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

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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>Sharp dislocations in Asian markets have opened up relative value trade opportunities. Many Asian markets' valuations are near long-term averages, but some are far more expensive, and some far cheaper.</li>
<li>Going by likely mean reversion, we conclude that Taiwan should correct more while Korea should rerate. The other markets are close to their long-term means, and hence, difficult to call.</li>
<li>In ASEAN, going long Indonesia and Philippines and shorting Singapore could be profitable. Shorting Thailand could be an option too, from the perspective of earnings pressure due to tourism slowdown.</li>
</ul>


Sharp dislocations in Asian markets have opened up relative value trade opportunities. Many Asian markets' valuations are near long-term averages, but some are far more expensive, and some far cheaper.
Going by likely mean reversion, we conclude that Taiwan should correct more while Korea should rerate. The other markets are close to their long-term means, and hence, difficult to call.
In ASEAN, going long Indonesia and Philippines and shorting Singapore could be profitable. Shorting Thailand could be an option too, from the perspective of earnings pressure due to tourism slowdown.


TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

Asian Equities: Relative Value Trades After This Dislocation