Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st March 2026
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 1.9% | -5.5% | -5.5% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 1.9% | -5.5% | -5.5% |
Aikya's Global Emerging Markets Fund declined 8.7% in March 2026, outperforming the MSCI Emerging Markets benchmark which fell 13.1%. The fund's quality-focused investment approach, targeting high-quality companies at sensible valuations, provided downside protection during market volatility. The primary driver of weakness was a significant correction in large semiconductor stocks including TSMC, Samsung, and SK Hynix as markets tempered AI-related growth enthusiasm. Geopolitical tensions in West Asia and rising energy prices also pressured emerging market equities. Brazil and China helped protect downside, with Natura delivering strong returns as it simplifies its structure and Foshan Haitian benefiting from its durable franchise being better appreciated in volatile times. Notable weak spots included Unilever following its food business spin-off announcement, HDFC Bank after board changes, and Centre Testing which corrected after strong performance. The fund maintains its long-term focus on generating absolute returns with strong downside protection.
Aikya invests exclusively in high-quality companies when they are available at sensible valuations, focusing on companies that make a positive contribution to sustainable development within emerging markets.
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 |
|---|---|---|---|---|---|
| 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 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 |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| 2330.TW | The main reason was market weakness was a significant correction in large semiconductor stocks, including TSMC (Taiwan), Samsung (Korea) and SK Hynix (Korea), as markets tempered enthusiasm for AI-related growth. |
| 005930.KS | The main reason was market weakness was a significant correction in large semiconductor stocks, including TSMC (Taiwan), Samsung (Korea) and SK Hynix (Korea), as markets tempered enthusiasm for AI-related growth. |
| 000660.KS | The main reason was market weakness was a significant correction in large semiconductor stocks, including TSMC (Taiwan), Samsung (Korea) and SK Hynix (Korea), as markets tempered enthusiasm for AI-related growth. |
| NATU3.SA | Brazil was a relative bright spot within Emerging Markets during the period, with Natura delivered strong returns as it continues to simplify its structure, and WEG also contributed positively. |
| WEGE3.SA | Brazil was a relative bright spot within Emerging Markets during the period, with Natura delivered strong returns as it continues to simplify its structure, and WEG also contributed positively. |
| 1972.HK | In China, Foshan Haitian registered strong returns, with its durable franchise better appreciated in volatile times. |
| UL | Unilever (United Kingdom) weighed on performance, as the share price fell after it announced plans to spin-off its food business. |
| HDFCBANK.NS | HDFC Bank (India) was also weak after board changes unsettled investors. |
| 300012.SZ | Centre Testing (China) had something of a correction during the period, after a period of stronger performance. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
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| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||