Harding Loevner Emerging Markets Equity

Investor Summary

The fund is managed by a four-person team led by Co-Lead Portfolio Managers Pradipta Chakrabortty and Scott Crawshaw. Chakrabortty joined in 2008 and specializes in frontier emerging markets, holding degrees from Birla Institute of Technology & Science and The Wharton School. Crawshaw joined in 2014 and brings 22 years of emerging markets experience with a BSc from The University of Bristol. The team is supported by Lee Gao (joined 2023, formerly at Goldman Sachs Asset Management) and Babatunde Ojo (CFA, partner since 2012, co-leads Frontier Emerging Markets strategy).

Fund Strategy

The Emerging Markets Equity strategy invests in a limited number of high-quality, growing companies with a substantial share of their revenues or assets in emerging markets countries. The investment philosophy emphasizes long-term investment in high-quality, growing businesses through rigorous fundamental research using four key criteria: competitive advantage, quality management, financial strength, and sustainable growth. The strategy employs bottom-up company analysis combined with comprehensive assessment of global industry competitive dynamics, utilizing a proprietary Quality Assessment Framework and ESG Scorecard to evaluate opportunities systematically.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
9.48%	-0.49%	-0.49%

Executive Summary

Harding Loevner's Emerging Markets Equity portfolio declined 0.29% in Q1 2026, closely matching the MSCI EM Index's 0.10% decline. The portfolio benefits from EM companies' leadership in renewable energy and AI infrastructure, with key holdings including CATL (energy storage systems), Aspeed (AI server chips), and renewable energy equipment manufacturers. The manager re-purchased MercadoLibre after political risks in Argentina subsided, despite intensifying e-commerce competition in Brazil. WuXi AppTec was also repurchased following reduced regulatory threats from the BIOSECURE Act. The portfolio maintains minimal oil and gas exposure, positioning for the energy transition while benefiting from AI data center buildout. Strong performance from Taiwan semiconductor companies offset weakness in travel-related stocks affected by Middle East conflict concerns. The manager reduced some AI-related technology holdings to maintain diversification after substantial gains. Key risks include energy import dependencies and currency weakness, while catalysts include China's power market deregulation and continued AI infrastructure investment.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Apr 13 2026	2026 Q1	2269 HK, 2454.TW, 300750.SZ, MELI, TCOM, TS	AI Infrastructure, E-Commerce, emerging markets, Energy Storage, Energy Transition, Renewable Energy, semiconductors, technology	002594.SZ MELI 2359.HK	EM equity portfolio leverages companies leading energy transition and AI infrastructure. CATL dominates energy storage systems solving renewable intermittency. Taiwan semiconductor firms benefit from AI server demand. Re-purchased MercadoLibre and WuXi AppTec on reduced political and regulatory risks. Minimal fossil fuel exposure positions for structural energy shift while capturing AI growth themes.
Jan 20 2026	2025 Q4	000660.KS, 005930.KS, 2330.TW, 700.HK, ASIANPAINT.NS, BABA, EPAM, GLOB, HDFCBANK.NS, ICICIBC.NS, ITUB, MARUTI.NS, MELI, MMYT, PING, SE, TCOM, TCS, TSM, WALMEX.MX	AI, emerging markets, energy, Memory, nuclear, semiconductors, technology	005930 KS 000660 KS KAP LI 688188 CH	Emerging markets delivered outstanding 2025 returns driven by AI-related stocks, with EM companies critical to AI infrastructure buildout. The memory semiconductor industry is experiencing structural changes supporting higher profitability for leaders Samsung and SK hynix through customized products, capacity constraints, and AI-driven demand. Despite bubble concerns, favorable dynamics expected to persist through 2026.
Oct 19 2025	2025 Q3	005930.KS, 1211.HK, 1398.HK, 2317.TW, 2454.TW, BABA, CATL, EPAM, GLOB, HDFCBANK.NS, ICICIBANK.NS, ITUB, MARUTI.NS, MELI, MMYT, TCEHY, TCS.NS, TRIP, TSM, WEGE3.SA	AI, Automation, China, competition, E-Commerce, emerging markets, Travel	-	Emerging markets strategy outperformed on Chinese tech strength, led by Alibaba's e-commerce market share gains through aggressive food delivery competition. Added automation and travel exposure via Bochu and MakeMyTrip while exiting weaker competitors JD.com and MercadoLibre. Focus remains on companies with durable advantages navigating China's competitive landscape and benefiting from structural growth themes.
Jul 16 2025	2025 Q2	000333.SZ, 018880.KS, 035720.KS, 1211.HK, 2317.TW, 2330.TW, 3690.HK, 4966.T, BABA, GEELY, GLOB, KSPI.L, LREN3.SA, MELI, RDNI3.SA, SE, SHOP.TO, TCS.NS, TS, TTI	AI, Brazil, competition, E-Commerce, emerging markets, South Korea, Taiwan, Trade Policy	MELI MELI 4966.T 2317.TW 018880.KS	Emerging market companies with strong local advantages are thriving despite global competition. Brazilian e-commerce leader MercadoLibre competes aggressively against Shopee while maintaining integrated ecosystem benefits. Taiwanese tech companies capitalize on AI server demand with higher margins. South Korean governance reforms drive dividend increases. Portfolio added Taiwan tech exposure during tariff-driven weakness.
Mar 31 2025	2025 Q1	005930.KS, ASIANPAINT.NS, BABA, CATL, CIB, EPAM, GLOB, HDFCBANK.NS, ICICIBANK.NS, ITUB, JD, MARUTI.NS, MELI, MINDRAY, SAFARICOM, SANY, SBUX, TCEHY, TCS, TSMC	AI, China, Electric Vehicles, emerging markets, India, productivity, technology, Trade Policy	SUPREMEIND.NS BAJAJ-AUTO.NS	China's shift from real estate speculation to supporting innovative private companies in AI and electric vehicles could drive higher-quality economic growth. Recent policy support and technological advances by companies like DeepSeek and Alibaba suggest China may avoid Japan's stagnation path. Trade tensions create near-term uncertainty, but the long-term transition toward productivity-driven growth remains compelling.
