I’ve just increased Ashmore $ASHM.L from a tracker to a 1% position. This emerging markets asset manager would be a huge beneficiary of a shift in capital flows from the US to EM. There has been a long downcycle in EM capital flows and while I can’t time the bottom, there is good value in EM and early signs the downcycle is ending. Adjusting for excess capital Ashmore trades for 23x historic earnings (YE June 2025), with strong operating leverage as AUM rises. This is a high-quality cyclical and the best time to buy cyclicals is often when the P/E is high, not low. I think this will be volatile around AUM updates and hope to add on weakness. 7% dividend while you wait.