| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
Stewart Investors delivered strong performance in Q2 2026 driven by semiconductor holdings Samsung Electronics, MediaTek and TSMC, which benefited from surging AI-related demand for memory chips and advanced processors. Memory pricing is expected to remain strong until 2028 as customers sign longer-term supply deals. However, the manager trimmed these positions as valuations reached expensive levels. Asian equities recovered following the Middle East ceasefire, though Indonesia faced pressure from potential MSCI downgrade concerns and China struggled with sluggish domestic demand. The manager added positions in Indian private banks like ICICI Bank, which are gaining share from state-owned banks, and Vietnamese companies like Mobile World and FPT Corp. Complete sales included Alibaba due to organizational fatigue and lack of strategic direction. Looking forward, the manager remains optimistic on Asia's long-term prospects driven by digital transformation, financialisation and attractive valuations relative to developed markets. The quality bias toward companies with strong franchises, pricing power and conservative balance sheets should provide resilience as markets broaden beyond the narrow AI focus.
Stewart Investors invests in high-quality companies with exceptional cultures, strong franchises, resilient financials and conservative balance sheets that are well positioned to contribute to and benefit from sustainable development in Asia and emerging markets.
The manager remains optimistic on the outlook for Asian equities despite elevated short-term volatility from the Middle East conflict. Their quality bias means holdings should remain fundamentally resilient. In the long run, Asia should benefit from the shift towards higher value services-led growth, digital transformation and ongoing financialisation. Valuations look attractive compared to developed markets like the US, while low ownership of Asian equities in global portfolios provides a good backdrop for returns as global liquidity flows eastwards. As markets broaden from their narrow focus on AI, quality businesses with strong fundamentals should do well.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 27 2026 | 2026 Q2 | 000660 KS, 005930 KS, 0700.HK, 1299 HK, 2020 HK, 2301.TW, 2382.HK, 2454.TW, 300750.SZ, BABA, FPT VN, HTHT, ICICIBC.NS, MARUTI.NS, MWG VN, PDD, TATAMOTORS.NS, TOTS3.SA, TSM | AI, Asia, China, emerging markets, India, Quality, semiconductors, technology | - | Stewart Investors' Asia strategies surged in Q2 2026 on semiconductor strength, with Samsung, MediaTek and TSMC driving returns amid AI-fueled memory demand. The manager trimmed these expensive positions while adding Indian banks and Vietnamese companies at attractive valuations. China faces domestic weakness and capital control concerns. Despite Middle East volatility, the manager sees compelling long-term opportunities in quality Asian businesses trading at discounts to developed markets. |
| Apr 25 2026 | 2026 Q1 | 005930 KS, 0700.HK, 2379.TW, 3323.T, 6758.T, HDFCBANK.NS, HTHT, TSM | AI, Asia, China, gaming, Quality, semiconductors, technology |
005930.KS TSM 3064.T 0700.HK HDFCBANK.NS 2379.TW 6758.T HTHT |
Stewart Investors trimmed AI semiconductor winners like Samsung and TSMC due to expensive valuations while building positions in Tencent, Sony, and H World. Despite Middle East geopolitical tensions weighing on Asian markets, the manager remains optimistic on the region's quality companies, attractive valuations versus developed markets, and long-term digital transformation trends. |
| Feb 5 2026 | 2025 Q4 | 005930.KS, 0700.HK, 2379.TW, 2454.TW, 6503.T, ALC, BABA, BAJAJHLDNG.NS, BAP, BOSCHLTD.NS, CARTRADE.NS, CTAS, KEI.NS, KOTAK.NS, M&M.NS, NU, PRX.AS, QUAL3.MX, SE, TARSONS.NS, TECHM.NS, TOTVS3.SA, TSM, TUBEINVEST.NS, WEG3.SA | AI, Asia, China, emerging markets, India, long-term, Quality, semiconductors | - | Stewart Investors transitioned to FSSA management while maintaining quality-focused approach in Asian and emerging markets. Adding Chinese holdings like Tencent at attractive valuations, reducing expensive Indian cyclicals. Semiconductor holdings Samsung and TSMC drove performance on AI demand. Conservative on AI hype, focused on sustainable competitive advantages. Optimistic outlook with double-digit earnings growth expected and attractive portfolio valuations. |
| Jan 1 2025 | 2024 Q4 | 0001.HK, 005930.KS, 034730.KS, AC.TO, Gold, J36.SI, RIT.L | AI, Asia, Conglomerates, gold, Holding Companies, Philippines, semiconductors, value | - | Oldfield's global fund gained 6.7% quarterly and 29.1% year-to-date, led by gold miner Barrick and AI beneficiary Samsung. The strategy targets undervalued holding companies like Ayala Corp trading at 50% discounts to net asset value while maintaining selective AI exposure through reasonably valued stocks, avoiding bubble-territory valuations in the AI sector. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
