abrdn Emerging Markets Fund

Investor Summary

The fund is managed by Devan Kaloo, who has been managing the fund since May 11, 2007, bringing over 15 years of experience, and Nick Robinson, who joined as co-portfolio manager on December 31, 2008, contributing over 14 years of fund management experience. Both managers are part of abrdn Inc, which employs 193 individuals with 24% serving as investment professionals. The management team maintains a constructive outlook emphasizing structural themes including artificial intelligence infrastructure, electrification trends, and supply chain diversification, while remaining vigilant about geopolitical risks, US-China trade tensions, and valuation discipline. Their investment approach demonstrates expertise in active portfolio management with recent strategic additions and exits showing tactical flexibility within their long-term strategic framework.

Fund Strategy

Aberdeen employs an active, high conviction investment approach with a global team experienced since 1987, investing in quality companies with strong fundamentals, ESG management, and competitive advantages. The investment philosophy emphasizes that developing markets present some of the greatest growth potential in a post-pandemic world, focusing on the rise of the consumer with emerging Asia set to dominate consumption by the 2040s. The firm maintains that many EM companies still trade well below their long-term averages and that emerging markets can represent an appealing income universe for today's active investors with a total return mindset. The approach combines value-oriented perspective within a growth framework, suggesting disciplined emerging market investing focused on structural themes including AI infrastructure, electrification, and supply chain shifts.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
6.04%	2.52%	2.52%

Executive Summary

The abrdn Emerging Markets Fund declined 0.29% in Q1 2026, modestly underperforming the benchmark amid sharp sentiment shifts. Early quarter strength driven by AI-related investment and electrification themes gave way to March sell-off following US-Israel strikes on Iran and Strait of Hormuz closure. Information technology was the strongest contributor, with Taiwan semiconductor names benefiting from AI infrastructure demand and memory market tightening supporting Samsung Electronics and SK Hynix. However, these winners faced rotation pressure in March as investors questioned AI upcycle durability. Materials exposure to electrification added value through Grupo Mexico and Kazatomprom, while Latin America contributed positively. China and India detracted, with Tencent lagging on AI disruption concerns and HDFC Bank the largest single detractor. The manager reintroduced energy exposure through Prio to balance risks. Despite cloudier near-term outlook from Middle East conflict creating growth, rate and dollar headwinds, the manager remains constructive long-term on EM divergence, capex trends, and improved valuations following the sell-off.

Core Thesis

Focus on high-quality emerging market companies with strong balance sheets and long-term structural growth drivers, positioned across AI infrastructure, electrification themes, and select regional opportunities while maintaining discipline amid heightened geopolitical volatility.

Forward Outlook

The outlook for EMs has become cloudier amid potentially significant economic fallout from Middle East war, though the manager remains constructive on longer-term outlook for three key reasons: divergence (many EM countries enter crisis in better economic shape), capex trends reinforced by conflict, and improved valuations following March sell-off.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
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.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

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 Q1	AI AI-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 Cycle Memory 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 Transition Exposure 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
	Geopolitical US-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
	China Chinese 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 IT CareCloud 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
	Cement ICG 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
	Construction CTR 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	AI Chinese 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
	China China 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
	Semiconductors Taiwan 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 Policy US 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 Transition Contemporary 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	AI Chinese 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-commerce Chinese 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 Vehicles BYD 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
	Semiconductors Taiwan 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 Policy Trump'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	AI DeepSeek'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
	China China 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 Policy Trump 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
	Semiconductors Semiconductor 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	AI Artificial 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
	Semiconductors Semiconductor 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
	China Chinese 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
	India India 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

