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

DeepSeek and Market Over-Reaction. Nvidia, Broadcom, Marvell, TSMC, SK Hynix

Asian Equities: US Exceptionalism Vs Asian Valuation Allure

TSMC Order Cut Rumors: Keep Calm and Ignore the Rumors.

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

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Asia bottomed out in mid January and has been recovering on "Trump tariff" hesitation. But Deepseek's LLM threatens to upend US AI superiority and has dented the AI investment theme.</li>
<li>We think the AI story is far from over; the hyperscalers' investments should continue. We keep faith on the beneficiaries - TSMC and SK Hynix, and on Taiwan in particular.</li>
<li>Asian equities could run if foreign flows revive on USD moderation. But the earnings season underscores US earnings profile superiority. Asia seems pedestrian in comparison. Watch earnings estimate trajectories closely.</li>
</ul>


Asia bottomed out in mid January and has been recovering on "Trump tariff" hesitation. But Deepseek's LLM threatens to upend US AI superiority and has dented the AI investment theme.
We think the AI story is far from over; the hyperscalers' investments should continue. We keep faith on the beneficiaries - TSMC and SK Hynix, and on Taiwan in particular.
Asian equities could run if foreign flows revive on USD moderation. But the earnings season underscores US earnings profile superiority. Asia seems pedestrian in comparison. Watch earnings estimate trajectories closely.


Asian Equities: Markets Recovering Selectively, but Keep the Seatbelts Tightened