The Scarcity Trade
Underfollowed Asian small caps, before the catalyst.
I research overlooked companies in Taiwan, Korea, and Japan, with a focus on semiconductors, holding-company discounts, and special situations. Enjoy the published research? Subscribe monthly on Substack. For exclusive ideas and bespoke 1:1 research, contact me directly to discuss scope and pricing.
May 22, 2026: I published WUS Printed Circuit (2316.TW) at approximately 0.25x the value of its listed stake in Shenzhen-listed 002463.SZ. June 10–15, 2026: Palliser Capital and Metrica Partners disclosed activist positions and value-enhancement proposals on the same thesis.
Independent analyst focused on underfollowed Asian small caps. I pair broad systematic screening with manual review and underwriting of top candidates using local-language filings, with particular emphasis on semiconductors, holding-company discounts, and event-driven situations, names that rarely have English-language coverage.
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Published research, with pricing on Substack.Exclusive ideas, 1:1
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A direct research relationship.Pricing that fits
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A public, timestamped research archive.
Recent posts and selected research milestones. Each entry links to the original publication on Substack or X. Article descriptions reflect the thesis at publication, not current valuations.
Recent posts on Substack
Article list refreshed September 12, 2026. Some posts require a subscription.
Personal-account performance.
Historical snapshot through June 16, 2026. These figures have not been updated to reflect subsequent account performance.
Broker-calculated, unaudited time-weighted returns from my personal brokerage account. A personal, concentrated account, not a managed-fund composite, presented with its methodology and reporting period.
Jul 20, 2023 – Jun 16, 2026
Same period, same basis
vs. S&P 500 +27.2%
The gains concentrated in a small number of high-conviction positions across three themes, not broad diversification.
Three clusters, not broad diversification: gold and precious-metals miners; Korea semiconductors and the SK complex (memory and NAV re-rating); and AI and tech optionality.
Contribution to total return per Interactive Brokers PortfolioAnalyst. Realized positions are closed and booked; positions shown as open reflect the June 16, 2026 snapshot and do not imply later status.
| Published thesis | Published | Entry | Targets (bear / base / bull) | Status | Memo |
|---|---|---|---|---|---|
| WUS Printed Circuit (2316.TW) | May 22, 2026 | ~NT$151 | NT$150 / 250 / 375 | Open as of June 16, 2026 | Read |
Personal brokerage account; high concentration and volatility, with the majority of cumulative gains realized in 2026. Returns are broker-calculated, unaudited, and time-weighted per Interactive Brokers PortfolioAnalyst (Jul 20, 2023 – Jun 16, 2026). Past performance does not guarantee future results; this is a personal account, not a managed-fund track record, and nothing here is investment advice. A redacted statement is available to prospective institutional clients on request.
Systematic coverage, manual underwriting.
The sourcing pipeline is a starting point, not the research product. The work combines broad systematic coverage, primary local-language sources, and disciplined hand underwriting of top candidates most desks ignore.
Screen broadly
A proprietary pipeline ranks approximately 69,000 global small and micro caps across roughly 156 countries into a ranked top-100 watchlist. View the live watchlist →
Source locally
Survivors are read against primary local-language filings and disclosures, not just English summaries.
Underwrite by hand
NAV / SOTP, forward order-book reconstruction, comparable valuation, catalysts, and bear/base/bull with downside.
Publish on the record
Theses are timestamped publicly, so the work can be judged on dated evidence rather than assertion.
Independent analyst focused on underfollowed Asian small caps.
I combine systematic screening with manual review and underwriting of top candidates using local-language filings, with particular emphasis on semiconductors, holding-company discounts, and event-driven situations. The aim is a small number of well-sourced research memos for institutional clients.
Dheeraj Namburu · NYC · software engineer · Brown (Econ + CS) · publishing public equity research since 2022. LinkedIn · X · GitHub · Substack
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