Dec 31 2024	2024 Q4	000333.SZ, 005930.KS, 035420.KS, 0700.HK, 1299.HK, 1398.HK, 2308.TW, 2317.TW, 2330.TW, 2357.TW, 2454.TW, 300760.SZ, 9888.HK, 9988.HK, BABA, BBAS3.SA, BBDC4.SA, BBRI.JK, CATL, CLS.JO, COWAY, DIS.JO, EMAAR.DU, EPAM, GLOB, HDFCBANK.NS, HDFCLIFE.NS, ICICIBANK.NS, ITUB, JD, KSPI.KZ, MARUTI.NS, MELI, RDNI3.SA, SAFX.JO, SBER.ME, SBK.JO, TCOM, TCS.NS, TS, WEGE3.SA	AI, China, emerging markets, semiconductors, Stimulus, tariffs, Trade Policy	-	Emerging markets declined 8% in Q4 on Trump trade policy concerns but gained 2% for 2024. China's massive stimulus drove regional rebound while manager increased geographic diversification. Portfolio positioned in AI beneficiaries like TSMC and resilient global companies with diversified supply chains. Despite near-term uncertainty, emerging markets offer compelling valuations and structural growth opportunities.
Sep 30 2024	2024 Q3	005930.KS, 0700.HK, 1211.HK, 1299.HK, 2454.TW, ASML, BABA, EPAM, GLOB, HDFCBANK.NS, ITUB, JD, MARUTI.NS, MELI, TCOM, TCS.NS, TS, TSM, TTI.HK, WALMEX.MX	China, E-Commerce, emerging markets, growth, semiconductors, Stimulus, value, Vietnam	-	Harding Loevner's EM strategy outperformed on China's late-quarter stimulus rally, returning 12.5% versus 8.9% for the index. The fund continues diversifying into smaller markets like Vietnam while managing political risks through selective exits. Despite semiconductor headwinds, the manager sees compelling valuations across quality EM businesses as global ownership hits two-decade lows and rates decline.
Jul 18 2024	2024 Q2	005930.KS, 0700.HK, 1211.HK, 1398.HK, 2330.TW, B3SA3.SA, BABA, CATL, EPAM, GFNORTEO.MX, GLOB, HDFCBANK.NS, ITUB, MARUTI.NS, MELI, RENT3.SA, TCS.NS, TS, TSMC, XP	AI, China, Elections, emerging markets, financials, semiconductors, underperformance, valuation	RADL3.SA ICICIBANK.NS	Emerging markets strategy underperformed due to AI concentration effects, cheap stock outperformance, and Latin America political headwinds. Added Indian banks and Brazilian pharmacy chain at attractive valuations. Manager maintains conviction in quality-growth approach despite near-term challenges, viewing current market optimism around AI and elevated valuations as unsustainable long-term.
Apr 15 2024	2024 Q1	005930.KS, 0700.HK, 1299.HK, 2330.TW, 300750.SZ, 9618.HK, 9988.HK, BABA, CATL, EPAM, GLOB, HDFCBANK.NS, JD, KASPI.KZ, MARUTI.NS, MELI, SCOM.NR, TCOM, TCS.NS, TSM	China, E-Commerce, emerging markets, Geopolitical, healthcare, payments, semiconductors, technology	MELI BH.BK TLKM.JK	Emerging markets faced headwinds from US-China tensions and dollar strength, with the portfolio underperforming due to financials and healthcare exposure. The manager exited Chinese biotech names over regulatory risks while adding positions in Latin American payments leader MercadoLibre and Thai medical tourism operator Bumrungrad Hospital, targeting companies solving structural market gaps.
Jan 31 2024	2023 Q4	005930.KS, 1211.HK, 1398.HK, 2015.HK, AIA, ASIANPAINT.NS, BABA, EPAM, FEMSA, GFNORTEO.MX, GLOB, HDFCBANK.NS, ITUB, JD, MARUTI.NS, TCEHY, TCS.NS, TENARIS, TSM, WALMEX.MX	China, Electric Vehicles, emerging markets, India, Manufacturing, technology, value	-	Emerging markets diverged sharply in 2023 with China falling 11% while other EMs rose 21%. Despite Chinese headwinds from real estate deleveraging and geopolitical tensions, Harding Loevner maintains conviction in quality Chinese companies with manufacturing advantages and technology leadership. The manager sees current weakness as creating attractive entry points for long-term investors.
Jun 30 2023	2023 Q2	005930.KS, 1211.HK, 1398.HK, 2308.TW, 2330.TW, 2331.HK, 2454.HK, 300207.SZ, 601012.SS, BABA, BBDC4.SA, EMAAR.DU, EPAM, HDFCBANK.NS, ITUB4.SA, JD, MARUTI.NS, TCS.NS, WEG, XP	Brazil, China, Electrification, emerging markets, Energy Transition, financials, semiconductors	-	Harding Loevner's EM strategy outperformed in Q2 2023 despite China headwinds, driven by electrification theme investments in Delta Electronics and StarPower. Strong Brazilian financials performance offset weakness in Chinese growth stocks. The manager sees electrification as a multi-decade transformation opportunity, with EM companies' technical expertise creating durable competitive advantages in the energy transition.
May 31 2023	2023 Q1	005930.KS, 1810.HK, 2269.HK, BABA, BBD, EPAM, GLOB, HDFCB.NS, ITUB, JD, KSPI.L, LONGI, MARUY, MELI, RENT3.SA, TCEHY, TCS, TSM	Banking, Capital Allocation, China, emerging markets, Fintech, semiconductors, value	RENT3.SA MARUTI.NS KSPI.L ARGX BB\|DAVA\|DDOG\|GLOB\|ILMN\|LOAR\|MELI\|NET\|NU\|NVDA\|TSM	EM equity strategy underperformed in Q1 despite banking sector resilience during US/European crisis. Manager initiated fintech position in Kaspi.kz and adjusted bank holdings based on valuations. Core thesis remains focused on disciplined capital allocators like Localiza and Maruti Suzuki that can weather higher rates while capturing structural growth in digital transformation across emerging markets.
Mar 3 2023	2022 Q4	-	-	-
Jun 30 2022	2022 Q2	002050 CH, 035420 KS, 1476 TT, ABEV, EPAM, TCS IN	-	-
Mar 30 2022	2022 Q1	000333 CH, CATL LN, D3H GR, EPAM, SXC GR, TS	-	-

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Apr 13 2026

2026 Q1

2269 HK, 2454.TW, 300750.SZ, MELI, TCOM, TS

AI Infrastructure, E-Commerce, emerging markets, Energy Storage, Energy Transition, Renewable Energy, semiconductors, technology

002594.SZ
MELI
2359.HK

EM equity portfolio leverages companies leading energy transition and AI infrastructure. CATL dominates energy storage systems solving renewable intermittency. Taiwan semiconductor firms benefit from AI server demand. Re-purchased MercadoLibre and WuXi AppTec on reduced political and regulatory risks. Minimal fossil fuel exposure positions for structural energy shift while capturing AI growth themes.

