Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

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

<ul>
<li>The USD is moderating, not just against developed market currencies, but also against Asian currencies. Usually, Asian currency revival is a lead indicator of acceleration of FII flows in Asia. </li>
<li>Our analysis of cumulative FII sales as proportion of market cap shows that Korea and Indonesia are oversold. India is almost there, but not quite. HK/China is still under-owned. </li>
<li>Taiwan and Thailand, despite large FII selling over an extended period, are still not oversold. Both markets face risks from the tariff war and could face more FII selling pressure.</li>
</ul>


The USD is moderating, not just against developed market currencies, but also against Asian currencies. Usually, Asian currency revival is a lead indicator of acceleration of FII flows in Asia. 
Our analysis of cumulative FII sales as proportion of market cap shows that Korea and Indonesia are oversold. India is almost there, but not quite. HK/China is still under-owned. 
Taiwan and Thailand, despite large FII selling over an extended period, are still not oversold. Both markets face risks from the tariff war and could face more FII selling pressure.


Asian Equities: The Currency Tailwind - Where Would FII Flows Gravitate?

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>India boosts PLI outlay for steel sector to Rs. 305 cr to drive innovation, exports, and counter US import tariffs.</li>
<li>
<a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon.com Inc (AMZN US)</a> explores spinning off and listing its India arm locally to align with regulations and strengthen its position in the market.</li>
<li>UBS and HSBC expand wealth operations in India, leveraging the IPO boom to capture rising investor demand and economic momentum.</li>
</ul>


India boosts PLI outlay for steel sector to Rs. 305 cr to drive innovation, exports, and counter US import tariffs.

Amazon.com Inc (AMZN US) explores spinning off and listing its India arm locally to align with regulations and strengthen its position in the market.
UBS and HSBC expand wealth operations in India, leveraging the IPO boom to capture rising investor demand and economic momentum.


#122 India Insight: India Ups Steel PLI, Amazon Mulls Local IPO, UBS & HSBC Eye Wealth Boom

Energy Transition | AI | Shifting World Order, Mint Finance

Amrutha Raj

Energy Transition | AI | Shifting World Order

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Gold surged 2.6%, surpassing $3,000/oz for the first time, while silver rose 4.4% to its highest YTD level, both driven by a weaker dollar.</li>
<li>GLD ETF saw a $1.16 billion net inflow, reversing the prior week’s $933 million outflow,while SLV ETF recorded $131.8 million in inflows, up from the previous week’s $85.7 million outflow.</li>
<li>Gold futures ADV rose 25.2% WoW, with open interest up 6.5%, while silver options call OI at key strikes ($34–$35) indicates rising interest in further upside.</li>
</ul>


Gold surged 2.6%, surpassing $3,000/oz for the first time, while silver rose 4.4% to its highest YTD level, both driven by a weaker dollar.
GLD ETF saw a $1.16 billion net inflow, reversing the prior week’s $933 million outflow,while SLV ETF recorded $131.8 million in inflows, up from the previous week’s $85.7 million outflow.
Gold futures ADV rose 25.2% WoW, with open interest up 6.5%, while silver options call OI at key strikes ($34–$35) indicates rising interest in further upside.


[Precious Insights 2025/11]: Gold & Silver Surge to New Highs Amid Softer Inflation & Rising Volume

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>Bank Of China Ltd, Celltrion Inc and Li Auto top the list as the largest index constituents held by less that 5% of active Asia Ex-Japan funds.</li>
<li>Unloved stock numbers increase after China A-share inclusion in 2018/19 and further amplified by post-2020 restrictions on select Chinese military-linked firms.</li>
<li>Select funds do own sizeable positions in these stocks.  Are they the ultimate contrarian trades?</li>
</ul>


Bank Of China Ltd, Celltrion Inc and Li Auto top the list as the largest index constituents held by less that 5% of active Asia Ex-Japan funds.
Unloved stock numbers increase after China A-share inclusion in 2018/19 and further amplified by post-2020 restrictions on select Chinese military-linked firms.
Select funds do own sizeable positions in these stocks.  Are they the ultimate contrarian trades?


