Allspring Emerging Markets Equity Advantage Fund

Investor Summary

The fund is managed by a specialized emerging markets team led by Alison Shimada, Head of Total Emerging Markets Equity, and Senior Portfolio Manager Elaine Tse. The management team emphasizes extensive cultural understanding and regional stock market experience, positioning themselves as local experts who combine fundamental research with macroeconomic analysis. The team operates within Allspring Global Investments, which is owned by private funds of GTCR LLC and Reverence Capital Partners. The fund maintains a portfolio of 106-115 holdings with a focus on large-cap blend stocks, generating a dividend yield of 2.73% and maintaining a price-to-earnings ratio of 12.48.

Fund Strategy

The fund targets companies with growth potential along with current income, leveraging a proprietary ESG process to integrate fundamental research and estimate equity value at risk from ESG issues. The investment philosophy centers on the belief that the maturation of emerging markets requires a focus on earnings growth, valuation, and shareholder yield. The team combines top-down analysis of economic and market trends with bottom-up fundamental research, emphasizing sustainable dividend yields, financial strength, competitive advantages, and capable management. The management team possesses extensive cultural understanding and regional stock market experience as local experts who combine fundamental approach with macroeconomic analysis.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
5.78%	3.9%	3.9%

Executive Summary

Emerging markets declined over 13% in March as Middle East conflict disrupted oil supply, creating stagflation fears and market fragility. The manager maintains a differentiated regional approach based on energy exposure. China is viewed favorably due to strategic oil reserves, alternative Russian supply, and strong innovation capabilities, positioning it as a rational economic counterbalance to the US. AI themes drove Taiwan and Korea to new highs on $700 billion capex, though the manager expects healthy corrections in valuations. Oil importing Asian economies face significant headwinds, with India particularly vulnerable given high energy import dependence and premium valuations. Brazil remains overweight with diesel subsidies providing near-term support, while Malaysia is preferred in ASEAN given net energy exporter status. The manager expects continued volatility if conflict extends, with central banks responding with policy agility. Portfolio positioning reflects energy exposure dynamics, maintaining constructive views on China's technological advancement while taking profits in rate-sensitive names.

Core Thesis

Emerging markets face differentiated impacts from Middle East oil supply disruption, with energy exporters and countries with strategic reserves better positioned than oil importers, while maintaining selective exposure to China's innovation story and expecting healthy AI valuation corrections.

Forward Outlook

The manager expects continued volatility in emerging markets if the Middle East conflict extends, with oil importing economies particularly vulnerable. China is viewed as well-positioned to weather the crisis while maintaining technological advancement. AI valuations may see healthy corrections, and regional central banks will respond with agility to conflict duration.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Apr 28 2026	2026 Q1	NVDA	AI, China, emerging markets, energy, Geopolitical, Korea, oil, Taiwan	-	Emerging markets face oil shock differentiation with energy exporters outperforming importers. China well-positioned with strategic reserves and innovation focus. AI valuations due for healthy correction after Taiwan/Korea surge. India vulnerable to energy import dependence. Brazil overweight with policy support. Volatility persists if Middle East conflict extends.
Oct 19 2025	2025 Q3	005490.KS, 005930.KS, 051600.KS, 0700.HK, 0939.HK, 2317.TW, 2454.TW, 300750.SZ, 3711.TW, BABA, DLF.NS, EMBASSYOFC.NS, FRESNILLO.L, GFI, NUVAMA.NS, SHRIRAMFIN.NS, TSM	AI, China, Electric Vehicles, emerging markets, India, semiconductors, Taiwan, technology	BABA US 005930 KS 300750 CH	Fund outperformed in Q3 2025 driven by strong technology sector performance, particularly AI-related themes in Taiwan and Korea. Samsung Electronics and Alibaba were key contributors on memory demand strength and e-commerce/AI growth prospects. Managers remain constructive on emerging markets citing improved political visibility, accommodative policies, and attractive valuations despite Trump policy headwinds.
Aug 4 2025	2025 Q2	005490.KS, 005930.KS, 028050.KS, 0700.HK, 0939.HK, 2317.TW, 2454.TW, 300750.SZ, 3711.TW, BABA, DLF.NS, EMBASSYOFC.NS, FRES.L, GFI, NUVAMA.NS, SHRIRAMFIN.NS, TSM	AI, China, emerging markets, Energy Storage, India, semiconductors, Taiwan, technology	2330.TW 005930.KS BABA 300750.SZ DLF.NS	Fund outperformed in Q3 2025 driven by strong technology stock selection, particularly in AI-related names like Samsung Electronics and Alibaba Group. Managers remain constructive on emerging markets citing improved political visibility, accommodative policies, and favorable growth premium. AI theme dominates Taiwan and Korea performance while China benefits from policy support despite economic headwinds.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Apr 28 2026

