Independent Fund Manager, Swaen Capital

Swaen Capital

Independent Fund Manager

Swaen Capital is a Singapore based licensed independent fund manager with an open architecture, a non bias financial platform creating access to the best custodians and investment managers. Our focus lies within the wealth management business, covering client relationships, financial planning, advisory, as well as discretionary portfolio management. We have developed strategic alliances with other leading independent firms to complement and extend our offerings to clients (global hedge fund research capability, alternative investment offerings, corporate finance, fund structuring & administration, etc). Our know-how, extensive global network and long standing presence in Asia allows us to provide a global footprint and at the same time enables us to capitalize on regional opportunities.

Thematic (Sector/Industry)

<ul>
<li>The copper wall is here. Above ~200Gbps per lane, copper can no longer carry signals more than a few metres without prohibitive power and signal-integrity penalties. The industry's answer is to move the optics off the faceplate and onto the chip package itself — Co Packaged Optics (CPO).</li>
<li>Adoption is switch-first. NVIDIA and Broadcom are shipping CPO switches in 2026 on external-laser designs; the XPU side and an in-package laser are deferred by packaging and reliability limits, not yet solved.</li>
<li>Money moves with the architecture. As the optical engine moves into the package, value migrates away from module assemblers toward the layers that fabricate the optical engine itself.</li>
</ul>


The copper wall is here. Above ~200Gbps per lane, copper can no longer carry signals more than a few metres without prohibitive power and signal-integrity penalties. The industry's answer is to move the optics off the faceplate and onto the chip package itself — Co Packaged Optics (CPO).
Adoption is switch-first. NVIDIA and Broadcom are shipping CPO switches in 2026 on external-laser designs; the XPU side and an in-package laser are deferred by packaging and reliability limits, not yet solved.
Money moves with the architecture. As the optical engine moves into the package, value migrates away from module assemblers toward the layers that fabricate the optical engine itself.


Co-Packaged Optics 101: The Future of High-Density AI Interconnects

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>South Korea overtakes China &amp; HK as EM's second-largest country allocation at 22.4%, driven almost entirely by a surge in Technology weights in recent months.</li>
<li>Samsung and SK Hynix anchor the move, with Hynix's ownership climbing to 76.8% of funds — closing the gap to Samsung to single digits for the first time.</li>
<li>Rotation is broadening beneath the mega-caps: SK Square, Samsung Electro-Mechanics and Celltrion all see fresh inflows, funded partly by trims in Coway and Samsung Epis.</li>
</ul>


South Korea overtakes China &amp; HK as EM's second-largest country allocation at 22.4%, driven almost entirely by a surge in Technology weights in recent months.
Samsung and SK Hynix anchor the move, with Hynix's ownership climbing to 76.8% of funds — closing the gap to Samsung to single digits for the first time.
Rotation is broadening beneath the mega-caps: SK Square, Samsung Electro-Mechanics and Celltrion all see fresh inflows, funded partly by trims in Coway and Samsung Epis.


South Korea Overtakes China as EM's 2nd Largest Allocation

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li><em><strong>Repatriation Investment Account (RIA) has surpassed 1 trillion won ($690 million) since its launch about a month ago in Korea. </strong></em></li>
<li>Total amount of overseas listed investments by Korean investors increased from $27 billion at the end of 2020 to $131.7 billion as of 22 April 2026.</li>
<li>RIA account is aiming to slow down this aggressive growth of overseas stock investments by Korean investors and rather try to repatriate these overseas investments into the Korean stock market. </li>
</ul>


Repatriation Investment Account (RIA) has surpassed 1 trillion won ($690 million) since its launch about a month ago in Korea. 
Total amount of overseas listed investments by Korean investors increased from $27 billion at the end of 2020 to $131.7 billion as of 22 April 2026.
RIA account is aiming to slow down this aggressive growth of overseas stock investments by Korean investors and rather try to repatriate these overseas investments into the Korean stock market. 


Repatriation Investment Account (RIA) Surpasses 1 Trillion Won in One Month in Korea

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.

