| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 8.24% | 0.48% | 0.48% |
BNY Mellon Global Emerging Markets Fund outperformed its benchmark in Q1 2026 despite modest market volatility. The fund returned 0.48% while the MSCI Emerging Markets Index declined 0.17%. Performance was supported by strong stock selection in consumer staples and information technology sectors, with notable contributions from semiconductor testing equipment provider Chroma ATE and energy company Vista Energy. However, the fund faced headwinds from escalating Middle East conflict that drove oil prices higher and created inflation concerns. Indian markets were particularly weak due to tariff uncertainty and rising energy costs, with holdings like HDFC Bank and Mahindra & Mahindra detracting from performance. The manager maintains a positive outlook on emerging markets, viewing current valuations as attractive relative to developed markets. The strategy focuses on identifying companies with strong fundamentals positioned to benefit from long-term growth opportunities. Key holdings include Taiwan Semiconductor Manufacturing at 10.89% and Samsung Electronics at 6.48% of the portfolio.
Emerging market equities offer compelling value trading at notable discounts to developed markets, with the fund focused on identifying companies with strong fundamentals and long-term growth potential that can generate healthy returns despite economic uncertainties.
The manager holds a positive view about emerging market investing despite March volatility from Middle East conflict. They believe emerging market equities continue to offer value, trading at notable discounts to developed markets. The focus remains on identifying companies that stand to benefit from long-term growth opportunities and can generate healthy returns to help navigate economic uncertainties ahead.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 21 2026 | 2026 Q1 | 3008.TW, BAP, HDB, MAHDY, MMYT, SE, VIST | China, emerging markets, energy, Geopolitical, India, semiconductors, technology | - | BNY Mellon Global Emerging Markets Fund outperformed in Q1 2026 despite Middle East conflict volatility. Strong semiconductor and energy positions offset weakness in Indian financials and consumer names. The manager remains constructive on emerging market valuations relative to developed markets, focusing on companies with strong fundamentals and long-term growth potential. |
| Nov 13 2025 | 2025 Q3 | 000660.KS, 005930.KS, 0700.HK, 1299.HK, 1308.HK, 2308.TW, 300750.SZ, BABA, MELI, SHP.JO, TCS.NS, TSM | AI, China, emerging markets, growth, semiconductors, value | - | BNY Mellon's emerging markets fund slightly underperformed in Q3 despite AI-driven semiconductor gains and easing trade tensions. Taiwan Semiconductor and Chinese battery maker Contemporary Amperex contributed while Mercado Libre detracted on weak profits. The manager remains optimistic on emerging market valuations trading at significant discounts to developed markets with strong long-term growth potential. |
| Jul 20 2025 | 2025 Q2 | 000660.KS, 005930.KS, 0700.HK, 1299.HK, 1308.HK, 2308.TW, 300750.SZ, BABA, MELI, SHP.JO, TCS.NS, TSM | AI, China, emerging markets, growth, semiconductors, technology, value | - | BNY Mellon Global Emerging Markets Fund gained 10.0% in Q3 but lagged its benchmark on stock selection challenges in consumer discretionary. AI developments drove semiconductor gains while battery maker Contemporary Amperex and Delta Electronics contributed. Mercado Libre and Tata Consultancy detracted. Manager remains optimistic on emerging market valuations and long-term growth opportunities. |
| Mar 31 2025 | 2025 Q1 | 000333.SZ, 000660.KS, 0700.HK, 2454.TW, 300750.SZ, BZ, GLOB, HDB, MELI, MMYT, NTES, TCOM, TOTS3.SA, TSM, TUBE.NS | AI, China, emerging markets, India, Recession, technology, Trade Policy, Valuations | - | BNY Mellon EM Fund fell 4.2% in Q1 amid trade tensions and AI-driven volatility in Chinese tech stocks. Despite underperformance versus the 2.9% benchmark gain, the manager sees opportunity in emerging markets' significant discount to developed markets. The fund maintains defensive positioning while seeking quality compounding businesses with superior growth characteristics. |