Jan 20 2026

2025 Q4

000660.KS, 005930.KS, 2330.TW, 700.HK, ASIANPAINT.NS, BABA, EPAM, GLOB, HDFCBANK.NS, ICICIBC.NS, ITUB, MARUTI.NS, MELI, MMYT, PING, SE, TCOM, TCS, TSM, WALMEX.MX

AI, emerging markets, energy, Memory, nuclear, semiconductors, technology

005930 KS
000660 KS
KAP LI
688188 CH

Emerging markets delivered outstanding 2025 returns driven by AI-related stocks, with EM companies critical to AI infrastructure buildout. The memory semiconductor industry is experiencing structural changes supporting higher profitability for leaders Samsung and SK hynix through customized products, capacity constraints, and AI-driven demand. Despite bubble concerns, favorable dynamics expected to persist through 2026.

Oct 19 2025

2025 Q3

005930.KS, 1211.HK, 1398.HK, 2317.TW, 2454.TW, BABA, CATL, EPAM, GLOB, HDFCBANK.NS, ICICIBANK.NS, ITUB, MARUTI.NS, MELI, MMYT, TCEHY, TCS.NS, TRIP, TSM, WEGE3.SA

AI, Automation, China, competition, E-Commerce, emerging markets, Travel

Emerging markets strategy outperformed on Chinese tech strength, led by Alibaba's e-commerce market share gains through aggressive food delivery competition. Added automation and travel exposure via Bochu and MakeMyTrip while exiting weaker competitors JD.com and MercadoLibre. Focus remains on companies with durable advantages navigating China's competitive landscape and benefiting from structural growth themes.

Jul 16 2025

2025 Q2

000333.SZ, 018880.KS, 035720.KS, 1211.HK, 2317.TW, 2330.TW, 3690.HK, 4966.T, BABA, GEELY, GLOB, KSPI.L, LREN3.SA, MELI, RDNI3.SA, SE, SHOP.TO, TCS.NS, TS, TTI

AI, Brazil, competition, E-Commerce, emerging markets, South Korea, Taiwan, Trade Policy

MELI
MELI
4966.T
2317.TW
018880.KS

Emerging market companies with strong local advantages are thriving despite global competition. Brazilian e-commerce leader MercadoLibre competes aggressively against Shopee while maintaining integrated ecosystem benefits. Taiwanese tech companies capitalize on AI server demand with higher margins. South Korean governance reforms drive dividend increases. Portfolio added Taiwan tech exposure during tariff-driven weakness.

Mar 31 2025

2025 Q1

005930.KS, ASIANPAINT.NS, BABA, CATL, CIB, EPAM, GLOB, HDFCBANK.NS, ICICIBANK.NS, ITUB, JD, MARUTI.NS, MELI, MINDRAY, SAFARICOM, SANY, SBUX, TCEHY, TCS, TSMC

AI, China, Electric Vehicles, emerging markets, India, productivity, technology, Trade Policy

SUPREMEIND.NS
BAJAJ-AUTO.NS

China's shift from real estate speculation to supporting innovative private companies in AI and electric vehicles could drive higher-quality economic growth. Recent policy support and technological advances by companies like DeepSeek and Alibaba suggest China may avoid Japan's stagnation path. Trade tensions create near-term uncertainty, but the long-term transition toward productivity-driven growth remains compelling.

Dec 31 2024

2024 Q4

000333.SZ, 005930.KS, 035420.KS, 0700.HK, 1299.HK, 1398.HK, 2308.TW, 2317.TW, 2330.TW, 2357.TW, 2454.TW, 300760.SZ, 9888.HK, 9988.HK, BABA, BBAS3.SA, BBDC4.SA, BBRI.JK, CATL, CLS.JO, COWAY, DIS.JO, EMAAR.DU, EPAM, GLOB, HDFCBANK.NS, HDFCLIFE.NS, ICICIBANK.NS, ITUB, JD, KSPI.KZ, MARUTI.NS, MELI, RDNI3.SA, SAFX.JO, SBER.ME, SBK.JO, TCOM, TCS.NS, TS, WEGE3.SA

AI, China, emerging markets, semiconductors, Stimulus, tariffs, Trade Policy

Emerging markets declined 8% in Q4 on Trump trade policy concerns but gained 2% for 2024. China's massive stimulus drove regional rebound while manager increased geographic diversification. Portfolio positioned in AI beneficiaries like TSMC and resilient global companies with diversified supply chains. Despite near-term uncertainty, emerging markets offer compelling valuations and structural growth opportunities.

Sep 30 2024

2024 Q3

005930.KS, 0700.HK, 1211.HK, 1299.HK, 2454.TW, ASML, BABA, EPAM, GLOB, HDFCBANK.NS, ITUB, JD, MARUTI.NS, MELI, TCOM, TCS.NS, TS, TSM, TTI.HK, WALMEX.MX

China, E-Commerce, emerging markets, growth, semiconductors, Stimulus, value, Vietnam

Harding Loevner's EM strategy outperformed on China's late-quarter stimulus rally, returning 12.5% versus 8.9% for the index. The fund continues diversifying into smaller markets like Vietnam while managing political risks through selective exits. Despite semiconductor headwinds, the manager sees compelling valuations across quality EM businesses as global ownership hits two-decade lows and rates decline.