AIAI demand drove strong performance in semiconductors and memory chips, with companies like Samsung, MediaTek, and TSMC benefiting from hyperscaler capex. However, valuations have reached expensive levels and the manager trimmed positions. Concerns exist about AI disruption to software and IT services companies. |
Semiconductors Memory Data Centers Hyperscalers Disruption |
SemiconductorsSemiconductor companies were top contributors with strong demand for HBM and DRAM chips. Memory pricing is on an uptrend expected to remain strong until 2028, with customers signing longer-term 5-year supply deals. TSMC maintains 90%+ share of leading-edge nodes with tight supply supporting margins through 2027-28. |
Memory HBM DRAM Foundries Supply | |
ChinaChina and Hong Kong were weak as domestic activity disappointed and concerns about cross-border capital controls weighed on sentiment. Consumer-exposed businesses faced pressure from sluggish demand, though companies in the technology ecosystem performed robustly. The manager sold Alibaba citing organizational fatigue and lack of strategic stability. |
Domestic demand Capital controls Consumer Technology Regulation | |
IndiaIndia offers structural opportunities for high-quality private banks to gain share from state-owned banks. ICICI Bank underwent cultural transformation under new CEO with industry-leading asset quality. The manager sees long-term growth from urbanization, demographics, middle-class consumption, and digital infrastructure push. |
Banking Private sector Asset quality Demographics Digital | |
EnergyThe Middle East conflict and resulting energy supply disruptions weighed on performance and created elevated short-term market volatility. Higher oil prices put pressure on Asia as a net energy importer, affecting currencies and inflation. However, the manager believes quality holdings should remain fundamentally resilient. |
Oil prices Middle East Supply disruption Inflation Volatility | |
IndonesiaIndonesia was the worst performing country due to macroeconomic headwinds and ongoing concerns about a potential MSCI downgrade to frontier market status. The index provider highlighted issues such as lack of transparency and low minimum free-float requirements, with a review conclusion expected in November. |
MSCI downgrade Macro weakness Transparency Free-float Frontier markets | |
QualityThe manager emphasizes investing in high-quality companies with exceptional cultures, strong franchises, resilient financials, and conservative balance sheets. They focus on businesses with solid pricing power from strong brands, high switching costs, or network effects, with cash exceeding debt. This quality bias should provide resilience in volatile environments. |
Franchise Pricing power Balance sheet Management Moats | |
ValuationsAsian valuations look attractive compared to developed markets like the US, with low ownership of Asian equities in global portfolios providing a good backdrop for returns. However, AI enthusiasm has bid up valuations to expensive levels for some holdings, prompting the manager to trim positions and show valuation discipline. |
Relative value US comparison Expensive Discipline Trimming | |
| 2026 Q1 |
AIAI demand has boosted semiconductor valuations to expensive levels, with companies like Samsung, TSMC, and Silergy benefiting from AI-related demand. The manager trimmed positions due to high valuations but acknowledges AI as a long-term driver for companies like Tencent. |
Semiconductors Memory HBM Foundries LLM |
SemiconductorsSemiconductor companies were top contributors with Samsung posting record profits from AI-related demand and tight supply for high-bandwidth memory chips. TSMC showed stronger than expected earnings with new capex plans to meet advanced node demand. |
Memory HBM Foundries Capex Advanced Nodes | |
ChinaThe manager initiated a meaningful position in Tencent despite recent weakness and added H World, the second largest hotel chain in China. They see long-term opportunities in China's domestic travel demand and digital transformation. |
Tencent Hotels Domestic Travel Digital | |
GamingSony was added as a new position, highlighting its leading console gaming franchise with PlayStation and synergistic business divisions. The company's content has proven popular and management is committed to disciplined capital allocation. |
PlayStation Console Content Entertainment | |
| 2025 Q4 |
AIManager believes market's assessment of AI risk differs from their own, with approximately 60% of relative underperformance attributed to positions where AI impact concerns drove stock declines. Portfolio companies deemed AI-losers declined 15% despite 10% revenue growth and 15% EPS growth, representing valuation compression rather than fundamental deterioration. |
Artificial Intelligence Disruption Valuation Technology Software |
