American Century Emerging Markets Fund

Investor Summary

The fund is managed by American Century Investment Management, Inc., a company that has been active since 1958 and is incorporated in Delaware. The management team includes Co-Chief Investment Officer Patricia Ribeiro and Portfolio Manager Sherwin Soo, CFA, who utilize an earnings-focused methodology targeting companies demonstrating strong growth characteristics across emerging market economies.

Fund Strategy

The fund seeks to invest in all-cap, emerging markets companies exhibiting accelerating earnings growth. The investment approach is described as a pure-play growth strategy in emerging markets investing across the full capitalization range. The fund employs an active approach that seeks to deliver performance above the benchmark through stock picking, not macro or sector factors. Portfolio managers may consider environmental, social, and governance (ESG) data when evaluating sustainability characteristics but may not consider ESG data with respect to every investment decision.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
7.3%	29.46%	-

Executive Summary

American Century Emerging Markets Fund delivered a strong 29.46% return in Q2 2026, significantly outperforming the MSCI Emerging Markets Index's 24.05% return. The portfolio benefited from concentrated exposure to AI-related semiconductor stocks in South Korea and Taiwan, with Samsung Electro-Mechanics, SK Hynix, and Unimicron Technology as top contributors driven by robust demand for high bandwidth memory and advanced packaging. Information technology positioning powered relative gains, while avoiding Chinese consumer discretionary names like PDD Holdings, BYD, and Meituan also contributed. Materials holdings detracted, particularly Ganfeng Lithium Group, which declined on Chinese supply concerns despite favorable long-term EV demand trends. Energy holdings like PRIO also detracted as oil prices fell following the reopening of the Strait of Hormuz. The managers initiated positions in Han's Laser Technology to capture Chinese PCB capacity expansion and TVS Motor to access India's two-wheeler growth. They maintain a constructive outlook, believing emerging markets offer attractive stock selection opportunities supported by improving earnings, easing geopolitical tensions, and long-term structural growth drivers including AI innovation and natural resource advantages.

Forward Outlook

The manager believes emerging markets companies have delivered meaningful earnings improvements while demonstrating resilience amid periods of market volatility. The easing of tensions in Iran has supported a constructive outlook for the coming months. They think that strengthening market conditions and improving corporate performance have provided an attractive backdrop for stock selection. Long-term growth drivers remain intact, with population growth, supportive government policies, and rising domestic demand continuing to provide structural support for many emerging economies. Combined with innovation-driven growth themes, these factors support their long-term outlook for emerging markets.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Jul 17 2026	2026 Q2	000660 KS, 002008.SZ, 002460.SZ, 009150 KS, 039490.KS, 3034.TW, 352820.KS, 601600.SS, PRIO3.SA, TVSMOTOR.NS	AI, emerging markets, energy, Memory, semiconductors, South Korea, Taiwan, technology	-	American Century Emerging Markets Fund surged 29.46% in Q2 2026, crushing the benchmark by 540 basis points through concentrated AI semiconductor exposure in South Korea and Taiwan. Samsung Electro-Mechanics, SK Hynix, and Unimicron drove outperformance on high bandwidth memory demand. Avoiding Chinese consumer names added value. Lithium and energy holdings detracted on supply normalization. Managers see attractive stock selection opportunities amid improving earnings and easing geopolitical tensions.
Apr 29 2026	2026 Q1	005930 KS, 030200 KS, 0700.HK, 1211 HK, 1810 HK, 2360.TW, 3037.TW, 3711.TW, 9999.HK, TCOM	AI, China, emerging markets, energy, semiconductors, Taiwan, technology	3037.TW 005930.KS 2360.TW Therapies 1211.HK	Emerging markets fund outperformed on AI-driven technology holdings including Unimicron, Samsung, and Chroma ATE benefiting from semiconductor demand. Middle East conflict shifted leadership to energy while creating headwinds for energy-importing Asian markets. Added lithium and semiconductor packaging exposure while exiting Chinese internet names facing regulatory pressure.
Jan 23 2026	2025 Q4	000660.KS, 005930.KS, 0700.HK, 0939.HK, 1810.HK, BABA, BHARTIARTL.NS, HDFCBANK.NS, NTES, RELIANCE.NS, SUNPHARMA.NS, TSM	AI, Asia, emerging markets, Energy Transition, semiconductors, technology, Trade Policy	-	Emerging markets delivered strong Q4 performance driven by AI-related technology stocks, particularly semiconductors in Asia ex-China. The fund's IT positioning and beneficial consumer staples underweight drove outperformance. Despite trade policy uncertainty, EM companies have adapted well and remain attractively valued with favorable demographics and supportive policy environments, positioning them for continued resilience in 2026.
Oct 24 2025	2025 Q3	000660.KS, 005930.KS, 0388.HK, 0700.HK, 0939.HK, 1211.HK, 1810.HK, BABA, HDFCBANK.NS, ICICIBC.NS, NTES, TSM	AI, China, Data centers, Electric Vehicles, emerging markets, semiconductors, technology, Trade Policy	2308 TT 688008 CH 2308 TT 688008 CH	Emerging markets delivered strong Q3 performance led by Chinese equities, driven by easing trade tensions and AI infrastructure spending. Technology stocks, particularly semiconductor suppliers to AI data centers, were key contributors. The outlook remains constructive given attractive EM valuations, higher earnings growth potential versus developed markets, and central positioning in global AI supply chains.
Jul 23 2025	2025 Q2	000660.KS, 005930.KS, 0388.HK, 0700.HK, 0939.HK, 1211.HK, 1810.HK, BABA, HDFCBANK.NS, ICICIBC.NS, NTES, TSM	AI, China, Data centers, Electric Vehicles, emerging markets, semiconductors, technology, Trade Policy	002281.SZ 2308.TW 688008.SS	Emerging Markets Fund delivered 12.44% in Q3 2025, led by Chinese equities and AI-related technology stocks. Strong performance from Zhongji Innolight, Delta Electronics, and Montage Technology drove returns. The fund maintains constructive positioning, believing EM offers superior valuations and growth prospects versus developed markets, supported by easing trade tensions and expected Fed rate cuts.
Mar 31 2025	2025 Q1	005930.KS, 0700.HK, 0939.HK, 1211.HK, 1810.HK, 352820.KS, BABA, BHARTIARTL.NS, ERJ, ICICIBANK.NS, NTES, OTP.BD, SE, TCOM, TSM, ZOMATO.NS	Asia, China, Electric Vehicles, emerging markets, gaming, semiconductors, technology, Trade Policy	-	American Century's EM Fund underperformed in Q1 2025 amid trade policy uncertainty, returning 0.72% versus benchmark's 2.93%. Portfolio emphasizes domestic-oriented companies with strong fundamentals, highlighted by Chinese EV leader BYD and Brazilian aircraft maker Embraer. Managers see differentiated tariff impacts favoring Latin America over Asia, positioning for growth-supportive EM central bank policies ahead.
Sep 30 2024	2024 Q3	000660.KS, 005930.KS, 0700.HK, 0939.HK, 1023.KL, 1211.HK, 2382.TW, 300750.SZ, 3231.TW, BABA, BAJAJ-AUTO.NS, ERJ, ICICIBANK.NS, SUNPHARMA.NS, TCOM, TSM	Banking, China, Electric Vehicles, emerging markets, India, semiconductors, Stimulus, technology	-	Emerging markets fund outperformed in Q3 despite semiconductor weakness, driven by China stimulus optimism and strong banking/aerospace contributors. Portfolio targets companies with improving fundamentals trading below fair value. Fed rate cuts should restore EM growth premium advantage, though U.S. election risks loom. Positioned for continued monetary easing benefits.
Jun 30 2024	2024 Q2	000660.KS, 005930.KS, 0700.HK, 0939.HK, 1211.HK, 1928.HK, 300750.SZ, BBRI.JK, BIMAS.IS, CX, ICICIBANK.NS, INDIGO.NS, RELIANCE.NS, RENT3.SA, TCOM, TSM, VALE	AI, Asia, China, emerging markets, Memory, semiconductors, technology	-	Emerging markets fund posted 4.82% Q2 return driven by AI and semiconductor strength in Taiwan and China. Constructive outlook based on easing inflation and monetary policy, expecting EM economies to outgrow developed markets by 2x. AI infrastructure build-out provides ongoing catalyst while China property headwinds and cautious LatAm central banks present risks.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Jul 17 2026

