In short: H1 2026 record revenue and earnings, dividend up 24%. "I am becoming a big fan of these exchanges. This is a hold, and I might consider adding shares on weakness in major shares."
A stock exchange is a toll booth. It does not care which way prices go — it collects a fee on every trade, every listing and every settlement, so activity itself is the product. That is why record first-half revenue and earnings, plus a 24% dividend increase, showed up in a year that was not obviously easy.
Polomny says he is "becoming a big fan of these exchanges" as a category, which is a thesis about business model rather than about Hong Kong. But he does not chase it: the position stays a hold and he would add "on weakness in major shares" — meaning he wants a broad market sell-off to do the buying for him, because a toll booth's shares fall with everything else even though the tolls keep arriving.
In short: The Hang Seng is down 13% YTD, weighing on the exchange's price. "Nothing wrong with the business — a great franchise, and at some point I will look to add to my position."
In short: No major news this month (AIA Portfolio holding).
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