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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
East Capital's emerging and frontier market funds delivered strong Q2 2026 performance with alpha of 13% and 3.3% respectively, driven primarily by Korean and Taiwanese semiconductor exposure. Korea and Taiwan overtook China to become the two largest markets in the MSCI Emerging Markets Index, together accounting for over 50% of the benchmark by June. The main return driver has been significant upward revisions in earnings expectations for memory chip manufacturers, with the manager expecting memory prices to rise 40-50% quarter-on-quarter in Q3 2026 as agentic AI drives insatiable token demand. Despite reducing Korean memory positions from 4-5% to 1% due to retail-driven volatility, the fund remains slightly overweight based on continued earnings upgrade expectations. Beyond semiconductors, the manager initiated positions in overlooked opportunities including Korean K-Beauty names and Nigerian banks trading at 3-5x earnings with 27-29% ROE. Valuations across India, China and Brazil have become more attractive, with numerous high-quality companies correcting despite strong fundamentals. The frontier market fund trades at 6.6x forward earnings with expected 15% earnings growth.
East Capital maintains a country-neutral approach focused on constructing portfolios within each major market aligned with benchmark weights, believing macro predictions on country performance are unreliable for generating alpha. The fund is positioned for the AI build-out through exposure to Korean and Taiwanese semiconductor and component manufacturers, particularly memory, where the manager expects continued pricing power and earnings upgrades as capacity constraints persist into 2028. Beyond AI, the manager is finding overlooked opportunities in markets like Korea, India, Brazil and Nigeria where valuations have corrected despite strong fundamentals.
The manager believes the backdrop for emerging markets remains constructive with valuations even more attractive than at the start of the year, particularly in India and China. Despite less compelling top-down narratives in these markets compared to Korea and Taiwan, numerous individual investment opportunities exist where valuations have corrected despite strong fundamentals. Frontier markets offer one of the most compelling combinations of structural earnings growth, improving macroeconomic fundamentals and deeply discounted valuations among global equities. The manager expects continued earnings upgrades in memory as tightness persists, with improving conditions across many markets characterized by easing inflation, improving policy credibility and recovering investor confidence.
As of Jul 10, 2026
Peter Elam Håkansson is Chairman and Chief Investment Officer of East Capital Group, serving as a founding partner who devised, set up and implemented East Capital's investment philosophy and strategy. He leads the Eastern Europe and Asia investment team and has worked with emerging and frontier markets since the nineties. Peter has been awarded the Gold Star for best Fund Manager five times by Morningstar and Sweden's largest financial daily Dagens Industri, as well as numerous Lipper awards. East Capital Russia, the former flagship fund, was the best performing publicly traded fund of the decade 2000-2009 returning 1565%. Prior to founding East Capital, Peter held senior roles at Enskilda Securities in London, Paris, and Stockholm, culminating as Head of Equities and Global Head of Research.
East Capital's investment teams base their investment strategy on in-depth knowledge of local markets, fundamental analysis and frequent company visits. Evaluation of ESG-related risks and opportunities forms an integral part of their investment process. Since their start in 1997 they have strived to be long-term, active and responsible investors and owners. The essence of their business is not only to find attractive investment opportunities, but also to actively work to drive change, influencing industries around the world to become more sustainable - combining active investment with a clear ESG framework. Their strategies are grounded in fundamental analysis, deep local expertise, and active stock selection.
Lead Portfolio Manager
Jacob Grapengiesser, Peter Elam Håkansson
Managing Partner
Moderate Conviction Bullish
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