<ul>
<li>Asian headline indices are almost at pre-war levels. However, Philippines, Indonesia, Thailand and Korea are significantly below and Taiwan significantly above the pre-war peaks. Hong Kong, Singapore are at parity.</li>
<li>Utilities, consumer services, consumer durables are prominent decliners. Industrials, health tech (pharmaceuticals), process industries and technology are above pre-war levels. The market seems concerned about fuel and industrial input shortage.</li>
<li>After this relative valuation churn, Korea, Indonesia and Philippines appear the cheapest on PE vs EPS growth and P/BV vs ROE. We remain overweight Korea, HK/China and Singapore.</li>
</ul>


Asian headline indices are almost at pre-war levels. However, Philippines, Indonesia, Thailand and Korea are significantly below and Taiwan significantly above the pre-war peaks. Hong Kong, Singapore are at parity.
Utilities, consumer services, consumer durables are prominent decliners. Industrials, health tech (pharmaceuticals), process industries and technology are above pre-war levels. The market seems concerned about fuel and industrial input shortage.
After this relative valuation churn, Korea, Indonesia and Philippines appear the cheapest on PE vs EPS growth and P/BV vs ROE. We remain overweight Korea, HK/China and Singapore.


Asian Equities: Headline Indices Back to Pre-War, but Not All Markets or Sectors Are

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

<ul>
<li>Anthropic, OpenAI, xAI, Xiaomi and Stepfun all shipped model updates, with price cuts and open weights at the center of the week.</li>
<li>AI infrastructure financing stayed active across Akamai, Nscale, Firmus, Oracle-linked data centers, CoreWeave facilities and SoftBank debt.</li>
<li>Regulatory and security news focused on Pentagon supply-chain controls, OpenAI evaluation incidents and US review before UK model testing.</li>
</ul>


Anthropic, OpenAI, xAI, Xiaomi and Stepfun all shipped model updates, with price cuts and open weights at the center of the week.
AI infrastructure financing stayed active across Akamai, Nscale, Firmus, Oracle-linked data centers, CoreWeave facilities and SoftBank debt.
Regulatory and security news focused on Pentagon supply-chain controls, OpenAI evaluation incidents and US review before UK model testing.


This Week in AI (Sep 20-26): Opus 5.5 and GPT-6 Launch Cheaper; Data Center IPO Delays

South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

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Samsung Electronics (SMSN LI)

Co-Packaged Optics 101: The Future of High-Density AI Interconnects

The copper wall is here. Above ~200Gbps per lane, copper can no longer carry signals more than a few metres without prohibitive power and...

Swaen Capital

South Korea Overtakes China as EM's 2nd Largest Allocation

South Korea overtakes China & HK as EM's second-largest country allocation at 22.4%, driven almost entirely by a surge in Technology weights in...

Steven Holden

Repatriation Investment Account (RIA) Surpasses 1 Trillion Won in One Month in Korea

Repatriation Investment Account (RIA) has surpassed 1 trillion won ($690 million) since its launch about a month ago in Korea.

Douglas Kim

Asian Equities: Headline Indices Back to Pre-War, but Not All Markets or Sectors Are

In Asia post-war, some markets are below pre-war levels & others above. Market concerns include fuel and industrial input shortage. KR, INDO,...

Manishi Raychaudhuri

This Week in AI (Sep 20-26): Opus 5.5 and GPT-6 Launch Cheaper; Data Center IPO Delays

This week in AI: Anthropic and OpenAI cut frontier-model costs, Grok 4.7 entered major coding channels, and financing stress hit infrastructure.

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Co-Packaged Optics 101: The Future of High-Density AI Interconnects

The copper wall is here. Above ~200Gbps per lane, copper can no longer carry signals more than a few metres without prohibitive power and...

Swaen Capital

South Korea Overtakes China as EM's 2nd Largest Allocation

South Korea overtakes China & HK as EM's second-largest country allocation at 22.4%, driven almost entirely by a surge in Technology weights in...

Steven Holden

Repatriation Investment Account (RIA) Surpasses 1 Trillion Won in One Month in Korea

Repatriation Investment Account (RIA) has surpassed 1 trillion won ($690 million) since its launch about a month ago in Korea.

Douglas Kim

Asian Equities: Headline Indices Back to Pre-War, but Not All Markets or Sectors Are

​In Asia post-war, some markets are below pre-war levels & others above. Market concerns include fuel and industrial input shortage. KR, INDO,...

Manishi Raychaudhuri

This Week in AI (Sep 20-26): Opus 5.5 and GPT-6 Launch Cheaper; Data Center IPO Delays

This week in AI: Anthropic and OpenAI cut frontier-model costs, Grok 4.7 entered major coding channels, and financing stress hit infrastructure.

Ke Yan, CFA, FRM

In Asia post-war, some markets are below pre-war levels & others above. Market concerns include fuel and industrial input shortage. KR, INDO,...