BNY Mellon Global Emerging Markets Fund

Investor Summary

The BNY Mellon Global Emerging Markets Fund is managed by experienced emerging markets specialists Alex Khosla and Aditya Shah, both CFA charterholders with deep regional expertise. Alex Khosla leads the fund as Portfolio Manager since May 2025, bringing experience from Aikya Investment Management, Stewart Investors, AXA Framlington, and UBS Investment Bank. Aditya Shah joined as Portfolio Manager in September 2025 after serving as desk analyst on the global emerging markets portfolio since August 2021. The team operates under Newton Investment Management's proven investment framework with oversight from emerging markets and Asia equities head Liliana Castillo Dearth. The management structure combines specialized emerging markets knowledge with institutional investment discipline. Both managers have extensive experience in fundamental analysis and portfolio construction for emerging markets strategies. The team benefits from Newton's global research platform and risk management capabilities. Their approach reflects deep understanding of emerging markets dynamics including political, economic, and corporate governance factors.

Fund Strategy

Newton Investment Management Limited employs a fundamental bottom-up investment process emphasizing quality, return on capital employed and governance. The fund identifies investment themes linked to global economic, industrial, or social trends. The investment manager has discretion to deviate from the MSCI Emerging Markets NR Index benchmark. The strategy focuses on quality companies with strong competitive positions and governance standards. The approach enables concentration on high-conviction positions while maintaining geographic and sector diversification. Portfolio construction reflects active management philosophy with meaningful allocations to best ideas. The team analyzes structural changes in emerging markets to capitalize on long-term growth opportunities. Risk management is integrated through fundamental research and quality-focused security selection. The investment process emphasizes sustainable competitive advantages and responsible capital stewardship in emerging market companies.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
9.83%	18.79%	19.35%

Executive Summary

The BNY Mellon Global Emerging Markets Fund returned 18.79% in Q2 2026, underperforming its benchmark MSCI Emerging Markets Index return of 24.05%. The quarter saw emerging-market equities rally on renewed AI enthusiasm and optimism about a US-Iran ceasefire, though concerns about elevated AI valuations emerged later in the period. The fund's underperformance was primarily driven by stock selection and an underweight allocation to the technology sector, which recorded significant gains. An overweight to consumer discretionary also hampered results, though positive stock selection in that sector partially offset the negative allocation effect. The portfolio remains heavily concentrated in Asian semiconductor and technology companies, with Taiwan Semiconductor Manufacturing (12.05%) and Samsung Electronics (10.32%) as the top two holdings. Chinese shares declined on economic concerns and technology weakness, while Indian equities underperformed due to elevated energy prices. Indonesia's market sold off on governance concerns and potential relegation from the MSCI emerging markets index. The manager remains optimistic about emerging markets, viewing them as trading at notable discounts to developed markets and offering value for long-term investors focused on companies with strong fundamentals.

Core Thesis

The fund maintains a constructive view on emerging markets, believing they trade at notable discounts to developed markets and offer value for investors focused on long-term growth opportunities. The portfolio is heavily concentrated in Asian technology and semiconductor companies, with Taiwan Semiconductor Manufacturing and Samsung Electronics representing over 22% of assets. Despite underperformance during Q2 due to an underweight allocation to the surging technology sector, the manager remains committed to investing in companies with strong fundamentals that can navigate macroeconomic uncertainty.