2026 Q2

000660 KS, 002008.SZ, 002460.SZ, 009150 KS, 039490.KS, 3034.TW, 352820.KS, 601600.SS, PRIO3.SA, TVSMOTOR.NS

AI, emerging markets, energy, Memory, semiconductors, South Korea, Taiwan, technology

American Century Emerging Markets Fund surged 29.46% in Q2 2026, crushing the benchmark by 540 basis points through concentrated AI semiconductor exposure in South Korea and Taiwan. Samsung Electro-Mechanics, SK Hynix, and Unimicron drove outperformance on high bandwidth memory demand. Avoiding Chinese consumer names added value. Lithium and energy holdings detracted on supply normalization. Managers see attractive stock selection opportunities amid improving earnings and easing geopolitical tensions.

Apr 29 2026

2026 Q1

005930 KS, 030200 KS, 0700.HK, 1211 HK, 1810 HK, 2360.TW, 3037.TW, 3711.TW, 9999.HK, TCOM

AI, China, emerging markets, energy, semiconductors, Taiwan, technology

3037.TW
005930.KS
2360.TW
Therapies
1211.HK

Emerging markets fund outperformed on AI-driven technology holdings including Unimicron, Samsung, and Chroma ATE benefiting from semiconductor demand. Middle East conflict shifted leadership to energy while creating headwinds for energy-importing Asian markets. Added lithium and semiconductor packaging exposure while exiting Chinese internet names facing regulatory pressure.

Jan 23 2026

2025 Q4

000660.KS, 005930.KS, 0700.HK, 0939.HK, 1810.HK, BABA, BHARTIARTL.NS, HDFCBANK.NS, NTES, RELIANCE.NS, SUNPHARMA.NS, TSM

AI, Asia, emerging markets, Energy Transition, semiconductors, technology, Trade Policy

Emerging markets delivered strong Q4 performance driven by AI-related technology stocks, particularly semiconductors in Asia ex-China. The fund's IT positioning and beneficial consumer staples underweight drove outperformance. Despite trade policy uncertainty, EM companies have adapted well and remain attractively valued with favorable demographics and supportive policy environments, positioning them for continued resilience in 2026.

Oct 24 2025

2025 Q3

000660.KS, 005930.KS, 0388.HK, 0700.HK, 0939.HK, 1211.HK, 1810.HK, BABA, HDFCBANK.NS, ICICIBC.NS, NTES, TSM

AI, China, Data centers, Electric Vehicles, emerging markets, semiconductors, technology, Trade Policy

2308 TT
688008 CH
2308 TT
688008 CH

Emerging markets delivered strong Q3 performance led by Chinese equities, driven by easing trade tensions and AI infrastructure spending. Technology stocks, particularly semiconductor suppliers to AI data centers, were key contributors. The outlook remains constructive given attractive EM valuations, higher earnings growth potential versus developed markets, and central positioning in global AI supply chains.

Jul 23 2025

2025 Q2

000660.KS, 005930.KS, 0388.HK, 0700.HK, 0939.HK, 1211.HK, 1810.HK, BABA, HDFCBANK.NS, ICICIBC.NS, NTES, TSM

AI, China, Data centers, Electric Vehicles, emerging markets, semiconductors, technology, Trade Policy

002281.SZ
2308.TW
688008.SS

Emerging Markets Fund delivered 12.44% in Q3 2025, led by Chinese equities and AI-related technology stocks. Strong performance from Zhongji Innolight, Delta Electronics, and Montage Technology drove returns. The fund maintains constructive positioning, believing EM offers superior valuations and growth prospects versus developed markets, supported by easing trade tensions and expected Fed rate cuts.

