Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Dr. Manishi Raychaudhuri, with nearly three decades of experience in Asian Equities in the roles of APAC Head of Equity Research, Asian Equity Strategist and Analyst across various sectors, brings a unique cross border and cross-industry perspective to the process of investment strategy and asset allocation. He worked in senior leadership roles at BNP Paribas and UBS across Mumbai and Hong Kong. Prior to UBS, he was with ICICI Securities, then a JV with JP Morgan.

Manishi marries top-down macro-economic outlook with bottom-up sector themes to create unique alpha generative portfolios for clients. Manishi's Asia ex Japan equity model portfolio consistently generated significantly higher returns than the benchmark MSCI index over a decade. In addition to the macro strategy product, Manishi regularly publishes on key thematic ideas, creating custom baskets for investors.

A frequent participant in discussions in the print and electronic media, Manishi has been frequently interviewed by Bloomberg TV, CNBC, CNBC Arabia, Asharq Bloomberg, CNBC TV18, ET Now, NDTV Profit and several other channels. He has been widely quoted in Financial Times, Thomson Reuters, Wall Street Journal, South China Morning Post, Barron's, Forbes India, The Economic Times, Business Standard and other leading publications.

Chief Executive Officer

Asian Equities: How Critical Are FII Flows for Asia, and in Which Markets Are They Likely to Revive?

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Asian Equities: Risks Not Adequately Factored in Asian Markets, IERP Tells Us

Asian Equities: Foreign Flows Wobbled in October; Taiwan Sold, Korea Moderated; India Bounced Back

Asian Equities: In Search of Strong Growth, High ROE and Reasonable Valuations

Asian Equities: Stupendous FII Selling in November; Long-Term Study Foreshadows Structural Recovery.

Outlook 2026: Fiscal Expansion + Monetary Divergence + Robust AI + Ebbing USD = Resilient Asia

TSMC (2330 TT) Tactical Outlook Ahead of January Earnings

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

Multiple Countries / Cross Asset Strategy

<ul>
<li>In December FIIs sold US$2.1bn in Asia-6, far lower than the US$21.8bn they sold in November. Primarily India (US$2.5bn) and Taiwan ($1.9bn) were sold, counterbalanced by buying in Korea (US$2.4bn).</li>
<li>There are some nascent signs of FII buying recovering in ASEAN - particularly in Indonesia (US$1.46bn bought in Q4 2025) and lately in Thailand ($196m bought in December).</li>
<li>FIIs sold US$45.3 bn in 2025, the second highest after US$52.1bn selling in 2022. Asian equity performance is getting uncorrelated with FII activity, as MXASJ's stupendous 29.6% appreciation shows.</li>
</ul>


In December FIIs sold US$2.1bn in Asia-6, far lower than the US$21.8bn they sold in November. Primarily India (US$2.5bn) and Taiwan ($1.9bn) were sold, counterbalanced by buying in Korea (US$2.4bn).
There are some nascent signs of FII buying recovering in ASEAN - particularly in Indonesia (US$1.46bn bought in Q4 2025) and lately in Thailand ($196m bought in December).
FIIs sold US$45.3 bn in 2025, the second highest after US$52.1bn selling in 2022. Asian equity performance is getting uncorrelated with FII activity, as MXASJ's stupendous 29.6% appreciation shows.


TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

Asian Equities: FII Selling Slowed in Dec but Continued Nonetheless; 2025 Saw Near-Peak FII Outflow