Forward Outlook

The manager remains optimistic about investing in emerging markets. They believe emerging market equities are positioned to continue to offer value, trading at notable discounts to their developed market counterparts. The manager believes investors focused on identifying companies that stand to benefit from long-term growth opportunities can lead to strong rewards. They continue to invest in companies with strong fundamentals and the potential to generate healthy returns, which should help the fund navigate periods of macroeconomic uncertainty.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Aug 11 2026	2026 Q2	005930 KS, 0700.HK, HDB, TSM	AI, Asia, China, emerging markets, India, semiconductors, technology	-	The fund underperformed its benchmark in Q2 2026, returning 18.79% versus 24.05% for the MSCI Emerging Markets Index. An underweight allocation to the surging technology sector drove the shortfall despite the fund's heavy concentration in Asian semiconductor leaders Taiwan Semiconductor and Samsung Electronics. The manager remains optimistic on emerging markets, believing they trade at attractive discounts to developed markets and offer compelling long-term value.
Apr 21 2026	2026 Q1	3008.TW, BAP, HDB, MAHDY, MMYT, SE, VIST	China, emerging markets, energy, Geopolitical, India, semiconductors, technology	-	BNY Mellon Global Emerging Markets Fund outperformed in Q1 2026 despite Middle East conflict volatility. Strong semiconductor and energy positions offset weakness in Indian financials and consumer names. The manager remains constructive on emerging market valuations relative to developed markets, focusing on companies with strong fundamentals and long-term growth potential.
Nov 13 2025	2025 Q3	000660.KS, 005930.KS, 0700.HK, 1299.HK, 1308.HK, 2308.TW, 300750.SZ, BABA, MELI, SHP.JO, TCS.NS, TSM	AI, China, emerging markets, growth, semiconductors, value	-	BNY Mellon's emerging markets fund slightly underperformed in Q3 despite AI-driven semiconductor gains and easing trade tensions. Taiwan Semiconductor and Chinese battery maker Contemporary Amperex contributed while Mercado Libre detracted on weak profits. The manager remains optimistic on emerging market valuations trading at significant discounts to developed markets with strong long-term growth potential.
Jul 20 2025	2025 Q2	000660.KS, 005930.KS, 0700.HK, 1299.HK, 1308.HK, 2308.TW, 300750.SZ, BABA, MELI, SHP.JO, TCS.NS, TSM	AI, China, emerging markets, growth, semiconductors, technology, value	-	BNY Mellon Global Emerging Markets Fund gained 10.0% in Q3 but lagged its benchmark on stock selection challenges in consumer discretionary. AI developments drove semiconductor gains while battery maker Contemporary Amperex and Delta Electronics contributed. Mercado Libre and Tata Consultancy detracted. Manager remains optimistic on emerging market valuations and long-term growth opportunities.
Mar 31 2025	2025 Q1	000333.SZ, 000660.KS, 0700.HK, 2454.TW, 300750.SZ, BZ, GLOB, HDB, MELI, MMYT, NTES, TCOM, TOTS3.SA, TSM, TUBE.NS	AI, China, emerging markets, India, Recession, technology, Trade Policy, Valuations	-	BNY Mellon EM Fund fell 4.2% in Q1 amid trade tensions and AI-driven volatility in Chinese tech stocks. Despite underperformance versus the 2.9% benchmark gain, the manager sees opportunity in emerging markets' significant discount to developed markets. The fund maintains defensive positioning while seeking quality compounding businesses with superior growth characteristics.
Dec 31 2024	2024 Q4	000333.SZ, 005930.KS, 0700.HK, 1810.HK, 2020.HK, 2308.TW, 2454.TW, 8113.T, BABA, BMRI.JK, CHROMA.TW, DMART.NS, GLOB, HDB, ICICIBANK.NS, MAHM.NS, MELI, MMYT, RADL3.SA, TCOM, TSM	AI, China, emerging markets, semiconductors, Taiwan, Travel	-	BNY Mellon's emerging markets fund outperformed in Q4 despite trade war fears and dollar strength. Taiwanese AI beneficiaries and travel stocks drove returns while avoiding Alibaba and Samsung added value. Chinese stimulus disappointed but the manager sees compelling long-term opportunities from higher growth, product penetration, and consolidation in emerging markets.
Jun 30 2024	2024 Q2	000333.SZ, 005930.KS, 0700.HK, 1299.HK, 2308.TW, 300124.SZ, 300274.SZ, 603605.SS, ADVT, BBRI.JK, BMRI.JK, CLS.JO, GLOB, HDB, MAHM.NS, MARICO.NS, MELI, NAUKRI.NS, RADL3.SA, TSM, WMMVY, XPBR, ZOMATO.NS	AI, Banking, China, emerging markets, financials, India, technology	-	BNY Mellon Global Emerging Markets Fund underperformed in Q2 2024 due to weakness in Brazilian and Indonesian financials, despite strong performance from Indian holdings and AI-beneficiary technology stocks. The manager sees improving long-term prospects for emerging markets given favorable growth differentials, moderating inflation, and compelling valuations relative to developed markets.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Aug 11 2026

2026 Q2

005930 KS, 0700.HK, HDB, TSM

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

The fund underperformed its benchmark in Q2 2026, returning 18.79% versus 24.05% for the MSCI Emerging Markets Index. An underweight allocation to the surging technology sector drove the shortfall despite the fund's heavy concentration in Asian semiconductor leaders Taiwan Semiconductor and Samsung Electronics. The manager remains optimistic on emerging markets, believing they trade at attractive discounts to developed markets and offer compelling long-term value.