QualityFund exclusively invests in businesses with superior characteristics including high barriers to entry, sustainable competitive advantages, and durable growth prospects. Manager notes their focus on leading businesses in sectors has been foundation of strategy since inception, though this approach was out of favor in 2025 as investors sold higher-quality investments to buy riskier stocks. |
High Quality Competitive Advantages Margins Returns Earnings | |
Small CapsStrategy of owning competitively advantaged small and medium-sized businesses remained out of favor for most of the quarter. Fund observed improvement in early December as investors showed renewed enthusiasm for high-quality stocks that populate the portfolio, with significant divergence between consistent earnings growth and recent performance creating compelling valuations. |
Small Cap Growth Valuation Russell 2000 Outperformance | |
| 2024 Q4 |
GoldGold price touching $4000 reflects market unease, with central banks holding more gold than US Treasuries for the first time since 1996. Gold now accounts for around 25% of central bank reserves, driving strong performance in gold miners like Barrick. |
Gold Miners Central Banks Reserves Inflation Hedge Safe Haven |
AISamsung benefited from recent AI capital investment commitments by OpenAI and others, gaining 60% year-to-date. The manager maintains AI exposure through Samsung and SK Inc, which trade at reasonable valuations unlike many bubble-territory AI stocks. |
Semiconductors Capital Investment OpenAI Valuation Technology | |
ValueThe manager identifies opportunities in conventional companies with listed holdings trading at substantial discounts to net asset value. Examples include holding companies like Ayala Corp trading at 50% discount versus typical 20-30% discounts. |
Holding Companies Net Asset Value Discount Conglomerates Mispricing |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 25, 2026 | Fund Letters | Stewart Investors | 005930.KS | Samsung Electronics | Consumer Electronics | Semiconductors & Semiconductor Equipment | Bull | New York Stock Exchange | AI infrastructure, DRAM, High-Bandwidth Memory, memory chips, Nand, semiconductors, technology hardware | Login |
| Apr 25, 2026 | Fund Letters | Stewart Investors | TSM | Taiwan Semiconductor Manufacturing | Semiconductors | Semiconductors & Semiconductor Equipment | Bull | New York Stock Exchange | advanced nodes, AI chips, capital expenditure, semiconductor foundry, Taiwan, Technology Manufacturing | Login |
| Apr 25, 2026 | Fund Letters | Stewart Investors | - | Silegry | Other | Semiconductors & Semiconductor Equipment | Bull | New York Stock Exchange | energy storage, Japan, Memory Controllers, semiconductor equipment, Solid State Drives, Storage Solutions | Login |
| Apr 25, 2026 | Fund Letters | Stewart Investors | 3064.T | Monotaro | Internet Retail | Internet & Direct Marketing Retail | Neutral | New York Stock Exchange | B2B Platform, competitive dynamics, e-commerce, Industrial distribution, Japan, MRO products | Login |
| Apr 25, 2026 | Fund Letters | Stewart Investors | 0700.HK | Tencent | Internet Content & Information | Interactive Media & Services | Bull | New York Stock Exchange | AI investment, China, digital payments, Ecosystem, LLM, Online-Gaming, social media, WeChat | Login |
| Apr 25, 2026 | Fund Letters | Stewart Investors | HDFCBANK.NS | HDFC Bank | Banks - Regional | Banks | Bull | New York Stock Exchange | Deposit Franchise, financial services, India, net interest margin, private banking, underwriting, value opportunity | Login |
| Apr 25, 2026 | Fund Letters | Stewart Investors | 2379.TW | Realtek | Semiconductors | Semiconductors & Semiconductor Equipment | Bull | New York Stock Exchange | Bluetooth, connectivity solutions, Ethernet, IC Design, network infrastructure, On-device AI, Taiwan, WiFi | Login |
| Apr 25, 2026 | Fund Letters | Stewart Investors | 6758.T | Sony | Consumer Electronics | Entertainment | Bull | New York Stock Exchange | Content Creation, entertainment, Film, Gaming Console, Image-sensors, Japan, Music, PlayStation, Synergistic Operations | Login |
| Apr 25, 2026 | Fund Letters | Stewart Investors | HTHT | H World | Lodging | Hotels, Restaurants & Leisure | Bull | NASDAQ | China, Cost leadership, digital infrastructure, Domestic Travel, economies of scale, Hotel Chain, Membership Program, urbanization | Login |
| TICKER | COMMENTARY |
|---|---|
| 005930.KS | Samsung Electronics continued to benefit from strong demand for its high bandwidth memory (HBM) stacks and dynamic random-access memory (DRAM) chips. Given the supply shortages, memory pricing is on an up-trend and is expected to remain strong until at least 2028. Added to this, customers have become more interested in signing longer-term 5-year supply deals to secure memory chips, which increases earnings visibility, reduces cyclicality and enables more effective capacity planning. Samsung has been catching up with SK Hynix in HBM technology and enjoys a significant capacity-leadership position in commodity memory, which is seeing increasing demand as momentum shifts from training to agentic AI workloads (as these require more DRAM than HBM). The cyclicality of legacy memory demand remains a factor to monitor, despite the industry's structural transition towards long-term supply agreements. Samsung is also seeing progress in its attempts to scale up its foundry business – which is expected to break even within the next two years – and taking steps to diversify into digital healthcare and robotics, although the latter initiatives remain at an early stage. |