Mar 31 2025

2025 Q1

005930.KS, 0700.HK, 0939.HK, 1211.HK, 1810.HK, 352820.KS, BABA, BHARTIARTL.NS, ERJ, ICICIBANK.NS, NTES, OTP.BD, SE, TCOM, TSM, ZOMATO.NS

Asia, China, Electric Vehicles, emerging markets, gaming, semiconductors, technology, Trade Policy

American Century's EM Fund underperformed in Q1 2025 amid trade policy uncertainty, returning 0.72% versus benchmark's 2.93%. Portfolio emphasizes domestic-oriented companies with strong fundamentals, highlighted by Chinese EV leader BYD and Brazilian aircraft maker Embraer. Managers see differentiated tariff impacts favoring Latin America over Asia, positioning for growth-supportive EM central bank policies ahead.

Sep 30 2024

2024 Q3

000660.KS, 005930.KS, 0700.HK, 0939.HK, 1023.KL, 1211.HK, 2382.TW, 300750.SZ, 3231.TW, BABA, BAJAJ-AUTO.NS, ERJ, ICICIBANK.NS, SUNPHARMA.NS, TCOM, TSM

Banking, China, Electric Vehicles, emerging markets, India, semiconductors, Stimulus, technology

Emerging markets fund outperformed in Q3 despite semiconductor weakness, driven by China stimulus optimism and strong banking/aerospace contributors. Portfolio targets companies with improving fundamentals trading below fair value. Fed rate cuts should restore EM growth premium advantage, though U.S. election risks loom. Positioned for continued monetary easing benefits.

Jun 30 2024

2024 Q2

000660.KS, 005930.KS, 0700.HK, 0939.HK, 1211.HK, 1928.HK, 300750.SZ, BBRI.JK, BIMAS.IS, CX, ICICIBANK.NS, INDIGO.NS, RELIANCE.NS, RENT3.SA, TCOM, TSM, VALE

AI, Asia, China, emerging markets, Memory, semiconductors, technology

Emerging markets fund posted 4.82% Q2 return driven by AI and semiconductor strength in Taiwan and China. Constructive outlook based on easing inflation and monetary policy, expecting EM economies to outgrow developed markets by 2x. AI infrastructure build-out provides ongoing catalyst while China property headwinds and cautious LatAm central banks present risks.

