GEMs stock positioning: A half-time assessment

研报英文原文证据摘录

GEMs stock positioning: A half-time assessment

22 July 2026

GEMs stock positioning EquityEmergingStrategyMarkets

A half-time assessment

◆ We take stock of positioning across EM at the mid-year point Alastair Pinder, CFA

Head EM and Global Equity Strategist

◆ GEMs funds were forced to rotate out of Korea and Taiwan, HSBC Securities (USA) Inc.

alastair.pinder@us.hsbc.com

but Global funds leaned into mega-cap EM tech +1 212 525 5972

Pankaj Agarwala*, CFA

◆ Mainland China witnessed heavy ETF outflows, led by National EM and Global Equity Strategist

HSBC Securities and Capital Markets (India) Private

Team selling, whereas rest of EM saw sizeable ETF inflows Limited

pankajagarwala@hsbc.co.in

+91 0 80 30013716

Our positioning report gives a comprehensive overview of how both active and passive

Allison Buck

funds are positioned across EM stocks. Our proprietary data covers c300 active GEMs EM Equity Strategist

funds (combined AUM of USD811bn), 359 global and global ex-US equity funds HSBC Securities (USA) Inc. allison.buck@us.hsbc.com

(USD1.9trn AUM), and 150 regional funds (USD86bn AUM). Our ETF database tracks +1 212 525 4119

the size and intensity of passive flows across c9,000 EM stocks. At the mid-year

checkpoint we look at how funds have adjusted their allocations to EM this year. * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

GEM funds

GEMs funds rotated out of Taiwan and Korea in H1 largely as a result of

concentration limits which pushed their combined underweight positions in TSMC,

Samsung Electronics and SK Hynix to a record -620bps from 250bps at the start of

the year. Capital was reallocated into mainland China and India, where Weichei