| 2454.TW | MediaTek amid optimism around the potential growth in its AI ASIC business. Its partnerships with Google and other major technology firms to create custom chips for AI applications are expected to contribute a greater proportion of operating profit going forward. The company was re-rated amid optimism around the potential for growth in its AI application-specific integrated circuit (ASIC) business. MediaTek's partnerships with Google and other major technology firms to create custom chips for AI applications are expected to contribute a greater proportion of operating profit going forward. While smartphone demand has been weak in recent periods, the rise of agentic AI is expected to trigger growth in AI-enabled devices including smartphones over the coming years, benefiting MediaTek's broader business. |
| TSM | TSMC rose after reporting strong earnings results. Its position as the most technically advanced fabricator of leading-edge semiconductor chips is clear, despite whispers of rising competition from Intel and Samsung. TSMC enjoys more than 90% share of leading-edge nodes, and with AI demand driving higher profits and strong guidance for the year ahead, the company is accelerating capital expenditure plans to try and narrow the gap between its supply and customer demand. Meanwhile, tight supply should support higher prices and feed into gross margins and profitability, with good visibility through to 2027-28. TSMC has an unrivalled position in the most cutting-edge process nodes and has seen soaring demand amid the AI data centre buildout. Supply for these advanced chips remains tight despite TSMC's plans to add capacity over the coming years, which has supported pricing and profit margins. There has been speculation TSMC could face increasing competition in advanced nodes as customers seek to diversify their supply chains; however, we believe TSMC's ramp up in capex, based on its detailed demand forecast model, should widen its competitive moat. Over the longer term, we see the company as a natural beneficiary of productisation, the diffusion of AI into end-devices and industrial applications. |
| 0700.HK | Tencent was the largest detractor from performance. The company posted earnings results that were broadly consistent with forecasts, as weaker-than-expected gaming revenue was offset by robust performance in its online advertising business. We believe the decline in the share price reflects ongoing concerns over the perceived slow pace of Tencent's monetisation of AI. Nevertheless, we believe the company's vast WeChat ecosystem and access to data will provide it with strong advantages in the AI era. The Chinese company declined as concerns persisted about the pace of its commercialisation of AI technology, despite earnings results that were broadly consistent with forecasts. Following recent meetings with management, we came away comfortable with Tencent's sensible and measured approach: it is upgrading its research team to try to build a competitive large language model (LLM), but also deploying AI to monetise its products in the here-and-now. For instance, AI is improving the company's advertising targeting and efficiency, and accelerating production and user engagement in its gaming business. Over the longer term, we believe Tencent's formidable digital product range should give it structural advantages in the AI era. For example, the company has begun to test a WeChat-based AI agent, which will be able to leverage the platform's vast ecosystem spanning e-commerce, online travel agents, music, gaming and mini-programmes. |
| 1299.HK | AIA Group declined despite solid earnings results. Although its Thailand business dragged on performance – as it fell from a high comparable base in 2025 – the Value of New Business grew strongly in other markets, particularly Mainland China and Hong Kong. We believe the weakness is due to concerns about greater regulatory clampdown on cross-border capital flows, which would affect new business from mainland China visitors. |
| 2301.TW | Lite-On Technology is a leading Taiwanese power supply maker which has benefited from the explosive growth in AI data centres. As server power and power density continues to rise, Lite-On should benefit from higher selling prices and improved margins. |
| 2382.HK | Sunny Optical is a leading Chinese supplier of optical components. The company is gaining market share in camera modules for the automotive industry and this segment now accounts for a growing proportion of its revenue. Sunny Optical also sees growth opportunities in other areas, such as augmented-reality glasses and industrial cameras for warehouse management. We believe the risk-reward looks attractive. |
