Asia ex Japan: Dragons and salamanders

• Many Asia portfolios own the same household names, so differentiation matters more than ever • Beyond the index ‘dragons’, the richest hunting ground may lie in the quieter ‘salamanders’ others miss • For clients, edge can come from backing dragons with conviction and holding salamanders with patience Asia had a strong year in 2025, and we believe optimism remains palpable. However, strong markets create their own risks. Today, many active Asian managers appear to be riding the same wave: more than 80 percent of the peers own the top five stocks in the MSCI Asia ex Japan index: TSMC,...