Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 30th June 2026
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 8.11% | 26.55% | 29.74% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 8.11% | 26.55% | 29.74% |
The abrdn Emerging Markets Fund delivered a strong 29.64% return in Q2 2026, outpacing the benchmark's 24.15% gain, driven primarily by AI-linked semiconductor exposure across SK Hynix, Samsung Electronics, MediaTek, ASE Technology, Accton Technology and Chroma ATE. The quarter was characterized by a powerful relief rally following an interim US-Iran peace agreement, with technology leading the recovery despite late-quarter concerns about AI sustainability. China positioning contributed strongly through attractively valued consumer names like Anta Sports and hardware plays including Montage Technology and Naura Technology, though model makers Tencent and Alibaba struggled. Indonesia was the main detractor as regulatory concerns and currency weakness weighed on Telkom Indonesia and Bank Negara Indonesia. The manager trimmed some technology positions to take profits while adding selectively where valuations remain compelling. Looking forward, the manager is constructive but cautious, emphasizing that AI remains the best structural story though price matters, while China offers selective opportunities in technology and advanced manufacturing rather than broad macro exposure. Key risks include narrow market leadership, potential Fed hawkishness, and China's property and confidence challenges.
The fund maintains concentrated exposure to AI-driven technology across the semiconductor value chain while selectively positioning in China's technology and advanced manufacturing sectors, balancing structural growth opportunities against valuation discipline and macro headwinds from a stronger dollar and higher US rates.
The manager is constructive but not complacent. EM earnings are improving, helping to keep valuations reasonable versus developed markets. The asset class provides attractive exposure to several powerful capex themes within the global economy, such as AI and infrastructure. However, the manager remains cautious given narrow market leadership. The outlook is framed around three key themes: AI remains the best structural story but price matters; peace dividend versus a more hawkish Fed creates mixed dynamics; and China offers selective opportunities in technology, advanced manufacturing, shareholder returns and policy-aligned areas rather than a broad macro bet.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 20 2026 | 2026 Q2 | 000660 KS, 002371.SZ, 005930 KS, 012330 KS, 034730.KS, 0700.HK, 2020 HK, 2345.TW, 2360.TW, 2454.TW, 300750.SZ, 3711.TW, 688008.SS, AC.MX, BABA, BAP, BBNI.JK, GMEXICOB.MX, KTB.BK, TLKM.JK | AI, China, emerging markets, Energy Transition, Indonesia, semiconductors, technology | - | The fund delivered 29.64% in Q2 2026, outperforming through concentrated AI semiconductor exposure and selective China technology positioning. SK Hynix, Samsung, MediaTek and Chinese hardware names drove returns while model makers lagged. The manager trimmed winners to maintain diversification but continues adding selectively. Outlook is constructive on AI and China tech but cautious on valuations and narrow market leadership. Indonesia regulatory concerns created headwinds. |
| Apr 21 2026 | 2026 Q1 | 000660 KS, 005930 KS, 0700.HK, 2308.TW, 2311.TW, 300750.SZ, 4958.TW, GMEXICOB.MX, HDFCBANK.NS, INDHOTEL.NS, ITSA4.SA, KAP.L, MAHINDRA.NS | AI, China, emerging markets, energy, Geopolitical, semiconductors, technology | - | abrdn Emerging Markets Fund navigated volatile Q1 2026 with early AI and electrification gains offset by March geopolitical sell-off. Taiwan tech and materials outperformed while China and India lagged. Manager maintains focus on high-quality companies with structural growth drivers, adding energy exposure for balance while remaining constructive on longer-term EM opportunities despite near-term headwinds. |
| Jan 29 2026 | 2025 Q4 | 000660.KS, 005930.KS, 028260.KS, 0700.HK, 267270.KS, ADIB.AD, ALDAR.AD, ASX.TW, BABA, BBNI.JK, GMEXICOB.MX, KAP.L, MULT3.SA, RIO, TLKM.JK, TSM | AI, China, Copper, emerging markets, Memory, semiconductors, technology, Trade Policy | - | The fund delivered strong 2025 returns of 32% despite Q4 China weakness. AI-driven semiconductor rally in Taiwan and South Korea drove performance, while copper benefited from electrification trends. Managers remain constructive on emerging markets supported by weaker dollar, lower rates, and AI/electrification capex themes, though mindful of geopolitical risks and potential AI bubble. |