Jul 18 2024

2024 Q2

005930.KS, 0700.HK, 1211.HK, 1398.HK, 2330.TW, B3SA3.SA, BABA, CATL, EPAM, GFNORTEO.MX, GLOB, HDFCBANK.NS, ITUB, MARUTI.NS, MELI, RENT3.SA, TCS.NS, TS, TSMC, XP

AI, China, Elections, emerging markets, financials, semiconductors, underperformance, valuation

RADL3.SA
ICICIBANK.NS

Emerging markets strategy underperformed due to AI concentration effects, cheap stock outperformance, and Latin America political headwinds. Added Indian banks and Brazilian pharmacy chain at attractive valuations. Manager maintains conviction in quality-growth approach despite near-term challenges, viewing current market optimism around AI and elevated valuations as unsustainable long-term.

Apr 15 2024

2024 Q1

005930.KS, 0700.HK, 1299.HK, 2330.TW, 300750.SZ, 9618.HK, 9988.HK, BABA, CATL, EPAM, GLOB, HDFCBANK.NS, JD, KASPI.KZ, MARUTI.NS, MELI, SCOM.NR, TCOM, TCS.NS, TSM

China, E-Commerce, emerging markets, Geopolitical, healthcare, payments, semiconductors, technology

MELI
BH.BK
TLKM.JK

Emerging markets faced headwinds from US-China tensions and dollar strength, with the portfolio underperforming due to financials and healthcare exposure. The manager exited Chinese biotech names over regulatory risks while adding positions in Latin American payments leader MercadoLibre and Thai medical tourism operator Bumrungrad Hospital, targeting companies solving structural market gaps.

Jan 31 2024

2023 Q4

005930.KS, 1211.HK, 1398.HK, 2015.HK, AIA, ASIANPAINT.NS, BABA, EPAM, FEMSA, GFNORTEO.MX, GLOB, HDFCBANK.NS, ITUB, JD, MARUTI.NS, TCEHY, TCS.NS, TENARIS, TSM, WALMEX.MX

China, Electric Vehicles, emerging markets, India, Manufacturing, technology, value

Emerging markets diverged sharply in 2023 with China falling 11% while other EMs rose 21%. Despite Chinese headwinds from real estate deleveraging and geopolitical tensions, Harding Loevner maintains conviction in quality Chinese companies with manufacturing advantages and technology leadership. The manager sees current weakness as creating attractive entry points for long-term investors.

Jun 30 2023

2023 Q2

005930.KS, 1211.HK, 1398.HK, 2308.TW, 2330.TW, 2331.HK, 2454.HK, 300207.SZ, 601012.SS, BABA, BBDC4.SA, EMAAR.DU, EPAM, HDFCBANK.NS, ITUB4.SA, JD, MARUTI.NS, TCS.NS, WEG, XP

Brazil, China, Electrification, emerging markets, Energy Transition, financials, semiconductors

Harding Loevner's EM strategy outperformed in Q2 2023 despite China headwinds, driven by electrification theme investments in Delta Electronics and StarPower. Strong Brazilian financials performance offset weakness in Chinese growth stocks. The manager sees electrification as a multi-decade transformation opportunity, with EM companies' technical expertise creating durable competitive advantages in the energy transition.

May 31 2023

2023 Q1

005930.KS, 1810.HK, 2269.HK, BABA, BBD, EPAM, GLOB, HDFCB.NS, ITUB, JD, KSPI.L, LONGI, MARUY, MELI, RENT3.SA, TCEHY, TCS, TSM

Banking, Capital Allocation, China, emerging markets, Fintech, semiconductors, value

EM equity strategy underperformed in Q1 despite banking sector resilience during US/European crisis. Manager initiated fintech position in Kaspi.kz and adjusted bank holdings based on valuations. Core thesis remains focused on disciplined capital allocators like Localiza and Maruti Suzuki that can weather higher rates while capturing structural growth in digital transformation across emerging markets.