<ul>
<li>
<a href="https://www.smartkarma.com/entities/pepsico-inc" target="_blank" data-smartkarma-citation="entities:4967:1" rel="noopener">Pepsico Inc (PEP US)</a> plans to scale its snacks and food business in India by customizing products for regional tastes and promoting innovation.</li>
<li>India is projected to become the world’s third-largest economy by 2028, driven by reforms, consumption, and infrastructure growth.</li>
<li>India finalizes a $7.6 billion deal for 26 Rafale M jets, boosting naval air power and strengthening Indo-Pacific deterrence..</li>
</ul>



Pepsico Inc (PEP US) plans to scale its snacks and food business in India by customizing products for regional tastes and promoting innovation.
India is projected to become the world’s third-largest economy by 2028, driven by reforms, consumption, and infrastructure growth.
India finalizes a $7.6 billion deal for 26 Rafale M jets, boosting naval air power and strengthening Indo-Pacific deterrence..


#121 India Insight: PepsiCo Expands, Rafale Boost for Navy, India to Be 3rd Largest Economy

Cambodia
Insights on Cambodia

Asian Equities: The Currency Tailwind - Where Would FII Flows Gravitate?

USD is moderating vs Asian currencies, usually a lead indicator of FII flow revival. HK/CN still under-owned. Korea & Indo oversold, India almost...

Manishi Raychaudhuri

#122 India Insight: India Ups Steel PLI, Amazon Mulls Local IPO, UBS & HSBC Eye Wealth Boom

India boosts steel sector, Amazon considers local listing in India, UBS and HSBC expand wealth operations to capitalize on IPO boom and investor...

Sudarshan Bhandari

[Precious Insights 2025/11]: Gold & Silver Surge to New Highs Amid Softer Inflation & Rising Volume

Gold surpassed $3,000/oz, & silver hit YTD highs, driven by softer inflation & a weaker dollar. ETF inflows rebounded, and rising derivatives...

Mint Finance

Unloved Stocks in Asia Ex-Japan

Bank Of China Ltd, Celltrion Inc and Li Auto top the list as the largest index constituents held by less that 5% of active Asia Ex-Japan funds.

Steven Holden

#121 India Insight: PepsiCo Expands, Rafale Boost for Navy, India to Be 3rd Largest Economy

Pepsico Inc aims to expand in India by tailoring products to local preferences and focusing on innovation, as the country's economy grows and...

Sudarshan Bhandari

Asian Equities: The Currency Tailwind - Where Would FII Flows Gravitate?

​USD is moderating vs Asian currencies, usually a lead indicator of FII flow revival. HK/CN still under-owned. Korea & Indo oversold, India almost...

Manishi Raychaudhuri

#122 India Insight: India Ups Steel PLI, Amazon Mulls Local IPO, UBS & HSBC Eye Wealth Boom

​India boosts steel sector, Amazon considers local listing in India, UBS and HSBC expand wealth operations to capitalize on IPO boom and investor...

Sudarshan Bhandari

[Precious Insights 2025/11]: Gold & Silver Surge to New Highs Amid Softer Inflation & Rising Volume

Gold surpassed $3,000/oz, & silver hit YTD highs, driven by softer inflation & a weaker dollar. ETF inflows rebounded, and rising derivatives...

Mint Finance

Unloved Stocks in Asia Ex-Japan

Bank Of China Ltd, Celltrion Inc and Li Auto top the list as the largest index constituents held by less that 5% of active Asia Ex-Japan funds.

Steven Holden

#121 India Insight: PepsiCo Expands, Rafale Boost for Navy, India to Be 3rd Largest Economy

​Pepsico Inc aims to expand in India by tailoring products to local preferences and focusing on innovation, as the country's economy grows and...

Sudarshan Bhandari

USD is moderating vs Asian currencies, usually a lead indicator of FII flow revival. HK/CN still under-owned. Korea & Indo oversold, India almost...

India boosts steel sector, Amazon considers local listing in India, UBS and HSBC expand wealth operations to capitalize on IPO boom and investor...

Pepsico Inc aims to expand in India by tailoring products to local preferences and focusing on innovation, as the country's economy grows and...