Apr 21 2026

2026 Q1

3008.TW, BAP, HDB, MAHDY, MMYT, SE, VIST

China, emerging markets, energy, Geopolitical, India, semiconductors, technology

BNY Mellon Global Emerging Markets Fund outperformed in Q1 2026 despite Middle East conflict volatility. Strong semiconductor and energy positions offset weakness in Indian financials and consumer names. The manager remains constructive on emerging market valuations relative to developed markets, focusing on companies with strong fundamentals and long-term growth potential.

Nov 13 2025

2025 Q3

000660.KS, 005930.KS, 0700.HK, 1299.HK, 1308.HK, 2308.TW, 300750.SZ, BABA, MELI, SHP.JO, TCS.NS, TSM

AI, China, emerging markets, growth, semiconductors, value

BNY Mellon's emerging markets fund slightly underperformed in Q3 despite AI-driven semiconductor gains and easing trade tensions. Taiwan Semiconductor and Chinese battery maker Contemporary Amperex contributed while Mercado Libre detracted on weak profits. The manager remains optimistic on emerging market valuations trading at significant discounts to developed markets with strong long-term growth potential.

Jul 20 2025

2025 Q2

000660.KS, 005930.KS, 0700.HK, 1299.HK, 1308.HK, 2308.TW, 300750.SZ, BABA, MELI, SHP.JO, TCS.NS, TSM

AI, China, emerging markets, growth, semiconductors, technology, value

BNY Mellon Global Emerging Markets Fund gained 10.0% in Q3 but lagged its benchmark on stock selection challenges in consumer discretionary. AI developments drove semiconductor gains while battery maker Contemporary Amperex and Delta Electronics contributed. Mercado Libre and Tata Consultancy detracted. Manager remains optimistic on emerging market valuations and long-term growth opportunities.

Mar 31 2025

2025 Q1

000333.SZ, 000660.KS, 0700.HK, 2454.TW, 300750.SZ, BZ, GLOB, HDB, MELI, MMYT, NTES, TCOM, TOTS3.SA, TSM, TUBE.NS

AI, China, emerging markets, India, Recession, technology, Trade Policy, Valuations

BNY Mellon EM Fund fell 4.2% in Q1 amid trade tensions and AI-driven volatility in Chinese tech stocks. Despite underperformance versus the 2.9% benchmark gain, the manager sees opportunity in emerging markets' significant discount to developed markets. The fund maintains defensive positioning while seeking quality compounding businesses with superior growth characteristics.

Dec 31 2024

2024 Q4

000333.SZ, 005930.KS, 0700.HK, 1810.HK, 2020.HK, 2308.TW, 2454.TW, 8113.T, BABA, BMRI.JK, CHROMA.TW, DMART.NS, GLOB, HDB, ICICIBANK.NS, MAHM.NS, MELI, MMYT, RADL3.SA, TCOM, TSM

AI, China, emerging markets, semiconductors, Taiwan, Travel

BNY Mellon's emerging markets fund outperformed in Q4 despite trade war fears and dollar strength. Taiwanese AI beneficiaries and travel stocks drove returns while avoiding Alibaba and Samsung added value. Chinese stimulus disappointed but the manager sees compelling long-term opportunities from higher growth, product penetration, and consolidation in emerging markets.

