| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 2.7% | - | - |
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.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 31 2026 | 2026 Q2 | - | Asia, China, Consumer Staples, emerging markets, financials, India, Quality, Taiwan | - | Aikya's Emerging Markets fund returned 5.0% in July, outperforming the benchmark by 8.1% as it declined 3.1%. The quality-focused strategy benefited from strength in Taiwan consumer names and Edge AI demand, Chinese internet platforms showing narrowing losses, and Indonesian banks delivering solid results. India large caps weakened temporarily. The fund maintains 38 positions concentrated in Consumer Staples and Financials. |
| Mar 31 2026 | 2026 Q1 | 000660 KS, 005930 KS, 1972.HK, 2330.TW, 300012.SZ, HDFCBANK.NS, NATU3.SA, UL, WEGE3.SA | Brazil, China, emerging markets, India, Quality, semiconductors | - | Aikya's emerging markets fund fell 8.7% in March but outperformed the benchmark's 13.1% decline through quality positioning. Semiconductor correction led by TSMC, Samsung, and SK Hynix drove weakness amid tempered AI enthusiasm. Brazil and China provided protection with Natura and Foshan Haitian performing well, while Unilever and HDFC Bank weighed on returns. |
| Jan 29 2026 | 2025 Q4 | 000660.KS, 005930.KS, 1288.HK, 2330.TW, 2912.TW, 3690.HK, BBDO3.SA, CPI.JO, EPAM, HDB, KOF, NTCO3.SA, RDY, UL | AI, Brazil, emerging markets, Quality, semiconductors, valuation | - | Aikya's emerging markets fund underperformed in December due to minimal semiconductor exposure amid AI enthusiasm, while Brazilian political uncertainty hurt regional holdings. The fund maintains quality and valuation discipline despite missing the tech rally, with strong individual company performance from Capitec, EPAM, and FEMSA offsetting broader headwinds. |
| Oct 29 2025 | 2025 Q3 | 000660.KS, 005930.KS, 1216.TW, 1299.HK, 2330.TW, 300012.SZ, 300124.SZ, 3690.HK, 9999.HK, BBCA.JK, BCH, FMX, HDB, NTCO3.SA, RADL3.SA, UL | AI, China, emerging markets, Indonesia, Quality, semiconductors, valuation | - | Aikya's emerging markets fund posted positive October returns but lagged benchmark due to minimal semiconductor exposure amid AI excitement. Quality-focused approach avoided Taiwan/Korea momentum while benefiting from Indonesian bank holdings. China correction impacted some positions though defensive stance helped. Mixed Latin American results reflected regional consumer weakness. Strategy maintains valuation discipline over momentum chasing. |
| Jul 31 2025 | 2025 Q2 | 1299.HK, 2395.TW, 3690.HK, BBCA.JK, FMX, HDB, NTES, RDY, UL | AI, emerging markets, Korea, Quality, semiconductors, Taiwan, valuation | - | Aikya's emerging markets strategy lagged in July due to underweight positions in outperforming Korea and Taiwan markets. The fund maintains disciplined quality-focused approach, avoiding Korean governance concerns and semiconductor valuation extremes despite AI excitement. Latin American holdings suffered from trade tariff worries while IT services weakness impacted Indian positions. Long-term focus on quality companies at sensible valuations remains unchanged. |
| Jan 3 2023 | 2022 Q4 | 003550 KS, 1268 HK, 345 HK, AIA, BBD, BIOC, MRCO IN, NTCO, RDY | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
QualityAikya's investment approach relies on two key pillars: Quality and Valuation. The fund invests in high-quality companies when they are available at sensible valuations. The strategy focuses on companies that make a positive contribution to sustainable development within the countries in which they operate. |
Quality Valuation Sustainable |
Consumer StaplesConsumer staples represent the largest sector exposure at 38.5% of NAV. The strategy benefited from strength in consumer holdings during the month, with Uni-President contributing as sentiment towards domestic consumer names improved in Taiwan. Foshan Haitian also delivered a strong set of results. |
Consumer Food Beverages | |
FinancialsFinancials represent 19.7% of NAV with holdings including HDFC Bank and Bank Central Asia. Bank Central Asia delivered solid results, which was reassuring after a period when Indonesia has been out of favour. HDFC Bank remained under pressure during the month but this appears to be more temporary in nature. |
Banks Indonesia India | |