Mar 3 2023

2022 Q4

Jun 30 2022

2022 Q2

002050 CH, 035420 KS, 1476 TT, ABEV, EPAM, TCS IN

Mar 30 2022

2022 Q1

000333 CH, CATL LN, D3H GR, EPAM, SXC GR, TS

QUARTER	THEMES	TAGS
2026 Q1	Energy Transition EM companies play crucial roles in renewable energy development, with China leading global cost reduction in solar and wind. The portfolio benefits from companies supporting electrification and diversification beyond fossil fuels, including energy storage systems that solve intermittency challenges.	Renewable Energy Solar Wind Electrification Energy Storage
	AI AI infrastructure buildout drives demand for semiconductors, data centers, and power equipment. Companies like CATL benefit from AI data centers' energy storage needs, while Taiwan and South Korea tech companies gain from hyperscaler spending on AI infrastructure.	Data Centers Semiconductors Infrastructure Computing Power
	Energy Storage Energy storage systems represent a key growth opportunity, with CATL leading the global ESS market. ESS solves renewable energy intermittency and enables grid-scale deployment of wind and solar power for utilities and commercial applications.	Batteries Grid Storage Utilities Renewable Integration Power Management
	E-commerce Latin American e-commerce remains competitive with MercadoLibre facing intensified competition from Amazon and Shopee in Brazil. The company responds with strategic investments in logistics and fulfillment centers to maintain market position.	Online Retail Logistics Competition Market Share Fulfillment
	Semiconductors Semiconductor companies benefit from AI server demand, with Aspeed's baseboard management chips seeing strong growth. Memory producers like Samsung Electronics gain from soaring demand while re-establishing technology leadership.	Memory AI Servers Chip Design Technology Leadership Demand Growth
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 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. However, concerns emerged about AI potentially hurting parts of RELX's business, leading to position exit. IT rotation and year-end softness drove sentiment weakness in AI-related holdings.	Artificial Intelligence Memory Infrastructure Technology
	Semiconductors SK Hynix added to returns as memory demand stayed strong within AI infrastructure. Robust results and peer commentary reinforced its leading position amid favorable supply-demand dynamics. TSMC is held as a top 10 position representing 3.63% of the portfolio.	Memory Supply Chain Chip Demand Technology Hardware
2025 Q3	E-commerce Alibaba regained dominance in Chinese e-commerce through aggressive competition in food delivery and quick commerce, using AI tools and financial firepower to transform market structure. The company leveraged synergies across businesses and integrated management to outspend rivals and boost market share significantly.	Food delivery Quick commerce AI tools Market share Competition
	AI Chinese tech companies applied AI tools to their operations, with Alibaba using AI expertise to offer better software and marketing tools to merchants. AI-enabled features like personalized restaurant recommendations and merchant mapping provided competitive advantages in the quick commerce battle.	Machine learning Personalization Software tools Competitive advantage Innovation
	Automation Industrial automation demand is growing in China driven by shrinking labor force, worker safety concerns, and higher-precision manufacturing needs. Bochu dominates laser control systems for automated manufacturing, benefiting from the trend toward factory automation across industries.	Industrial controls Manufacturing Labor shortage Precision Factory automation
	Travel Online travel agencies like MakeMyTrip in India and Trip.com in China showed strong performance. MakeMyTrip dominates Indian online travel with 50% market share and deep reach into smaller cities, while Trip.com announced a $5 billion buyback program with better-than-expected growth.	Online booking Market dominance Tourism growth Digital platforms Travel recovery
	Battery Supply Chain CATL surged on developments in solid-state battery technology with higher power density and safety features. The company benefits from accelerating demand for commercial energy storage systems and potential new applications in aviation, shipping, and robotics.	Solid-state batteries Energy storage Power density Commercial applications Technology advancement
2025 Q2	E-commerce Brazilian e-commerce companies like MercadoLibre face intensifying competition from foreign entrants like Shopee, driving innovation in logistics and payment services. MercadoLibre has built competitive advantages through deep local market knowledge, integrated ecosystems, and massive logistics investments. Competition is spurring market expansion as e-commerce penetration remains low at under 20% in Brazil.	Brazil Logistics Payments Competition Market Share
	Trade Policy Trump's renewed tariff policies are accelerating the trend of emerging market companies looking to other EM markets for growth rather than developed markets. This trade war dynamic is reshuffling competitive landscapes and forcing companies to adapt their geographic strategies and supply chains.	Tariffs Trade Wars Supply Chains Geographic Strategy
	AI Taiwanese technology companies are benefiting from strong AI server demand, with companies like Aspeed seeing higher average selling prices for AI server components versus general servers. The AI value chain is driving robust revenue growth and margin expansion for semiconductor and hardware companies.	Servers Semiconductors Taiwan Hardware Margins
	Dividends South Korean companies are increasing dividend payouts as part of the new government's value-up program designed to improve shareholder returns. Companies like Coway are hiking dividends as part of efforts to boost the low multiples at which Korean stocks trade versus emerging market peers.	South Korea Shareholder Returns Valuations Corporate Governance
2025 Q1	China China outperformed most major markets in Q1 as policymakers showed stronger support for private enterprise. The government has shifted from real estate-led growth to supporting innovative companies in AI, electric vehicles, and technology. This transition could lead to higher-quality, more productive economic growth similar to Taiwan's path rather than Japan's stagnation.	China Private Enterprise Productivity Innovation Government Policy
	AI Chinese AI companies like DeepSeek and Alibaba have made significant advances in AI models and applications. DeepSeek released a large language model rivaling leading models at a fraction of training cost. Tencent grew short-form video revenues 60% using AI for targeted advertising, while Alibaba's AI-integrated marketing tools increased e-commerce sales.	AI DeepSeek Machine Learning Advertising E-commerce
	Electric Vehicles China has developed globally leading ecosystems for electric vehicles, led by battery systems maker CATL and supported by companies like Sanhua Intelligent Controls which makes thermal-management components for Tesla's humanoid robots and energy-storage systems.	Electric Vehicles Batteries CATL Tesla Energy Storage
	India India's total factor productivity has grown steadily for years, providing a good backdrop for investors. However, valuations were at five-year highs until a recent correction provided opportunities. The fund added Supreme Industries and Bajaj Auto, benefiting from infrastructure development and rising household wealth.	India Productivity Infrastructure Valuations Correction
	Trade Policy The Trump administration unveiled severe tariffs on Chinese imports, prompting China to raise its own tariffs and restrict commodity exports to the US. This trade war disruption reinforces the need for portfolio resilience, though emerging markets trade more within their borders than with the US.	Tariffs Trade War Trump Exports Disruption
2024 Q4	AI AI developments have boosted growth outlook for several EM companies. TSMC expects AI-related revenue to grow at 50% cumulative rate over next five years with 80% market share in leading-edge semiconductors. Delta Electronics commands 50% market share in sophisticated power supplies for high-end servers. IT services companies have started working on business-transformation projects helping clients adopt AI.	Semiconductors Hardware IT Services Growth Revenue
	Trade Policy Trump's election focused attention on significant changes in US trade policies affecting global trade. Manager expects global trade to continue shifting as it has since Trump's first term, bringing different opportunities for EM landscape. Companies are adapting through diversification, supply chain strengthening, and new technologies. Global trade hit record $33 trillion in 2024.	Tariffs Supply Chain Diversification Globalization Policy
	China China rebounded 20% for the year after three consecutive years of declines during worst economic downcycle since late 1990s. Policymakers launched biggest coordinated stimulus package since global financial crisis including $1.4 trillion program to shore up local government balance sheets. Despite domestic problems, China must remain focused on trade and signed new trade deals.	Stimulus Economic Policy Trade Recovery Government
	Energy Transition WEG has fast-growing business in electricity generation and distribution for renewable energy sources. The company generated 53% of revenue outside Brazil with 63 manufacturing sites across four continents. Energy transition trends support long-term growth outlook for companies positioned in renewable infrastructure.	Renewables Infrastructure Manufacturing Global Growth
