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.

Equity Bottom-Up

<ul>
<li>Our Model Portfolio, launched May 15, 2025, has appreciated 42.6% over the past year, in line with MXASJ's 43.7%. Korean tech, Korean industrials and Taiwanese tech were the largest contributors.</li>
<li>Worries about monetization of LLM's and hyperscalers' AI capex is likely to sustain for now. The providers of compute, memory and energy infrastructure seem safe bets for now.</li>
<li>We reduce Alibaba and Tencent and increase weight on Samsung Electronics and TSMC. We include SK Telecom as an indirect play on Anthropic and bank on the stock's cheap valuation.</li>
</ul>


Our Model Portfolio, launched May 15, 2025, has appreciated 42.6% over the past year, in line with MXASJ's 43.7%. Korean tech, Korean industrials and Taiwanese tech were the largest contributors.
Worries about monetization of LLM's and hyperscalers' AI capex is likely to sustain for now. The providers of compute, memory and energy infrastructure seem safe bets for now.
We reduce Alibaba and Tencent and increase weight on Samsung Electronics and TSMC. We include SK Telecom as an indirect play on Anthropic and bank on the stock's cheap valuation.


Asian Equities: Model Portfolio Completes a Year; More to AI Picks and Shovels, Selectively to LLMs

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Gamma defined the text-to-slides market, but the standalone AI slides category is now collapsing into a feature across different tools & suites.</li><li>AI slides are collapsing into a feature across every AI surface, with foundation model labs, vibe coding products, design tools, and productivity suites all now generating slides natively.</li><li>Gamma, Genspark, and Manus are all responding by expanding horizontally into websites, social media assets & docs, and by going deeper vertically into research workflows that feed context into asset generation.</li></ul>

Gamma defined the text-to-slides market, but the standalone AI slides category is now collapsing into a feature across different tools & suites.AI slides are collapsing into a feature across every AI surface, with foundation model labs, vibe coding products, design tools, and productivity suites all now generating slides natively.Gamma, Genspark, and Manus are all responding by expanding horizontally into websites, social media assets & docs, and by going deeper vertically into research workflows that feed context into asset generation.

<ul><li>Sacra estimates Bolt.new hit $40M in annual recurring revenue (ARR) in March 2025, progressing from $4M ARR within four weeks of launch to $20M ARR in approximately two months, driven by its AI-powered web development platform.</li><li>Bolt.new found product-market fit as a browser-based, AI-powered development platform for non-technical entrepreneurs, product managers, and individual developers seeking to rapidly prototype and build full-stack applications without traditional coding barriers.</li><li>In May 2026, Bolt announced a partnership with Microsoft Azure and Microsoft 365, adding Microsoft Marketplace as a procurement channel alongside AWS Marketplace and enabling Azure-native deployment, enterprise-grade security and compliance, and integration with Microsoft Teams and Microsoft 365 Copilot.</li></ul>

Sacra estimates Bolt.new hit $40M in annual recurring revenue (ARR) in March 2025, progressing from $4M ARR within four weeks of launch to $20M ARR in approximately two months, driven by its AI-powered web development platform.Bolt.new found product-market fit as a browser-based, AI-powered development platform for non-technical entrepreneurs, product managers, and individual developers seeking to rapidly prototype and build full-stack applications without traditional coding barriers.In May 2026, Bolt announced a partnership with Microsoft Azure and Microsoft 365, adding Microsoft Marketplace as a procurement channel alongside AWS Marketplace and enabling Azure-native deployment, enterprise-grade security and compliance, and integration with Microsoft Teams and Microsoft 365 Copilot.

<ul><li>Sacra estimates that Fluidstack reached $180M in annual recurring revenue (ARR) in December 2024, reflecting 620% year-over-year growth from $25M in 2023.</li><li>The company manages more than 100,000 GPUs across its network and serves AI companies such as Meta, Mistral, Character.AI, Poolside, and Black Forest Labs.</li><li>Fluidstack is in talks to raise $1B at an $18B valuation, with Jane Street and Situational Awareness in discussions to co-lead the round and Morgan Stanley advising, as of April 2026.</li></ul>

Sacra estimates that Fluidstack reached $180M in annual recurring revenue (ARR) in December 2024, reflecting 620% year-over-year growth from $25M in 2023.The company manages more than 100,000 GPUs across its network and serves AI companies such as Meta, Mistral, Character.AI, Poolside, and Black Forest Labs.Fluidstack is in talks to raise $1B at an $18B valuation, with Jane Street and Situational Awareness in discussions to co-lead the round and Morgan Stanley advising, as of April 2026.

<ul><li>Sacra estimates that Surge AI hit $1.2B in annualized revenue in 2024, with growth mainly driven by a group of ~12 frontier AI labs, most notably OpenAI, Google, Anthropic, Microsoft, and Meta, as demand has grown for expert data labeling for training next-generation LLMs.</li><li>In July 2025, Surge initiated its first-ever capital raise after operating profitably since its 2021 launch as a bootstrapped company.</li><li>Surge's reliance on 12 customers for over $1 billion in revenue creates exposure to contract losses and pricing pressure.</li></ul>

Sacra estimates that Surge AI hit $1.2B in annualized revenue in 2024, with growth mainly driven by a group of ~12 frontier AI labs, most notably OpenAI, Google, Anthropic, Microsoft, and Meta, as demand has grown for expert data labeling for training next-generation LLMs.In July 2025, Surge initiated its first-ever capital raise after operating profitably since its 2021 launch as a bootstrapped company.Surge's reliance on 12 customers for over $1 billion in revenue creates exposure to contract losses and pricing pressure.

United States

Anthropic, PBC operates as an AI safety and research company. The Company builds reliable, interpretable, and steerable AI systems. Anthropic serves customers in the United States.

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Anthropic (1892140D US)

Asian Equities: Model Portfolio Completes a Year; More to AI Picks and Shovels, Selectively to LLMs

Our Model Portfolio rose 42.6% in the past year driven by with KR & TW tech. Worries about AI capex from LLMs & hyperscalers persist, but compute,...

Manishi Raychaudhuri

RIP AI Slides 2022-2026

TL;DR: Gamma defined the text-to-slides market, but the standalone AI slides category is now collapsing into a feature across different tools &...

Sacra

Primer: Bolt.new - 10 May 2026

Browser-based tool for non-developers to build full-stack web and mobile apps with AI

Sacra

Primer: Fluidstack - 27 Apr 2026

GPU rental service connecting AI startups with underutilized data center compute capacity

Sacra

Primer: Surge AI - 22 Apr 2026

Data-labeling platform for AI developers to train models with high-quality annotated datasets

Sacra

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asian Equities: Model Portfolio Completes a Year; More to AI Picks and Shovels, Selectively to LLMs

​Our Model Portfolio rose 42.6% in the past year driven by with KR & TW tech. Worries about AI capex from LLMs & hyperscalers persist, but compute,...

Manishi Raychaudhuri

RIP AI Slides 2022-2026

TL;DR: Gamma defined the text-to-slides market, but the standalone AI slides category is now collapsing into a feature across different tools &...

Sacra

Primer: Bolt.new - 10 May 2026

Browser-based tool for non-developers to build full-stack web and mobile apps with AI

Sacra

Primer: Fluidstack - 27 Apr 2026

GPU rental service connecting AI startups with underutilized data center compute capacity

Sacra

Primer: Surge AI - 22 Apr 2026

Data-labeling platform for AI developers to train models with high-quality annotated datasets

Sacra

Our Model Portfolio rose 42.6% in the past year driven by with KR & TW tech. Worries about AI capex from LLMs & hyperscalers persist, but compute,...