Jun 30 2024

2024 Q2

000333.SZ, 005930.KS, 0700.HK, 1299.HK, 2308.TW, 300124.SZ, 300274.SZ, 603605.SS, ADVT, BBRI.JK, BMRI.JK, CLS.JO, GLOB, HDB, MAHM.NS, MARICO.NS, MELI, NAUKRI.NS, RADL3.SA, TSM, WMMVY, XPBR, ZOMATO.NS

AI, Banking, China, emerging markets, financials, India, technology

BNY Mellon Global Emerging Markets Fund underperformed in Q2 2024 due to weakness in Brazilian and Indonesian financials, despite strong performance from Indian holdings and AI-beneficiary technology stocks. The manager sees improving long-term prospects for emerging markets given favorable growth differentials, moderating inflation, and compelling valuations relative to developed markets.

QUARTER	THEMES	TAGS
2026 Q2	AI Emerging-market equities rallied during Q2 on renewed enthusiasm for artificial intelligence. However, anxiety about elevated AI-related valuations emerged later in the period. The technology sector recorded significant gains, with stock selection and an underweight allocation to technology weighing on fund returns.	Technology Semiconductors Valuations
	Semiconductor Cycle Taiwan Semiconductor Manufacturing represents the fund's largest position at 12.05%, followed by Samsung Electronics at 10.32% and SK Hynix at 4.07%. The technology sector recorded significant gains during the quarter, though the fund's underweight allocation to the sector weighed on relative performance.	Taiwan South Korea Memory Foundries
	China Chinese shares fell during the quarter given continued worries about the economy and a weakening in technology stocks. The fund maintains exposure through Tencent Holdings (4.20% position) and Contemporary Amperex Technology (2.52% position).	Technology Economy Battery Manufacturers
	India Indian equities made gains but underperformed during the quarter due to elevated energy prices weighing on the economic outlook. The fund maintains a 2.46% position in HDFC Bank.	Banks Energy Economy
	Indonesia Indonesia's market sold off as it faced relegation from the MSCI's emerging markets index due to governance and transparency concerns. Investors also fretted about a government plan to exert greater control over commodity exports.	Governance Commodities Trade Policy
2026 Q1	AI Artificial intelligence is mentioned as both an opportunity and risk factor. The manager notes initial excitement about AI benefited markets, but also expresses concerns about AI disintermediation affecting certain sectors like travel booking platforms.	Artificial Intelligence Technology Disintermediation
	Oil Rising oil prices due to Middle East conflict escalation created market volatility and inflation concerns. Oil price increases negatively affected consumer demand for vehicles and hurt travel sector sentiment.	Energy Geopolitical Inflation
	Semiconductors The fund holds significant positions in semiconductor companies including Taiwan Semiconductor Manufacturing as the largest holding at 10.89%. Automated testing equipment provider Chroma ATE posted strong gains on solid 2025 results.	Technology Taiwan Equipment
2025 Q3	AI Continued excitement and progress in artificial intelligence in both the US and China spurred on semiconductor-hardware and vertically integrated players across the region. Taiwan's Delta Electronics share price surged against optimism over demand for AI. Indian IT services business Tata Consultancy Services faced pressure from the effects of AI with announced job cuts.	Semiconductors Hardware Technology China Taiwan
	Semiconductors AI developments drove semiconductor performance with Taiwan Semiconductor Manufacturing as the top holding at 9.42%. Delta Electronics surged on AI demand optimism. SK Hynix and Samsung Electronics are also significant holdings in the semiconductor space.	AI Taiwan Memory Hardware Technology
	E-commerce E-commerce platform Mercado Libre was a detractor from performance as shares fell after profits for Q2 2025 came in below expectations despite good revenue growth. An uncertain economic outlook also weighed on the shares. Not holding Chinese company Alibaba, which rallied, also negatively affected performance.	Latin America China Digital Retail Growth
2025 Q2	AI Continued excitement and progress in artificial intelligence in both the US and China spurred on semiconductor-hardware and vertically integrated players across the region. Taiwan's Delta Electronics share price surged against optimism over demand for AI. Indian IT services business Tata Consultancy Services faced pressure from the effects of AI with announced job cuts.	Semiconductors Hardware Technology China Taiwan
	E-commerce E-commerce platform Mercado Libre was a detractor from performance as shares fell after profits for Q2 2025 came in below expectations despite good revenue growth. The company faced headwinds from an uncertain economic outlook. Chinese company Alibaba rallied but the fund did not hold the position.	Platform Revenue Growth China Latin America
