Group 1 - The Adams Natural Resources Fund (NYSE: PEO) is expected to break out of its range-bound performance in 2026, indicating potential growth for investors [1] - GV Strategies aims to explore unconventional investment strategies that may be overlooked by global investors, focusing on areas like frontier/emerging markets, closed-end funds, and high yield/emerging market debt [1] - The perspective provided by GV Strategies is primarily from the viewpoint of global investors based in developed markets, assessing how these opportunities can be integrated into their portfolios [1] Group 2 - There is a plan to cover at least a couple of tickers monthly by 2024, focusing on those that can provide valuable insights, particularly in the realm of closed-end funds (CEFs) and exchange-traded funds (ETFs) [1]

Group 1 - The Templeton Emerging Markets Income Fund (TEI) was last analyzed two years ago, highlighting the advantages of a weaker dollar for the fund and maintaining a hold rating [1] - Binary Tree Analytics (BTA) specializes in providing transparency and analytics for capital markets instruments, focusing on closed-end funds (CEFs), exchange-traded funds (ETFs), and special situations, aiming for high annualized returns with low volatility [1] Group 2 - BTA has over 20 years of investment experience, with a background in finance from a top university [1]

We last covered the Templeton Emerging Markets Income Fund ( TEI ) two years ago, when we described the benefits of a weaker dollar for TEI and put a hold rating next to this CEF. TheWith an investment banking cash and derivatives trading background, Binary Tree Analytics ('BTA') aims to provide transparency and analytics in respect to capital markets instruments and trades. BTA focuses on CEFs, ETFs and Special Situations, and aims to deliver high annualized returns with a low volatility profile. We have b ...

Core Insights - The market has experienced significant declines in stock values of various companies, driven by market volatility, company-specific developments, and broader economic conditions [1][7] Company-Specific Summaries - Glenmede Women in Leadership US Eq (GWILX) saw its price drop by 48.32% to $8.79, indicating market skepticism about its performance despite its focus on gender diversity [2] - Harding Loevner Emerging Markets Portfolio Advisor Class (HLEMX) and Harding Loevner Institutional Emerging Markets Portfolio (HLMEX) experienced declines of 48.42% and 49.43%, respectively, reflecting the inherent risks of investing in volatile emerging markets [3] - SaverOne 2014 Ltd (SVRE) had a stock price decline of 46.61% to $1.89, with increased trading volume suggesting heightened investor interest or concern [4] - Zynex, Inc. (ZYXI) faced a dramatic decline of 55.33% to $0.29, entering Chapter 11 financial restructuring to stabilize its position amid challenges in the medical device sector [5] Market Trends - The significant price movements of these companies highlight the importance of understanding the factors driving market performance, including volatility, industry-specific challenges, and economic conditions [6][7]

Align Technology ( ALGN ) shares, in my opinion, are now noticeably oversold, and in terms of multiples they are trading at a clear discount to historical averages. I wrote about theHi there! I’m Narek, and I’ve been in the investment world for over six years. I started out as an equity analyst at European banks, digging into reports and learning how to spot value in the markets. I’ve worked across sectors — from telecom to industry — and found that behind every financial statement is a real story. I studie ...

Group 1: Investment Opportunities and Risks - Investors traditionally target emerging markets for higher growth opportunities, with China being a significant focus, but risks remain due to secrecy, human rights issues, and less transparency in capital markets [1] - The relationship between the U.S. and China has become more complicated under President Trump, with ongoing tensions over tariffs and rare earth minerals [1] Group 2: Vanguard's Emerging Markets ETF - Vanguard has launched the Vanguard Emerging Markets ex-China ETF (VEXC) to provide exposure to major emerging markets like Brazil, India, and Taiwan while avoiding the volatility associated with Chinese companies [2][3] - The ETF aims to mirror the FTSE Emerging ex China Index, comprising over 1,000 companies, and has nearly reached $50 million in assets since its launch in September, returning about 4% [5] - The FTSE Emerging ex China Index has advanced more than 26% for the year, indicating strong performance in emerging markets excluding China [6]

