English-speaking US investors first. ADRs and US names with EM cash flows. Policy, FX, and listing structure sit beside P/E and P/B. Isolated masters, then a clerk. No buy button.
| Ticker | Region | Theme | Why on the board | Report |
|---|---|---|---|---|
TSM Taiwan Semiconductor | Taiwan | Foundry / AI capex | The foundry is the scarce asset in the AI stack; US listing is the window. | Open report → |
BABA Alibaba | China | Platform + cloud | ADR is the US window. Research the franchise, the regulator, and the listing structure separately. | Open report → |
PDD PDD Holdings | China | Value commerce | Growth classification first: unit economics versus a multiple that assumes no competition. | Open report → |
MELI MercadoLibre | LatAm | Commerce + fintech | A compounder in under-banked markets. Still a growth test, not a cigar butt. | Open report → |
NU Nu Holdings | LatAm | Digital bank | Scale in Brazil/Mexico. Research credit cycle and funding, not app downloads. | Open report → |
IBN ICICI Bank | India | Private bank | India compounding via a bank you can underwrite from US filings. | Open report → |
INFY Infosys | India | IT services | Dollar revenue, Indian cost base. Classify growth versus a wage/FX squeeze. | Open report → |
VALE Vale | Brazil | Iron ore / copper | Cycle name. Templeton-style: price versus pessimism, not a story stock. | Open report → |
PBR Petrobras | Brazil | Energy + policy | Cash engine with a government as co-owner. Policy is the research. | Open report → |
ITUB Itaú Unibanco | Brazil | Bank | Franchise bank. Research ROE, NPL, and the real rate, not the logo. | Open report → |
SE Sea Limited | Southeast Asia | Commerce + gaming + digital bank | Three engines. Classify which one still earns its keep. | Open report → |
HDB HDFC Bank | India | Private bank | Quality India compounding. Merger integration is a diligence item, not a slogan. | Open report → |