	Battery Supply Chain Chinese battery maker Contemporary Amperex Technology contributed to fund performance as shares rose on strong first half 2025 results and potential growth opportunities in the battery market. The company represents a significant 5.34% position in the portfolio.	China Manufacturing Growth Electric Vehicles Energy Storage
	Semiconductors Semiconductor companies were key contributors with Taiwan Semiconductor Manufacturing as the largest holding at 9.42% and SK Hynix representing 3.14% of the portfolio. The sector benefited from AI developments and optimism around demand growth.	Taiwan Korea Manufacturing Technology Hardware
2025 Q1	AI Chinese technology stocks surged in February due to the DeepSeek phenomenon, creating significant volatility. The fund benefited from positions in Tencent and other internet holdings like NetEase and Kanzhun that generated alpha early in the quarter, though identifying quality long-term compounding opportunities in Chinese internet remained challenging.	DeepSeek Technology Internet China
	Trade Policy Ongoing trade tariff negotiations created uncertainty and significant risks for emerging markets. The fund adopted a defensive stance anticipating tariff and geopolitical tensions would dominate the market environment. Trade tariff negotiations intensified toward quarter-end, increasing concerns about US recession likelihood.	Tariffs Negotiations Geopolitical Recession
	E-commerce Online marketplace MercadoLibre was a positive performer on strong fourth-quarter results and optimism about future growth. The fund was negatively affected by the rise of Alibaba, which it does not hold, though this was partially offset by gains in Tencent.	Marketplace Growth Latin America
2024 Q4	AI Renewed excitement around artificial intelligence drove performance in technology-heavy markets like Taiwan. Taiwanese holdings including MediaTek, Chroma ATE, and Delta Electronics benefited from AI-related demand and expectations.	Artificial Intelligence Taiwan Semiconductors Technology
	Travel Travel companies were key contributors to performance, with Trip.com reporting expectations-beating revenues and MakeMyTrip hitting record highs driven by investor enthusiasm for growth prospects.	Online Travel Tourism Recovery Growth
	China Chinese markets faced disappointment as government stimulus measures appeared piecemeal and lacked significance to restimulate the economy. Investors continued to anticipate additional stimulus initiatives in 2025 to combat potential trade-related weakness.	Stimulus Economy Trade Policy Government
2024 Q2	AI Equity investors regained appetite for risk during the quarter, with enthusiasm narrowly focused on companies perceived as best positioned to gain from the rollout and adoption of artificial intelligence. Technology-related stocks, spurred by the strength of Nvidia, helped lift markets to all-time highs.	Technology Nvidia Semiconductors Growth Innovation
	India India's market wobbled following its general election and Prime Minister Modi entering a coalition government, but rapidly regained poise. The re-election of Modi should reduce political uncertainty and drive growth. Multiple Indian holdings contributed positively including Mahindra & Mahindra, Info Edge, Marico, and HDFC Bank.	Modi Elections Growth Banking Manufacturing
	China China outperformed the wider market despite ongoing concerns around the property sector. First-quarter GDP exceeded expectations, while resilient earnings and policy support further boosted sentiment. Holdings include technology and consumer companies like Tencent and Proya Cosmetics.	GDP Property Policy Technology Consumer
	Financials The financials sector was the principal area of weakness owing largely to holdings in Brazil's XP and Indonesia's Bank Mandiri and Bank Rakyat. Brazilian investment platform XP declined with market concerns around business momentum given the interest-rate outlook. Indonesian banks faced currency volatility and portfolio outflows.	Banks Interest Rates Currency Brazil Indonesia

QUARTER

THEMES

AI

Emerging-market equities rallied during Q2 on renewed enthusiasm for artificial intelligence. However, anxiety about elevated AI-related valuations emerged later in the period. The technology sector recorded significant gains, with stock selection and an underweight allocation to technology weighing on fund returns.

Technology Semiconductors Valuations

Semiconductor Cycle

Taiwan Semiconductor Manufacturing represents the fund's largest position at 12.05%, followed by Samsung Electronics at 10.32% and SK Hynix at 4.07%. The technology sector recorded significant gains during the quarter, though the fund's underweight allocation to the sector weighed on relative performance.

