ASEAN Inc.: One Portfolio, Seven Markets — and a Clear Test of Southeast Asia’s Investment Story

Summary

The episode breaks down the ASEAN Inc. portfolio—a $1 million, equally weighted allocation across seven U.S.-listed ETFs covering Indonesia, Malaysia, the Philippines, Singapore, Thailand, Vietnam, and a regional ASEAN‑40 fund—and shows it delivered a 21.3% annualized total return through February 2026, beating the S&P 500 but trailing the broader emerging‑markets index. Vietnam led with a 58.1% gain, followed by Singapore’s 35.5% rise, while Indonesia lagged with a 1.2% loss despite high valuations. The discussion highlights how earnings growth, valuation multiples, and investor sentiment vary widely across the markets, making regional diversification key to capturing Southeast Asia’s overall growth story.