Asks for reaction to market moves (dollar up, yields up, stocks down) on speculation of a more hawkish Fed Chair.
Yvonne Man
Fiona Yang
A hawkish Fed creates uncertainty. The 2025 trend of 'tide lifts all boats' (low rates, weak dollar helping EM Asia) could reverse in 2026, becoming a year of dispersion where stock-pickers outperform.
Asks how to find winners in this volatility, separating execution from sentiment.
Yvonne Man
Fiona Yang
Highlights undervalued pockets in Asia: consumer sector (rising middle class) and healthcare (aging population, medical inflation), both trading at discounts to history and global peers.
Asks if equities are more resilient than bonds/FX given volatile geopolitics at the start of 2026.
Yvonne Man
Fiona Yang
Historically, staying invested in equities has been rewarding. 2026 is a year for bottom-up stock pickers to outperform the benchmark.
Asks about Indonesia, whether government reforms are enough to calm MSCI-related fears, and if she's changed holdings.
Yvonne Man
Fiona Yang
Investors are reassured by regulator announcements. Separating technical indexation issues from company fundamentals is key; Indonesian companies she owns have attractive valuations and long-term growth potential.
Asks about Apple's warning on memory chip costs squeezing margins and the hardware vs. software preference in AI.
Yvonne Man
Fiona Yang
Memory price surge hurts traditional electronics (iPhone, PC) margins, benefiting Korean memory makers. The market is excited about short-term price hikes, not future capacity growth.
Asks about Korea market given parabolic moves in some stocks.
Yvonne Man
Fiona Yang
Was overweight Korea due to right spots (A.I., memory cycle) but is now cautious on valuation after strong run-up; overweight position will naturally come down.