The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 31, 2026
BNY Mellon Global Emerging Markets Fund (Class A at NAV) returned 0.36% net of fees in the third quarter of 2026, outperforming the MSCI Emerging Markets Index return of -0.37%. Year-to-date, the fund has advanced 19.79% net of fees. Relative performance was aided by positive stock selection within the information technology sector alongside an overweight allocation and favorable selection in consumer discretionary, while security selection in healthcare and financials acted as performance headwinds. Macroeconomic conditions across emerging markets faced pressure as tensions in the Middle East drove crude oil prices higher, feeding inflationary pressures, spurring bond yield surges, and prompting policy tightening across major central banks. Equities in technology-sensitive markets exhibited volatility, oscillating from early-quarter skepticism around artificial intelligence capital expenditure to renewed enthusiasm later in the period, while Chinese equities lagged on domestic economic weakness and cloud AI investment scrutiny. Key individual contributors included Advantech, which advanced on resilient artificial intelligence demand, and preference shares of Samsung Electronics, supported by solid quarterly results and potential shareholder returns. An underweight in SK Hynix also aided relative results. Detractors included Contemporary Amperex Technology, dampened by domestic electric vehicle demand concerns, and E Ink Holding, which lowered revenue growth guidance.
The fund focuses on a disciplined portfolio of attractively priced, return-compounding emerging market businesses displaying superior revenue growth, free cash flow generation, and return on invested capital relative to the benchmark.
Emerging market equities continue to provide compelling risk-adjusted opportunities and valuation discounts despite macroeconomic uncertainty, underpinned by superior corporate return on invested capital and free cash flow generation.
Moderate Conviction Bullish
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