QUARTER	THEMES	TAGS
2026 Q2	AI AI-related stocks in South Korea and Taiwan strengthened during the quarter, driven by robust demand for high bandwidth memory and advanced semiconductor chips. Samsung Electro-Mechanics benefited from accelerating AI server demand, improving the outlook for its high-end electronic components business. The portfolio continues to invest in companies positioned to benefit from AI-driven demand and specification upgrades.	Memory Semiconductors Servers High Bandwidth Memory
	Semiconductor Cycle Strong demand for memory chips and advanced semiconductor packaging supported market performance. SK Hynix advanced due to its dominant position in AI memory with strong demand for high bandwidth memory chips, affirming expectations for robust earnings growth and sustained pricing power. Unimicron Technology benefited from strong AI-related demand for its advanced semiconductor packaging business.	Memory Packaging High Bandwidth Memory Foundries
	Lithium Ganfeng Lithium Group declined as investor concerns around Chinese lithium supply weighed on lithium prices and pressured sentiment toward lithium producers. The manager notes easing geopolitical risks pressured shares despite what they believe have been favorable long-term electric-vehicle and energy storage demand trends.	Battery Metals Electric Vehicles Energy Storage
	Oil Lower oil prices following the reopening of the Strait of Hormuz weighed on investor sentiment toward energy producers. PRIO shares detracted as a result. The manager sold Aluminum Corp. of China partly because the reopening of the Strait of Hormuz eased concerns about supply disruptions.	Energy Exploration & Production Geopolitical
	India The manager initiated a position in TVS Motor, which they believe is the fastest-growing India-based two-wheeler player, delivering sustained market share gains across scooters and motorcycles. Their research indicates strong product positioning and a proven ability to identify and scale high-demand segments.	Autos Two-wheelers Market Share
	China The manager initiated a position in Han's Laser Technology, believing the company is positioned to benefit from Chinese printed circuit board capacity expansion and the equipment upcycle over the next two years, supported by sustained AI-driven demand. The portfolio avoided owning PDD Holdings, BYD, and Meituan, which contributed to relative returns.	Semiconductors Equipment E-commerce
	Energy Transition The manager notes that Latin America and other emerging markets offer widespread access to key minerals, low-cost energy, and other essential inputs not just for AI but the renewable energy industry as well. They reference favorable long-term electric-vehicle and energy storage demand trends despite near-term lithium price pressures.	Renewable Energy Electric Vehicles Critical Minerals Battery Metals
2026 Q1	AI AI demand drove strong performance in semiconductor and technology holdings. Unimicron Technology benefited from high demand for advanced printed circuit boards and substrate technologies linked to AI needs. Samsung Electronics was turbocharged by AI-driven memory upcycle with rapid price increases across memory driven by surging hyperscaler and AI-infrastructure demand.	Semiconductors Memory Infrastructure
	Semiconductors Semiconductor holdings were key contributors with Unimicron Technology, Samsung Electronics, and Chroma ATE all benefiting from AI-related demand. Taiwan's semiconductor supply chain showed ongoing strength with high demand for advanced packaging and testing technologies.	Taiwan Memory Testing Packaging
	Energy Market leadership shifted toward energy including oil, coal and shipping due to Middle East conflict driving energy price spikes. Latin American markets positioned to benefit from higher oil and gas prices due to low reliance on imported energy, while Asian emerging markets more vulnerable to rising oil prices.	Oil Gas Geopolitical
	Electric Vehicles Electric vehicles part of broader new energy ecosystem that gained market leadership. Added Ganfeng Lithium Group as China's largest lithium compound producer positioned to benefit from tightening global lithium supply/demand and strong electric-vehicle growth. Exited Xiaomi partly due to disappointing electric vehicle deliveries.	Lithium Battery China
2025 Q4	Dividends The fund focuses on carefully selected quality companies with strong dividend growth globally. Portfolio managers aim to provide dividend growth and consistent returns with lower volatility over the long-term. The fund's investment approach seeks high-quality, dividend-paying companies that can generate strong, consistent returns.	Dividend Growth Quality Companies Income Yield Distribution
	AI AI infrastructure demand remained strong with SK Hynix benefiting from robust memory demand and favorable supply-demand dynamics. However, concerns emerged about AI's potential impact on traditional businesses like RELX, and IT rotation plus year-end softness affected AI-related positions including Alibaba.	Artificial Intelligence Memory Infrastructure Technology
	Semiconductors SK Hynix added to returns as memory demand stayed strong within AI infrastructure, with robust results and peer commentary reinforcing its leading position amid favorable supply-demand dynamics. The fund maintains exposure to industry leaders at the faster end of the monetization curve while maintaining a robust approach to valuation.	Memory SK Hynix Supply Demand Technology
2025 Q3	AI AI-driven demand supported key holdings like Zhongji Innolight, a supplier of high-end optical transceivers for AI data centers. Delta Electronics benefited from AI infrastructure expansion and global electrification trends. Hyperscalers including Alphabet, Amazon, Meta and Microsoft revealed plans to increase capital expenditures, affirming commitment to AI-related spending.	Data Centers Infrastructure Semiconductors Cloud Hyperscalers
	China Chinese markets outperformed much of the globe with three straight months of outpacing EM peers. Easing trade tensions with the US, policy support for chipmakers and accelerating AI spending drove gains. The government's targeted approach to increasing domestic demand will likely support profitability while easing deflation and oversupply.	Trade Policy Semiconductors Domestic Demand Deflation Policy Support
	Semiconductors Information technology stocks drove quarterly outperformance, with semiconductor companies like Zhongji Innolight and Montage Technology among top contributors. China and Taiwan benefited from rapidly increasing investment in AI and AI-driven sentiment. Memory interface chips and networking market expansion supported growth.	Memory Networking Foundries AI Taiwan
	Electric Vehicles Delta Electronics showed strong performance in electric vehicles alongside data centers. However, BYD was exited amid weaker-than-expected earnings, slowing domestic demand and intensifying competition in China's EV market. Government pressure to end aggressive price wars weighed on the sector.	Battery Supply Chain China Competition Pricing Manufacturing
2025 Q2	AI AI-driven demand supported key holdings like Zhongji Innolight, a supplier of high-end optical transceivers for AI data centers. Delta Electronics benefited from AI infrastructure expansion as a key supplier of AI power. Hyperscalers including Alphabet, Amazon, Meta and Microsoft revealed plans to increase capital expenditures, affirming commitment to AI-related spending.	Data Centers Infrastructure Semiconductors Cloud Hyperscalers
	China Chinese markets outperformed much of the globe with three straight months of outpacing EM peers. Easing trade tensions with the US, policy support for chipmakers and accelerating AI spending drove gains. The government's targeted approach to increasing domestic demand will likely support profitability while easing deflation and oversupply.	Trade Policy Semiconductors Domestic Demand Deflation Policy Support
	Electric Vehicles Delta Electronics showed strong performance in electric vehicles alongside data centers. However, BYD was exited amid weaker-than-expected earnings, slowing domestic demand and intensifying competition in China's electric vehicle market. Government pressure to end aggressive price wars weighed on the company.	Competition China Price Wars Domestic Demand
	Semiconductors Information technology stocks drove quarterly outperformance with semiconductor companies as top contributors. Policy support for chipmakers in China and AI-driven demand supported the sector. Companies like Montage Technology reported surging revenue and net profit growth in memory interface chips focused on servers and data centers.	Memory Servers Data Centers China Policy Support
2025 Q1	Electric Vehicles Chinese EV makers like BYD are stepping up efforts to upgrade platforms and technology, aiming to raise competitive barriers and gain market share. BYD has ambitious plans for the global market and is well prepared in both export capacity and overseas localization. The EV market is undergoing evolution with companies like Xiaomi benefiting from premiumization strategies.	BYD Xiaomi China Technology Global
	Trade Policy President Trump announced a broad array of tariffs early in the second quarter, with outcomes remaining uncertain due to future dealmaking and retaliation from other countries. The largest incremental impact will likely be felt in EM Asia given the region's large trade surplus with the US. Latin American countries were largely spared with 10% announced rates lower than percentages applied to Asian and European markets.	Tariffs China Asia LatAM Policy
	Gaming NetEase's shares benefited from an increasingly robust pipeline, new hit titles and strong PC game performance. The return of Blizzard games also lifted expectations for rebounding gaming revenues. Entertainment industry holdings including NetEase, Sea and HYBE drove communication services sector relative gains.	NetEase Entertainment China Revenue Growth
	AI Alibaba shares rallied after DeepSeek released a cheaply developed, open-source artificial intelligence model, raising investor hopes for a surge in AI-driven cloud demand. This development highlighted the potential for AI to drive cloud services growth in the Chinese market.	Alibaba Cloud China Technology Demand
	Semiconductors Taiwan Semiconductor Manufacturing remains the largest holding at 8.90% of the portfolio. The fund exited semiconductor tool provider Kinik amid reduced earnings expectations reflecting a weaker near-term outlook and continued headwinds to profit margins in the semiconductor manufacturing space.	TSMC Taiwan Manufacturing Margins Outlook
2024 Q3	China Chinese markets were volatile due to policy support expectations, but the September stimulus package eased concerns about economic growth and property markets. Policymakers announced monetary and fiscal measures demonstrating urgency to stabilize property and equity markets.	Stimulus Property Policy Growth Monetary
	Semiconductors Chip companies like SK Hynix and Samsung Electronics were top detractors amid investor rotation out of AI stocks and concerns about slower recovery in mobile device and PC demand. Memory price declines and oversupply concerns weighed on the sector.	Memory AI Mobile Oversupply Pricing
	Electric Vehicles BYD was among top holdings and Bajaj Auto's electric vehicle portfolio is ramping up well. Two-wheeled vehicles remained the fastest-growing segment with Bajaj anticipating better-than-market growth supported by rising premium motorcycle share.	Two-wheeler Premium Growth Portfolio Ramp
	Banking CIMB Group Holdings benefited from improved net interest margins, low lending costs, pickup in loan growth, and higher fee income leading to analyst earnings estimate upgrades. ICICI Bank was also a top holding.	Margins Lending Fees Estimates Growth
2024 Q2	AI AI-related stocks boosted emerging markets performance, particularly in Taiwan and China. The build-out of artificial intelligence infrastructure is expected to remain a growth catalyst. Strong demand for AI chips and high bandwidth memory has fueled improved memory price outlook.	Artificial Intelligence Data Centers Semiconductors Memory Infrastructure
	Semiconductors Chip stocks drove relative gains with favorable overweight in semiconductors and semiconductor equipment. Strong high bandwidth memory demand and recovery in memory prices following production cuts supported the sector. Taiwan Semiconductor and SK Hynix were leading contributors.	Memory Foundries High Bandwidth Memory Advanced Nodes Chip Prices
	China Chinese market rebounded amid supportive policy measures and stronger economic data. Economy grew faster than expected in first quarter but recent data shows signs of softness. Property market remains a headwind with continued downward price pressures from excess supply.	Policy Support Economic Data Property Market Domestic Demand Housing
	India Indian market rallied following incumbent prime minister victory which lifted investor sentiment around policy continuity. Post-COVID revival in passenger volumes expected to double by 2030. Strong domestic market growth opportunities in aviation sector.	Policy Continuity Aviation Domestic Market Passenger Volumes Economic Growth

