00:00And it is really in Asian equities as well as rates that you see that potential for outperformance on the
00:05re-rating and the upwards revisions of earnings expectations.
00:09Are there markets in particular or sectors in particular that you like? How do you feel about tech, for example?
00:15I mean, we've already seen it, right? The fact is, is that year to date, we've seen how Korea and
00:19Taiwan continues to be very strong, especially around the hardware side.
00:22Japan also has been quite strong. The key underperformers this year so far has been China as well as India.
00:28I think so. Right now, a lot of eyes are on whether or not we get a bit more AI
00:33fatigue.
00:33The fact is, is that we've already seen a bit of pullback previously over the past few weeks around software
00:39names.
00:39Hardware name continues to be fairly strong. But with that said, I think it's going to be very important to
00:44see post kind of sort of the AI kind of boom.
00:48And specifically in terms of stories around the whole AI CapEx and they're looking more focusing on the delta on
00:53the increase in overall CapEx spend.
00:55And, you know, I think all eyes are very much going to be focusing on over the next few weeks.
00:59You know, we've got the big meeting come up in China. I think. And again, more importantly, as I alluded
01:03to earlier, earnings is going to be important.
01:05So, you know, when we look at short term, we still very much like Korea and Taiwan for its overall
01:10hardware place.
01:11But, you know, when we look at some opportunities, looking at bottom up stock picking and looking at, you know,
01:17some of the underperformers, we feel that, you know, within China, China A space, we look at some of the
01:21China hardware tech names.
01:23And then also the Indian domestic plays have been key laggards. You know, in 2025, there were key laggards.
01:28Even so far in 2026, they've been laggards.
01:31So those are opportunities we're looking at, you know, very closely to see whether or not opportunities continue to present
01:37itself to be very good, attractive entry points.
01:41And India has been laggard for a good reason, because they don't have that much exposure when it comes to
01:46AI plays that have dominated the narrative.
01:49Right. So when you're looking for opportunities in the Indian market, what sectors are you looking at?
01:55Yeah, it really is. When you look at overall cyclicals or when you look at specifically financials and real estate,
02:01these are still continue to be key areas.
02:03You know, the fact is, is that when you look at overall valuations for the Indian market as a whole,
02:07it's still roughly around 20, 21 times forward earnings.
02:10So from a lot of investors standpoint, they see that as quite expensive.
02:13But with that said, there are still opportunities. And as I mentioned earlier, you know, when investors are still looking
02:19for growth,
02:20when they're still looking for specifically fairly robust growth and a very good earning streams.
02:25The fact is, is that when you look at the financials, when you look at Indian banks or when you
02:29look at the growth of the Indian domestic real estate sectors,
02:32those are really key areas that we're looking at. Yes.
02:34While, you know, India has a very large population and people still do focus quite a bit on its consumption
02:39ability.
02:40The fact is, is that overall valuations in either the consumer discretionary or even more so in the consumer staple
02:46space in India are a bit stretched.
02:48So, you know, we're mindful in terms of certain sectors in India, a bit more expensive.
02:53But again, as I alluded to earlier, you know, financials as well as real estate sectors do look to be
02:57sort of where the opportunities are.
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