2024 Q3	China Chinese stocks rallied 25% in the final nine trading days of the quarter following extensive monetary and fiscal stimulus measures. The People's Bank of China reduced interest rates and bank-reserve requirements while implementing measures targeting the real-estate sector and establishing new facilities for institutional stock purchases.	Stimulus Monetary Policy Real Estate E-commerce Electric Vehicles
	E-commerce Consumer Discretionary sector dominated by Chinese e-commerce platforms performed strongly on stimulus plans. The fund added to Trip.com and holds positions in JD.com and Alibaba. Mobile World in Vietnam represents expansion into grocery retail leveraging e-commerce experience.	Platforms Consumer Digital Retail Growth
	Vietnam Vietnam emerged as a winner from global supply chain reconfiguration following US-China trade tensions. The fund made its first investment in Mobile World, the country's largest multi-format retailer, as foreign ownership caps created opportunities at reasonable valuations.	Supply Chain Retail Growth Demographics Trade
	Semiconductors Information Technology was the worst-performing sector this quarter, dragged down by South Korean memory giants Samsung Electronics and SK Hynix. Concerns arose that memory-chip price recovery was fading and expanding high-bandwidth memory capacity was outpacing near-term AI demand.	Memory AI Capacity Pricing Cycle
2024 Q2	AI Strong performance driven by AI supply chain in Taiwan, particularly TSMC and semiconductor companies benefiting from NVIDIA chip orders. Portfolio holds AI-enabling companies like Aspeed which saw accelerating growth from hyperscalers and rising demand for traditional and AI servers.	Semiconductors TSMC NVIDIA Hyperscalers Servers
	China Chinese markets recovered 7% amid government housing crisis interventions and trade-in subsidies. Portfolio holds positions in Tencent, which outperformed on successful mobile game launches, and various Chinese companies across sectors despite ongoing real estate market challenges.	Housing Government Policy Tencent Real Estate Stimulus
	Elections Major emerging market elections in South Korea, Mexico, India, and South Africa prompted mixed market reactions. Concerns about policy changes and institutional checks led to volatility, with Mexico dropping 16% after ruling party landslide victory raised regulatory and fiscal policy concerns.	Political Risk Policy Changes Coalition Government Institutional Risk Regulatory
	Financials Mixed performance across regions with Latin American banks hurt by higher tax burden concerns in Mexico and higher-for-longer rates in Brazil. Added new positions in Indian banks ICICI and HDFC Life at attractive valuations while exiting Kotak due to regulatory restrictions.	Banking Interest Rates Regulation Valuation India
2024 Q1	Payments Digital payment systems are transforming financial inclusion in emerging markets, particularly Latin America. Companies like MercadoLibre and FEMSA have built payment platforms that serve unbanked populations while strengthening their core businesses. These platforms provide first-time access to digital payments and credit for millions of customers.	Digital payments Financial inclusion Mobile money Credit access Unbanked
	E-commerce E-commerce platforms in emerging markets are gaining market share by building integrated payment and logistics infrastructure. MercadoLibre has achieved over 20% market share in Mexico and nearly 40% in Brazil by offering superior payment solutions and fulfillment capabilities that address local market constraints.	Online retail Market share Logistics Fulfillment Digital commerce
	Semiconductors The semiconductor sector showed strength driven by AI demand, with TSMC benefiting from escalating requirements for AI training chips. However, US restrictions on China's access to semiconductor technology and equipment weighed on Chinese technology stocks and created geopolitical headwinds for the sector.	AI chips Semiconductor equipment Technology restrictions TSMC Memory
	Travel Medical tourism is growing as a specialized segment within healthcare, with Thailand emerging as a top destination. Bumrungrad Hospital capitalizes on this trend with international patients comprising two-thirds of revenue. The company offers complex surgeries at significantly lower costs than developed markets while maintaining superior service quality.	Medical tourism Healthcare services International patients Cost advantage Quality care
	China China's economy continued to face challenges with a faltering real estate market and muted consumption recovery despite policy support. Geopolitical tensions with the US, including semiconductor restrictions and the proposed Biosecure Act, weighed heavily on Chinese technology and healthcare stocks throughout the quarter.	Real estate Consumption Geopolitical tensions Technology restrictions Policy support
2023 Q4	China China performed poorly despite reopening optimism, falling 11% for the year due to real estate deleveraging, weak consumer confidence, and geopolitical tensions. However, the manager sees significant opportunities in Chinese companies with strong growth prospects and competitive advantages in manufacturing and technology.	Electric Vehicles Manufacturing Consumer Real Estate Geopolitical
	Electric Vehicles CATL dominates the global EV battery market with technology leadership and cost advantages through proprietary manufacturing lines. The company faces competition from BYD's vertical integration but maintains strong competitive moats and growth prospects despite recent stock weakness.	Battery Manufacturers EV Batteries Manufacturing Technology
	India India rose 21% for the year driven by steady private investment growth and manufacturing expansion. The manager added HDFC Life to capitalize on the underpenetrated life insurance market with ambitious regulatory targets for coverage expansion.	Life Insurance Manufacturing Growth
	Manufacturing China's manufacturing advantages have strengthened through automation, innovation, and skilled workforce leverage. The manager sees opportunities across industries from consumer goods to medical equipment, despite increasing local competition.	Automation Innovation Industrial Policy
2023 Q2	Energy Transition The manager views electrification as a transformative multi-decade opportunity, with emerging markets driving over 80% of electricity demand growth by 2030. They highlight three portfolio companies adapting their technical expertise to this new environment: WEG (electric motors), Delta Electronics (power supplies for EVs), and StarPower (semiconductor components for solar and EVs).	Electrification Renewable Solar Electric Vehicles Power
	China The manager expresses significant concern about China's economic trajectory, noting weak industrial activity, contracting imports, subdued investment, and consumer sentiment hampered by property sector instability. They prefer high-quality growth stocks but acknowledge underperformance in this environment where low-quality state-owned companies proved more resilient.	China Economic Property Growth Policy
	Semiconductors The manager discusses semiconductor opportunities driven by AI demand, particularly memory semiconductors and computing equipment manufacturers. However, they also express caution about competitive dynamics in power management chips, leading to the sale of Silergy due to concerns about Texas Instruments' capacity expansion.	Semiconductors Memory AI Computing Chips
	Brazil The manager views Brazil positively as inflation threats recede and rate cut expectations grow. They highlight strong performance from Brazilian financials and note that President Lula's limited business interference has supported investor sentiment. However, they sold Banco Bradesco due to concerns about its exposure to lower-income customers during the interest rate cycle.	Brazil Inflation Rates Financials Policy
2023 Q1	Banking EM banks proved resilient during the US/European banking crisis, with better risk management practices and shorter duration assets. Manager adjusted bank holdings based on valuations, adding to Banco Bradesco while trimming Itaú Unibanco and Kotak Mahindra Bank.	Regional Banks Credit Stress Risk Management Valuations Interest Rates
	Fintech Fintech represents enormous opportunity in smaller emerging and frontier markets. Manager initiated position in Kaspi.kz, Kazakhstan's leading digital payments provider with 67% market share and 60%+ cash flow return on equity.	FinTech Payments Digital Transformation Kazakhstan Growth
	Capital Allocation Focus on companies with disciplined capital allocation that can weather higher interest rates. Localiza and Maruti Suzuki exemplify prudent financial management, while Adani Group illustrates risks of excessive external financing dependence.	Capital Allocation Financial Discipline Interest Rates Cash Flow Balance Sheet
	Semiconductors Semiconductor stocks rallied as TSMC projected cyclical recovery in second half of 2023. Pent-up demand from smartphone makers and high-performance computing customers should support growth, with ChatGPT-type models increasing demand for computing power.	Semiconductor Cycle TSMC Recovery AI Computing
	China Recovery China's equity market rallied after lifting COVID restrictions, though companies reported mixed Q4 results. Policymakers announced additional monetary stimulus and officials expressed support for domestic tech sector development.	China Recovery Stimulus Tech Sector COVID