QUARTER

THEMES

AI

AI-related stocks in South Korea and Taiwan strengthened during the quarter, driven by robust demand for high bandwidth memory and advanced semiconductor chips. Samsung Electro-Mechanics benefited from accelerating AI server demand, improving the outlook for its high-end electronic components business. The portfolio continues to invest in companies positioned to benefit from AI-driven demand and specification upgrades.

Memory Semiconductors Servers High Bandwidth Memory

Semiconductor Cycle

Strong demand for memory chips and advanced semiconductor packaging supported market performance. SK Hynix advanced due to its dominant position in AI memory with strong demand for high bandwidth memory chips, affirming expectations for robust earnings growth and sustained pricing power. Unimicron Technology benefited from strong AI-related demand for its advanced semiconductor packaging business.

Memory Packaging High Bandwidth Memory Foundries

Lithium

Ganfeng Lithium Group declined as investor concerns around Chinese lithium supply weighed on lithium prices and pressured sentiment toward lithium producers. The manager notes easing geopolitical risks pressured shares despite what they believe have been favorable long-term electric-vehicle and energy storage demand trends.

Battery Metals Electric Vehicles Energy Storage

Oil

Lower oil prices following the reopening of the Strait of Hormuz weighed on investor sentiment toward energy producers. PRIO shares detracted as a result. The manager sold Aluminum Corp. of China partly because the reopening of the Strait of Hormuz eased concerns about supply disruptions.

Energy Exploration & Production Geopolitical

India

The manager initiated a position in TVS Motor, which they believe is the fastest-growing India-based two-wheeler player, delivering sustained market share gains across scooters and motorcycles. Their research indicates strong product positioning and a proven ability to identify and scale high-demand segments.

Autos Two-wheelers Market Share

China

The manager initiated a position in Han's Laser Technology, believing the company is positioned to benefit from Chinese printed circuit board capacity expansion and the equipment upcycle over the next two years, supported by sustained AI-driven demand. The portfolio avoided owning PDD Holdings, BYD, and Meituan, which contributed to relative returns.

Semiconductors Equipment E-commerce

Energy Transition

The manager notes that Latin America and other emerging markets offer widespread access to key minerals, low-cost energy, and other essential inputs not just for AI but the renewable energy industry as well. They reference favorable long-term electric-vehicle and energy storage demand trends despite near-term lithium price pressures.

Renewable Energy Electric Vehicles Critical Minerals Battery Metals

2026 Q1

AI

AI demand drove strong performance in semiconductor and technology holdings. Unimicron Technology benefited from high demand for advanced printed circuit boards and substrate technologies linked to AI needs. Samsung Electronics was turbocharged by AI-driven memory upcycle with rapid price increases across memory driven by surging hyperscaler and AI-infrastructure demand.

Semiconductors Memory Infrastructure

Semiconductors

Semiconductor holdings were key contributors with Unimicron Technology, Samsung Electronics, and Chroma ATE all benefiting from AI-related demand. Taiwan's semiconductor supply chain showed ongoing strength with high demand for advanced packaging and testing technologies.

Taiwan Memory Testing Packaging

Energy

Market leadership shifted toward energy including oil, coal and shipping due to Middle East conflict driving energy price spikes. Latin American markets positioned to benefit from higher oil and gas prices due to low reliance on imported energy, while Asian emerging markets more vulnerable to rising oil prices.

Oil Gas Geopolitical

Electric Vehicles

Electric vehicles part of broader new energy ecosystem that gained market leadership. Added Ganfeng Lithium Group as China's largest lithium compound producer positioned to benefit from tightening global lithium supply/demand and strong electric-vehicle growth. Exited Xiaomi partly due to disappointing electric vehicle deliveries.

Lithium Battery China

2025 Q4

Dividends

The fund focuses on carefully selected quality companies with strong dividend growth globally. Portfolio managers aim to provide dividend growth and consistent returns with lower volatility over the long-term. The fund's investment approach seeks high-quality, dividend-paying companies that can generate strong, consistent returns.

Dividend Growth Quality Companies Income Yield Distribution

AI

AI infrastructure demand remained strong with SK Hynix benefiting from robust memory demand and favorable supply-demand dynamics. However, concerns emerged about AI's potential impact on traditional businesses like RELX, and IT rotation plus year-end softness affected AI-related positions including Alibaba.

Artificial Intelligence Memory Infrastructure Technology

Semiconductors

SK Hynix added to returns as memory demand stayed strong within AI infrastructure, with robust results and peer commentary reinforcing its leading position amid favorable supply-demand dynamics. The fund maintains exposure to industry leaders at the faster end of the monetization curve while maintaining a robust approach to valuation.

Memory SK Hynix Supply Demand Technology

2025 Q3

AI

AI-driven demand supported key holdings like Zhongji Innolight, a supplier of high-end optical transceivers for AI data centers. Delta Electronics benefited from AI infrastructure expansion and global electrification trends. Hyperscalers including Alphabet, Amazon, Meta and Microsoft revealed plans to increase capital expenditures, affirming commitment to AI-related spending.

