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 Jul 29, 2026
The abrdn International Small Cap Active ETF outperformed its benchmark in Q2 2026, returning 11.71% versus 9.62%, driven primarily by sector allocation. Top contributors included AI-related infrastructure holdings Elite Material, Chenbro Micom, and Chroma ATE, which the manager trimmed after strong performance. Key detractors included Pan African Resources due to declining gold prices, Shanghai Conant Optical affected by rising raw material costs, and Gaztransport & Technigaz impacted by falling LNG prices following a Strait of Hormuz ceasefire. The manager initiated six new positions during the quarter, including Tokyo Seimitsu (semiconductor probers), Bachem (GLP-1 peptide manufacturing), and Helios Towers (African telecom infrastructure), while exiting Sweco, Dino Polska, and Jungheinrich due to diminished conviction. Looking forward, the manager expects market leadership to broaden as interest rate expectations shift and AI concentration eases. The portfolio maintains a quality and valuation discipline focus, positioned to benefit from international small-cap re-rating as investor allocations remain below historical norms. The strategy continues to deliver stronger earnings growth and higher returns on equity than the benchmark despite a narrowed valuation premium.
The fund invests in high-quality international small-cap companies capable of generating sustainable earnings growth and positive momentum while maintaining valuation discipline, with a focus on structural growth opportunities across sectors including AI infrastructure, semiconductors, pharmaceuticals, and telecommunications infrastructure in emerging markets.
The manager expects market leadership to broaden and evolve in the second half of the year, driven by shifting interest rate expectations and easing market concentration. The portfolio is well positioned from both quality and valuation perspectives, with the strategy's valuation premium relative to the benchmark having narrowed significantly while continuing to deliver meaningfully stronger earnings growth and higher returns on equity. The manager maintains focus on investing in high-quality companies capable of generating sustainable earnings growth and positive momentum while maintaining valuation discipline. International small-cap equities continue to offer attractive long-term opportunities with greater diversification, stronger earnings growth prospects, and more compelling valuations than large-cap counterparts.
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