SeekingAlpha
3 Pillars Of Non-U.S. Investing Revisited
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Global Macro Outlook: Third Quarter 2025
SeekingAlpha
If investors just keep following headlines, they wonât be able to access these critical areas of growth that will generate return opportunities for the future.
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While we canât control market gyrations and valuations, as active equity portfolio managers we can focus on our anchor of value: earnings.
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If Iran attempts to block oil shipments in the Strait of Hormuz, prices could surge past $100/barrel. That could trigger inflation and undermine chances of getting rate cuts from the US Fed.
SeekingAlpha
A significant escalation in the Israel-Iran conflict led to higher oil and gold prices as investors immediately reacted to the news.
| Name | Correlation | AUM | Expense Ratio | |
|---|---|---|---|---|
| TAIL | -62.71% | $94.90M | 0.59% | |
| VIXY | -55.34% | $200.94M | 0.85% | |
| VIXM | -47.51% | $22.99M | 0.85% | |
| BTAL | -46.82% | $310.24M | 1.43% | |
| USDU | -33.21% | $129.88M | 0.5% | |
| FTSD | -28.54% | $233.24M | 0.25% | |
| UUP | -25.15% | $183.22M | 0.77% | |
| IVOL | -24.98% | $341.06M | 1.02% | |
| XONE | -24.43% | $629.16M | 0.03% | |
| SPTS | -21.16% | $5.78B | 0.03% | |
| UTWO | -16.41% | $376.64M | 0.15% | |
| SCHO | -15.35% | $10.92B | 0.03% | |
| TBLL | -15.27% | $2.12B | 0.08% | |
| BILS | -15.04% | $3.80B | 0.1356% | |
| VGSH | -14.49% | $22.70B | 0.03% | |
| XHLF | -13.95% | $1.73B | 0.03% | |
| CLIP | -13.18% | $1.51B | 0.07% | |
| IBTI | -12.14% | $1.07B | 0.07% | |
| IBTH | -11.67% | $1.62B | 0.07% | |
| IBTJ | -10.68% | $689.78M | 0.07% |
| Name | Correlation | AUM | Expense Ratio | |
|---|---|---|---|---|
| TFLO | 0.10% | $6.73B | 0.15% | |
| GSST | 0.49% | $925.21M | 0.16% | |
| AGZD | -0.70% | $98.57M | 0.23% | |
| IBTP | -0.75% | $143.68M | 0.07% | |
| FLMI | -0.90% | $745.34M | 0.3% | |
| BNDX | -0.90% | $67.48B | 0.07% | |
| BUXX | 1.04% | $312.54M | 0.25% | |
| CARY | -1.07% | $347.36M | 0.8% | |
| CMBS | -1.20% | $456.43M | 0.25% | |
| SGOV | 1.33% | $50.94B | 0.09% | |
| GVI | 1.34% | $3.44B | 0.2% | |
| STIP | -1.51% | $12.73B | 0.03% | |
| GOVI | 1.63% | $939.24M | 0.15% | |
| GOVT | -1.82% | $27.40B | 0.05% | |
| TDTT | -2.14% | $2.63B | 0.18% | |
| JPLD | -2.24% | $2.07B | 0.24% | |
| CGSM | 2.33% | $725.21M | 0.25% | |
| AGGH | 2.34% | $323.85M | 0.29% | |
| JBND | 2.50% | $2.36B | 0.25% | |
| AGZ | -2.64% | $610.98M | 0.2% |
| Name | Correlation | AUM | Expense Ratio | |
|---|---|---|---|---|
| VWO | 99.56% | $91.72B | 0.07% | |
| SPEM | 99.48% | $12.34B | 0.07% | |
| EEM | 99.19% | $18.42B | 0.72% | |
| IEMG | 99.04% | $97.73B | 0.09% | |
| DFAE | 98.86% | $6.14B | 0.35% | |
| AAXJ | 98.81% | $2.76B | 0.72% | |
| ESGE | 98.81% | $5.05B | 0.26% | |
| GEM | 98.52% | $1.03B | 0.45% | |
| EMGF | 98.35% | $921.33M | 0.26% | |
| AVEM | 98.14% | $10.96B | 0.33% | |
| DFEM | 98.07% | $5.66B | 0.39% | |
| XSOE | 97.94% | $1.89B | 0.32% | |
| EEMA | 97.73% | $1.35B | 0.49% | |
| DEHP | 97.64% | $266.09M | 0.41% | |
| JEMA | 97.41% | $1.22B | 0.34% | |
| PXH | 97.04% | $1.51B | 0.47% | |
| FNDE | 97.01% | $7.11B | 0.39% | |
| EMXF | 96.94% | $103.15M | 0.17% | |
| DFEV | 96.09% | $1.06B | 0.43% | |
| AIA | 96.05% | $754.57M | 0.5% |
| Name | Correlation | Market Cap | Return % (1 Year) | Div Yield % |
|---|---|---|---|---|
| SCCO | 75.47% | $81.70B | -9.21% | 2.69% |
| BHP | 74.73% | $132.15B | -12.13% | 4.77% |
| BABA | 74.21% | $238.67B | +35.05% | 0.97% |
| PUK | 74.04% | $31.73B | +28.90% | 1.86% |
| FCX | 73.31% | $66.58B | -8.95% | 0.66% |
| BIDU | 71.90% | $24.33B | -12.25% | 0.00% |
| TECK | 71.59% | $19.08B | -23.95% | 0.94% |