Data Centers Infrastructure Semiconductors Cloud Hyperscalers

China

Chinese markets outperformed much of the globe with three straight months of outpacing EM peers. Easing trade tensions with the US, policy support for chipmakers and accelerating AI spending drove gains. The government's targeted approach to increasing domestic demand will likely support profitability while easing deflation and oversupply.

Trade Policy Semiconductors Domestic Demand Deflation Policy Support

Semiconductors

Information technology stocks drove quarterly outperformance, with semiconductor companies like Zhongji Innolight and Montage Technology among top contributors. China and Taiwan benefited from rapidly increasing investment in AI and AI-driven sentiment. Memory interface chips and networking market expansion supported growth.

Memory Networking Foundries AI Taiwan

Electric Vehicles

Delta Electronics showed strong performance in electric vehicles alongside data centers. However, BYD was exited amid weaker-than-expected earnings, slowing domestic demand and intensifying competition in China's EV market. Government pressure to end aggressive price wars weighed on the sector.

Battery Supply Chain China Competition Pricing Manufacturing

2025 Q2

AI

AI-driven demand supported key holdings like Zhongji Innolight, a supplier of high-end optical transceivers for AI data centers. Delta Electronics benefited from AI infrastructure expansion as a key supplier of AI power. Hyperscalers including Alphabet, Amazon, Meta and Microsoft revealed plans to increase capital expenditures, affirming commitment to AI-related spending.

Data Centers Infrastructure Semiconductors Cloud Hyperscalers

China

Trade Policy Semiconductors Domestic Demand Deflation Policy Support

Electric Vehicles

Delta Electronics showed strong performance in electric vehicles alongside data centers. However, BYD was exited amid weaker-than-expected earnings, slowing domestic demand and intensifying competition in China's electric vehicle market. Government pressure to end aggressive price wars weighed on the company.

Competition China Price Wars Domestic Demand

Semiconductors

Information technology stocks drove quarterly outperformance with semiconductor companies as top contributors. Policy support for chipmakers in China and AI-driven demand supported the sector. Companies like Montage Technology reported surging revenue and net profit growth in memory interface chips focused on servers and data centers.

Memory Servers Data Centers China Policy Support

2025 Q1

Electric Vehicles

Chinese EV makers like BYD are stepping up efforts to upgrade platforms and technology, aiming to raise competitive barriers and gain market share. BYD has ambitious plans for the global market and is well prepared in both export capacity and overseas localization. The EV market is undergoing evolution with companies like Xiaomi benefiting from premiumization strategies.

BYD Xiaomi China Technology Global

Trade Policy

President Trump announced a broad array of tariffs early in the second quarter, with outcomes remaining uncertain due to future dealmaking and retaliation from other countries. The largest incremental impact will likely be felt in EM Asia given the region's large trade surplus with the US. Latin American countries were largely spared with 10% announced rates lower than percentages applied to Asian and European markets.

Tariffs China Asia LatAM Policy

Gaming

NetEase's shares benefited from an increasingly robust pipeline, new hit titles and strong PC game performance. The return of Blizzard games also lifted expectations for rebounding gaming revenues. Entertainment industry holdings including NetEase, Sea and HYBE drove communication services sector relative gains.

NetEase Entertainment China Revenue Growth

AI

Alibaba shares rallied after DeepSeek released a cheaply developed, open-source artificial intelligence model, raising investor hopes for a surge in AI-driven cloud demand. This development highlighted the potential for AI to drive cloud services growth in the Chinese market.

Alibaba Cloud China Technology Demand

Semiconductors

Taiwan Semiconductor Manufacturing remains the largest holding at 8.90% of the portfolio. The fund exited semiconductor tool provider Kinik amid reduced earnings expectations reflecting a weaker near-term outlook and continued headwinds to profit margins in the semiconductor manufacturing space.

TSMC Taiwan Manufacturing Margins Outlook

2024 Q3

China

Chinese markets were volatile due to policy support expectations, but the September stimulus package eased concerns about economic growth and property markets. Policymakers announced monetary and fiscal measures demonstrating urgency to stabilize property and equity markets.

Stimulus Property Policy Growth Monetary

Semiconductors

Chip companies like SK Hynix and Samsung Electronics were top detractors amid investor rotation out of AI stocks and concerns about slower recovery in mobile device and PC demand. Memory price declines and oversupply concerns weighed on the sector.

Memory AI Mobile Oversupply Pricing

Electric Vehicles

BYD was among top holdings and Bajaj Auto's electric vehicle portfolio is ramping up well. Two-wheeled vehicles remained the fastest-growing segment with Bajaj anticipating better-than-market growth supported by rising premium motorcycle share.

Two-wheeler Premium Growth Portfolio Ramp

Banking

CIMB Group Holdings benefited from improved net interest margins, low lending costs, pickup in loan growth, and higher fee income leading to analyst earnings estimate upgrades. ICICI Bank was also a top holding.

Margins Lending Fees Estimates Growth

2024 Q2

AI

AI-related stocks boosted emerging markets performance, particularly in Taiwan and China. The build-out of artificial intelligence infrastructure is expected to remain a growth catalyst. Strong demand for AI chips and high bandwidth memory has fueled improved memory price outlook.

Artificial Intelligence Data Centers Semiconductors Memory Infrastructure

Semiconductors

Chip stocks drove relative gains with favorable overweight in semiconductors and semiconductor equipment. Strong high bandwidth memory demand and recovery in memory prices following production cuts supported the sector. Taiwan Semiconductor and SK Hynix were leading contributors.

Memory Foundries High Bandwidth Memory Advanced Nodes Chip Prices

China

Chinese market rebounded amid supportive policy measures and stronger economic data. Economy grew faster than expected in first quarter but recent data shows signs of softness. Property market remains a headwind with continued downward price pressures from excess supply.

Policy Support Economic Data Property Market Domestic Demand Housing

India

Indian market rallied following incumbent prime minister victory which lifted investor sentiment around policy continuity. Post-COVID revival in passenger volumes expected to double by 2030. Strong domestic market growth opportunities in aviation sector.

