Core Viewpoint - Emerging markets represent an attractive area for total return-focused investors, with dividend payout ratios comparable to developed markets, both around 85% [1] Group 1: Investment Opportunities - Many companies in emerging markets offer dividend yields exceeding 3%, making them appealing for income-seeking investors [1] - The Asian market, in particular, is becoming increasingly attractive for diversification and investment purposes [1] Group 2: Market Conditions - Geopolitical uncertainties, high concentration in investment markets, and over-investment in U.S. tech stocks are prompting investors to seek diversification [1] - The current investment landscape suggests a shift towards emerging markets as a viable alternative for investors [1]

Market Performance - The three major U.S. stock indices reached new historical highs, with the Dow Jones up 0.42%, Nasdaq up 1.49%, and S&P 500 up 0.85% [1] - Major tech stocks showed positive performance, with Tesla rising 3.44%, Nvidia up 2.42%, Google up 2.38%, Facebook up 1.64%, Amazon up 1.18%, Microsoft up 1.77%, and Apple up 1.05% [3][4] Earnings Season - This week marks a busy earnings season with over 170 companies expected to report, including major tech firms like Microsoft, Apple, Alphabet, Amazon, and Meta [7] - Analysts predict a profit growth rate of around 16% for the "Tech Seven" giants, significantly higher than the average profit growth rate of 8% for other S&P 500 companies [7] Commodity Prices - Spot gold prices fell below $4000 per ounce for the first time since October 10, with a daily decline of 3.32% [4] - Spot silver also dropped over 5%, reaching a new low of $46.139 per ounce since October 2 [4] Federal Reserve and Interest Rates - The Federal Reserve is expected to lower interest rates by 25 basis points, bringing the federal funds rate to a range of 3.75% to 4.00% [9] - Market participants are closely watching Fed Chair Powell's press conference for insights on future rate cuts, with expectations of another cut in December [9] Emerging Markets Outlook - Fidelity International has shifted its tactical asset allocation to a more positive view on risk assets following the Fed's rate cut, particularly favoring emerging market equities [12] - The firm anticipates more consumer stimulus measures in China, which could boost demand and improve industrial profit margins [12] - Fidelity also maintains a bullish outlook on emerging market bonds, citing favorable valuations compared to developed market investment-grade bonds [12]

Core Viewpoint - The article discusses the upcoming "Super Central Bank Week," highlighting the anticipated interest rate decisions from multiple central banks, particularly the Federal Reserve, which is expected to lower rates by 25 basis points to a range of 3.75% to 4% [1][2]. Group 1: Emerging Market Investment Opportunities - Following the Federal Reserve's initiation of a rate-cutting cycle, Fidelity International has shifted its tactical asset allocation to a more positive stance on risk assets, particularly favoring emerging market equities and bonds [3]. - Fidelity International maintains a bullish outlook on emerging market stocks, especially in China, anticipating more consumer stimulus measures and improvements in industrial profit margins due to "anti-involution" policies [3]. - The firm also sees emerging market bonds as attractive due to their solid fundamentals and better valuations compared to developed market investment-grade bonds, with a weaker dollar further enhancing their appeal [3]. Group 2: Focus on Technology and Resource Sectors - The A-share market is viewed as being in a critical window, with foreign asset management institutions optimistic about structural opportunities in the fourth quarter due to improved liquidity and risk appetite [4]. - The technology growth sector is particularly favored, with an emphasis on AI applications, semiconductor manufacturing, and storage, despite potential short-term price pressures [4]. - The resource sector is gaining attention, with rising prices in precious metals, base metals, and energy metals, as the investment focus shifts towards cyclical commodities like copper and other non-ferrous metals [4]. Group 3: Gold as a Strategic Asset - Fidelity International holds a bullish view on gold, suggesting that as investors reduce exposure to U.S. assets and diversify, gold may attract structural inflows due to factors like Fed rate cuts and geopolitical risks [5].