| Oct 28 2025 | 2025 Q3 | 000333.SZ, 1810.HK, 2308.TW, 2330.TW, 267270.KS, 300750.SZ, 3690.HK, 3711.TW, 4904.TW, BABA, GFNORTEO.MX, GMEXICOB.MX, GODREJPROP.NS, HDFCBANK.NS, INDHOTEL.NS, INFY.NS, NTPC.NS, POWERGRID.NS, SBILIFE.NS, SLM.JO, TCS.NS | AI, China, emerging markets, Energy Transition, India, semiconductors, technology, Trade Policy | - | Strong Q3 performance driven by Chinese AI and technology holdings, with Taiwan semiconductors and energy transition plays like Contemporary Amperex contributing. Indian financials and IT services detracted amid US tariff pressures. Manager remains constructive on emerging markets supported by Fed rate cuts, weaker dollar, and AI/electrification capex themes, while maintaining quality focus. |
| Jul 27 2025 | 2025 Q2 | 000333.SZ, 000660.KS, 000830.KS, 009540.KS, 0669.HK, 0700.HK, 1120.SR, 1211.HK, 2308.TW, 2327.TW, 2330.TW, 300750.SZ, 3690.HK, 4958.TW, ADIB.AD, BABA, ETE.WA, GLOB, HUVR.NS, IHCL.NS, JD, PDD, POWERGRID.NS, TCOM, TCS.NS, ZAB.WA | AI, China, Electric Vehicles, emerging markets, India, semiconductors, Taiwan, Trade Policy | - | abrdn's emerging markets fund underperformed in Q2 due to China and India headwinds, offset by South Korea and Taiwan gains. Trade tensions and geopolitical risks pressured Chinese e-commerce and EV names, while Korean reform expectations and Taiwanese AI recovery drove outperformance. The manager sees attractive valuations supported by dollar weakness despite ongoing macro uncertainties. |
| Mar 31 2025 | 2025 Q1 | 0700.HK, 1211.HK, 1810.HK, 2015.HK, 2222.SR, 2308.TW, 2317.TW, 2318.HK, 2327.TW, 2454.TW, 300274.SZ, 3968.HK, 4904.TW, ADIB.AD, ALDAR.AD, BABA, BAC, GLOB, INDHOTEL.NS, JBCHEPHARM.NS, POWERGRID.NS, TSM | AI, China, emerging markets, India, semiconductors, tariffs, technology | - | Fund underperformed on China/Taiwan stock selection despite AI-driven rally in Alibaba and Tencent. DeepSeek announcement pressured semiconductors while Trump's tariff clarity provides policy direction. Added Chinese positions, maintaining confidence in emerging market valuations and structural opportunities in China's domestic recovery and India's resilient growth trajectory. |
| Jun 30 2024 | 2024 Q2 | 005930.KS, 009540.KS, 0700.HK, 1880.HK, 2020.HK, 2308.TW, 2454.TW, 300274.SZ, 300750.SZ, 4958.TW, 600519.SS, ASM.AS, BBNI.JK, BBRI.JK, FEMSA.MX, GFNORTEO.MX, ITSA4.SA, RADL3.SA, TSM, ULTRACEMCO.NS | AI, China, emerging markets, India, Latin America, semiconductors, Taiwan, technology | - | abrdn's emerging markets fund underperformed in Q2 despite AI-driven Taiwan tech rally and Chinese policy support. The fund targets quality businesses with strong cash generation and low debt. Portfolio additions in India and Middle East reflect constructive outlook supported by expected rate cuts and structural technology tailwinds, though geopolitical risks persist. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
AIAI-driven growth dominated the quarter's recovery, with the fund benefiting from broad exposure across the AI value chain through semiconductors and hardware. While concerns emerged late in June regarding pace and sustainability, the manager continues to add selectively to technology names where valuation and earnings visibility remain compelling. AI remains the best structural story, though the manager emphasizes that price matters and the risk is that expectations and valuations get ahead of earnings. |
Semiconductors Hardware Technology Valuations Earnings |
Semiconductor CycleThe fund delivered strong performance from AI-linked semiconductors including SK Hynix, Samsung Electronics, MediaTek, ASE Technology, Accton Technology and Chroma ATE. Naura Technology, China's leading provider of semiconductor manufacturing equipment, is well placed to gain from robust demand for advanced logic products used in memory chip production, given the growing capacity squeeze in the global memory market. The manager has trimmed some positions to take profits while continuing to add selectively where valuation and earnings visibility remain compelling. |
Memory Equipment Manufacturing Capacity | |
ChinaChina positioning contributed strongly to performance. The manager has been maintaining exposure to attractively valued consumer names like Anta Sports while increasing exposure to new energy vehicles, new energy solutions, and China's parallel AI tech stack. The outlook is selective: technology, advanced manufacturing, shareholder returns and policy-aligned areas look more interesting than a broad macro beta call. Property, weak confidence and deflationary pressure remain constraints on a broad consumption-led recovery, framed as no bust, but no boom. |
