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 |
|---|---|---|---|---|---|---|
Aikya's Global Emerging Markets Fund delivered a positive return of 5.0% in July 2026, significantly outperforming the MSCI Emerging Markets benchmark which declined 3.1%. The strategy's investment approach relies on two key pillars: Quality and Valuation, investing in high-quality companies at sensible valuations. The fund benefited from strength in information technology, consumer, and financial holdings. In Taiwan, Advantech benefited from firm demand for automation and Edge AI products, while Uni-President contributed as sentiment towards domestic consumer names improved. In China, Meituan improved following results that showed narrowing losses, and Foshan Haitian delivered strong results. Bank Central Asia in Indonesia delivered solid results, reassuring after a period of disfavour. EPAM recovered as IT Services disruption fears subsided. India was the main source of weakness, with Dr. Reddy's Laboratories softer and HDFC Bank under pressure, though both appear temporary. The fund holds 38 positions with 1.3% cash, concentrated in Consumer Staples (38.5%) and Financials (19.7%).
Aikya invests in high-quality companies in Emerging Markets when they are available at sensible valuations, focusing on companies that make a positive contribution to sustainable development.
Aikya's purpose is to generate absolute returns with strong downside protection over the long-term. Performance over a one month is too short a timeframe over which to draw any meaningful conclusions.
As of Aug 26, 2026
Aikya was founded by veteran emerging markets investors, including five former senior members of Stewart Investors (Ashish Swarup, Tom Allen, Alan Nesbit, Michael Summers, and Alex Khosla), plus Rahul Desai from Fidelity and Trevor Fung from Income Partners Asset Management. Lead Portfolio Manager Ashish Swarup and Co-Portfolio Manager Rahul Desai bring extensive emerging markets expertise, having worked closely together on emerging markets strategies at leading investment firms. The team emphasizes their long-term collaborative relationships and intricate understanding of compelling investment opportunities within emerging markets globally.
Quality Value / Growth
Lead Portfolio Manager & CIO
Neutral / Balanced
Market Conviction
The fund holds 38 positions, which is a moderately diversified portfolio. The top ten holdings represent approximately 44% of NAV, with the largest position at 5.8%, indicating meaningful but not extreme concentration. The manager articulates a clear two-pillar investment approach (Quality and Valuation) and discusses specific holdings with thesis-level commentary. However, position sizing is not explicitly detailed beyond the top ten, and the letter lacks strong declarative language about conviction levels or willingness to add on weakness. The 38-position count and moderate concentration place this in the moderate conviction range.
Growth Outlook
The manager remains neutral on macro market direction, noting elevated geopolitical risks in West Asia and energy price inflation. Rather than making predictions, the manager focuses on bottom-up quality, asserting that short-term performance is too noisy to draw major conclusions.
Risk Appetite
The portfolio represents a balanced risk posture, with cash steady at 0.9%. While they do not employ active shorting or extensive hedging, their heavy allocation to defensive sectors like Consumer Staples (39.9%) balances out riskier emerging market exposures.
Capital Deployment
Cash remains at 1.3% of NAV, indicating the fund is essentially fully invested. The letter does not mention any changes to cash levels, new position additions, or significant trimming activity. The manager describes several holdings that performed well and notes that some weakness appears temporary, but there is no explicit discussion of deployment or de-risking actions. The stable, low cash level and absence of deployment commentary suggest a neutral, monitoring stance with minimal net capital movement during the month.
Forward Guidance
There is no explicit forward guidance or indication of planned near-term capital deployment in the report. The manager emphasizes their long-term compounding approach and states that short-term fluctuations will not shift their long-term focus.
Language Signal
The language includes positive terms such as 'benefited,' 'strength,' 'improved,' 'solid results,' 'reassuring,' and 'recovered' when describing portfolio holdings. However, the letter also acknowledges 'declined,' 'corrected sharply,' 'weakness,' 'softer,' and 'under pressure' when describing market conditions and specific holdings. The balance tilts mildly positive as the manager frames negative developments as temporary and emphasizes the positive contributors. Overall, the language is measured and balanced with a slight positive lean.
Perceived Risk
The perceived risk is scored at 0.65 due to the explicit discussion of heightened geopolitical tensions in West Asia and rising energy prices. Additionally, the manager acknowledges the correction in highly hyped AI semiconductor stocks.
Opportunity Density
The manager maintains a fully invested portfolio of 38 positions with only 1.3% cash, suggesting they continue to find sufficient opportunities to deploy capital. The letter highlights several holdings that delivered positive results and benefited from specific tailwinds. However, there is no explicit discussion of abundant opportunities, new ideas, or a rich pipeline. The manager's emphasis on Quality and Valuation suggests selectivity. The fully invested posture combined with selective language indicates a moderate opportunity set rather than an abundant one.
Time Horizon
The manager explicitly states that their purpose is to generate absolute returns with strong downside protection over the long-term, and that one month is too short a timeframe to draw meaningful conclusions. This language clearly indicates a multi-year investment horizon. The fund's focus on high-quality companies that make a positive contribution to sustainable development also suggests a patient, long-term approach. However, the letter does not specify decade-plus horizons or permanent capital structure, and the monthly reporting format implies some attention to shorter-term performance. The emphasis on long-term returns and dismissal of monthly volatility places this in the multi-year, patient capital range.
Top Conviction Themes
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