Mobius Capital Partners

Investor Summary

Carlos von Hardenberg founded MCP Emerging Markets in 2018, bringing nearly 25 years of experience investing in emerging markets. He has served as portfolio manager of the Mobius Emerging Markets Fund since inception in 2018, generating a return of +65.8% (EUR) through his tenure. The firm was initially co-founded with Mark Mobius, the legendary emerging markets investor, but Mark Mobius retired two years ago and fully exited his stake in 2025, allowing Carlos full control of the investment strategy. MCP Emerging Markets is an independent, 100% partner-owned firm with significant employee investment designed to align interests and minimize potential conflicts. Carlos emphasizes active ownership and working closely with company management to drive operational and sustainability improvements. His approach targets lesser-known, innovative companies with strong business moats through intensive fundamental research and maintains close relationships with portfolio company management teams.

Fund Strategy

MCP's investment philosophy is based on a forward-looking quality approach, focusing on innovative, lesser-known companies in emerging markets. The firm employs an unconstrained, benchmark-agnostic strategy known as Quality at a Reasonable Price (QARP). Through a proprietary, diligent and repeatable research process, the firm provides access to lesser-known and innovative companies while maintaining low benchmark and peer correlations. MCP targets dynamic small- and mid-cap companies within some of the fastest growing emerging economies, typically companies with market capitalizations ranging from $400 million to $20 billion. The strategy features 98%+ active share without benchmark constraints, resulting in a well-differentiated portfolio and low correlation with peers. MCP maintains a concentrated portfolio of 25-30 companies and develops bespoke engagement strategies for each investment. The team actively engages with portfolio companies to establish clear ESG + C® pathways to drive value creation, stating 'We are not looking for today's sustainability champions but are actively engaging with the sustainability leaders of tomorrow.'

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
-	1%	1%

Executive Summary

MCP's emerging markets fund delivered 1.0% in Q1 2026 amid heightened geopolitical tensions from Middle East conflict and AI-driven technology disruption. The manager actively repositioned the portfolio away from software businesses facing AI automation threats, selling positions in Persistent Systems, EPAM, and Trip.com. Capital was redeployed into semiconductors, hardware, and industrial companies with stronger fundamentals and clearer earnings visibility. Taiwan holdings performed strongly, benefiting from the global semiconductor investment cycle and data center demand. The portfolio's expected five-year earnings CAGR of 25.6% compares favorably to the MSCI EM Mid Cap Index at 18.2%. Key geographic exposures include Taiwan (29.5%), India (20.5%), and South Korea (10.7%). Despite near-term challenges, India remains attractive long-term with structural drivers in consumption, manufacturing, infrastructure, and AI leadership. The fund maintains a cautious stance on China while seeing selective opportunities. Portfolio positioned for stock selection-driven returns in volatile environment.