QUARTER

THEMES

Energy Transition

EM companies play crucial roles in renewable energy development, with China leading global cost reduction in solar and wind. The portfolio benefits from companies supporting electrification and diversification beyond fossil fuels, including energy storage systems that solve intermittency challenges.

Renewable Energy Solar Wind Electrification Energy Storage

AI

AI infrastructure buildout drives demand for semiconductors, data centers, and power equipment. Companies like CATL benefit from AI data centers' energy storage needs, while Taiwan and South Korea tech companies gain from hyperscaler spending on AI infrastructure.

Data Centers Semiconductors Infrastructure Computing Power

Energy Storage

Energy storage systems represent a key growth opportunity, with CATL leading the global ESS market. ESS solves renewable energy intermittency and enables grid-scale deployment of wind and solar power for utilities and commercial applications.

Batteries Grid Storage Utilities Renewable Integration Power Management

E-commerce

Latin American e-commerce remains competitive with MercadoLibre facing intensified competition from Amazon and Shopee in Brazil. The company responds with strategic investments in logistics and fulfillment centers to maintain market position.

Online Retail Logistics Competition Market Share Fulfillment

Semiconductors

Semiconductor companies benefit from AI server demand, with Aspeed's baseboard management chips seeing strong growth. Memory producers like Samsung Electronics gain from soaring demand while re-establishing technology leadership.

Memory AI Servers Chip Design Technology Leadership Demand Growth

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 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. However, concerns emerged about AI potentially hurting parts of RELX's business, leading to position exit. IT rotation and year-end softness drove sentiment weakness in AI-related holdings.

Artificial Intelligence Memory Infrastructure Technology

Semiconductors

SK Hynix added to returns as memory demand stayed strong within AI infrastructure. Robust results and peer commentary reinforced its leading position amid favorable supply-demand dynamics. TSMC is held as a top 10 position representing 3.63% of the portfolio.

Memory Supply Chain Chip Demand Technology Hardware

2025 Q3

E-commerce

Alibaba regained dominance in Chinese e-commerce through aggressive competition in food delivery and quick commerce, using AI tools and financial firepower to transform market structure. The company leveraged synergies across businesses and integrated management to outspend rivals and boost market share significantly.

Food delivery Quick commerce AI tools Market share Competition

AI

Chinese tech companies applied AI tools to their operations, with Alibaba using AI expertise to offer better software and marketing tools to merchants. AI-enabled features like personalized restaurant recommendations and merchant mapping provided competitive advantages in the quick commerce battle.

Machine learning Personalization Software tools Competitive advantage Innovation

Automation

Industrial automation demand is growing in China driven by shrinking labor force, worker safety concerns, and higher-precision manufacturing needs. Bochu dominates laser control systems for automated manufacturing, benefiting from the trend toward factory automation across industries.

Industrial controls Manufacturing Labor shortage Precision Factory automation

Travel

Online travel agencies like MakeMyTrip in India and Trip.com in China showed strong performance. MakeMyTrip dominates Indian online travel with 50% market share and deep reach into smaller cities, while Trip.com announced a $5 billion buyback program with better-than-expected growth.

Online booking Market dominance Tourism growth Digital platforms Travel recovery

Battery Supply Chain

CATL surged on developments in solid-state battery technology with higher power density and safety features. The company benefits from accelerating demand for commercial energy storage systems and potential new applications in aviation, shipping, and robotics.

Solid-state batteries Energy storage Power density Commercial applications Technology advancement

2025 Q2

E-commerce

Brazilian e-commerce companies like MercadoLibre face intensifying competition from foreign entrants like Shopee, driving innovation in logistics and payment services. MercadoLibre has built competitive advantages through deep local market knowledge, integrated ecosystems, and massive logistics investments. Competition is spurring market expansion as e-commerce penetration remains low at under 20% in Brazil.

Brazil Logistics Payments Competition Market Share

Trade Policy

Trump's renewed tariff policies are accelerating the trend of emerging market companies looking to other EM markets for growth rather than developed markets. This trade war dynamic is reshuffling competitive landscapes and forcing companies to adapt their geographic strategies and supply chains.

Tariffs Trade Wars Supply Chains Geographic Strategy

AI

Taiwanese technology companies are benefiting from strong AI server demand, with companies like Aspeed seeing higher average selling prices for AI server components versus general servers. The AI value chain is driving robust revenue growth and margin expansion for semiconductor and hardware companies.

Servers Semiconductors Taiwan Hardware Margins

Dividends

South Korean companies are increasing dividend payouts as part of the new government's value-up program designed to improve shareholder returns. Companies like Coway are hiking dividends as part of efforts to boost the low multiples at which Korean stocks trade versus emerging market peers.

South Korea Shareholder Returns Valuations Corporate Governance

2025 Q1

China

China outperformed most major markets in Q1 as policymakers showed stronger support for private enterprise. The government has shifted from real estate-led growth to supporting innovative companies in AI, electric vehicles, and technology. This transition could lead to higher-quality, more productive economic growth similar to Taiwan's path rather than Japan's stagnation.

China Private Enterprise Productivity Innovation Government Policy

AI

Chinese AI companies like DeepSeek and Alibaba have made significant advances in AI models and applications. DeepSeek released a large language model rivaling leading models at a fraction of training cost. Tencent grew short-form video revenues 60% using AI for targeted advertising, while Alibaba's AI-integrated marketing tools increased e-commerce sales.