Core Insights - Adventist Health System West has completely liquidated its position in the iShares MSCI Emerging Markets ex China ETF (EMXC), selling 837,660 shares valued at approximately $52.9 million during the third quarter [2][7]. ETF Overview - The iShares MSCI Emerging Markets ex China ETF has net assets of $13.1 billion and was priced at $71.08 as of the latest market close, reflecting an 18.5% increase over the past year, compared to a 16% rise in the S&P 500 [3][4]. - The ETF aims to provide targeted exposure to emerging market equities while excluding Chinese securities, utilizing a market capitalization-weighted index methodology [6][9]. Investment Strategy - The decision to exit the EMXC may indicate a strategic shift towards broader international diversification, as Adventist Health System simultaneously opened a new $38 million position in the iShares Core MSCI Total International Stock ETF, focusing on developed markets [7][11]. - The EMXC ETF is concentrated in Asian stocks, which have performed well, with top holdings like Taiwan Semiconductor increasing over 46% [10]. Long-term Perspective - The move by Adventist Health System highlights the importance of diversification following strong market rebounds, suggesting that reallocating towards global core exposure could stabilize returns in future market cycles [11].

南非拥有全球最深的金矿，该国股市正迎来二十年来表现最佳的一年——西巴尼亚静水矿业公司（Sibanye Stillwater Ltd.）、英美黄金阿 散蒂公司（AngloGold Ashanti Plc）、金田公司（Gold Fields Ltd.）等矿企股价已涨至三倍。非洲最大黄金生产国加纳，其信用评级也获得 穆迪评级（Moody's Ratings）上调。新兴市场国家跻身全球最大黄金买家行列，为国家财政收入注入强心剂。 2025年第二季度黄金持有量变化的国家排名 淘金潮支撑新兴市场乐观情绪 黄金价格持续飙升为新兴市场带来意外红利，提升了投资者对黄金开采国与购买国的信心。 对新兴市场基金经理而言，黄金上涨为他们维持看涨立场再添理由。黄金价格飙升为生产国与购买国均带来财富效应，丰厚的黄金持有量 让投资者更有信心买入相关资产。高盛集团策略师在本月初的报告中指出，南非强劲的矿业实力是其看好该国债券与股市后续上涨的核心 原因之一。 "黄金涨势对乌兹别克斯坦、加纳、南非等少数新兴市场国家有利。"威廉·布莱尔投资管理公司（William Blair Investment Management）投 资组合经理丹尼尔·伍德（ ...

Group 1: Core Insights - Global risk appetite has been declining, with significant capital inflows into US fixed income funds and outflows from US small-cap and large-cap growth stocks [1] - The overall trend indicates a global capital rebalancing, with increased investment interest in emerging markets while US equities face outflow pressure [1] Group 2: Market Performance Review - In September 2025, the Hong Kong stock market outperformed globally, with the Hang Seng Tech Index rising by 13.95% and the Hang Seng Index increasing by 7.49%, while markets in Vietnam and Germany saw slight declines [2] - Overall, most global stock markets rose in September, with technology growth stocks leading the performance [2] Group 3: Cross-Border Capital Flows - In September, the southbound trading of the Hong Kong Stock Connect maintained a net buying trend, reaching a year-to-date high in net inflow, primarily into non-essential consumer sectors [3] - Global funds saw significant inflows into fixed income funds and outflows from equity funds, reflecting a decrease in investor risk appetite [3] - QDII-ETF funds experienced substantial net inflows into the Hang Seng Tech sector, while other indices like the Hang Seng Index and Hang Seng China Enterprises Index saw minor outflows [3]

Core Viewpoint - The recent approval of the "E Fund Itaú Bovespa ETF" marks a significant step in the establishment of the China-Brazil ETF connectivity mechanism, allowing Chinese investors to access core Brazilian market assets directly through QDII [1][3] Group 1: Fund Details - E Fund's ETF aims to track the Bovespa Index, which includes major resource companies such as Vale and Petrobras [1] - The ETF will be linked with Itaú Unibanco's ETF products, facilitating direct investment in Brazilian assets for investors [1] Group 2: Market Implications - The approval indicates a growing interest among Chinese fund companies in South American resource cycle assets, following previous expansions into markets like Japan, Hong Kong, and Singapore [1][3] - The Bovespa Index is heavily weighted in mining, energy, and financial sectors, with resource companies accounting for over one-third of its composition, suggesting strong correlation with global commodity prices [3] Group 3: Competitive Landscape - Other fund companies, such as Huaxia Fund, have also attempted to enter the Brazilian ETF market, although their applications may have been withdrawn or delayed [1][3] - The potential for the Brazilian ETF to become a significant tool for Chinese investors in emerging markets is highlighted, especially if regulatory approvals proceed smoothly [3]