Forward Outlook

Portfolio positioned to capture value in high-quality, under-owned areas with focus on companies having strong fundamentals, high returns on capital and exposure to durable long-term trends. Outcomes increasingly driven by stock selection rather than broader market direction in volatile environment.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
May 1 2026	2026 Q1	AAPL	AI, Data centers, emerging markets, Geopolitical, India, semiconductors, Taiwan, technology	-	MCP repositioned away from AI-disrupted software into semiconductors and industrials, delivering 1.0% in Q1 amid geopolitical tensions. Taiwan holdings drove performance through semiconductor cycle strength. Portfolio offers 25.6% expected earnings growth versus 18.2% for benchmark. India remains attractive long-term despite near-term headwinds. Focus on bottom-up selection in volatile markets.
Jan 26 2026	2025 Q4	EPAM, KARO, MELI, MMYT, TCOM	active management, Asia, emerging markets, mid cap, Quality, Recovery, technology, underperformance	EPAM 2383 TT RADL3 BZ MMYT KARO	MCP Emerging Markets Fund outperformed in Q4 despite a challenging 2025 for quality mid-cap stocks. Style headwinds drove underperformance as markets favored large, liquid names over the fund's high-quality, under-researched holdings. Strong portfolio fundamentals with 26% expected EPS growth and significant EM valuation discounts position the strategy for potential catch-up as conditions normalize.
Oct 22 2025	2025 Q3	8131.T, EPAM, MELI, NVDA, TCOM, TSMC	active management, AI, China, emerging markets, Rate Cuts, semiconductors, tariffs, technology	-	MEMF underperformed in Q3 as tariff uncertainty and value rotation weighed on quality-focused emerging markets strategy. Strong underlying company fundamentals with many Q2 earnings beats demonstrate portfolio quality. Fed rate cuts, easing tariff volatility, and AI momentum should provide supportive backdrop for recovery, with management increasing conviction through additional capital deployment.
Jul 21 2025	2025 Q2	AMZN, GOOGL	AI, emerging markets, India, Korea, semiconductors, technology, Trade Policy, volatility	3016.TW 3374.TW	MCP delivered 11.8% in Q2 despite trade policy volatility, maintaining high-conviction focus on 29 emerging market holdings. Strong AI demand drove technology outperformance while India and South Korea reforms created opportunities. Limited tariff exposure through software and domestic consumption plays positions the fund well for EM recovery amid rebounding inflows and potential USD weakness.
Oct 23 2024	2024 Q3	CLS.JO, MELI, NVDA, TOTS3.SA, YUMC	AI, ASEAN, China, emerging markets, mid cap, Rate Cuts, technology, volatility	-	MCP delivered 6.6% returns in Q3 while navigating market volatility through disciplined stock selection in emerging markets. Strong conviction in ASEAN region drives new investments in Malaysia and Vietnam. Fed rate cuts create favorable backdrop for EM outperformance. Portfolio companies in AI and technology sectors demonstrate strong fundamentals despite market skepticism, offering attractive risk-reward profiles.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

May 1 2026

2026 Q1

AAPL

AI, Data centers, emerging markets, Geopolitical, India, semiconductors, Taiwan, technology

MCP repositioned away from AI-disrupted software into semiconductors and industrials, delivering 1.0% in Q1 amid geopolitical tensions. Taiwan holdings drove performance through semiconductor cycle strength. Portfolio offers 25.6% expected earnings growth versus 18.2% for benchmark. India remains attractive long-term despite near-term headwinds. Focus on bottom-up selection in volatile markets.

Jan 26 2026

2025 Q4

EPAM, KARO, MELI, MMYT, TCOM

active management, Asia, emerging markets, mid cap, Quality, Recovery, technology, underperformance

EPAM
2383 TT
RADL3 BZ
MMYT
KARO

MCP Emerging Markets Fund outperformed in Q4 despite a challenging 2025 for quality mid-cap stocks. Style headwinds drove underperformance as markets favored large, liquid names over the fund's high-quality, under-researched holdings. Strong portfolio fundamentals with 26% expected EPS growth and significant EM valuation discounts position the strategy for potential catch-up as conditions normalize.

Oct 22 2025

2025 Q3

8131.T, EPAM, MELI, NVDA, TCOM, TSMC

active management, AI, China, emerging markets, Rate Cuts, semiconductors, tariffs, technology

MEMF underperformed in Q3 as tariff uncertainty and value rotation weighed on quality-focused emerging markets strategy. Strong underlying company fundamentals with many Q2 earnings beats demonstrate portfolio quality. Fed rate cuts, easing tariff volatility, and AI momentum should provide supportive backdrop for recovery, with management increasing conviction through additional capital deployment.

Jul 21 2025

2025 Q2

AMZN, GOOGL

AI, emerging markets, India, Korea, semiconductors, technology, Trade Policy, volatility

3016.TW
3374.TW

MCP delivered 11.8% in Q2 despite trade policy volatility, maintaining high-conviction focus on 29 emerging market holdings. Strong AI demand drove technology outperformance while India and South Korea reforms created opportunities. Limited tariff exposure through software and domestic consumption plays positions the fund well for EM recovery amid rebounding inflows and potential USD weakness.