Core Insights - The article discusses the rising popularity of emerging markets ETFs that exclude China, driven by geopolitical concerns and changing investor preferences [1][5][6] - Vanguard launched the Vanguard Emerging Markets ex-China ETF (VEXC), which aims to provide exposure to emerging markets while avoiding Chinese stocks [1][5] - Despite the appeal of these ex-China ETFs, performance has been mixed, with many underperforming compared to broader emerging market ETFs [6][7] ETF Performance and Trends - In 2024, there was significant demand for ex-China ETFs, with iShares MSCI Emerging Markets ex China ETF attracting $6.7 billion in inflows last year, but experiencing $5.4 billion in outflows this year [3] - The iShares Core MSCI Emerging Markets ETF has a 27% allocation to Chinese stocks, while ex-China ETFs like EMXC and VEXC offer lower exposure [4][5] - The Freedom 100 Emerging Markets ETF (FRDM) stands out with a 37.4% increase this year, focusing on countries with strong political and economic freedom, and excluding China [8] Fee Structures and Investor Strategies - Vanguard's VEXC charges a low fee of 0.07%, significantly lower than the 0.25% charged by iShares MSCI Emerging Markets ex China ETF [5] - Investors are using combinations of ETFs to manage their exposure to China, pairing broader emerging market ETFs with ex-China options for a balanced approach [5][6] - The article highlights the performance of various ex-China ETFs, with the Freedom 100 ETF outperforming others, while most lag behind broader emerging market indices [6][8][10]

Group 1 - The Schwab Emerging Markets Equity ETF (NYSEARCA: SCHE) closely tracks VWO and provides decent exposure to emerging markets [1] - Current geopolitical uncertainties lead to a cautious outlook on emerging markets as alpha generators [1] - The focus is on equity valuation, market trends, and portfolio optimization to uncover high-growth investment opportunities [1] Group 2 - The analyst has over 20 years of experience in quantitative research, financial modeling, and risk management [1] - Expertise includes fundamental and technical analysis, model validation, stress testing, and regulatory finance [1] - The research approach combines rigorous risk management with a long-term perspective on value creation [1]

Company Overview - AllianceBernstein Holding L.P. and AllianceBernstein L.P. are leading global investment management firms, with a focus on diversified investment services for institutional investors, individuals, and private wealth clients [4] - As of May 2025, AllianceBernstein had $803 billion in assets under management, showcasing its significant presence in the investment management industry [4] Product Launch - The company announced the launch of the AB Emerging Markets Opportunities ETF (EMOP), an actively managed ETF listed on the New York Stock Exchange, aimed at providing investors with access to emerging markets [1][2] - The ETF is designed to meet the growing demand for non-US equity exposures, particularly in emerging markets, reflecting the company's commitment to evolving client needs [2] Investment Strategy - EMOP aims for long-term capital growth by investing at least 80% of its net assets in equity securities of issuers economically tied to emerging markets [2] - The fund focuses on equity securities that offer compelling profitability prospects, reasonable valuations, and favorable fundamental and quantitative trends, leveraging the company's extensive experience in emerging markets [2][3] Expertise and Support - The dedicated Emerging Markets Equity team at AllianceBernstein combines fundamental research with quantitative tools, enhancing the fund's investment strategy [3] - The ETF is positioned as a strong option for model-builders and long-term investors seeking active management for their emerging market allocations [3]

Investment Rating - The report recommends an overweight (OW) position in emerging market (EM) foreign exchange (FX), an underweight (UW) in EM sovereign credit, and a market weight (MW) in EM local rates and corporates [5][14][25]. Core Insights - The US policy uncertainty continues to drive the EM outlook in the second half of 2025, with EM currencies expected to perform well in a slower growth, no-recession scenario [5][14]. - The projected global GDP drag from higher tariffs has been reduced following US-China détente, but remains significant, with global growth expected to slow to 1.3% annualized in H2 from 2.4% in H1 [29][30]. - EM monetary easing is ongoing despite a hold by the Federal Reserve, supported by domestic conditions and looser financial stability constraints [5][38]. Summary by Sections Executive Summary - The impact of US trade policy is expected to be more detrimental to the US than to EM, allowing EM local markets to continue performing well [14]. - The report suggests a neutral stance on EM fixed income assets, adjusting previous expectations of increased volatility and risk premia [14][22]. EM Local Markets Strategy - EM FX is positioned as OW, with a preference for currencies from EM Asia and Central and Eastern Europe (CEE) [5][25]. - Local bonds are rated MW, with a focus on short-end receivers in specific countries like Israel and South Korea [5][25]. EM Sovereign Credit Strategy - The report maintains an UW stance on the EMBIGD index due to asymmetric spread outcomes, favoring specific countries like Cote D'Ivoire and Romania while remaining cautious on Brazil and Serbia [5][25]. EM Corporate Strategy - The report holds a MW rating for EM corporates, noting steady fundamentals and technicals, but highlights historically low CEMBI spreads at 230 basis points [5][25].