| ICICIBC.NS | ICICI Bank is one of the largest private sector banks in India. We believe the structural opportunity for high-quality private banks like ICICI Bank lies in its ability to gain share from inefficient state-owned banks. While the bank had highly aggressive lending practices and a risk-taking culture in the past, the appointment of CEO Sandeep Bakshi in 2018 signalled change after a long and tumultuous history. Under Mr Bakshi's leadership, the bank has undergone a cultural transformation and now fosters a more long-term oriented, conservative and risk-aware mindset. The results are evident in the bank's performance, and it now boasts industry-leading asset quality and growth metrics. ICICI has invested significantly in technology (digitisation and automation) over the last year, which has led to higher costs, but as revenue growth improves, there is potential for operating leverage to grow. Meanwhile, asset quality is currently the best it has been over the last three decades. |
| 000660.KS | SK Hynix is a leading semiconductor company in Korea. It has a solid position in the DRAM and NAND memory markets, but more importantly, it is the leader in High-Bandwidth Memory (HBM) that is now being optimised for AI use. While traditional DRAM and NAND memory has become commoditised and commands little pricing power, HBM is built around annual contracts, long lead times, and high capital intensity. Customers like NVIDIA must commit to volumes well in advance, and vendors must make investment decisions based on those commitments. This order-based model introduces more predictability and customer stickiness (though it also increases execution risk and dependence on a few large buyers). Thanks to its early and consistent investment in HBM technology, the company is a first mover in this space. It also holds a solid position in the DRAM and NAND memory markets, with commodity memory providing a large proportion of recent revenues due to supply constraints. Although the cyclical element in these revenues is worth monitoring, the duopolistic industry structure should ensure decent margins and profitability over the cycle (as we have seen in the past), and barriers to entry continue to grow, along with pricing power. Additionally, corporate governance appears to be improving. The company benefited from the rising demand for HBM and elevated pricing in conventional NAND and DRAM memory, where supply has become limited. Hynix announced a capacity expansion spanning multiple sites and a partnership with US chip designer Nvidia to co-develop memory for AI supercomputers and robotics platforms. Given that a meaningful proportion of Hynix's recent earnings growth comes from the cyclically high prices for conventional memory, we have been controlling the size of our position in the company. |
| BABA | We sold out of Alibaba on concerns about its multipolar business structure and lack of strategic stability. Alibaba continues to suffer from organisational fatigue driven by constant restructuring; and while it admittedly represents the most credible Chinese parallel to the US Big 4 hyperscalers, we remain sceptical of the company's true North Star. |
| PDD | PDD, a Chinese e-commerce firm, was the second-biggest detractor after reporting disappointing earnings results, with revenue growth lagging analyst expectations. However, the results also showed core operating profit growth has resumed and we believe PDD's unique value proposition to consumers will help deliver stronger performance going forward. In Pinduoduo, PDD has built a structurally differentiated, algorithm-governed, value-first retail platform that continues to take share in Chinese e-commerce. Temu, its overseas business, is currently loss-making but should mature into a strategically useful overseas profit pool. We believe PDD's valuation looks reasonable relative to the company's earnings power and cash-generation capability. |
| TOTS3.SA | TOTVS, Brazil's leading provider of enterprise resource planning (ERP) software, was the third-biggest detractor. In common with other global software firms, the company has fallen amid fears that the advent of powerful AI agents will make it easier for customers to build, adapt or orchestrate workflows themselves. We think that risk is being framed too broadly: TOTVS's products sit inside accounting, payroll, tax, inventory, compliance and other day-to-day operating processes. In that environment, AI may change how users interact with the system, but it does not remove the need for a governed system of record. We continue to believe TOTVS is well positioned to stay resilient over the long term, supported by ongoing penetration of ERP and cloud computing in Brazil, deeper embedding within existing clients as workflows expand, and a gradual contribution from AI-enabled products and services over time. |