Oct 23 2024

2024 Q3

CLS.JO, MELI, NVDA, TOTS3.SA, YUMC

AI, ASEAN, China, emerging markets, mid cap, Rate Cuts, technology, volatility

MCP delivered 6.6% returns in Q3 while navigating market volatility through disciplined stock selection in emerging markets. Strong conviction in ASEAN region drives new investments in Malaysia and Vietnam. Fed rate cuts create favorable backdrop for EM outperformance. Portfolio companies in AI and technology sectors demonstrate strong fundamentals despite market skepticism, offering attractive risk-reward profiles.

QUARTER	THEMES	TAGS
2026 Q1	AI AI automation tools triggered widespread sell-off in legacy enterprise and SaaS companies. Manager actively repositioned portfolio away from software businesses facing disruption from generative AI and automation, particularly in outsourcing and enterprise software. Concerns about AI disruption in travel platforms and search behavior.	Automation Enterprise Software SaaS Disruption Generative AI
	Semiconductors Strong performance from semiconductor holdings driven by data center demand and AI-related applications. Taiwan companies deeply integrated into global semiconductor supply chain. Memory semiconductors benefiting from AI demand and supply discipline. Portfolio positioned to benefit from semiconductor investment cycle.	Memory Data Centers Taiwan Supply Chain HBM
	Data Centers Continued momentum in data center demand driving semiconductor ecosystem. Server-related companies reporting strong growth. India positioning to become global AI hub with significant data center investment planned. Infrastructure requirements creating opportunities for cable and power companies.	Servers Infrastructure AI Hub Power Cables
	India Despite near-term underperformance, India remains attractive long-term with strong structural drivers including consumption, manufacturing, infrastructure, and AI leadership ambitions. Valuations more attractive after compression. Government supportive policies for data centers and manufacturing.	Consumption Manufacturing Infrastructure Valuations Structural Growth
	Taiwan Key beneficiary of global semiconductor investment cycle with technology companies integrated into supply chain. Several holdings delivered strong Q4 results and encouraging 2026 expectations. Positioned to benefit from high-performance compute and memory demand from data centers.	Semiconductor Cycle Supply Chain Technology Performance Growth
	South Korea Benefits from structural strength in semiconductors and advanced manufacturing. Global leader in memory semiconductors well positioned for AI-related demand. Value Up policy addressing Korea Discount supports engagement strategy and shareholder returns.	Memory Manufacturing Value Up Korea Discount Governance
2025 Q4	Defense Spending The entire world is rapidly rearming off an extremely low base of defense spending. Global armaments materially outperformed for the year with top contributors including Rheinmetall, Palantir Technologies, and RTX.	Armaments Defense Rearmament Geopolitical Security
	Gold Gold is positioned as the premier form of commodity money with unique physical properties and reliable scarcity. The manager created a leveraged gold exposure called 'Gresham's Wrath' that materially outperformed benchmarks.	Commodity Money Inflation Hedge Monetary Reserve Physical Gold Debasement
	Precious Metal Royalty/Streaming Companies These companies provide diversified exposure to precious metals by benefiting from both price appreciation and production growth without operational mining risks. They materially outperformed for the year.	Royalties Streaming Mining Finance Capital Light Diversification
	Capital Markets Capital markets exchanges are essential high-margin toll roads for the economy with immense operating leverage and natural inflation hedging. Both exposures materially outperformed for the year.	Exchanges Trading Fees Market Data Network Effects Toll Roads
	Bitcoin Despite long-term bullish views, the manager completely exited Bitcoin positions in mid-November using a risk management framework. The position kept falling after exit while US Large Cap equities rotated into continued to increase.	Cryptocurrency Risk Management Digital Assets Volatility Exit
	Managed Futures An exposure designed to generate absolute returns with low correlations to equities and bonds. The strategy was updated to include European markets and uses multiple models to capture different market dynamics.	Alternative Investments Trend Following Commodities Absolute Return Diversification
2025 Q3	AI Strong Q2 results from US hyperscalers and confirmation of continued large-scale AI capital expenditure reignited confidence in AI-led growth. Big Tech has invested more than $155 billion in AI this year. This strength in US and Chinese technology has also supported companies in emerging markets like Taiwan and South Korea which play vital roles in AI supply chains.	Hyperscalers Capex Supply Chain Semiconductors GPUs