2026 Q1

NVDA

AI, China, emerging markets, energy, Geopolitical, Korea, oil, Taiwan

Emerging markets face oil shock differentiation with energy exporters outperforming importers. China well-positioned with strategic reserves and innovation focus. AI valuations due for healthy correction after Taiwan/Korea surge. India vulnerable to energy import dependence. Brazil overweight with policy support. Volatility persists if Middle East conflict extends.

Oct 19 2025

2025 Q3

005490.KS, 005930.KS, 051600.KS, 0700.HK, 0939.HK, 2317.TW, 2454.TW, 300750.SZ, 3711.TW, BABA, DLF.NS, EMBASSYOFC.NS, FRESNILLO.L, GFI, NUVAMA.NS, SHRIRAMFIN.NS, TSM

AI, China, Electric Vehicles, emerging markets, India, semiconductors, Taiwan, technology

BABA US
005930 KS
300750 CH

Fund outperformed in Q3 2025 driven by strong technology sector performance, particularly AI-related themes in Taiwan and Korea. Samsung Electronics and Alibaba were key contributors on memory demand strength and e-commerce/AI growth prospects. Managers remain constructive on emerging markets citing improved political visibility, accommodative policies, and attractive valuations despite Trump policy headwinds.

Aug 4 2025

2025 Q2

005490.KS, 005930.KS, 028050.KS, 0700.HK, 0939.HK, 2317.TW, 2454.TW, 300750.SZ, 3711.TW, BABA, DLF.NS, EMBASSYOFC.NS, FRES.L, GFI, NUVAMA.NS, SHRIRAMFIN.NS, TSM

AI, China, emerging markets, Energy Storage, India, semiconductors, Taiwan, technology

2330.TW
005930.KS
BABA
300750.SZ
DLF.NS

Fund outperformed in Q3 2025 driven by strong technology stock selection, particularly in AI-related names like Samsung Electronics and Alibaba Group. Managers remain constructive on emerging markets citing improved political visibility, accommodative policies, and favorable growth premium. AI theme dominates Taiwan and Korea performance while China benefits from policy support despite economic headwinds.

