Representing a major segment of EM stocks, TATS are the Asian ‘FANGs’, and they just suffered their worst week on record.

Taiwan Semi, Alibaba, Tencent, and Samsung are TATS and account for over 16% of the MSCI EM Stock index (considerably more than FANG stocks represent in the S&P).

TATS have traded lower for 4 of the last 5 days – tumbling almost 8% to one-month lows…

Tencent is the biggest loser…

The biggest weekly drop in the history of the 4 stocks…

Overnight no BTFD in these names.