	Semiconductors NVIDIA's Rubin GPU rollout and rising ASIC volumes are boosting demand across the semiconductor supply chain, benefitting companies such as Elite Material. Taiwan should benefit from the global AI momentum with its global leadership in advanced semiconductors underpinning both industry demand and geopolitical importance. Korea should profit from a semiconductor recovery.	NVIDIA ASIC GPU Taiwan Korea
	Tariffs Tariff-related uncertainty in the first half of the year pushed investors toward safe havens. President Trump again delayed the implementation of reciprocal tariffs, allowing time for several major trade deals to be struck. Finally, tariffs took effect on 1 August across more than 90 countries, hitting India and Brazil hardest at 50%.	Trump Trade Uncertainty India Brazil
	Rates The Federal Reserve's first interest rate cut of the year this September brought rates to 4-4.25%. Fed officials also hinted that further rate cuts would follow. Lower US interest rates tend to benefit emerging markets by making lower yielding developed market assets less attractive, potentially prompting investors to seek higher returns in EMs.	Fed Rate Cuts Emerging Markets Yields Investment
2025 Q2	AI After the DeepSeek scare, Q1 results from Amazon and Alphabet confirmed strong AI investment momentum. Portfolio companies like Chroma and Elite Material benefited from AI-related demand, with Chroma seeing 55% revenue growth driven by China's AI datacenter buildout and EMC benefiting from strong demand for CCLs used in ASIC servers.	Datacenters Cloud Semiconductors Infrastructure Computing
	Trade Policy Sweeping reciprocal tariffs announced April 2nd shocked global markets, with subsequent pauses and extensions creating policy uncertainty. The fund has limited direct exposure through software-as-a-service holdings and semiconductor companies with minimal US revenue exposure, while favoring domestic consumption-oriented businesses.	Tariffs Policy Uncertainty Geopolitical Trade
	India India stands out as a particularly strong focus with improving macro backdrop including rate cuts, easing inflation, and increased banking liquidity. The fund added undervalued names during market weakness and invested in infrastructure plays like APL Apollo and KEI Industries to capitalize on energy capex demands.	Infrastructure Consumption Banking Capex Recovery
	South Korea The June 3rd elections brought political stability, boosting stock performance. The new government is pursuing market-friendly reforms to tackle the Korea discount and enhance corporate governance, creating new opportunities particularly in technology. The fund reduced positions in Classys after realizing significant profits.	Reform Governance Technology Politics Discount
	Semiconductors Technology holdings have been realigned amid macroeconomic challenges and shifting IT spending priorities. Portfolio companies like Chroma and Elite Material delivered strong results, with EMC benefiting from 70% bottom-line acceleration driven by demand for higher-priced CCLs used in ASIC servers.	Equipment Testing CCL ASIC Foundry
2024 Q3	AI Portfolio companies are beneficiaries of AI/HPC momentum with less market speculation than widely known names. Chroma beat Q2 earnings by 15% and benefits from AI/HPC momentum, silicone photonics and advanced packaging. Despite high valuations and significant R&D investments questioning AI's promise, Nvidia's record quarterly revenues of $30.0 billion reinforced belief in the technology's potential.	Artificial Intelligence HPC Semiconductors Testing Equipment Photonics
	ASEAN Strong conviction in ASEAN region reinforced by recent research trips to Singapore, Thailand, Indonesia, Hong Kong, Malaysia and Vietnam. Region benefits from favorable demographics, growing consumer base, rising tourism, and shift in global supply chains away from China. Added high-conviction holdings CTOS from Malaysia and FPT from Vietnam.	Southeast Asia Demographics Tourism Supply Chain Friendshoring
	Volatility VIX spiked to 39 in early August, one of the largest spikes on record, driven by weak US employment data, yen carry trade unwinding, and AI skepticism. Manager views volatility as opportunity to add to existing positions or invest in new high-conviction ideas unfairly dragged down by market sentiment. 25 years of experience shows selling on volatility alone usually leads to poor investment decisions.	VIX Market Swings Uncertainty Opportunity Risk Management
	Rates Fed initiated rate-cutting cycle with half-point cut on September 18. Lower interest rates in advanced economies typically weaken the dollar, ease EM debt burdens, strengthen local currencies, and drive investment into riskier EM assets. Since 1988, EM equities have outperformed DM equities in 4/5 Fed rate-cutting cycles, returning 29% in 24 months following last Fed rate hike.	Federal Reserve Rate Cuts Dollar EM Currencies Debt Burdens
	China Cautious on China due to ongoing structural challenges, particularly in property sector, keeping exposure limited. Chinese stimulus measures in September included reducing mortgage rates and reserve requirements, plus billions in loans to revive stock market. Manager believes China will focus on economic priorities like property overcapacity and unemployment rather than geopolitical tensions.	Stimulus Property Sector Structural Challenges Monetary Policy Overcapacity