QUARTER	THEMES	TAGS
2026 Q1	Oil Middle East conflict disrupted oil supply through Strait of Hormuz closure, causing oil prices to surge and creating stagflation fears. Oil importing emerging markets, particularly in Asia, are vulnerable to this shock. The manager expects volatility to persist if war extends.	Oil Energy Middle East Stagflation Supply
	China China is well-positioned to weather the energy shock due to strategic reserves, high crude inventory, coal reserves, renewables focus, and alternative Russian supply. The manager remains constructive on China's innovation and technological advancement, viewing it as a rational economic powerhouse.	China Innovation Technology Reserves Geopolitical
	AI AI themes including server infrastructure, edge AI, agentic AI, and physical AI drive Taiwan and Korea markets with nearly $700 billion in capex. However, the manager believes some correction in AI valuations would be healthy, noting potential demand destruction from prolonged conflict.	AI Infrastructure Taiwan Korea Capex
	Semiconductors Strong memory prices on supply constraints propelled Taiwan and Korea to new highs. However, performance may reverse due to demand destruction from war, delayed rate cuts, and new technology processes reducing legacy product demand. Qatar's helium supply disruption affects foundry chipmaking.	Semiconductors Memory Taiwan Korea Supply
	India India faces headwinds from high crude oil and natural gas import dependence amid Middle East conflict. Higher energy prices will soften growth outlook through inflation and lower output, particularly in fertilizers. Premium valuations remain concerning given AI threats to IT services.	India Energy Imports Valuations Growth
	Brazil Brazil implemented diesel subsidies funded by temporary crude export tax to address energy crisis. The manager maintains overweight positioning while taking profits in interest rate sensitive names. Rate cut cycle may be more muted due to Iran conflict.	Brazil Subsidies Rates Energy Policy
2025 Q3	AI AI theme dominates technology-heavy Taiwan and Korea equity market performance. Growing AI adoption globally and global data centre vendors' comments on stronger capital expenditures outlook drive positive sentiment. Oracle revised up its fiscal-year 2026 capex plan by 40% to US$35 billion and signed a contract with Oracle to purchase US$300 billion in computing power over the next five years.	Artificial Intelligence Data Centers Capex Technology Infrastructure
	China China/Hong Kong outperformed the benchmark (20.70%) in the third quarter due to robust inflows from retail investors and optimism around technology and AI sectors. The broader economy remained soft with persistent deflationary pressures, weak domestic demand and ongoing property sector challenges limiting economic growth. Managers remain constructive on China on improved US-China relations in addition to sustained policy support and technological advancement.	China Hong Kong Technology Policy Support US-China Relations
	Semiconductors Samsung Electronics was a top contributor as a leading memory chip and consumer electronics conglomerate, outperforming due to its narrowing technology gap in high bandwidth memory versus peers and stronger-than-expected demand for commodity dynamic random access memory and NAND flash memory. Expected to deliver significant margin expansion in coming quarters.	Memory NAND DRAM Technology Gap Margin Expansion
	Electric Vehicles Contemporary Amperex Technology Co. as the world's largest electric vehicle battery and energy storage system producer outperformed the benchmark, supported by resilient EV battery demand and stronger-than-expected ESS growth in China and abroad. Recent policy support on ESS from Beijing has lifted earnings expectations.	EV Batteries Energy Storage Policy Support Beijing ESS
	E-commerce Alibaba Group, the leading e-commerce company and AI/cloud service provider in China, performed well due to the market's increasing confidence on Alibaba's mid-to long-term earnings growth outlook thanks to streamlined operations and clear strategies to focus on two growth areas (e-commerce/quick commerce and AI/cloud service) in the next decade.	E-commerce Quick Commerce Cloud Service Streamlined Operations Growth Strategy
2025 Q2	AI AI theme dominates technology-heavy Taiwan and Korea equity market performance. Growing AI adoption globally and global data centre vendors' comments on stronger capital expenditures outlook drive positive sentiment. Oracle revised up its fiscal-year 2026 capex plan by 40% to US$35 billion and signed a contract with Oracle to purchase US$300 billion in computing power over the next five years.	Artificial Intelligence Data Centers Capex Technology Infrastructure
	China China/Hong Kong outperformed the benchmark (20.70%) in the third quarter due to robust inflows from retail investors and optimism around technology and AI sectors. The broader economy remained soft, with persistent deflationary pressures, weak domestic demand and ongoing property sector challenges limiting economic growth. Managers remain constructive on China on improved US-China relations in addition to sustained policy support and technological advancement.	China Hong Kong Technology Policy Support US-China Relations
	Semiconductors Samsung Electronics was a top contributor as a leading memory chip and consumer electronics conglomerate, outperforming due to its narrowing technology gap in high bandwidth memory versus peers and stronger-than-expected demand for commodity dynamic random access memory and NAND flash memory. Expected to deliver significant margin expansion in coming quarters.	Memory Semiconductors Technology Margins Demand
	Energy Storage Contemporary Amperex Technology Co. as the world's largest electric vehicle battery and energy storage system producer outperformed, supported by resilient EV battery demand and stronger-than-expected ESS growth in China and abroad. Recent policy support on ESS from Beijing has lifted earnings expectations, whilst global AI infrastructure investment is expected to accelerate ESS deployments.	Batteries Energy Storage Electric Vehicles Policy Support Infrastructure
	E-commerce Alibaba Group, the leading e-commerce company and AI/cloud service provider in China, performed well due to the market's increasing confidence on Alibaba's mid-to long-term earnings growth outlook thanks to streamlined operations and clear strategies to focus on two growth areas (e-commerce/quick commerce and AI/cloud service) in the next decade.	E-commerce Cloud Services Quick Commerce Growth Strategy China