Consumer Technology Manufacturing Policy | |
Energy TransitionThe softer oil backdrop reduced urgency around the energy transition theme, which dampened names such as Chinese electric vehicle battery maker Contemporary Amperex Technology. However, the company's energy storage solutions business continues to see strong demand growth, while advances in sodium-ion battery technology has also lifted its outlook. |
Batteries Energy Storage Electric Vehicles | |
OilInvestors welcomed news of an interim US-Iran peace agreement, which drove oil prices lower as concerns over supply disruptions eased. The decline in oil prices led to a broader repricing of energy assets, undermining Brazilian energy producer Prio, though not owning Petrobras added value. A softer oil price would lower inflation pressure and allow some EM central banks to ease selectively, though renewed oil pressure is identified as a potential headwind. |
Energy Inflation Geopolitics | |
IndonesiaIndonesia was the main detractor for the quarter. Foreign investor sentiment soured following MSCI's decision to delay the country's market status review, the conviction of a prominent tech entrepreneur on poorly defined corruption charges, and the move to potentially impose more state control over commodity exports. These developments, coupled with US dollar strength, weighed on the rupiah and caused Telkom Indonesia and Bank Negara Indonesia to sell off, though both remain well-run companies with attractive moats and increasingly compelling valuations. |
Regulation Currency Governance | |
RatesInvestors contended with rising US interest rate expectations towards the quarter-end, which strengthened the US dollar and weighed on commodities. Expectations for a delayed rate-cutting cycle and increased confidence that the new Federal Reserve chair Kevin Warsh would maintain fiscal discipline supported the US dollar. A more hawkish Fed is identified as a potential headwind, especially for deficit markets and crowded growth trades. |
Federal Reserve Dollar Monetary Policy | |
| 2026 Q1 |
AIAI-related investment drove strong early quarter performance across semiconductor and technology hardware value chain, with holdings benefiting from demand for power management, networking and advanced packaging linked to AI infrastructure. However, AI winners came under pressure in March as investors questioned durability of the AI-led upcycle and rotated out of high-performing names. |
Infrastructure Semiconductors Technology Upcycle |
Semiconductor CycleMemory market tightening benefited Samsung Electronics and SK Hynix early in the quarter, while Taiwan semiconductor names performed strongly on AI infrastructure demand. March rotation out of high-performing names was compounded by fears over improving AI memory efficiency, though manager views efficiency gains through lens of Jevons paradox supporting greater adoption over time. |
Memory Taiwan Efficiency Adoption | |
Energy TransitionExposure to materials linked to electrification added value, with Grupo Mexico benefiting from strong copper price and uranium producer Kazatomprom buoyed by elevated uranium prices. The conflict reinforces need for resilient supply chains and energy security, underpinning broader capex trends including electrification. |
Electrification Copper Uranium Security | |
GeopoliticalUS-Israel strikes on Iran led to closure of Strait of Hormuz, driving sharp sector and regional rotations in March. The potentially significant economic fallout from Middle East war poses headwinds through slowing global growth, rising rates and strong US dollar, though speedy resolution is in most parties' interest. |
Iran Hormuz Conflict Fallout | |
ChinaChinese markets remained cautious despite official growth targets being met, with disappointment over consumption boost measures hurting sentiment. Tencent lagged on AI disruption worries and rotation into newly listed AI names, though Contemporary Amperex Technology proved more resilient. China is relatively insulated from oil shock given renewables use, reserves and Iran relations. |
Consumption Insulated Renewables Relations | |
| 2025 Q4 |
Healthcare ITCareCloud helps smaller U.S. health practices manage data and collect payments. High switching costs lock in practices but also lock out competitors. Most RCMs have high fixed costs and too few clients, creating consolidation opportunities for CareCloud to buy cheaply and cut costs. |
Healthcare IT RCM EHR Consolidation Switching Costs |