| 2020.HK | Anta Sports, China's most successful domestic sportswear company. It is one of the few Chinese companies that has proven its ability to build and run multiple strong consumer brands, such as FILA in China. The management team has a strong track record of both developing emerging brands and internationalising existing brands on its platform, and has built the company's overseas exposure through acquisitions such as Jack Wolfskin and a large investment in PUMA. We expect the company to compound over the coming years thanks to growing sportswear demand in China, market-share gains through its multi-brand portfolio and further overseas expansion. |
| MWG.VN | Mobile World (MWG), Vietnam's largest electronics retailer, with a growing business in grocery stores. We have been impressed by the company's robust track record of organic growth, its customer-focused culture and the strong alignment with its core management team, which has been in place for two decades. MWG's success can be attributed to its management style, which emphasises delegation and decentralisation. Store managers are empowered to propose new locations and select the products they wish to sell, and staff at all levels are incentivised to ensure customer satisfaction. The senior management believe this customer centricity will eventually lead to strong shareholder returns. |
| FPT.VN | FPT Corp, a Vietnamese conglomerate with businesses spanning IT services, software development, and digital transformation solutions. The company also has a fixed line broadband business, and runs educational institutions, which it uses to recruit well-trained software engineers. Today, it has a solid competitive position in the global IT services market, especially in Japan where it is gaining share from domestic software service providers as well as Chinese vendors. The company has been de-rated due to concerns over AI disruption; however, FPT's management believes AI will level the playing field, enabling the company to compete for new contracts with larger rivals in India and elsewhere. In our view, FPT's strong franchise remains intact despite the market's concerns, and we took advantage of share-price weakness to initiate a position. |
| HTHT | H World, a leading hotel chain operator in China. Under its asset-light franchising model, H World franchisees are responsible for capital investments in real estate and pay a recurring fee for its branding and marketing expertise. The company's scale, in terms of loyalty scheme members, a well-recognised brand and digital capabilities, gives it a compelling advantage over its rivals in a fragmented hotel industry in China. Our research shows that hotels under the H World banner tend to earn higher revenue per available room (RevPAR) than independently operated ones, providing a compelling reason for hotel owners to sign up. The company's RevPAR has turned positive after a downturn, and over the longer term we believe it has an extended runway of growth as it taps into increasing travel demand and upgraded consumer preferences in China. |
| 300750.SZ | Contemporary Amperex Technology Ltd (CATL) is a leading manufacturer of electric vehicle (EV) batteries and energy storage systems. The company is a technology and cost leader in its field and has continued to grow its global market share in recent years, mostly in Europe. We believe CATL should continue to benefit from the growing demand for electric vehicles and renewable energy. |
| MARUTI.NS | Maruti Suzuki India is a leading manufacturer of passenger vehicles in India. We had owned the shares previously and believe the company to be very high quality – its metrics in terms of returns on capital employed and cash generation are similar to that of a consumer franchise. However, the rapid market shift towards SUVs in recent years, where its share is lower, has had a negative impact on performance. Management recognised this and is making significant changes across the business, which includes new product launches, building out its distribution and service network, and growing its exports. We believe the risk-reward looked favourable as the shares were trading close to trough valuations. |
| TATAMOTORS.NS | We bought Tata Motors following the de merger of its commercial and passenger vehicle businesses, which has allowed the quality of the core commercial vehicle franchise to be better recognised. Tata Motors is the clear market leader in this area, operating in a highly consolidated industry where competitive behaviour has shifted meaningfully from chasing volume to prioritising profitability. This is evident in reduced discounting, improving margins and strong free cash flow generation despite falling volumes. A growing contribution from higher margin aftermarket spares, services and fleet management offerings has also helped to reduce the company's cyclicality and support returns on capital. We believe the structural improvement in industry discipline and business quality is not yet fully reflected in market expectations. |
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