QUARTER

THEMES

Oil

Middle East conflict disrupted oil supply through Strait of Hormuz closure, causing oil prices to surge and creating stagflation fears. Oil importing emerging markets, particularly in Asia, are vulnerable to this shock. The manager expects volatility to persist if war extends.

Oil Energy Middle East Stagflation Supply

China

China is well-positioned to weather the energy shock due to strategic reserves, high crude inventory, coal reserves, renewables focus, and alternative Russian supply. The manager remains constructive on China's innovation and technological advancement, viewing it as a rational economic powerhouse.

China Innovation Technology Reserves Geopolitical

AI

AI themes including server infrastructure, edge AI, agentic AI, and physical AI drive Taiwan and Korea markets with nearly $700 billion in capex. However, the manager believes some correction in AI valuations would be healthy, noting potential demand destruction from prolonged conflict.

AI Infrastructure Taiwan Korea Capex

Semiconductors

Strong memory prices on supply constraints propelled Taiwan and Korea to new highs. However, performance may reverse due to demand destruction from war, delayed rate cuts, and new technology processes reducing legacy product demand. Qatar's helium supply disruption affects foundry chipmaking.

Semiconductors Memory Taiwan Korea Supply

India

India faces headwinds from high crude oil and natural gas import dependence amid Middle East conflict. Higher energy prices will soften growth outlook through inflation and lower output, particularly in fertilizers. Premium valuations remain concerning given AI threats to IT services.

India Energy Imports Valuations Growth

Brazil

Brazil implemented diesel subsidies funded by temporary crude export tax to address energy crisis. The manager maintains overweight positioning while taking profits in interest rate sensitive names. Rate cut cycle may be more muted due to Iran conflict.

Brazil Subsidies Rates Energy Policy

2025 Q3

AI

AI theme dominates technology-heavy Taiwan and Korea equity market performance. Growing AI adoption globally and global data centre vendors' comments on stronger capital expenditures outlook drive positive sentiment. Oracle revised up its fiscal-year 2026 capex plan by 40% to US$35 billion and signed a contract with Oracle to purchase US$300 billion in computing power over the next five years.

Artificial Intelligence Data Centers Capex Technology Infrastructure

China

China/Hong Kong outperformed the benchmark (20.70%) in the third quarter due to robust inflows from retail investors and optimism around technology and AI sectors. The broader economy remained soft with persistent deflationary pressures, weak domestic demand and ongoing property sector challenges limiting economic growth. Managers remain constructive on China on improved US-China relations in addition to sustained policy support and technological advancement.

China Hong Kong Technology Policy Support US-China Relations

Semiconductors

Samsung Electronics was a top contributor as a leading memory chip and consumer electronics conglomerate, outperforming due to its narrowing technology gap in high bandwidth memory versus peers and stronger-than-expected demand for commodity dynamic random access memory and NAND flash memory. Expected to deliver significant margin expansion in coming quarters.