QUARTER

THEMES

AI

AI automation tools triggered widespread sell-off in legacy enterprise and SaaS companies. Manager actively repositioned portfolio away from software businesses facing disruption from generative AI and automation, particularly in outsourcing and enterprise software. Concerns about AI disruption in travel platforms and search behavior.

Automation Enterprise Software SaaS Disruption Generative AI

Semiconductors

Strong performance from semiconductor holdings driven by data center demand and AI-related applications. Taiwan companies deeply integrated into global semiconductor supply chain. Memory semiconductors benefiting from AI demand and supply discipline. Portfolio positioned to benefit from semiconductor investment cycle.

Memory Data Centers Taiwan Supply Chain HBM

Data Centers

Continued momentum in data center demand driving semiconductor ecosystem. Server-related companies reporting strong growth. India positioning to become global AI hub with significant data center investment planned. Infrastructure requirements creating opportunities for cable and power companies.

Servers Infrastructure AI Hub Power Cables

India

Despite near-term underperformance, India remains attractive long-term with strong structural drivers including consumption, manufacturing, infrastructure, and AI leadership ambitions. Valuations more attractive after compression. Government supportive policies for data centers and manufacturing.

Consumption Manufacturing Infrastructure Valuations Structural Growth

Taiwan

Key beneficiary of global semiconductor investment cycle with technology companies integrated into supply chain. Several holdings delivered strong Q4 results and encouraging 2026 expectations. Positioned to benefit from high-performance compute and memory demand from data centers.

Semiconductor Cycle Supply Chain Technology Performance Growth

South Korea

Benefits from structural strength in semiconductors and advanced manufacturing. Global leader in memory semiconductors well positioned for AI-related demand. Value Up policy addressing Korea Discount supports engagement strategy and shareholder returns.

Memory Manufacturing Value Up Korea Discount Governance

2025 Q4

Defense Spending

The entire world is rapidly rearming off an extremely low base of defense spending. Global armaments materially outperformed for the year with top contributors including Rheinmetall, Palantir Technologies, and RTX.

Armaments Defense Rearmament Geopolitical Security

Gold

Gold is positioned as the premier form of commodity money with unique physical properties and reliable scarcity. The manager created a leveraged gold exposure called 'Gresham's Wrath' that materially outperformed benchmarks.

