Asia multi-asset in a fragmented world

For many investors, Asia still sits in a category shaped by the past: an emerging market that delivers growth, but at the cost of higher volatility and sharper drawdowns. In times of uncertainty, it is often viewed as the part of the portfolio to reduce first rather than holding onto. Asia has quietly but persistently evolved such that this perception no longer reflects today’s market reality. In fact, some of the most pronounced volatility investors face today is coming from developed markets. Rising concentration risk, rapid shifts in policy expectations, and markets increasingly driven by...