Taiwan South Korea Memory Foundries

China

Chinese shares fell during the quarter given continued worries about the economy and a weakening in technology stocks. The fund maintains exposure through Tencent Holdings (4.20% position) and Contemporary Amperex Technology (2.52% position).

Technology Economy Battery Manufacturers

India

Indian equities made gains but underperformed during the quarter due to elevated energy prices weighing on the economic outlook. The fund maintains a 2.46% position in HDFC Bank.

Banks Energy Economy

Indonesia

Indonesia's market sold off as it faced relegation from the MSCI's emerging markets index due to governance and transparency concerns. Investors also fretted about a government plan to exert greater control over commodity exports.

Governance Commodities Trade Policy

2026 Q1

AI

Artificial intelligence is mentioned as both an opportunity and risk factor. The manager notes initial excitement about AI benefited markets, but also expresses concerns about AI disintermediation affecting certain sectors like travel booking platforms.

Artificial Intelligence Technology Disintermediation

Oil

Rising oil prices due to Middle East conflict escalation created market volatility and inflation concerns. Oil price increases negatively affected consumer demand for vehicles and hurt travel sector sentiment.

Energy Geopolitical Inflation

Semiconductors

The fund holds significant positions in semiconductor companies including Taiwan Semiconductor Manufacturing as the largest holding at 10.89%. Automated testing equipment provider Chroma ATE posted strong gains on solid 2025 results.

Technology Taiwan Equipment

2025 Q3

AI

Continued excitement and progress in artificial intelligence in both the US and China spurred on semiconductor-hardware and vertically integrated players across the region. Taiwan's Delta Electronics share price surged against optimism over demand for AI. Indian IT services business Tata Consultancy Services faced pressure from the effects of AI with announced job cuts.

Semiconductors Hardware Technology China Taiwan

Semiconductors

AI developments drove semiconductor performance with Taiwan Semiconductor Manufacturing as the top holding at 9.42%. Delta Electronics surged on AI demand optimism. SK Hynix and Samsung Electronics are also significant holdings in the semiconductor space.

AI Taiwan Memory Hardware Technology

E-commerce

E-commerce platform Mercado Libre was a detractor from performance as shares fell after profits for Q2 2025 came in below expectations despite good revenue growth. An uncertain economic outlook also weighed on the shares. Not holding Chinese company Alibaba, which rallied, also negatively affected performance.

Latin America China Digital Retail Growth

2025 Q2

AI

Semiconductors Hardware Technology China Taiwan

E-commerce

E-commerce platform Mercado Libre was a detractor from performance as shares fell after profits for Q2 2025 came in below expectations despite good revenue growth. The company faced headwinds from an uncertain economic outlook. Chinese company Alibaba rallied but the fund did not hold the position.

Platform Revenue Growth China Latin America

Battery Supply Chain

Chinese battery maker Contemporary Amperex Technology contributed to fund performance as shares rose on strong first half 2025 results and potential growth opportunities in the battery market. The company represents a significant 5.34% position in the portfolio.

China Manufacturing Growth Electric Vehicles Energy Storage

Semiconductors

Semiconductor companies were key contributors with Taiwan Semiconductor Manufacturing as the largest holding at 9.42% and SK Hynix representing 3.14% of the portfolio. The sector benefited from AI developments and optimism around demand growth.

Taiwan Korea Manufacturing Technology Hardware

2025 Q1

AI

Chinese technology stocks surged in February due to the DeepSeek phenomenon, creating significant volatility. The fund benefited from positions in Tencent and other internet holdings like NetEase and Kanzhun that generated alpha early in the quarter, though identifying quality long-term compounding opportunities in Chinese internet remained challenging.

DeepSeek Technology Internet China

Trade Policy

Ongoing trade tariff negotiations created uncertainty and significant risks for emerging markets. The fund adopted a defensive stance anticipating tariff and geopolitical tensions would dominate the market environment. Trade tariff negotiations intensified toward quarter-end, increasing concerns about US recession likelihood.