Commodity Money Inflation Hedge Monetary Reserve Physical Gold Debasement

Precious Metal Royalty/Streaming Companies

These companies provide diversified exposure to precious metals by benefiting from both price appreciation and production growth without operational mining risks. They materially outperformed for the year.

Royalties Streaming Mining Finance Capital Light Diversification

Capital Markets

Capital markets exchanges are essential high-margin toll roads for the economy with immense operating leverage and natural inflation hedging. Both exposures materially outperformed for the year.

Exchanges Trading Fees Market Data Network Effects Toll Roads

Bitcoin

Despite long-term bullish views, the manager completely exited Bitcoin positions in mid-November using a risk management framework. The position kept falling after exit while US Large Cap equities rotated into continued to increase.

Cryptocurrency Risk Management Digital Assets Volatility Exit

Managed Futures

An exposure designed to generate absolute returns with low correlations to equities and bonds. The strategy was updated to include European markets and uses multiple models to capture different market dynamics.

Alternative Investments Trend Following Commodities Absolute Return Diversification

2025 Q3

AI

Strong Q2 results from US hyperscalers and confirmation of continued large-scale AI capital expenditure reignited confidence in AI-led growth. Big Tech has invested more than $155 billion in AI this year. This strength in US and Chinese technology has also supported companies in emerging markets like Taiwan and South Korea which play vital roles in AI supply chains.

Hyperscalers Capex Supply Chain Semiconductors GPUs

Semiconductors

NVIDIA's Rubin GPU rollout and rising ASIC volumes are boosting demand across the semiconductor supply chain, benefitting companies such as Elite Material. Taiwan should benefit from the global AI momentum with its global leadership in advanced semiconductors underpinning both industry demand and geopolitical importance. Korea should profit from a semiconductor recovery.

NVIDIA ASIC GPU Taiwan Korea

Tariffs

Tariff-related uncertainty in the first half of the year pushed investors toward safe havens. President Trump again delayed the implementation of reciprocal tariffs, allowing time for several major trade deals to be struck. Finally, tariffs took effect on 1 August across more than 90 countries, hitting India and Brazil hardest at 50%.

Trump Trade Uncertainty India Brazil

Rates

The Federal Reserve's first interest rate cut of the year this September brought rates to 4-4.25%. Fed officials also hinted that further rate cuts would follow. Lower US interest rates tend to benefit emerging markets by making lower yielding developed market assets less attractive, potentially prompting investors to seek higher returns in EMs.

Fed Rate Cuts Emerging Markets Yields Investment

2025 Q2

AI

After the DeepSeek scare, Q1 results from Amazon and Alphabet confirmed strong AI investment momentum. Portfolio companies like Chroma and Elite Material benefited from AI-related demand, with Chroma seeing 55% revenue growth driven by China's AI datacenter buildout and EMC benefiting from strong demand for CCLs used in ASIC servers.

Datacenters Cloud Semiconductors Infrastructure Computing

Trade Policy

Sweeping reciprocal tariffs announced April 2nd shocked global markets, with subsequent pauses and extensions creating policy uncertainty. The fund has limited direct exposure through software-as-a-service holdings and semiconductor companies with minimal US revenue exposure, while favoring domestic consumption-oriented businesses.

Tariffs Policy Uncertainty Geopolitical Trade

India

India stands out as a particularly strong focus with improving macro backdrop including rate cuts, easing inflation, and increased banking liquidity. The fund added undervalued names during market weakness and invested in infrastructure plays like APL Apollo and KEI Industries to capitalize on energy capex demands.

Infrastructure Consumption Banking Capex Recovery

South Korea

The June 3rd elections brought political stability, boosting stock performance. The new government is pursuing market-friendly reforms to tackle the Korea discount and enhance corporate governance, creating new opportunities particularly in technology. The fund reduced positions in Classys after realizing significant profits.

