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EM equities outperformed across 2025; attribution, sector/country allocation, contributors/detractors, and positioning focused on AI-related semis and resilient consumption. View PDF
2025 follow-up: confirms declines and lender pullback, notes ‘extend & pretend’, outlines why CRE debt still offers superior risk-adjusted returns and what’s ahead. View PDF
Quarterly performance review and outlook covering global equities, fixed income, and tactical positioning; discusses US exceptionalism, sector drivers, and key detractors/helps. View PDF
EM stocks struggled in Q4; positioning in materials and real estate aided relative returns; financials detracted; highlights Trip.com, Emaar, Wiwynn; outlook into 2025. View PDF
China equities monthly review: policy support, sector drivers, key contributors/detractors, and outlook on earnings recovery with pro-growth measures. View PDF
Argues investors are over-concentrated in US large caps; valuation spreads and diversification case for international SMID; active selection beyond index biases. View PDF
CEO letter and 2023 recap; NAV total return 27.5%, market price 31.2%; sector drivers, distribution policy, portfolio highlights, and financials. View PDF
CEO letter and 2023 recap; NAV total return 27.5%, market price 31.2%; sector drivers, distribution policy, portfolio highlights, and financials. View PDF
CRE ‘hurricane’ thesis: higher rates, maturity wall, bank pullback and office stress; opportunities for nonbank lenders and preference for newer-vintage multifamily. View PDF
CRE ‘hurricane’ thesis: higher rates, maturity wall, bank pullback and office stress; opportunities for nonbank lenders and preference for newer-vintage multifamily. View PDF/html <div class="pdf-embed"> <iframe src="[[replace-with-pdf-url]]" style="width:100%; height:80vh; border:1px solid #