Memory NAND DRAM Technology Gap Margin Expansion

Electric Vehicles

Contemporary Amperex Technology Co. as the world's largest electric vehicle battery and energy storage system producer outperformed the benchmark, supported by resilient EV battery demand and stronger-than-expected ESS growth in China and abroad. Recent policy support on ESS from Beijing has lifted earnings expectations.

EV Batteries Energy Storage Policy Support Beijing ESS

E-commerce

Alibaba Group, the leading e-commerce company and AI/cloud service provider in China, performed well due to the market's increasing confidence on Alibaba's mid-to long-term earnings growth outlook thanks to streamlined operations and clear strategies to focus on two growth areas (e-commerce/quick commerce and AI/cloud service) in the next decade.

E-commerce Quick Commerce Cloud Service Streamlined Operations Growth Strategy

2025 Q2

AI

Artificial Intelligence Data Centers Capex Technology Infrastructure

China

China/Hong Kong outperformed the benchmark (20.70%) in the third quarter due to robust inflows from retail investors and optimism around technology and AI sectors. The broader economy remained soft, with persistent deflationary pressures, weak domestic demand and ongoing property sector challenges limiting economic growth. Managers remain constructive on China on improved US-China relations in addition to sustained policy support and technological advancement.

China Hong Kong Technology Policy Support US-China Relations

Semiconductors

Memory Semiconductors Technology Margins Demand

Energy Storage

Contemporary Amperex Technology Co. as the world's largest electric vehicle battery and energy storage system producer outperformed, supported by resilient EV battery demand and stronger-than-expected ESS growth in China and abroad. Recent policy support on ESS from Beijing has lifted earnings expectations, whilst global AI infrastructure investment is expected to accelerate ESS deployments.

Batteries Energy Storage Electric Vehicles Policy Support Infrastructure

E-commerce

E-commerce Cloud Services Quick Commerce Growth Strategy China

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Oct 19, 2025	Fund Letters	Alison Shimada	BABA US	Alibaba Group Holding Ltd.	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NYSE	AI, buybacks, China, cloud, e-commerce, growth, Margins, Monetisation, valuation	Login
Oct 19, 2025	Fund Letters	Alison Shimada	005930 KS	Samsung Electronics Co., Ltd.	Information Technology	Semiconductors & Semiconductor Equipment	Bull	NYSE	AI, DRAM, Foundry, HBM, Margins, Nand, semiconductors, Utilization, valuation	Login
Oct 19, 2025	Fund Letters	Alison Shimada	300750 CH	Contemporary Amperex Technology Co. Ltd.	Industrials	Electrical Components & Equipment	Bull	Shenzhen Stock Exchange	Batteries, Chemistry, Ess, EV, expansion, Integration, Margins, Storage, Subsidies	Login
Sep 30, 2025	Fund Letters	Allspring Emerging Markets Equity Advantage Fund	2330.TW	Taiwan Semiconductor Manufacturing Co., Ltd.	Information Technology	Semiconductors & Semiconductor Equipment	Bull	Taiwan Stock Exchange	AI infrastructure, capital expenditure, data centers, Foundry, semiconductors, Taiwan, technology	Login
Sep 30, 2025	Fund Letters	Allspring Emerging Markets Equity Advantage Fund	005930.KS	Samsung Electronics Co., Ltd.	Information Technology	Technology Hardware, Storage & Peripherals	Bull	Korea Exchange	AI infrastructure, consumer electronics, DRAM, High-Bandwidth Memory, memory semiconductors, NAND flash, South Korea	Login
Sep 30, 2025	Fund Letters	Allspring Emerging Markets Equity Advantage Fund	BABA	Alibaba Group Holding Limited	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	New York Stock Exchange	AI, China, cloud services, Consumer Internet, Digital transformation, e-commerce, quick commerce	Login
Sep 30, 2025	Fund Letters	Allspring Emerging Markets Equity Advantage Fund	300750.SZ	Contemporary Amperex Technology Co.	Information Technology	Electrical Equipment	Bull	Shenzhen Stock Exchange	AI infrastructure, China, clean energy, Electric Vehicle Batteries, Energy Storage Systems, Grid Storage, Lithium-ion	Login
Sep 30, 2025	Fund Letters	Allspring Emerging Markets Equity Advantage Fund	DLF.NS	DLF Ltd.	Real Estate	Real Estate Management & Development	Bull	National Stock Exchange of India	Commercial, India, National Capital Region, Pre-sales, real estate development, rental income, Residential	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Oct 19, 2025

