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Equity Portfolio Manager Naveen Venkataramani shares why recent market movements may not tell the full story of Asia's investment opportunity set, and why quality dividend investing can be a compelling way to navigate the region.
Q: What is your take on the recent rally in Asian equities?
The rally has been narrow and concentrated. More than 100% of the year-to-date gains in the MSCI AC Asia ex Japan benchmark have come from technology, in particular a small number of Korean memory, and Taiwanese semiconductor and hardware companies. As of June 2026, IT alone makes up over 50% of the broader index, a level we have not seen since the dot-com era.
We see AI as a genuine structural driver of growth across the region, and we are participating through high-quality companies that benefit from AI demand or are exposed to the AI supply chain. However, we are very mindful of the concentration risk being built into broad Asia exposures, and we are disciplined about not chasing names where quality or price don't meet our bar.
That said, even after this rally, we think there are a lot of opportunities in Asia. Many parts of the market still trade at attractive valuations vs global averages despite solid fundamentals. Balance sheets are in strong shape, government debt levels are lower than other parts of the world, and governance reforms and Value-Up incentives are encouraging companies to improve shareholder returns.
Q: Why consider Asia for quality dividends today?
I believe Asia provides the perfect hunting ground for companies with these characteristics. Over the long term, dividends have contributed nearly two-thirds of total returns in Asian equity markets. Combining dividends with a quality lens has historically delivered higher returns than the broader market with lower volatility, consistent with what we are looking for.
Our opportunity set is broad and diverse. Asia is home to roughly a third of the global high-dividend universe. This gives us the flexibility to combine traditional income payers, such as Hong Kong property companies and REITs, Indian REITs, Asia Pacific financials and regional telco companies, along with growth-oriented dividend payers, such as the tech leaders in Korea and Taiwan or Chinese internet platforms. Very few regions globally offer this kind of breadth.
Structural reform is reinforcing the dividend story. Across Asia, companies are returning more capital to shareholders, supported by initiatives like Korea's Value-Up program, China's push to allow state-owned companies to improve dividends and conduct buybacks and Singapore's Monetary Authority equity market development program. The result is a steadily expanding pool of companies with improving governance standards and rising dividend payouts.
The views expressed are those of the speaker at the time of filming. Other teams may hold different views and make different investment decisions. The value of your investment may become worth more or less than at the time of original investment. While any third-party data used is considered reliable, its accuracy is not guaranteed. For professional, institutional, or accredited investors only.
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