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: Earnings Cycles Are at Different Stages in Different Asian Markets

Asian Equities: Model Portfolio Outperformed Marginally; Focus More on Indian Industrials

Asian Equities: As Fed Hikes Loom, Asia’s Derating Clears the Path for Selective Sectoral Rerating

Asian Equities: Nascent Emergence of New Earnings Gainers

Asian Equities: A Stupendous Earnings Quarter; Asia Matching US in Upgrades

Asian Equities: Above-Average Valuations Tell Us Asia Is Fully Valued; Few RV Trades Look Appealing

Asian Equities: Model Portfolio Outperformed; Minor Changes to the Industrials Sleeve

Asian Equities: Model Portfolio - Leaning More Towards Power, Materials, Industrials

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 late May we argued that Asia was fully valued and awaited correction. That correction has happened over past two months with Asia's forward PE declining from 15.1x to 12.7x.</li>
<li>Some markets have corrected more and have had significant EPS upgrades. These markets should catch up with their earnings trajectory, Korea and Onshore China in particular. HK looks undervalued too.</li>
<li>Indonesia, though affected by governance-related concerns and fiscal worries, seems cheaper than the headwinds warrant. Other Asian markets are in "no man's land": not too expensive, not egregiously cheap either.</li>
</ul>


In late May we argued that Asia was fully valued and awaited correction. That correction has happened over past two months with Asia's forward PE declining from 15.1x to 12.7x.
Some markets have corrected more and have had significant EPS upgrades. These markets should catch up with their earnings trajectory, Korea and Onshore China in particular. HK looks undervalued too.
Indonesia, though affected by governance-related concerns and fiscal worries, seems cheaper than the headwinds warrant. Other Asian markets are in "no man's land": not too expensive, not egregiously cheap either.


Asian Equities: Valuations Look Interesting Again, Forward Earnings Outstripping Several Markets