CementICG owns cement plants in Kazakhstan and Tajikistan with significant energy and transport cost advantages. Newest dry process plants with heat recovery versus competitors' older wet process plants. Strategic locations 100km closer to customers than competitors. |
Cement Energy Efficiency Transport Kazakhstan Cost Advantage | |
ConstructionCTR Holdings builds structural frames and handles finishing work in Singapore. Most projects are public with stable government payments guaranteeing cash flow. Company had significant net cash and signed project backlog. |
Construction Singapore Government Contracts Cash Flow Backlog | |
| 2025 Q3 |
AIChinese tech holdings, particularly AI-related names, rallied as investors anticipated benefits from wider AI trends supported by Beijing's localization drive. AI delivery has become critical to the US economy with the theme broadening across both sides of the Pacific. The fund maintains exposure to various sections of the AI supply chain from semiconductor manufacturing to data center-oriented names. |
Artificial Intelligence Technology Semiconductors Data Centers Cloud |
ChinaChina saw increased flows into a broader range of stocks as risk-on sentiment returned, supported by growing market confidence in China's ability to navigate trade tensions with the US. Beijing maintains focus on localization and anti-involution campaigns. Southbound flows have accelerated in 2025, suggesting greater risk appetite among Chinese investors. |
Chinese Equities Localization Trade Tensions Risk Appetite Flows | |
SemiconductorsTaiwan Semiconductor Manufacturing Co, Accton Technology and Delta Electronics were additive to performance. The fund maintains exposure to various sections of the AI supply chain, from semiconductor manufacturing and design to data center-oriented names. New holdings include semiconductor packaging company ASE Technology. |
Taiwan Semiconductor Chip Manufacturing Supply Chain Technology Hardware | |
Trade PolicyUS tariffs remained a focal point with President Trump unveiling new levies including a 10% baseline rate and higher rates for countries with trade surpluses. Indian equities faced pressure from punitive US tariffs due to purchases of Russian oil. Trump has extended tariff pressure to India and Brazil, though agreements to reduce tariffs are expected. |
Tariffs Trade Wars Geopolitical Risk Policy Uncertainty | |
Energy TransitionContemporary Amperex Technology performed well with its defensive positioning in electric vehicles and alignment with rising need for energy storage solutions. Grupo Mexico rallied on rising copper demand driven by electrification and data center growth, benefiting from access to low-cost reserves. |
Electric Vehicles Energy Storage Copper Electrification Battery Technology | |
| 2025 Q2 |
AIChinese companies like Alibaba and Tencent faced margin pressure from rising AI-related capex. The fund maintains exposure to various sections of the AI supply chain, from semiconductor manufacturing and design to data center-oriented names. Hyperscalers' capex plans are expected to continue translating into orders for AI infrastructure companies. |
Artificial Intelligence Capex Infrastructure Semiconductors Data Centers |
E-commerceChinese e-commerce incumbents like Alibaba, Meituan and Trip.com came under pressure from aggressive pricing amid expansion push by JD.com. The competitive landscape intensified with pricing pressures affecting margins across the sector. |
Online Retail Competition Pricing China Digital Commerce | |
Electric VehiclesBYD implemented price cuts to sustain growth and defend against new entrants, which affected battery suppliers including Contemporary Amperex Technology. The EV sector showed competitive pressures with pricing strategies impacting the supply chain. |
EVs Battery Supply Chain Pricing Competition China | |
SemiconductorsTaiwan Semiconductor Manufacturing Co, Accton Technology and Delta Electronics added value as fears of AI infrastructure hits subsided. SK Hynix benefited from continued demand for high bandwidth memory products. The fund maintains exposure across the semiconductor manufacturing and design value chain. |
Memory Manufacturing Taiwan Korea AI Infrastructure | |
Trade PolicyTrump's aggressive trade policies and hefty levies on Liberation Day sparked fears of global trade war. Tariff uncertainty led to front-loaded export activity and concerns about demand slowdown. Recent actions suggest US-China decoupling will slow, though integration of the global economy will be materially diminished. |
