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 |
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As of Oct 12, 2026
ABS Global Investments provides a market review of emerging markets for the third quarter of 2026, observing that emerging markets equities paused during the quarter but maintained an approximate 11 percentage point lead year-to-date over developed markets. In Q3 2026, the MSCI Emerging Markets Index slipped -0.4%, while the MSCI World Index gained +1.9% and US equities advanced +2.3%. On a year-to-date basis through September 30, 2026, emerging markets equities remained up +23% compared to +12% for developed markets. Specific fund-level net performance, portfolio exposure shifts, and leverage metrics were not disclosed in the market presentation. The review examines two primary macro cross-currents shaping performance: the structural artificial intelligence cycle and monetary policy dynamics driven by commodity shocks. The emerging markets technology sector experienced volatility with a -28% drawdown following July valuation and positioning resets, yet held an +84% year-to-date gain as underlying demand for artificial intelligence hardware continued to outpace industry supply. Concurrently, crude oil surged +30% during the quarter amid renewed attacks on maritime shipping lanes, propelling emerging market energy equities up +10.8%. This commodity pressure coincided with a hawkish 25 basis point rate hike by the Federal Reserve on September 16, which strengthened the US dollar by +2.0% in September, pressured emerging market foreign exchange, and tempered expectations for local monetary easing. From a fundamental valuation standpoint, ABS Global Investments highlights that the broad opportunity set remains historically compelling across emerging markets. Currently, 19 out of 24 emerging market countries are trading below their 10-year average price-to-earnings multiples. Even in regions that have rallied strongly, such as Korean technology equities, the firm notes that valuations remain attractive when supported by resilient underlying corporate earnings growth.
Emerging markets offer compelling structural upside supported by broad valuation discounts versus historical averages and enduring artificial intelligence hardware demand, even amid near-term commodity shocks and Federal Reserve tightening.
ABS Global Investments maintains that the broader trends supporting emerging markets remain intact despite Q3 consolidation. With 19 of 24 emerging market nations trading below their 10-year average valuation multiples, robust AI hardware demand exceeding supply, and Korea tech multiples supported by earnings growth, the asset class retains strong medium-term upside potential, although investors must monitor Federal Reserve policy stance, dollar strength, and energy inflation.
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