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.

Equity Bottom-Up

<ul>
<li>Since inception on May 15, 2025, our portfolio is up 33.4% against MXASJ's 31.5%. In the past 5 weeks, Korea, Taiwan, HK/China drove the portfolio's performance. India dragged it down</li>
<li>AI, defense and basic materials continue to be the Asia's main themes. China's declining retail sales growth, MSCI's warning about Indonesia's investability, India's upcoming budget uncertainty are the main headwinds.</li>
<li>We exclude Trip.Com, reduce Indian autos, increase weight on Tencent and Korean technology. During the earnings season, we think estimate upgrades boosted by the reigning themes shall drive the markets.</li>
</ul>


Since inception on May 15, 2025, our portfolio is up 33.4% against MXASJ's 31.5%. In the past 5 weeks, Korea, Taiwan, HK/China drove the portfolio's performance. India dragged it down
AI, defense and basic materials continue to be the Asia's main themes. China's declining retail sales growth, MSCI's warning about Indonesia's investability, India's upcoming budget uncertainty are the main headwinds.
We exclude Trip.Com, reduce Indian autos, increase weight on Tencent and Korean technology. During the earnings season, we think estimate upgrades boosted by the reigning themes shall drive the markets.


TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

아시아 증시: 모델 포트폴리오 재조정 - 한국 및 홍콩/중국 비중 확대, 인도 비중 축소