Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 30th September 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 7.2% | 4.5% | 28.3% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 7.2% | 4.5% | 28.3% |
Lorem ipsum dolor sit amet, consectetur adipiscing elit.
Lorem ipsum dolor sit amet, consectetur adipiscing elit.
Lorem ipsum dolor sit amet, consectetur adipiscing elit.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Oct 19 2025 | 2025 Q3 | - | AI, China, emerging markets, fiscal policy, semiconductors |
BABA US 005930 KS 300750 CH |
Emerging markets outperformed developed peers due to strong capital inflows, robust tech demand, and AI-led digital transformation in China, Taiwan, and Korea. The fund remains constructive on emerging markets given political visibility, fiscal flexibility, and accommodative policies. Chinas AI and tech-driven industrial upgrades, supported by policy and global data center expansion, are key growth catalysts. |
| Aug 4 2025 | 2025 Q2 | - | currencies, emerging markets, geopolitics, selectivity, Valuations | - | The commentary discusses uneven growth across emerging markets, shaped by geopolitics, currency movements, and divergent policy responses. The manager emphasizes selective exposure to countries and companies with structural growth drivers, improving governance, and balance sheet strength. Volatility is viewed as a source of opportunity for active stock selection. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q3 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
ChinaChina's economic rebalancing appears to be moving forward. Market liquidity, anti-involution and a measured consumer policy are likely to drive a sustained market performance in 4Q. Fiscal support and ongoing reforms in China is supportive of a stronger currency. |
Growth Policy Currency | |
Emerging marketsGlobal equities, especially those outside the U.S., powered equity returns. In emerging markets, shares of companies linked to commodities were the strongest performers as commodities rallied. Even after a strong year for international and emerging markets shares, we still see some of the best value in the world in these areas. |
International Commodities Non-US Best Value | |
| 2025 Q2 |
EmergingMarkets |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 19, 2025 | Fund Letters | Alison Shimada | 005930 KS | Samsung Electronics Co., Ltd. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NYSE | AI, DRAM, Foundry, HBM, Margins, Nand, semiconductors, Utilization, valuation | Login |
| Oct 19, 2025 | Fund Letters | Alison Shimada | 300750 CH | Contemporary Amperex Technology Co. Ltd. | Industrials | Electrical Components & Equipment | Bull | Shenzhen Stock Exchange | Batteries, Chemistry, Ess, EV, expansion, Integration, Margins, Storage, Subsidies | Login |
| Oct 19, 2025 | Fund Letters | Alison Shimada | BABA US | Alibaba Group Holding Ltd. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | AI, buybacks, China, cloud, e-commerce, growth, Margins, Monetisation, valuation | Login |
| TICKER | COMMENTARY |
|---|---|
| No ticker commentary found. | |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||