 "Illustration by Ajay Mohanty")
One of the biggest challenges facing any fund manager today is what to do with technology behemoths when constructing portfolios. When running a global portfolio you cannot avoid Facebook, Apple, Alphabet, Amazon and Netflix (FAAAN). For an EM investor the same applies to Tencent and Alibaba.
Without these stocks in your portfolio you were doomed to underperform. Over the last decade a basket of the FAAAN stocks was up more than 50 times compared to the S&P 500, which slightly more than doubled.
However if you look at the dominance of these stocks today one should be worried. The top five companies
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