Sep 16, 2026 · 8 min · 7 segments
What opportunities across Asia and beyond are presented by historic positioning lows in consumer staples, active rotation into Asian financials, and the mixed track record of corporate spin-offs? In…
The Great Consumer Staples Exodus Stephen Holden flags that allocations to consumer staples among EM funds have fallen to record lows, with outflows and active selling through 2026.
Lars Krakl's equity sector sentiment analysis corroborates that this picture is not necessarily restricted to EM.
More strikingly, the longer-term chart shows that this isn't merely a 2026 phenomenon.
Ownership across many of the traditional EM staples markets has been trending lower for years.
There is no single country responsible for the sector's decline.
Managers have progressively reduced staples exposure across the emerging market landscape.
The dairy sub-sector illustrates some of the challenges for the broader sector.
In India, Garvit Bhandari's review of Doddler Dairy's Q1 2027 results showed strong top-line growth with EBITDA margin compression amid elevated procurement costs, while the stock trades at 22.1 EV to EBITDA.
It's a similar case with Hatsun Agro Product, which also recorded strong revenue growth but encountered margin pressure and trades at 60 times P.E.
In New Zealand, Synlate Milk is contending with the loss of volumes from A2 milk and expects to record a loss for FY2026.
But it's not all doom and gloom.
In the convenience store space, Michael Fritzl was not negative on Philippine 7, while Angus McIntosh noted Sumba Alfaria Trajaya's recent growth has been driven by price increases and better product mix.
In Japan, Michael Causton remains positive on Pan Pacific International Holdings, whose new Robin Hood discount supermarket chain are reported to have averaged around 150% growth in customer traffic and 180% uplift in same-month sales.
His earlier analysis of all
The Great Consumer Staples Exodus Stephen Holden flags that allocations to consumer staples among EM funds have fallen to record lows, with outflows and active selling through 2026.
Lars Krakl's equity sector sentiment analysis corroborates that this picture is not necessarily restricted to EM.
More strikingly, the longer-term chart shows that this isn't merely a 2026 phenomenon.
Ownership across many of the traditional EM staples markets has been trending lower for years.
There is no single country responsible for the sector's decline.
Managers have progressively reduced staples exposure across the emerging market landscape.
The dairy sub-sector illustrates some of the challenges for the broader sector.
In India, Garvit Bhandari's review of Doddler Dairy's Q1 2027 results showed strong top-line growth with EBITDA margin compression amid elevated procurement costs, while the stock trades at 22.1 EV to EBITDA.
It's a similar case with Hatsun Agro Product, which also recorded strong revenue growth but encountered margin pressure and trades at 60 times P.E.
In New Zealand, Synlate Milk is contending with the loss of volumes from A2 milk and expects to record a loss for FY2026.
But it's not all doom and gloom.
In the convenience store space, Michael Fritzl was not negative on Philippine 7, while Angus McIntosh noted Sumba Alfaria Trajaya's recent growth has been driven by price increases and better product mix.
In Japan, Michael Causton remains positive on Pan Pacific International Holdings, whose new Robin Hood discount supermarket chain are reported to have averaged around 150% growth in customer traffic and 180% uplift in same-month sales.
His earlier analysis of all
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