Core Insights - The approval of Brazilian ETFs by China Asset Management and E Fund marks a significant step in the interconnection of capital markets between China and Brazil, allowing investors to easily access the Brazilian market [1] Group 1: Brazilian Capital Market Overview - The Brazilian capital market is the largest and most influential financial system in Latin America, offering global investors opportunities to share in its resource dividends and economic growth potential, while also being affected by domestic fiscal policies, interest rate cycles, and political ecology [2] - Brazil is a key emerging market and a member of the BRICS nations, with a significant consumer market and ongoing recovery in domestic demand, alongside increasing digital penetration and growth potential in the service sector [2] - The Ibovespa index, as the most representative index of the Brazilian capital market, covers industries with comparative advantages such as mining and agriculture, with a high weight in financial and energy sectors [2] Group 2: Performance and Investment Potential - The Ibovespa index has shown a strong performance among emerging economies, reflecting Brazil's resilience as the largest economy in Latin America and its role as the "world's granary" [2] - The index has an annualized return of over 12% over the past decade, with a year-to-date return of 21.6% as of the end of September, indicating its ability to capture global capital flows into emerging markets [3] - The index's performance is closely linked to international commodity prices and Chinese economic demand, presenting significant growth potential amidst its volatility [3] Group 3: Previous Collaborations and Future Prospects - Prior collaborations between China and Brazil in capital market interconnectivity include the successful launch of the Bradesco ChinaAMC ChiNext ETF in May, which allows Brazilian investors to access the Chinese market [4] - The establishment of mutual ETF listings between China and Brazil enhances the recognition of these products among overseas investors and strengthens the influence of domestic capital markets [4] - China Asset Management has been a pioneer in domestic ETFs and is actively promoting the mutual connectivity of ETF products globally, having previously launched a mutual ETF project with Japan [4]

Emerging markets investing has had an overall positive year in 2025. Entering the year, with many U.S. investors underweight foreign equities, some market watchers anticipated big opportunities abroad... ...

Core Viewpoint - The Federal Reserve's recent interest rate cut signals a shift in global macroeconomic conditions, prompting capital to flow towards emerging markets, particularly benefiting ETFs focused on the Asia-Pacific region [3][6][26]. Group 1: Federal Reserve Actions - The Federal Reserve lowered the federal funds rate target range by 25 basis points to 4.00%-4.25%, marking its first rate cut of 2025 and the first since December 2024 [6][8]. - Market expectations indicate a 75% probability of three additional rate cuts by the end of the year, totaling a 75 basis point reduction [4][6]. - The decision reflects a response to weak employment data, with only 22,000 jobs added in August, significantly below expectations [9]. Group 2: Impact on Emerging Markets - The Fed's rate cut is expected to catalyze a reallocation of global capital, with a historical trend showing that rate cuts typically weaken the relative returns of dollar assets, driving investments towards emerging markets [9]. - The Southeast Asia Technology ETF has seen significant performance, with a 5% increase in September and a 24.2% rise over the past three months, benefiting directly from the Fed's rate cut expectations [11][15]. Group 3: Southeast Asia Technology ETF - The ETF's top holdings include major Southeast Asian internet companies like SEA, Grab, and Goto, which are positioned similarly to Chinese tech giants [13][15]. - The ETF's performance is supported by favorable local policies, such as Indonesia's nearly $1 billion economic stimulus plan and Thailand's interest rate cut to a three-year low of 1.50% [15]. Group 4: Asia-Pacific Select ETF - The Asia-Pacific Select ETF focuses on companies with strong ESG ratings and aims to capture opportunities in technology and cyclical recovery, achieving a 22.9% return over the past year [17][18]. - The ETF's top holdings include major firms like TSMC, Tencent, and Toyota, which provide stable cash flows and strong profitability [19]. Group 5: Market Outlook - The Fed's rate cut marks the beginning of a new phase in the global macro environment, with emerging market ETFs offering significant investment opportunities [26]. - Investors are encouraged to leverage the macroeconomic trend of rate cuts to identify growth opportunities across the Asia-Pacific region, effectively diversifying risks associated with single markets [26].