Tariffs US-China Trade War Decoupling Export Activity | |
| 2025 Q1 |
AIDeepSeek's AI model announcement triggered a sharp rally in Chinese tech stocks, particularly benefiting cloud providers like Alibaba and Tencent. However, concerns emerged that more efficient AI models might reduce demand and capex in the tech value chain, pressuring semiconductor and tech hardware stocks. |
DeepSeek Cloud Semiconductors Tech Hardware Capex |
ChinaChina started 2025 with a strong quarter despite tariff uncertainty, fueled by AI-driven optimism and increased investor confidence. Policymakers committed to more fiscal stimulus and set a 2025 growth target of around 5%, with the domestic environment outlook remaining positive. |
Fiscal Stimulus Growth Target Tariffs Domestic Environment | |
Trade PolicyTrump announced 10% baseline tariffs for all countries with more punitive reciprocal tariffs for identified nations. Most higher tariffs have been pushed back except for China, which has retaliated with its own levies, answering key questions about Trump's goals of shifting manufacturing and raising revenue. |
Tariffs Manufacturing Revenue Reciprocal | |
SemiconductorsSemiconductor and tech hardware stocks came under pressure following DeepSeek's announcement as investors speculated that more efficient AI models might lead to lower demand and capex in the tech value chain. Taiwanese holdings including TSMC, MediaTek, and others detracted significantly from performance. |
Tech Hardware Capex Taiwan Demand | |
| 2024 Q2 |
AIArtificial intelligence drove a tech rally in Taiwan and benefited semiconductor positions. AI demand accelerated requirements for high bandwidth memory chips and supported hyperscaler demand for networking equipment. |
Semiconductors Taiwan Memory Networking Hyperscalers |
SemiconductorsSemiconductor positions performed well due to structural and cyclical tailwinds including memory cycle recovery. Taiwan Semiconductor Manufacturing, MediaTek, and other chip makers contributed positively to performance. |
Memory Taiwan Foundries Chip Designers Semi Equipment | |
ChinaChinese stocks outperformed as policymakers rolled out further economic support measures including a property rescue plan. However, the recovery remains nascent with continued property market weakness despite incremental stimulus. |
Property Stimulus Policy Recovery Support | |
IndiaIndia showed post-election strength with political continuity as key ministers retained positions. The country remains one of the world's fastest-growing major economies backed by infrastructure transformation and positive demographics. |
Elections Growth Infrastructure Demographics Politics |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| 000660.KS | Stock selection in information technology was the primary driver of the outperformance, as we benefited from strength in AI-linked semiconductors and hardware. Key contributors included SK Hynix and Samsung Electronics, alongside MediaTek, ASE Technology, Accton Technology and Chroma ATE, reflecting broad exposure across the AI value chain. |
| 005930.KS | Stock selection in information technology was the primary driver of the outperformance, as we benefited from strength in AI-linked semiconductors and hardware. Key contributors included SK Hynix and Samsung Electronics, alongside MediaTek, ASE Technology, Accton Technology and Chroma ATE, reflecting broad exposure across the AI value chain. |
| 2454.TW | Stock selection in information technology was the primary driver of the outperformance, as we benefited from strength in AI-linked semiconductors and hardware. Key contributors included SK Hynix and Samsung Electronics, alongside MediaTek, ASE Technology, Accton Technology and Chroma ATE, reflecting broad exposure across the AI value chain. |
| 3711.TW | Stock selection in information technology was the primary driver of the outperformance, as we benefited from strength in AI-linked semiconductors and hardware. Key contributors included SK Hynix and Samsung Electronics, alongside MediaTek, ASE Technology, Accton Technology and Chroma ATE, reflecting broad exposure across the AI value chain. |
| 2345.TW | Stock selection in information technology was the primary driver of the outperformance, as we benefited from strength in AI-linked semiconductors and hardware. Key contributors included SK Hynix and Samsung Electronics, alongside MediaTek, ASE Technology, Accton Technology and Chroma ATE, reflecting broad exposure across the AI value chain. |
