoY with Feb premium income up 0.8% YoY (vs. Jan: +11.6%) partly due to the...

CMB International

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

Asian Equities: The Earnings Juggernaut Is Rolling on and Getting Broad-Based

​Asian EPS est are soaring driven by KR & TW tech. CN had modest upgrade over past 6 months & HK was downgraded. Spill-over from tech into...

Manishi Raychaudhuri

Asian Equities: Investing in China Necessitates a Careful and Calibrated Approach

​Investing in CN equity needs a nuanced approach, focusing on market leaders who can protect margins during "involution" & companies with foreign...

Manishi Raychaudhuri

HONG KONG ALPHA PORTFOLIO: (March 2026)

Guoquan Food announced that management sold a 4.74% stake at a discounted price of $3.8 to boost the liquidity of the shares. We viewed the move...

David Mudd

Asian Alpha Hedge Portfolio (March, 2026)

While we do not believe that the Iran conflict is close to a resolution, we believe that the U.S. side needs to reach one, and that will eventually...

David Mudd

China Insurance - 1-2M26: Life Sustained Double-Digit Rise...

In 1-2M26, total insurance premiums amounted to RMB1.64tn, up 8.4% YoY with Feb premium income up 0.8% YoY (vs. Jan: +11.6%) partly due to the...

CMB International

Asian EPS est are soaring driven by KR & TW tech. CN had modest upgrade over past 6 months & HK was downgraded. Spill-over from tech into...

Investing in CN equity needs a nuanced approach, focusing on market leaders who can protect margins during "involution" & companies with foreign...