Policy Continuity Aviation Domestic Market Passenger Volumes Economic Growth

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Apr 29, 2026	Fund Letters	American Century Emerging Markets Fund	3037.TW	Unimicron Technology Corp	Electronic Components	Electronic Components	Bull	New York Stock Exchange	Advanced Manufacturing, AI infrastructure, Electronic Components, high-performance computing, PCB, Semiconductor Packaging, Taiwan Technology	Login
Apr 29, 2026	Fund Letters	American Century Emerging Markets Fund	005930.KS	Samsung Electronics Co Ltd	Consumer Electronics	Semiconductors	Bull	New York Stock Exchange	AI infrastructure, DRAM, hyperscaler, memory semiconductors, Nand, Pricing power, Semiconductor Cycle, South Korea	Login
Apr 29, 2026	Fund Letters	American Century Emerging Markets Fund	2360.TW	Chroma ATE Inc	Scientific & Technical Instruments	Electronic Equipment & Instruments	Bull	New York Stock Exchange	Advanced Node, AI Testing, Capital equipment, Precision Instruments, Semiconductor Capex, Semiconductor Testing, Taiwan Technology	Login
Apr 29, 2026	Fund Letters	American Century Emerging Markets Fund	Therapies	KIWOOM Securities Co Ltd	Capital Markets	Investment Banking & Brokerage	Bull	New York Stock Exchange	earnings growth, financial services, investment banking, Revenue Growth, securities brokerage, South Korea, wealth management	Login
Apr 29, 2026	Fund Letters	American Century Emerging Markets Fund	1211.HK	BYD Company Ltd	Auto Manufacturers	Automobiles	Bull	New York Stock Exchange	Advanced Packaging, China, Electric Vehicles, Lithium, Semiconductor assembly, supply chain, technology infrastructure, vertical integration	Login
Oct 24, 2025	Fund Letters	Patricia Ribeiro	2308 TT	Delta Electronics Inc.	Information Technology	Electrical Equipment	Bull	NYSE	AI, Electrification, Energy systems, EVs, growth, Industrials, Power	Login
Oct 24, 2025	Fund Letters	Patricia Ribeiro	688008 CH	Montage Technology Co. Ltd.	Information Technology	Semiconductors	Bull	Shanghai Stock Exchange	AI, Chips, data centers, growth, Ics, Networking, semiconductors	Login
Oct 24, 2025	Fund Letters	Patricia Ribeiro	2308 TT	Delta Electronics Inc.	Information Technology	Electrical Equipment	Bull	NYSE	AI, Electrification, Energy systems, EVs, growth, Industrials, Power	Login
Oct 24, 2025	Fund Letters	Patricia Ribeiro	688008 CH	Montage Technology Co. Ltd.	Information Technology	Semiconductors	Bull	Shanghai Stock Exchange	AI, Chips, data centers, growth, Ics, Networking, semiconductors	Login
Sep 30, 2025	Fund Letters	American Century Emerging Markets Fund	002281.SZ	Zhongji Innolight	Information Technology	Electronic Equipment, Instruments & Components	Bull	Shenzhen Stock Exchange	5G Networks, AI data centers, Artificial Intelligence, China, infrastructure, Optical Transceivers, semiconductors, technology hardware	Login
Sep 30, 2025	Fund Letters	American Century Emerging Markets Fund	2308.TW	Delta Electronics	Information Technology	Electronic Equipment, Instruments & Components	Bull	Taiwan Stock Exchange	AI infrastructure, data centers, Electric Vehicles, Electrification, Electronic Components, energy efficiency, Power management, Taiwan	Login
Sep 30, 2025	Fund Letters	American Century Emerging Markets Fund	688008.SS	Montage Technology	Information Technology	Semiconductors & Semiconductor Equipment	Bull	Shanghai Stock Exchange	AI infrastructure, China, data centers, Fabless Semiconductor, Integrated Circuits, Memory Interface Chips, Networking, Servers	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Apr 29, 2026

Fund Letters

American Century Emerging Markets Fund

3037.TW

Unimicron Technology Corp

Electronic Components

Bull

New York Stock Exchange

Advanced Manufacturing, AI infrastructure, Electronic Components, high-performance computing, PCB, Semiconductor Packaging, Taiwan Technology

Apr 29, 2026

Fund Letters

American Century Emerging Markets Fund

005930.KS

Samsung Electronics Co Ltd

Consumer Electronics

Semiconductors

Bull

New York Stock Exchange

AI infrastructure, DRAM, hyperscaler, memory semiconductors, Nand, Pricing power, Semiconductor Cycle, South Korea

Apr 29, 2026

Fund Letters

American Century Emerging Markets Fund

2360.TW

Chroma ATE Inc

Scientific & Technical Instruments

Electronic Equipment & Instruments

Bull

New York Stock Exchange

Advanced Node, AI Testing, Capital equipment, Precision Instruments, Semiconductor Capex, Semiconductor Testing, Taiwan Technology

Apr 29, 2026

Fund Letters

American Century Emerging Markets Fund

Therapies

KIWOOM Securities Co Ltd

Capital Markets

Investment Banking & Brokerage

Bull

New York Stock Exchange

earnings growth, financial services, investment banking, Revenue Growth, securities brokerage, South Korea, wealth management

Apr 29, 2026

Fund Letters

American Century Emerging Markets Fund

1211.HK

BYD Company Ltd

Auto Manufacturers

Automobiles

Bull

New York Stock Exchange

Advanced Packaging, China, Electric Vehicles, Lithium, Semiconductor assembly, supply chain, technology infrastructure, vertical integration

Oct 24, 2025

Fund Letters

Patricia Ribeiro

2308 TT

Delta Electronics Inc.

Information Technology

Electrical Equipment

Bull

NYSE

AI, Electrification, Energy systems, EVs, growth, Industrials, Power

Oct 24, 2025

Fund Letters

Patricia Ribeiro

688008 CH

Montage Technology Co. Ltd.

Information Technology

Semiconductors

Bull

Shanghai Stock Exchange

AI, Chips, data centers, growth, Ics, Networking, semiconductors

Oct 24, 2025

Fund Letters

Patricia Ribeiro

2308 TT

Delta Electronics Inc.