Fund Letters

Alison Shimada

BABA US

Alibaba Group Holding Ltd.

Consumer Discretionary

Internet & Direct Marketing Retail

Bull

NYSE

AI, buybacks, China, cloud, e-commerce, growth, Margins, Monetisation, valuation

Oct 19, 2025

Fund Letters

Alison Shimada

005930 KS

Samsung Electronics Co., Ltd.

Information Technology

Semiconductors & Semiconductor Equipment

Bull

NYSE

AI, DRAM, Foundry, HBM, Margins, Nand, semiconductors, Utilization, valuation

Oct 19, 2025

Fund Letters

Alison Shimada

300750 CH

Contemporary Amperex Technology Co. Ltd.

Industrials

Electrical Components & Equipment

Bull

Shenzhen Stock Exchange

Batteries, Chemistry, Ess, EV, expansion, Integration, Margins, Storage, Subsidies

Sep 30, 2025

Fund Letters

Allspring Emerging Markets Equity Advantage Fund

2330.TW

Taiwan Semiconductor Manufacturing Co., Ltd.

Information Technology

Semiconductors & Semiconductor Equipment

Bull

Taiwan Stock Exchange

AI infrastructure, capital expenditure, data centers, Foundry, semiconductors, Taiwan, technology

Sep 30, 2025

Fund Letters

Allspring Emerging Markets Equity Advantage Fund

005930.KS

Samsung Electronics Co., Ltd.

Information Technology

Technology Hardware, Storage & Peripherals

Bull

Korea Exchange

AI infrastructure, consumer electronics, DRAM, High-Bandwidth Memory, memory semiconductors, NAND flash, South Korea

Sep 30, 2025

Fund Letters

Allspring Emerging Markets Equity Advantage Fund

BABA

Alibaba Group Holding Limited

Consumer Discretionary

Internet & Direct Marketing Retail

Bull

New York Stock Exchange

AI, China, cloud services, Consumer Internet, Digital transformation, e-commerce, quick commerce

Sep 30, 2025

Fund Letters

Allspring Emerging Markets Equity Advantage Fund

300750.SZ

Contemporary Amperex Technology Co.

Information Technology

Electrical Equipment

Bull

Shenzhen Stock Exchange

AI infrastructure, China, clean energy, Electric Vehicle Batteries, Energy Storage Systems, Grid Storage, Lithium-ion

Sep 30, 2025

Fund Letters

Allspring Emerging Markets Equity Advantage Fund

DLF.NS

DLF Ltd.

Real Estate

Real Estate Management & Development

Bull

National Stock Exchange of India

Commercial, India, National Capital Region, Pre-sales, real estate development, rental income, Residential

TICKER	COMMENTARY
NVDA	Nvidia is authorized by US and China to supply H200 chips to select clients.

TICKER

COMMENTARY

NVDA

Nvidia is authorized by US and China to supply H200 chips to select clients.

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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

Oil

China

AI

Semiconductors

India

Brazil

AI

China

Semiconductors

Electric Vehicles

E-commerce

AI

China

Semiconductors

Energy Storage

E-commerce

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Alison Shimada Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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Allspring Emerging Markets Equity Advantage Fund