| Dec 31 2024 | 2024 Q4 | 000333.SZ, 005930.KS, 0700.HK, 1810.HK, 2020.HK, 2308.TW, 2454.TW, 8113.T, BABA, BMRI.JK, CHROMA.TW, DMART.NS, GLOB, HDB, ICICIBANK.NS, MAHM.NS, MELI, MMYT, RADL3.SA, TCOM, TSM | AI, China, emerging markets, semiconductors, Taiwan, Travel | - | BNY Mellon's emerging markets fund outperformed in Q4 despite trade war fears and dollar strength. Taiwanese AI beneficiaries and travel stocks drove returns while avoiding Alibaba and Samsung added value. Chinese stimulus disappointed but the manager sees compelling long-term opportunities from higher growth, product penetration, and consolidation in emerging markets. |
| Jun 30 2024 | 2024 Q2 | 000333.SZ, 005930.KS, 0700.HK, 1299.HK, 2308.TW, 300124.SZ, 300274.SZ, 603605.SS, ADVT, BBRI.JK, BMRI.JK, CLS.JO, GLOB, HDB, MAHM.NS, MARICO.NS, MELI, NAUKRI.NS, RADL3.SA, TSM, WMMVY, XPBR, ZOMATO.NS | AI, Banking, China, emerging markets, financials, India, technology | - | BNY Mellon Global Emerging Markets Fund underperformed in Q2 2024 due to weakness in Brazilian and Indonesian financials, despite strong performance from Indian holdings and AI-beneficiary technology stocks. The manager sees improving long-term prospects for emerging markets given favorable growth differentials, moderating inflation, and compelling valuations relative to developed markets. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIArtificial intelligence is mentioned as both an opportunity and risk factor. The manager notes initial excitement about AI benefited markets, but also expresses concerns about AI disintermediation affecting certain sectors like travel booking platforms. |
Artificial Intelligence Technology Disintermediation |
OilRising oil prices due to Middle East conflict escalation created market volatility and inflation concerns. Oil price increases negatively affected consumer demand for vehicles and hurt travel sector sentiment. |
Energy Geopolitical Inflation | |
SemiconductorsThe fund holds significant positions in semiconductor companies including Taiwan Semiconductor Manufacturing as the largest holding at 10.89%. Automated testing equipment provider Chroma ATE posted strong gains on solid 2025 results. |
Technology Taiwan Equipment | |
| 2025 Q3 |
AIContinued excitement and progress in artificial intelligence in both the US and China spurred on semiconductor-hardware and vertically integrated players across the region. Taiwan's Delta Electronics share price surged against optimism over demand for AI. Indian IT services business Tata Consultancy Services faced pressure from the effects of AI with announced job cuts. |
Semiconductors Hardware Technology China Taiwan |
SemiconductorsAI developments drove semiconductor performance with Taiwan Semiconductor Manufacturing as the top holding at 9.42%. Delta Electronics surged on AI demand optimism. SK Hynix and Samsung Electronics are also significant holdings in the semiconductor space. |
AI Taiwan Memory Hardware Technology | |
E-commerceE-commerce platform Mercado Libre was a detractor from performance as shares fell after profits for Q2 2025 came in below expectations despite good revenue growth. An uncertain economic outlook also weighed on the shares. Not holding Chinese company Alibaba, which rallied, also negatively affected performance. |
Latin America China Digital Retail Growth | |
| 2025 Q2 |
AIContinued excitement and progress in artificial intelligence in both the US and China spurred on semiconductor-hardware and vertically integrated players across the region. Taiwan's Delta Electronics share price surged against optimism over demand for AI. Indian IT services business Tata Consultancy Services faced pressure from the effects of AI with announced job cuts. |
Semiconductors Hardware Technology China Taiwan |
E-commerceE-commerce platform Mercado Libre was a detractor from performance as shares fell after profits for Q2 2025 came in below expectations despite good revenue growth. The company faced headwinds from an uncertain economic outlook. Chinese company Alibaba rallied but the fund did not hold the position. |
Platform Revenue Growth China Latin America | |
Battery Supply ChainChinese battery maker Contemporary Amperex Technology contributed to fund performance as shares rose on strong first half 2025 results and potential growth opportunities in the battery market. The company represents a significant 5.34% position in the portfolio. |
China Manufacturing Growth Electric Vehicles Energy Storage | |
SemiconductorsSemiconductor companies were key contributors with Taiwan Semiconductor Manufacturing as the largest holding at 9.42% and SK Hynix representing 3.14% of the portfolio. The sector benefited from AI developments and optimism around demand growth. |
Taiwan Korea Manufacturing Technology Hardware | |
| 2025 Q1 |