QUARTER

THEMES

AI

AI-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 Cycle

Memory 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 Transition

Exposure 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

Geopolitical

US-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

China

Chinese 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 IT

CareCloud 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

Cement

ICG 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

Construction

CTR 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

AI

Chinese 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

China

China 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

Semiconductors

Taiwan 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 Policy

US 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 Transition

Contemporary 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

AI

Chinese 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-commerce

Chinese 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 Vehicles

BYD 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

Semiconductors

Taiwan 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 Policy

Trump'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

AI

DeepSeek'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

China

China 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 Policy

Trump 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

Semiconductors

Semiconductor 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

AI

Artificial 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

Semiconductors

Semiconductor 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

China

Chinese 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

India

India 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

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

No Elevator Pitches found

TICKER	COMMENTARY
005930.KS	Samsung Electronics and SK Hynix benefitted from a tightening memory market early in the quarter, but Samsung Electronics and SK Hynix detracted following a rotation out of high-performing names, compounded by fears over improving AI memory efficiency.
000660.KS	Samsung Electronics and SK Hynix benefitted from a tightening memory market early in the quarter, but Samsung Electronics and SK Hynix detracted following a rotation out of high-performing names, compounded by fears over improving AI memory efficiency.
2308.TW	In Taiwan, names including Delta Electronics, Accton Technology and ASE Technology performed strongly on demand for power management, networking and advanced packaging linked to AI infrastructure.
4958.TW	In Taiwan, names including Delta Electronics, Accton Technology and ASE Technology performed strongly on demand for power management, networking and advanced packaging linked to AI infrastructure.
2311.TW	In Taiwan, names including Delta Electronics, Accton Technology and ASE Technology performed strongly on demand for power management, networking and advanced packaging linked to AI infrastructure.
GMEXICOB.MX	Grupo Mexico was the top individual contributor, benefitting earlier in the period from a strong copper price and robust earnings momentum, while uranium producer Kazatomprom was buoyed by elevated uranium prices. That said, Grupo Mexico gave back some gains in March as concerns around softer global growth weighed on copper demand.
KAP.L	Grupo Mexico was the top individual contributor, benefitting earlier in the period from a strong copper price and robust earnings momentum, while uranium producer Kazatomprom was buoyed by elevated uranium prices.
ITSA4.SA	Overall, Latin America contributed positively, with Brazilian conglomerate Itausa also among the bright spots.
0700.HK	Tencent lagged as worries about AI-driven disruption and rotation into newly listed AI names persisted.
300750.SZ	Contemporary Amperex Technology proved more resilient and acted as a partial hedge in March.
HDFCBANK.NS	HDFC Bank was the largest single detractor.
INDHOTEL.NS	Consumer-oriented holdings such as Indian Hotels and Mahindra & Mahindra also trailed.
MAHINDRA.NS	Consumer-oriented holdings such as Indian Hotels and Mahindra & Mahindra also trailed.

TICKER

COMMENTARY

005930.KS

Samsung Electronics and SK Hynix benefitted from a tightening memory market early in the quarter, but Samsung Electronics and SK Hynix detracted following a rotation out of high-performing names, compounded by fears over improving AI memory efficiency.

000660.KS

2308.TW

In Taiwan, names including Delta Electronics, Accton Technology and ASE Technology performed strongly on demand for power management, networking and advanced packaging linked to AI infrastructure.

4958.TW

In Taiwan, names including Delta Electronics, Accton Technology and ASE Technology performed strongly on demand for power management, networking and advanced packaging linked to AI infrastructure.

2311.TW

In Taiwan, names including Delta Electronics, Accton Technology and ASE Technology performed strongly on demand for power management, networking and advanced packaging linked to AI infrastructure.

GMEXICOB.MX

Grupo Mexico was the top individual contributor, benefitting earlier in the period from a strong copper price and robust earnings momentum, while uranium producer Kazatomprom was buoyed by elevated uranium prices. That said, Grupo Mexico gave back some gains in March as concerns around softer global growth weighed on copper demand.

KAP.L

ITSA4.SA

Overall, Latin America contributed positively, with Brazilian conglomerate Itausa also among the bright spots.

0700.HK

Tencent lagged as worries about AI-driven disruption and rotation into newly listed AI names persisted.

300750.SZ

Contemporary Amperex Technology proved more resilient and acted as a partial hedge in March.

HDFCBANK.NS

HDFC Bank was the largest single detractor.

INDHOTEL.NS

Consumer-oriented holdings such as Indian Hotels and Mahindra & Mahindra also trailed.

MAHINDRA.NS

Consumer-oriented holdings such as Indian Hotels and Mahindra & Mahindra also trailed.

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Status

No Recent Sells Data

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Industry

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Current Quarter %

Change

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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

AI

Semiconductor Cycle

Energy Transition

Geopolitical

China

Healthcare IT

Cement

Construction

AI

China

Semiconductors

Trade Policy

Energy Transition

AI

E-commerce

Electric Vehicles

Semiconductors

Trade Policy

AI

China

Trade Policy

Semiconductors

AI

Semiconductors

China

India

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Devan Kaloo Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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abrdn Emerging Markets Fund