Tariffs Negotiations Geopolitical Recession

E-commerce

Online marketplace MercadoLibre was a positive performer on strong fourth-quarter results and optimism about future growth. The fund was negatively affected by the rise of Alibaba, which it does not hold, though this was partially offset by gains in Tencent.

Marketplace Growth Latin America

2024 Q4

AI

Renewed excitement around artificial intelligence drove performance in technology-heavy markets like Taiwan. Taiwanese holdings including MediaTek, Chroma ATE, and Delta Electronics benefited from AI-related demand and expectations.

Artificial Intelligence Taiwan Semiconductors Technology

Travel

Travel companies were key contributors to performance, with Trip.com reporting expectations-beating revenues and MakeMyTrip hitting record highs driven by investor enthusiasm for growth prospects.

Online Travel Tourism Recovery Growth

China

Chinese markets faced disappointment as government stimulus measures appeared piecemeal and lacked significance to restimulate the economy. Investors continued to anticipate additional stimulus initiatives in 2025 to combat potential trade-related weakness.

Stimulus Economy Trade Policy Government

2024 Q2

AI

Equity investors regained appetite for risk during the quarter, with enthusiasm narrowly focused on companies perceived as best positioned to gain from the rollout and adoption of artificial intelligence. Technology-related stocks, spurred by the strength of Nvidia, helped lift markets to all-time highs.

Technology Nvidia Semiconductors Growth Innovation

India

India's market wobbled following its general election and Prime Minister Modi entering a coalition government, but rapidly regained poise. The re-election of Modi should reduce political uncertainty and drive growth. Multiple Indian holdings contributed positively including Mahindra & Mahindra, Info Edge, Marico, and HDFC Bank.

Modi Elections Growth Banking Manufacturing

China

China outperformed the wider market despite ongoing concerns around the property sector. First-quarter GDP exceeded expectations, while resilient earnings and policy support further boosted sentiment. Holdings include technology and consumer companies like Tencent and Proya Cosmetics.

GDP Property Policy Technology Consumer

Financials

The financials sector was the principal area of weakness owing largely to holdings in Brazil's XP and Indonesia's Bank Mandiri and Bank Rakyat. Brazilian investment platform XP declined with market concerns around business momentum given the interest-rate outlook. Indonesian banks faced currency volatility and portfolio outflows.

Banks Interest Rates Currency Brazil Indonesia

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
No Elevator Pitches found

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

No Elevator Pitches found

TICKER	COMMENTARY
TSM	Taiwan Semiconductor Manufacturing represents 12.05% of the portfolio as the fund's largest position.
005930.KS	Samsung Electronics represents 10.32% of the portfolio as the fund's second largest position.
0700.HK	Tencent Holdings represents 4.20% of the portfolio. Chinese shares fell given continued worries about the economy and a weakening in technology stocks.
HDB	HDFC Bank represents 2.46% of the portfolio. Indian equities made gains but underperformed due to elevated energy prices weighing on the economic outlook.

TICKER

COMMENTARY

TSM

Taiwan Semiconductor Manufacturing represents 12.05% of the portfolio as the fund's largest position.

005930.KS

Samsung Electronics represents 10.32% of the portfolio as the fund's second largest position.

0700.HK

Tencent Holdings represents 4.20% of the portfolio. Chinese shares fell given continued worries about the economy and a weakening in technology stocks.

HDB

HDFC Bank represents 2.46% of the portfolio. Indian equities made gains but underperformed due to elevated energy prices weighing on the economic outlook.

Ticker	Put/Call	Amount Bought	Shares Bought	% Change	Weight %
No Recent Buys Data

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

Ticker

Put/Call

Amount Sold

Shares Sold

% Change

Weight %

Status

No Recent Sells Data

Industry	Prev Quarter %	Current Quarter %	Change
No industry data available

Industry

Prev Quarter %

Current Quarter %

Change

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

China

India

Indonesia

AI

Oil

Semiconductors

AI

Semiconductors

E-commerce

AI

E-commerce

Battery Supply Chain

Semiconductors

AI

Trade Policy

E-commerce

AI

Travel

China

AI

India

China

Financials

Investor Pitches

Current Portfolio as of ( 30th June 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Alex Khosla Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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BNY Mellon Global Emerging Markets Fund