The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 30, 2026
abrdn Emerging Markets Fund declined 3.74% net of fees in the third quarter of 2026, underperforming the MSCI Emerging Markets Net Index decline of 0.37%. Year-to-date, the strategy remains positive with a net gain of 25.10% net of fees, outpacing the benchmark return of 23.38%. Strategy underperformance during the quarter was driven largely by market deleveraging across China A-shares and South Korea, coupled with rotation out of existing technology holdings, while portfolio cash levels remained disciplined alongside selective emerging market factor rebalancing. The global macroeconomic environment was characterized by dampening risk appetite driven by renewed US-Iran hostilities that pushed oil prices upward, surging developed market bond yields, persistent inflation, and tightening monetary policies. Artificial intelligence related equities exhibited elevated volatility throughout the period before firming into September. Portfolio positioning responded to distinct regional divergences, as rising energy prices supported exporters while penalizing importers, and higher US yields disproportionately pressured interest-rate sensitive economies. Portfolio activity reflected selective capital redeployment into structural beneficiaries of semiconductor cooling and custom AI silicon. The fund established new positions in Asia Vital Components, Unimicron Technology, Thai Oil, and Taiwanese retailer Poya International. Capital was recycled out of full divestments including JB Chemicals & Pharmaceuticals following its corporate acquisition, as well as ASE Technology and AIA Group. Core long-term positions including CATL and HDFC Bank were maintained despite near-term headwinds.
Invest in competitively advantaged, high-quality companies across emerging markets capable of compounding returns through technological leadership, domestic structural growth, and disciplined balance sheet allocation.
Emerging markets continue to demonstrate underlying resilience despite headwinds from higher energy costs, restrictive monetary conditions, and rising global bond yields.
Moderate Conviction Bullish
Market Conviction
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Forward Guidance
Language Signal
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Top Conviction Themes
Key Catalysts
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