AIChinese technology stocks surged in February due to the DeepSeek phenomenon, creating significant volatility. The fund benefited from positions in Tencent and other internet holdings like NetEase and Kanzhun that generated alpha early in the quarter, though identifying quality long-term compounding opportunities in Chinese internet remained challenging. |
DeepSeek Technology Internet China |
Trade PolicyOngoing trade tariff negotiations created uncertainty and significant risks for emerging markets. The fund adopted a defensive stance anticipating tariff and geopolitical tensions would dominate the market environment. Trade tariff negotiations intensified toward quarter-end, increasing concerns about US recession likelihood. |
Tariffs Negotiations Geopolitical Recession | |
E-commerceOnline marketplace MercadoLibre was a positive performer on strong fourth-quarter results and optimism about future growth. The fund was negatively affected by the rise of Alibaba, which it does not hold, though this was partially offset by gains in Tencent. |
Marketplace Growth Latin America | |
| 2024 Q4 |
AIRenewed excitement around artificial intelligence drove performance in technology-heavy markets like Taiwan. Taiwanese holdings including MediaTek, Chroma ATE, and Delta Electronics benefited from AI-related demand and expectations. |
Artificial Intelligence Taiwan Semiconductors Technology |
TravelTravel companies were key contributors to performance, with Trip.com reporting expectations-beating revenues and MakeMyTrip hitting record highs driven by investor enthusiasm for growth prospects. |
Online Travel Tourism Recovery Growth | |
ChinaChinese markets faced disappointment as government stimulus measures appeared piecemeal and lacked significance to restimulate the economy. Investors continued to anticipate additional stimulus initiatives in 2025 to combat potential trade-related weakness. |
Stimulus Economy Trade Policy Government | |
| 2024 Q2 |
AIEquity investors regained appetite for risk during the quarter, with enthusiasm narrowly focused on companies perceived as best positioned to gain from the rollout and adoption of artificial intelligence. Technology-related stocks, spurred by the strength of Nvidia, helped lift markets to all-time highs. |
Technology Nvidia Semiconductors Growth Innovation |
IndiaIndia's market wobbled following its general election and Prime Minister Modi entering a coalition government, but rapidly regained poise. The re-election of Modi should reduce political uncertainty and drive growth. Multiple Indian holdings contributed positively including Mahindra & Mahindra, Info Edge, Marico, and HDFC Bank. |
Modi Elections Growth Banking Manufacturing | |
ChinaChina outperformed the wider market despite ongoing concerns around the property sector. First-quarter GDP exceeded expectations, while resilient earnings and policy support further boosted sentiment. Holdings include technology and consumer companies like Tencent and Proya Cosmetics. |
GDP Property Policy Technology Consumer | |
FinancialsThe financials sector was the principal area of weakness owing largely to holdings in Brazil's XP and Indonesia's Bank Mandiri and Bank Rakyat. Brazilian investment platform XP declined with market concerns around business momentum given the interest-rate outlook. Indonesian banks faced currency volatility and portfolio outflows. |
Banks Interest Rates Currency Brazil Indonesia |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| 3008.TW | automated testing equipment provider Chroma ATE's shares posted strong gains as the company reported solid results for 2025 |
| VIST | Vista Energy was boosted by rising oil prices, while the company also reported strong oil production in the fourth quarter |
| BAP | Peruvian financial services player Credicorp's shares also helped performance amid optimism over the company's outlook, despite its fourth quarter earnings per share missing expectations |
| HDB | India's HDFC Bank hurt performance as markets were surprised by the unexpected resignation of its chairman |
| SE | Technology company Sea Limited weighed on returns as its fourth quarter earnings per share (EPS) was below expectations due to higher investment costs |
| MAHDY | Indian manufacturer Mahindra & Mahindra's shares were weak given uncertainty about the effect of rising oil prices on consumer demand for vehicles |
| MMYT | Indian travel booking platform MakeMyTrip, which we sold during the period, negatively affected the Fund's performance given AI disintermediation concerns |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