Information Technology

Electrical Equipment

Bull

NYSE

AI, Electrification, Energy systems, EVs, growth, Industrials, Power

Oct 24, 2025

Fund Letters

Patricia Ribeiro

688008 CH

Montage Technology Co. Ltd.

Information Technology

Semiconductors

Bull

Shanghai Stock Exchange

AI, Chips, data centers, growth, Ics, Networking, semiconductors

Sep 30, 2025

Fund Letters

American Century Emerging Markets Fund

002281.SZ

Zhongji Innolight

Information Technology

Electronic Equipment, Instruments & Components

Bull

Shenzhen Stock Exchange

5G Networks, AI data centers, Artificial Intelligence, China, infrastructure, Optical Transceivers, semiconductors, technology hardware

Sep 30, 2025

Fund Letters

American Century Emerging Markets Fund

2308.TW

Delta Electronics

Information Technology

Electronic Equipment, Instruments & Components

Bull

Taiwan Stock Exchange

AI infrastructure, data centers, Electric Vehicles, Electrification, Electronic Components, energy efficiency, Power management, Taiwan

Sep 30, 2025

Fund Letters

American Century Emerging Markets Fund

688008.SS

Montage Technology

Information Technology

Semiconductors & Semiconductor Equipment

Bull

Shanghai Stock Exchange

AI infrastructure, China, data centers, Fabless Semiconductor, Integrated Circuits, Memory Interface Chips, Networking, Servers

TICKER	COMMENTARY
009150.KS	Samsung Electro-Mechanics advanced during the second quarter as accelerating artificial intelligence (AI) server demand improved the outlook for its high-end electronic components business, driving earnings expectations higher.
000660.KS	SK Hynix advanced as investors continued to reward its dominant position in AI memory, with strong demand for high bandwidth memory chips, affirming investor expectations for robust earnings growth and sustained pricing power.
3034.TW	Unimicron advanced during the second quarter as strong AI-related demand improved growth expectations for its advanced semiconductor packaging business, supporting earnings upgrades and share price appreciation.
002460.SZ	Shares declined as investor concerns around Chinese lithium supply weighed on lithium prices and pressured sentiment toward lithium producers. Easing geopolitical risks after the reopening of the Strait of Hormuz pressured shares despite what we believe have been favorable long-term electric-vehicle and energy storage demand trends.
PRIO3.SA	Shares of PRIO detracted as lower oil prices following the reopening of the Strait of Hormuz weighed on investor sentiment toward energy producers.
039490.KS	KIWOOM shares dropped during the second quarter amid investor concerns that elevated brokerage commissions and trading gains, boosted by unusually strong South Korean retail market activity, could be difficult to sustain.
002008.SZ	We believe Han's Laser is positioned to benefit from Chinese printed circuit board capacity expansion and the equipment upcycle over the next two years, supported by sustained artificial intelligence-driven demand and specification upgrades.
TVSMOTOR.NS	Our research indicates that TVS Motor is the fastest-growing India-based two-wheeler player, delivering sustained market share gains across scooters and motorcycles, underpinned by what our research has indicated is strong product positioning and a proven ability to identify and scale high-demand segments.
601600.SS	We sold Aluminum Corp. of China as we believed the reopening of the Strait of Hormuz eased concerns about supply disruptions and weighed on aluminum price expectations. In addition, growing uncertainty around future pricing and the potential for increased supply reduced the attractiveness of raw materials-driven returns, in our view.
352820.KS	We exited our position in HYBE following higher artist-related costs after contract renewals, which we believe has led to lower margin expectations and reduced earnings estimates.

TICKER

COMMENTARY

009150.KS

Samsung Electro-Mechanics advanced during the second quarter as accelerating artificial intelligence (AI) server demand improved the outlook for its high-end electronic components business, driving earnings expectations higher.

000660.KS

SK Hynix advanced as investors continued to reward its dominant position in AI memory, with strong demand for high bandwidth memory chips, affirming investor expectations for robust earnings growth and sustained pricing power.

3034.TW

Unimicron advanced during the second quarter as strong AI-related demand improved growth expectations for its advanced semiconductor packaging business, supporting earnings upgrades and share price appreciation.

002460.SZ

Shares declined as investor concerns around Chinese lithium supply weighed on lithium prices and pressured sentiment toward lithium producers. Easing geopolitical risks after the reopening of the Strait of Hormuz pressured shares despite what we believe have been favorable long-term electric-vehicle and energy storage demand trends.

PRIO3.SA

Shares of PRIO detracted as lower oil prices following the reopening of the Strait of Hormuz weighed on investor sentiment toward energy producers.

039490.KS

KIWOOM shares dropped during the second quarter amid investor concerns that elevated brokerage commissions and trading gains, boosted by unusually strong South Korean retail market activity, could be difficult to sustain.

002008.SZ

We believe Han's Laser is positioned to benefit from Chinese printed circuit board capacity expansion and the equipment upcycle over the next two years, supported by sustained artificial intelligence-driven demand and specification upgrades.

TVSMOTOR.NS

Our research indicates that TVS Motor is the fastest-growing India-based two-wheeler player, delivering sustained market share gains across scooters and motorcycles, underpinned by what our research has indicated is strong product positioning and a proven ability to identify and scale high-demand segments.

601600.SS

We sold Aluminum Corp. of China as we believed the reopening of the Strait of Hormuz eased concerns about supply disruptions and weighed on aluminum price expectations. In addition, growing uncertainty around future pricing and the potential for increased supply reduced the attractiveness of raw materials-driven returns, in our view.

352820.KS

We exited our position in HYBE following higher artist-related costs after contract renewals, which we believe has led to lower margin expectations and reduced earnings estimates.

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No industry data available

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 30th June 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

Semiconductor Cycle

Lithium

Oil

India

China

Energy Transition

AI

Semiconductors

Energy

Electric Vehicles

Dividends

AI

Semiconductors

AI

China

Semiconductors

Electric Vehicles

AI

China

Electric Vehicles

Semiconductors

Electric Vehicles

Trade Policy

Gaming

AI

Semiconductors

China

Semiconductors

Electric Vehicles

Banking

AI

Semiconductors

China

India

Investor Pitches

Current Portfolio as of ( 30th June 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Patricia Ribeiro Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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American Century Emerging Markets Fund