Reform Governance Technology Politics Discount

Semiconductors

Technology holdings have been realigned amid macroeconomic challenges and shifting IT spending priorities. Portfolio companies like Chroma and Elite Material delivered strong results, with EMC benefiting from 70% bottom-line acceleration driven by demand for higher-priced CCLs used in ASIC servers.

Equipment Testing CCL ASIC Foundry

2024 Q3

AI

Portfolio companies are beneficiaries of AI/HPC momentum with less market speculation than widely known names. Chroma beat Q2 earnings by 15% and benefits from AI/HPC momentum, silicone photonics and advanced packaging. Despite high valuations and significant R&D investments questioning AI's promise, Nvidia's record quarterly revenues of $30.0 billion reinforced belief in the technology's potential.

Artificial Intelligence HPC Semiconductors Testing Equipment Photonics

ASEAN

Strong conviction in ASEAN region reinforced by recent research trips to Singapore, Thailand, Indonesia, Hong Kong, Malaysia and Vietnam. Region benefits from favorable demographics, growing consumer base, rising tourism, and shift in global supply chains away from China. Added high-conviction holdings CTOS from Malaysia and FPT from Vietnam.

Southeast Asia Demographics Tourism Supply Chain Friendshoring

Volatility

VIX spiked to 39 in early August, one of the largest spikes on record, driven by weak US employment data, yen carry trade unwinding, and AI skepticism. Manager views volatility as opportunity to add to existing positions or invest in new high-conviction ideas unfairly dragged down by market sentiment. 25 years of experience shows selling on volatility alone usually leads to poor investment decisions.

VIX Market Swings Uncertainty Opportunity Risk Management

Rates

Fed initiated rate-cutting cycle with half-point cut on September 18. Lower interest rates in advanced economies typically weaken the dollar, ease EM debt burdens, strengthen local currencies, and drive investment into riskier EM assets. Since 1988, EM equities have outperformed DM equities in 4/5 Fed rate-cutting cycles, returning 29% in 24 months following last Fed rate hike.

Federal Reserve Rate Cuts Dollar EM Currencies Debt Burdens

China

Cautious on China due to ongoing structural challenges, particularly in property sector, keeping exposure limited. Chinese stimulus measures in September included reducing mortgage rates and reserve requirements, plus billions in loans to revive stock market. Manager believes China will focus on economic priorities like property overcapacity and unemployment rather than geopolitical tensions.

Stimulus Property Sector Structural Challenges Monetary Policy Overcapacity

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Jan 26, 2026	Fund Letters	Carlos Hardenberg	EPAM	EPAM Systems Inc.	Information Technology	IT Services & Consulting	Bull	New York Stock Exchange	AI, buybacks, Digital transformation, IT services, Software	Login
Jan 26, 2026	Fund Letters	Carlos Hardenberg	2383 TT	Elite Material Co Ltd	Information Technology	Electronic Components	Bull	New York Stock Exchange	AI hardware, data centers, materials, Pcbs, semiconductors	Login
Jan 26, 2026	Fund Letters	Carlos Hardenberg	RADL3 BZ	Raia Drogasil SA	Consumer Staples	Retail Pharmacies	Bull	Brasil Bolsa Balcão	Brazil, Glp1, Healthcare Consumption, Pharmacies, retail	Login
Jan 26, 2026	Fund Letters	Carlos Hardenberg	MMYT	MakeMyTrip Ltd	Consumer Discretionary	Online Travel Agencies	Bull	NASDAQ	Consumer Growth, India, Online Travel, operating leverage, Platforms	Login
Jan 26, 2026	Fund Letters	Carlos Hardenberg	KARO	Karooooo Ltd	Information Technology	Application Software	Bull	NASDAQ	ARPU, Fleet Management, SaaS, Subscriptions, Telematics	Login
Jul 21, 2025	Fund Letters	Mobius Capital Partners	3016.TW	Chroma ATE Inc	Information Technology	Electronic Equipment, Instruments & Components	Bull	Taiwan Stock Exchange	AI infrastructure, datacenter, Foundry, Metrology, Power Testers, Semiconductor, Taiwan, Testing Equipment	Login
Jul 21, 2025	Fund Letters	Mobius Capital Partners	3374.TW	Elite Material Co Ltd	Information Technology	Electronic Equipment, Instruments & Components	Bull	Taiwan Stock Exchange	AI infrastructure, ASIC Servers, CCL, Copper-Clad Laminates, High-Speed, hyperscalers, materials, Taiwan	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Jan 26, 2026