| VALE | 70.93% | $43.29B | -7.86% | 0.00% |
| RIO | 70.39% | $76.61B | -10.83% | 6.67% |
| FUTU | 69.13% | $16.91B | +123.90% | 0.00% |
| WB | 68.51% | $1.52B | +14.47% | 8.44% |
| DD | 68.29% | $31.59B | -6.66% | 2.11% |
| JD | 67.89% | $42.04B | +10.48% | 3.24% |
| HBM | 67.87% | $4.14B | +11.73% | 0.14% |
| ASX | 66.76% | $22.62B | -12.52% | 3.50% |
| HSBC | 66.32% | $215.43B | +40.95% | 5.30% |
| MT | 66.17% | $26.48B | +46.26% | 1.54% |
| HTHT | 65.73% | $10.10B | +1.07% | 2.93% |
| BSAC | 64.63% | $11.28B | +14.33% | 5.56% |
| ENTG | 64.57% | $13.26B | -39.37% | 0.47% |
| Name | Correlation | Market Cap | Return % (1 Year) | Div Yield % |
|---|---|---|---|---|
| ZCMD | -0.12% | $29.04M | -9.45% | 0.00% |
| EXC | 0.21% | $43.93B | +23.47% | 3.59% |
| IMDX | -0.25% | $81.79M | -14.11% | 0.00% |
| CHD | 0.49% | $24.15B | -5.88% | 1.20% |
| MCK | -0.58% | $88.63B | +23.05% | 0.40% |
| IMNN | 0.58% | $12.30M | -57.69% | 0.00% |
| DUK | -0.65% | $91.30B | +11.45% | 3.57% |
| BTCT | 0.66% | $31.95M | +108.85% | 0.00% |
| NEOG | 0.91% | $1.17B | -67.23% | 0.00% |
| WEC | 0.98% | $33.67B | +30.60% | 3.28% |
| CYCN | 1.23% | $11.68M | +9.64% | 0.00% |
| LTM | -1.24% | $12.61B | -95.44% | 2.44% |
| LITB | 1.30% | $24.09M | -72.65% | 0.00% |
| HOLX | 1.48% | $14.65B | -15.41% | 0.00% |
| CME | -1.49% | $99.13B | +45.75% | 1.74% |
| PPC | 1.76% | $10.68B | +33.54% | 0.00% |
| DG | 1.80% | $24.90B | -14.56% | 2.08% |
| SO | 1.86% | $101.84B | +15.84% | 3.13% |
| GALT | 1.96% | $158.86M | +12.05% | 0.00% |
| PULM | 2.03% | $23.05M | +197.64% | 0.00% |
| Name | Correlation | Market Cap | Return % (1 Year) | Div Yield % |
|---|---|---|---|---|
| DFDV | -19.22% | $401.69M | +2,774.82% | 0.00% |
| K | -11.91% | $27.56B | +40.50% | 2.87% |
| ED | -11.63% | $36.24B | +9.11% | 3.33% |
| KR | -11.44% | $46.66B | +34.46% | 1.80% |
| CBOE | -7.95% | $24.61B | +38.65% | 1.07% |
| ALHC | -7.34% | $2.65B | +50.73% | 0.00% |
| AWK | -6.26% | $27.75B | +2.31% | 2.19% |
| VSA | -5.71% | $10.37M | +7.96% | 0.00% |
| COR | -5.38% | $57.22B | +32.62% | 0.73% |
| MO | -4.65% | $97.36B | +21.10% | 7.03% |
| HUSA | -4.34% | $23.23M | +4.02% | 0.00% |
| STTK | -3.26% | $39.07M | -80.54% | 0.00% |
| VRCA | -3.10% | $74.60M | -90.53% | 0.00% |
| GO | -2.78% | $1.30B | -37.41% | 0.00% |
| ASPS | -2.76% | $140.21M | +11.00% | 0.00% |
| HUM | -2.12% | $27.84B | -39.65% | 1.55% |
| CME | -1.49% | $99.13B | +45.75% | 1.74% |
| LTM | -1.24% | $12.61B | -95.44% | 2.44% |
| DUK | -0.65% | $91.30B | +11.45% | 3.57% |
| MCK | -0.58% | $88.63B | +23.05% | 0.40% |
SCHE - Schwab Emerging Markets Equity ETF contains 1892 holdings. The top holdings include TCTZF, BABAF
Name | Weight |
|---|---|
| - | 13.16% |
| - | 10.44% |
T TCTZFNT Tencent Holdings Ltd | 4.47% |
B BABAFNT Alibaba Group Holding Ltd Ordinary Shares | 2.68% |
| - | 1.52% |
X XIACFNT Xiaomi Corp Class B | 1.42% |
| - | 1.38% |
C CICHFNT China Construction Bank Corp Class H | 1.19% |
| - | 1.00% |
M MPNGFNT Meituan Class B | 0.92% |
0.91% | |
| - | 0.80% |
| - | 0.76% |
| - | 0.76% |
I IDCBFNT Industrial And Commercial Bank Of China Ltd Class H | 0.73% |
| - | 0.70% |
B BYDDFNT BYD Co Ltd Class H | 0.64% |
| - | 0.57% |
N NAPRFNT Naspers Ltd Class N | 0.56% |
N NETTFNT NetEase Inc Ordinary Shares | 0.54% |
B BACHFNT Bank Of China Ltd Class H | 0.50% |
P PIAIFNT Ping An Insurance (Group) Co. of China Ltd Class H | 0.48% |
| - | 0.46% |
| - | 0.46% |
J JDCMFNT JD.com Inc Ordinary Shares - Class A | 0.45% |
| - | 0.44% |
| - | 0.41% |
| - | 0.39% |
| - | 0.39% |
| - | 0.38% |
Sector | Weight |
|---|---|
Consumer Discretionary | 1.22% |
Communication Services | 0.42% |
Materials | 0.27% |
Industrials | 0.23% |
Real Estate | 0.14% |
Financials | 0.06% |
Consumer Staples | 0.02% |
Information Technology | 0.01% |
Health Care | 0.01% |
