Tactical Positions

Kazakhstan’s leading deposit franchise, supported by strong capital ratios and consistent profitability. Listed in London, the GDR gives global investors a liquid route into a commodity-rich frontier market increasingly viewed as strategically relevant in rare earths and critical minerals.

One of the best-performing frontier market banks globally, trading at a single-digit earnings multiple with return on equity above 30%. The Ameriabank acquisition extends the franchise into Armenia, and a combined dividend-and-buyback programme underpins the total-return case.

Complements Lion Finance with a similar return profile and a medium-term ROE target above 23%. Meaningful additional exposure to Uzbekistan via TBC UZ and Payme provides access to an under-banked 36 million-person digital market.

Colombia’s largest listed company and one of the most undervalued equity markets globally. State ownership of around 85% supports an elevated payout ratio, and dividend yields have historically ranged between 8% and 20% across the oil cycle. The 2026 election cycle adds a potential catalyst for policy normalisation.

A diversified commodity equity combining copper upside with a structurally advantaged physical trading platform. Copper is the centerpiece of the long-term thesis, while the marketing division tends to earn more when commodity markets are volatile, providing counter-cyclical support. Management favours capital returns over acquisitions.

Latin America represents only 2–3% of global equity market capitalisation despite a population above 650 million and world-leading positions in copper, lithium, oil, and agriculture. Regional indices trade at single-digit to low-teens earnings multiples, providing a liquid wrapper on commodity demand, nearshoring, and the energy transition.

Kazatomprom commands roughly 40% of global uranium production with structural cost advantages from in-situ recovery mining. Trading at a forward P/E of 13–16x and EV/EBITDA of 6–7x with ~33% ROE, valuations are attractive relative to the energy-security tailwind. Decarbonisation policy, AI-driven electricity demand, and a global nuclear renaissance position the company at the heart of the secular uranium thesis.

After an AI- and semiconductor-led surge, the KOSPI trades near 6,300 (August 2026), led by Samsung Electronics and SK hynix and their dominance in High-Bandwidth Memory. That concentration cuts both ways: the index is now one of the world’s most volatile, and the recent drawdown, foreign selling and unwinding of leveraged positions have left it far less crowded. The Lee administration’s pro-market reset — deregulation, governance reform and a narrowing ‘Korea Discount’ — underpins the structural case. We hold the broad market through EWY and express higher-conviction upside via the leveraged KORU, sized for its volatility.

A London-listed GDR offering diversified exposure to Uzbekistan’s strategic assets across banking, energy, transport, telecoms and industrial enterprises. The country combines young demographics, strategic geography between China and Europe, and significant reserves of gold, copper, uranium, natural gas and critical minerals. IPO’d 13 May 2026 at $25 with anchor participation from Franklin Templeton, BlackRock and Redwheel — a clean wrapper on a multi-year privatisation and reform cycle.

The next stage of artificial intelligence is shifting from software into the physical economy — robotics, industrial automation, machine vision, warehouse and autonomous systems, and medical robotics. The ROBO Global Robotics & Automation ETF gives diversified, global exposure to the companies enabling that structural transformation, rather than a single-name bet. Rating BUY · horizon 5–10 years · medium-high risk · suited to a 3–5% core thematic allocation (up to 8% for growth-oriented portfolios).

Spain’s telecom champion is evolving from a debt-laden high-yield stock into a value-oriented infrastructure investment. Under CEO Marc Murtra, a strategic reset — a free-cash-flow-linked dividend (40–60% payout), disciplined deleveraging, and hard-to-replicate fibre, spectrum and Brazilian Vivo assets — lays the groundwork for a gradual re-rating. A constructive-but-measured call for patient investors with a three- to five-year horizon.

A regional brokerage rebuilt into an integrated financial ecosystem — brokerage, banking, insurance, payments, telecoms and digital lifestyle services — aimed at rising household wealth and financial inclusion across Kazakhstan and Eurasia. Owned for structural growth, not value: the shares carry a premium to traditional banks, and consensus targets already sit below the market price, so execution and position sizing do the work.

A high-conviction satellite position on the commercialisation of space: reusable launch (Falcon 9, Starship), recurring Starlink subscription revenue, defence and national-security infrastructure, and an emerging AI-and-compute angle. SPCX has absorbed its first major post-IPO lock-up — roughly 911.5m shares — while recovering toward its US$135 IPO price, an encouraging sign of underlying demand. The valuation embeds extraordinary expectations, so we treat it as a small, volatility-sized satellite (c.1–3%) rather than a core holding, accumulating in stages through further unlocks.