The ‘Fab 4’ become the ‘FOMO 3’
FOMO 3 – Taiwan Semiconductor, Samsung Electronics & SK Hynix The growing market capitalization of the largest companies in equity indices has become a serious problem for investors trying to construct diversified equity portfolios. The MSCI Emerging Markets Index is one of the most extreme examples of issuer concentration, with the three biggest companies accounting […]
When it rhymes it pours
Where have I heard this song before A man’s music streaming history is a deeply personal thing; see his ‘Recently played’ list and see his soul (and, probably, his secret Taylor Swift obsession). For me, one of my favourite genres – despite living in leafy London virtually all my life – is the deep twang […]
Two beautiful games
Right now, for those of us bleary‑eyed football fans following England’s campaign, the World Cup is a fantastic – if tiring – sporting spectacle. For most, it is the joy of the sport alone that is compelling – with many of us (your author included) staying up to the small hours to watch a gripping […]
ASEAN’s lost decade: Is value finally emerging?
Some investors believe the ASEAN tigers of the 1990s and 2000s have aged and lost their dynamism. Only Vietnam has shown returns that are competitive with the broader MSCI Emerging Markets index over the past decade, with Indonesia and the Philippines having declined over both the short and long term. ASEAN markets have been held […]
The case for international value
After seventeen years of unbroken US equity dominance, US allocators face a strategic question that has not been this urgent in a generation: how much of their portfolio should sit outside the United States, and what style should it own? This paper argues that the answer is a meaningful, sustained allocation to international developed equities […]
First‑order fears, second‑order thinking: Why we own Compass Group
New, disruptive technologies tend to provoke the same investor response: a rush to simple narratives and indiscriminate selling across anything perceived to be in the firing line. We saw this in software earlier this year , and more recently in staffing and adjacent sectors, where fears of AI-driven disruption have driven share prices well beyond […]
Are we losing the AGM, and does it matter?
Across Europe, annual general meetings are becoming less accessible. In Italy, 67% of AGMs in 2025 are being held behind closed doors, with no in-person or virtual access for shareholders. [1] In Germany, 65% of DAX 40 companies held virtual-only AGMs in 2024, removing the option to attend in person. [2] In the UK, the […]
The other bull market: Frontier markets continue to climb
While most of the investing world has been preoccupied with AI, the MSCI Frontier Markets Index has been quietly pushing through new highs. Reform-driven return potential combined with low valuations and strong diversification benefits – particularly against a backdrop of heightened energy volatility – suggests these markets may deserve a larger role in global equity […]
Don’t be dumb
As the famous saying goes, necessity is the mother of invention, and no period creates so fertile a ground for invention as war. The Second World War is a prime example, with a wave of technological innovation that birthed the world’s first electronic computer at Bletchley Park, the atomic bomb at Los Alamos, jet engines […]
Harnessing reform in Uzbekistan: Why Redwheel has backed UzNIF
The Redwheel Emerging and Frontier Markets team is proud to have been selected as one of the cornerstone investors in the recent listing of the Uzbekistan National Investment Fund (UzNIF). Our participation in this listing has been the culmination of visits to the country and engagement with policymakers and companies over a period of several […]