| 2360.TW | Stock selection in information technology was the primary driver of the outperformance, as we benefited from strength in AI-linked semiconductors and hardware. Key contributors included SK Hynix and Samsung Electronics, alongside MediaTek, ASE Technology, Accton Technology and Chroma ATE, reflecting broad exposure across the AI value chain. |
| GMEXICOB.MX | Performance was more mixed across upstream inputs and commodities, as expectations for a delayed rate-cutting cycle and increased confidence that the new Federal Reserve (Fed) chair Kevin Warsh would maintain fiscal discipline supported the US dollar, weighing on gold prices. This was beneficial for our positioning in South Africa, where we have limited exposure to gold miners. However, weaker sentiment towards copper hurt Grupo Mexico, which lagged. |
| 300750.SZ | Separately, the decline in oil prices led to a broader repricing of energy assets. This undermined Brazilian energy producer Prio, though not owning Petrobras added value. The softer oil backdrop also reduced urgency around the energy transition theme, which dampened names such as Chinese electric vehicle battery maker Contemporary Amperex Technology. However, the company's energy storage solutions business continues to see strong demand growth, while advances in sodium-ion battery technology has also lifted its outlook. |
| 2020.HK | Overall, our positioning in China contributed strongly to performance. Over the past year, we have been maintaining exposure to consumer names that are attractively valued, such as Anta Sports, while increasing exposure to new energy vehicles and new energy solutions, and investing in China's parallel AI tech stack. |
| 0700.HK | Model makers such as Tencent and Alibaba struggled during the quarter. Tencent was held back by concerns around AI-driven disruption in gaming and its slow start in developing a proprietary model. |
| BABA | Model makers such as Tencent and Alibaba struggled during the quarter. Tencent was held back by concerns around AI-driven disruption in gaming and its slow start in developing a proprietary model. |
| 688008.SS | More positively, our investments in Chinese hardware names more than made up for the weakness, with Montage Technology and Naura Technology among the standout performers. |
| 002371.SZ | More positively, our investments in Chinese hardware names more than made up for the weakness, with Montage Technology and Naura Technology among the standout performers. Naura Technology, China's leading provider of semiconductor manufacturing equipment, is well placed to gain from robust demand for advanced logic products used in memory chip production, given the growing capacity squeeze in the global memory market. |
| TLKM.JK | Indonesia was the main detractor for the quarter. Foreign investor sentiment soured following MSCI's decision to delay the country's market status review, the conviction of a prominent tech entrepreneur on poorly defined corruption charges, and the move to potentially impose more state control over commodity exports. These developments, coupled with US dollar strength, weighed on the rupiah. Telkom Indonesia and Bank Negara Indonesia sold off, though both remain well-run companies with attractive moats and increasingly compelling valuations. |
| BBNI.JK | Indonesia was the main detractor for the quarter. Foreign investor sentiment soured following MSCI's decision to delay the country's market status review, the conviction of a prominent tech entrepreneur on poorly defined corruption charges, and the move to potentially impose more state control over commodity exports. These developments, coupled with US dollar strength, weighed on the rupiah. Telkom Indonesia and Bank Negara Indonesia sold off, though both remain well-run companies with attractive moats and increasingly compelling valuations. |
| AC.MX | We introduced Mexican Coca-Cola bottler Arca Continental and Peruvian financial services holding company Credicorp, given their attractive prospects. |
| BAP | We introduced Mexican Coca-Cola bottler Arca Continental and Peruvian financial services holding company Credicorp, given their attractive prospects. |
| KTB.BK | In emerging Asia, we bought Thai lender Krung Thai Bank, alongside South Korean auto parts maker Hyundai Mobis and investment holding company SK Square. |
| 012330.KS | In emerging Asia, we bought Thai lender Krung Thai Bank, alongside South Korean auto parts maker Hyundai Mobis and investment holding company SK Square. |
| 034730.KS | In emerging Asia, we bought Thai lender Krung Thai Bank, alongside South Korean auto parts maker Hyundai Mobis and investment holding company SK Square. |
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