Fund Letters

Carlos Hardenberg

EPAM

EPAM Systems Inc.

Information Technology

IT Services & Consulting

Bull

New York Stock Exchange

AI, buybacks, Digital transformation, IT services, Software

Jan 26, 2026

Fund Letters

Carlos Hardenberg

2383 TT

Elite Material Co Ltd

Information Technology

Electronic Components

Bull

New York Stock Exchange

AI hardware, data centers, materials, Pcbs, semiconductors

Jan 26, 2026

Fund Letters

Carlos Hardenberg

RADL3 BZ

Raia Drogasil SA

Consumer Staples

Retail Pharmacies

Bull

Brasil Bolsa Balcão

Brazil, Glp1, Healthcare Consumption, Pharmacies, retail

Jan 26, 2026

Fund Letters

Carlos Hardenberg

MMYT

MakeMyTrip Ltd

Consumer Discretionary

Online Travel Agencies

Bull

NASDAQ

Consumer Growth, India, Online Travel, operating leverage, Platforms

Jan 26, 2026

Fund Letters

Carlos Hardenberg

KARO

Karooooo Ltd

Information Technology

Application Software

Bull

NASDAQ

ARPU, Fleet Management, SaaS, Subscriptions, Telematics

Jul 21, 2025

Fund Letters

Mobius Capital Partners

3016.TW

Chroma ATE Inc

Information Technology

Electronic Equipment, Instruments & Components

Bull

Taiwan Stock Exchange

AI infrastructure, datacenter, Foundry, Metrology, Power Testers, Semiconductor, Taiwan, Testing Equipment

Jul 21, 2025

Fund Letters

Mobius Capital Partners

3374.TW

Elite Material Co Ltd

Information Technology

Electronic Equipment, Instruments & Components

Bull

Taiwan Stock Exchange

AI infrastructure, ASIC Servers, CCL, Copper-Clad Laminates, High-Speed, hyperscalers, materials, Taiwan

TICKER	COMMENTARY
AAPL	Apple continues to expand its manufacturing capacity in India, undeterred by relatively higher tariff levels. iPhones have now become India's most valuable export, with $23 billion worth of devices shipped out in 2025 alone, with India now manufacturing around 1 in 4 iPhones.

TICKER

COMMENTARY

AAPL

Apple continues to expand its manufacturing capacity in India, undeterred by relatively higher tariff levels. iPhones have now become India's most valuable export, with $23 billion worth of devices shipped out in 2025 alone, with India now manufacturing around 1 in 4 iPhones.

Ticker	Put/Call	Amount Bought	Shares Bought	% Change	Weight %
No Recent Buys Data

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

Ticker

Put/Call

Amount Sold

Shares Sold

% Change

Weight %

Status

No Recent Sells Data

Industry	Prev Quarter %	Current Quarter %	Change
No industry data available

Industry

Prev Quarter %

Current Quarter %

Change

No industry data available

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

Semiconductors

Data Centers

India

Taiwan

South Korea

Defense Spending

Gold

Precious Metal Royalty/Streaming Companies

Capital Markets

Bitcoin

Managed Futures

AI

Semiconductors

Tariffs

Rates

AI

Trade Policy

India

South Korea

Semiconductors

AI

ASEAN

Volatility

Rates

China

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Carlos Hardenberg Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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Mobius Capital Partners