I guess from Ellerston's perspective, their universe is Aian stocks, So, how do define Asia? Japan... Definitely Asia. India... South West Asia maybe?
Then i suppose you have to look at whether Aias needs to be their domicile, primary listing, main operating atea etc. There are no hard and fast rules it seems. For example, Donaco is PAF'S largest holding, and it's listed in Australia. Their second largest holding, 51Job, is listed in the US.
I can see your point about benchmarks, but i presume Elliston have adopted a best, but not perfect fit, for their Asian investment universe.
Ann: Net Tangible Asset Backing 30 November 2015, page-14
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