Since January 1, 2026, the MSCI AC Asia Pacific ex Japan Index, which includes large caps in the region excluding Japan (i.e. China, India, South Korea, Taiwan, Australia, Hong Kong, Singapore, as well as emerging markets in Southeast Asia such as Indonesia, Thailand, Malaysia or the Philippines) signed a performance of around 28 %. A very nice progression which nevertheless does not make much noise. On the other hand, the American S&P 500 only gained 9% over the same period, and the MSCI World, which allows you to invest in the world’s largest markets, peaked at around 13%.
The performance gap between Asia and the United States has never been so marked in several years. And there is a market which explains a good part of this advance: South Korea. Indeed, since January 1, 2026, the South Korean Kospi index has increased by 68%. He even exceeded 100% throughout the month of June 2026, with a peak of around 110%, before also suffering the full brunt of concerns about artificial intelligence. Despite the decline, 68% is still a very good performance. And according to Helen Keung, portfolio manager in Robeco’s Asia-Pacific Equities team, it is unlikely to dry up, as the Asian region still has a lot of catching up to do with the United States.
An increase driven by chips and semiconductors
South Korea’s lead is largely explained by the weight of semiconductors in Asian indices. Indeed, Samsung Electronics and SK Hynixthe two Korean memory chip giants, have carried a good part of the Kospi’s rise over the past year, driven by demand linked to artificial intelligence, considered the “investment of the decade”. At the beginning of July, fears of overcapacity in the memory sector caused SK Hynix to lose 17.5% in the first days of the month. Despite everything, the title remains one of the big winners of the year in Asia.
For Helen Keung, Asia still occupies too small a place in French portfolios in view of its potential. “Asia remains under-owned by French investors”she explains. For her, South Korea and Samsung are typical examples “opportunities still poorly exploited” in our country.
Opportunities outside of Korea
The same observation applies to China, according to Helen Keung. Chinese stocks listed in Shanghai and Shenzhen have outperformed internationally listed Chinese stocks this yeardriven by their stronger exposure to technology, industry and materials. She considers China as a market still underinvested in Francein a context of normalization and openness which it presents as an area to consider for investors.
Nevertheless, not all Asian areas are equal in the face of current tensions. Helen Keung distinguishes India as a market in strong growth, but particularly exposed to the risk of the Iranian conflict, in particular through its dependence on oil imports transiting the Strait of Hormuz. However, the expert assures that other countries, such as Indonesia and Vietnam, are experiencing a population boom, with future opportunities.