AIThe strategy benefited from firm demand for Edge AI products at Advantech in Taiwan. However, the broader Emerging Markets declined during the month as investors reassessed AI-related spending, and semiconductor stocks in South Korea corrected sharply. |
Edge AI Automation Semiconductors | |
IT ServicesEPAM recovered during the month as market fears around IT Services disruption risk subsided somewhat. This contributed positively to the strategy's performance. |
IT Services Technology | |
| 2026 Q1 |
Semiconductor CycleEmerging Market equities declined sharply during March as markets tempered enthusiasm for AI-related growth. The main reason for market weakness was a significant correction in large semiconductor stocks, including TSMC, Samsung and SK Hynix. |
Semiconductors AI TSMC Samsung Technology |
QualityAikya's investment approach relies on two key pillars: Quality and Valuation. The fund invests exclusively in high-quality companies when they are available at sensible valuations. In volatile times, durable franchises like Foshan Haitian are better appreciated by markets. |
Quality Valuation Franchise Durable | |
| 2025 Q4 |
Live SportsManager sees significant value in sports teams and entertainment assets, citing strong viewership numbers and global interest. Recommends Atlanta Braves, Madison Square Garden Sports, Manchester United, and Rogers Communications based on undervalued sports assets relative to private market values. |
Sports Teams Entertainment Media Rights Valuation |
MediaBullish on media companies with sports content and live programming. Fox benefits from NFL and MLB rights plus World Cup coverage. Versant Media Group seen as attractive after Comcast spinoff created selling pressure from index funds. |
Broadcasting Content Sports Rights Spinoffs | |
Natural GasPositive on National Fuel Gas due to strategic Appalachian Basin reserves and regulated utility business expansion. Views natural gas as underappreciated given its 40% share of US electric power generation and proximity to population centers. |
Utilities Energy Infrastructure Reserves Regulation | |
AerospaceSees value in Albany International's aerospace composites business, particularly lightweight components for LEAP engines. Expects strategic alternatives exploration to unlock value through potential spin-off and eventual acquisition by aerospace companies. |
Defense Composites Aircraft Restructuring | |
AIAcknowledges AI's transformative impact but warns of potential disappointment for investors. Compares current AI boom to historical technological revolutions with speculative excess. Expects volatility and potential 'Deep Seek' moments that could rattle markets. |
Technology Speculation Volatility Innovation | |
GoldStrong performance in 2025 with gold fund up 167%. Views gold as store of value amid monetary uncertainty and geopolitical tensions. Cites central bank demand and individual investor interest as key drivers for continued strength. |
Precious Metals Store of Value Monetary Policy Geopolitics | |
| 2025 Q3 |
AIThe market's continued excitement for AI potential led semiconductor stocks materially higher, with Taiwan and Korea at record highs. While Aikya believes in AI's long-term potential, they maintain quality and valuation discipline rather than chasing momentum. |
Semiconductors Taiwan Korea TSMC Valuation |
QualityAikya's investment approach relies on two key pillars: Quality and Valuation. They invest exclusively in high-quality companies when available at sensible valuations, maintaining this discipline despite market momentum in other areas. |
Valuation Investment Discipline Companies | |
| 2025 Q2 |
QualityAikya's investment approach relies on two key pillars: Quality and Valuation. They invest exclusively in high-quality companies when they are available at sensible valuations. The fund objective emphasizes investing in high quality companies that make a positive contribution to sustainable development. |
Quality Valuation Sustainable |
SemiconductorsTaiwan benefited from continued excitement for AI potential, which led semiconductor stocks materially higher. The strategy retains relatively low exposure to semiconductors as valuations have become increasingly difficult to justify in the short-term, despite Asia being home to some of the world's best semiconductor companies. |
AI Taiwan Valuations |
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