−0.9%
since Sep 30
The idea
I believe the center of economic growth is shifting East over the coming decades, and I want to own that whole shift rather than pick one winner. China is the biggest tilt, priced like it's finished while its strongest companies keep growing, with India as a core position on demographics and rising incomes. Around those anchors I hold Asia's established tech leaders, smaller economies benefiting as trade and capital reroute through them, broad emerging-market funds as ballast, and a small bitcoin stake as a hedge on the Western financial system.
What it owns
- The take owns Chinese companies and sectors trading at steep discounts that assume permanent business shrinkage, betting that earnings will prove the pessimism wrong. · KraneShares CSI China Internet ETFIt owns China's internet companies while they trade at prices assuming permanent decline, betting that earnings growth will prove the market wrong., Alibaba GroupIt remains China's dominant commerce and cloud platform but trades at a fraction of Western peers, with a discount that assumes its decline is permanent., PDD HoldingsIt grows faster than other big Chinese commerce companies and exports its model worldwide through Temu, so it wins whether Chinese consumers trade down or up., NetEaseIt makes games people pay for regardless of the macro mood and throws off cash while priced like a business in trouble.22%
- The take owns India's financial system and services sector to capture earnings growth from hundreds of millions entering the formal economy for the first time. · iShares MSCI India ETFIt tracks India's stock market broadly, the cleanest way to own India's growth story without betting on individual companies., ICICI BankIt lends money to Indian households and businesses getting their first credit card, mortgage, or loan, turning demographic growth directly into earnings., MakeMyTripIt owns online travel booking in India just as hundreds of millions of Indians take their first flights and hotel stays., InfosysIt represents India exporting skilled labor globally, capturing the services side of India's demographic advantage in a world that still outsources tech work.20%
- The take holds positions in companies that lead their regional tech markets and benefit from Asia's technological advancement. · Taiwan SemiconductorIt makes nearly every advanced chip on earth, so it collects a toll on the region's entire tech development., Sea LimitedIt operates the leading shopping and payments platforms across Southeast Asia as the region's middle class comes online economically., CoupangIt built Amazon-like logistics dominance in South Korea and is now expanding into Taiwan to capture growth in Asia's wealthier consumer markets.18%
- The take owns markets and companies that act as transit points and toll booths for trade, capital, and people moving across the region. · VanEck Vietnam ETFVietnam wins as supply chains move out of China, and this fund owns its market broadly to capture that shift., iShares MSCI Saudi Arabia ETFIt owns Saudi Arabia as it transforms into a trade and capital bridge between East and West, funded by oil revenue and driven by reform., Grab HoldingsIt operates rides, food delivery, and payments across Southeast Asia and grows as the region's middle class expands and moves online., iShares MSCI Singapore ETFSingapore acts as a neutral hub routing trade, banking, and capital between China, India, and the West, and this fund owns that toll booth.13%
- The take holds broad emerging-markets exposure to own the parts of Asia's growth story that are hardest to predict or time. · iShares MSCI Emerging Markets ETFIt holds emerging markets broadly to own the unpredictable parts of Asia's growth that show up only in hindsight., iShares MSCI Emerging Markets ex-China ETFIt holds emerging markets with China removed so the portfolio does not accidentally double down on China through its ballast sleeve.10%
- The take holds a small position as insurance against loss of confidence in the dollar-based financial system. · iShares Bitcoin TrustIt holds bitcoin as insurance against the dollar-based system losing credibility in a world where Eastern alternatives gain ground.7%
- Cash10%