AI DeepSeek Machine Learning Advertising E-commerce

Electric Vehicles

China has developed globally leading ecosystems for electric vehicles, led by battery systems maker CATL and supported by companies like Sanhua Intelligent Controls which makes thermal-management components for Tesla's humanoid robots and energy-storage systems.

Electric Vehicles Batteries CATL Tesla Energy Storage

India

India's total factor productivity has grown steadily for years, providing a good backdrop for investors. However, valuations were at five-year highs until a recent correction provided opportunities. The fund added Supreme Industries and Bajaj Auto, benefiting from infrastructure development and rising household wealth.

India Productivity Infrastructure Valuations Correction

Trade Policy

The Trump administration unveiled severe tariffs on Chinese imports, prompting China to raise its own tariffs and restrict commodity exports to the US. This trade war disruption reinforces the need for portfolio resilience, though emerging markets trade more within their borders than with the US.

Tariffs Trade War Trump Exports Disruption

2024 Q4

AI

AI developments have boosted growth outlook for several EM companies. TSMC expects AI-related revenue to grow at 50% cumulative rate over next five years with 80% market share in leading-edge semiconductors. Delta Electronics commands 50% market share in sophisticated power supplies for high-end servers. IT services companies have started working on business-transformation projects helping clients adopt AI.

Semiconductors Hardware IT Services Growth Revenue

Trade Policy

Trump's election focused attention on significant changes in US trade policies affecting global trade. Manager expects global trade to continue shifting as it has since Trump's first term, bringing different opportunities for EM landscape. Companies are adapting through diversification, supply chain strengthening, and new technologies. Global trade hit record $33 trillion in 2024.

Tariffs Supply Chain Diversification Globalization Policy

China

China rebounded 20% for the year after three consecutive years of declines during worst economic downcycle since late 1990s. Policymakers launched biggest coordinated stimulus package since global financial crisis including $1.4 trillion program to shore up local government balance sheets. Despite domestic problems, China must remain focused on trade and signed new trade deals.

Stimulus Economic Policy Trade Recovery Government

Energy Transition

WEG has fast-growing business in electricity generation and distribution for renewable energy sources. The company generated 53% of revenue outside Brazil with 63 manufacturing sites across four continents. Energy transition trends support long-term growth outlook for companies positioned in renewable infrastructure.

Renewables Infrastructure Manufacturing Global Growth

2024 Q3

China

Chinese stocks rallied 25% in the final nine trading days of the quarter following extensive monetary and fiscal stimulus measures. The People's Bank of China reduced interest rates and bank-reserve requirements while implementing measures targeting the real-estate sector and establishing new facilities for institutional stock purchases.

Stimulus Monetary Policy Real Estate E-commerce Electric Vehicles

E-commerce

Consumer Discretionary sector dominated by Chinese e-commerce platforms performed strongly on stimulus plans. The fund added to Trip.com and holds positions in JD.com and Alibaba. Mobile World in Vietnam represents expansion into grocery retail leveraging e-commerce experience.

Platforms Consumer Digital Retail Growth

Vietnam

Vietnam emerged as a winner from global supply chain reconfiguration following US-China trade tensions. The fund made its first investment in Mobile World, the country's largest multi-format retailer, as foreign ownership caps created opportunities at reasonable valuations.

Supply Chain Retail Growth Demographics Trade

Semiconductors

Information Technology was the worst-performing sector this quarter, dragged down by South Korean memory giants Samsung Electronics and SK Hynix. Concerns arose that memory-chip price recovery was fading and expanding high-bandwidth memory capacity was outpacing near-term AI demand.

Memory AI Capacity Pricing Cycle

2024 Q2

AI

Strong performance driven by AI supply chain in Taiwan, particularly TSMC and semiconductor companies benefiting from NVIDIA chip orders. Portfolio holds AI-enabling companies like Aspeed which saw accelerating growth from hyperscalers and rising demand for traditional and AI servers.

Semiconductors TSMC NVIDIA Hyperscalers Servers

China

Chinese markets recovered 7% amid government housing crisis interventions and trade-in subsidies. Portfolio holds positions in Tencent, which outperformed on successful mobile game launches, and various Chinese companies across sectors despite ongoing real estate market challenges.

Housing Government Policy Tencent Real Estate Stimulus

Elections

Major emerging market elections in South Korea, Mexico, India, and South Africa prompted mixed market reactions. Concerns about policy changes and institutional checks led to volatility, with Mexico dropping 16% after ruling party landslide victory raised regulatory and fiscal policy concerns.

Political Risk Policy Changes Coalition Government Institutional Risk Regulatory

Financials

Mixed performance across regions with Latin American banks hurt by higher tax burden concerns in Mexico and higher-for-longer rates in Brazil. Added new positions in Indian banks ICICI and HDFC Life at attractive valuations while exiting Kotak due to regulatory restrictions.

Banking Interest Rates Regulation Valuation India

2024 Q1

Payments

Digital payment systems are transforming financial inclusion in emerging markets, particularly Latin America. Companies like MercadoLibre and FEMSA have built payment platforms that serve unbanked populations while strengthening their core businesses. These platforms provide first-time access to digital payments and credit for millions of customers.

Digital payments Financial inclusion Mobile money Credit access Unbanked

E-commerce

E-commerce platforms in emerging markets are gaining market share by building integrated payment and logistics infrastructure. MercadoLibre has achieved over 20% market share in Mexico and nearly 40% in Brazil by offering superior payment solutions and fulfillment capabilities that address local market constraints.

Online retail Market share Logistics Fulfillment Digital commerce

Semiconductors

The semiconductor sector showed strength driven by AI demand, with TSMC benefiting from escalating requirements for AI training chips. However, US restrictions on China's access to semiconductor technology and equipment weighed on Chinese technology stocks and created geopolitical headwinds for the sector.

AI chips Semiconductor equipment Technology restrictions TSMC Memory

Travel

Medical tourism is growing as a specialized segment within healthcare, with Thailand emerging as a top destination. Bumrungrad Hospital capitalizes on this trend with international patients comprising two-thirds of revenue. The company offers complex surgeries at significantly lower costs than developed markets while maintaining superior service quality.

Medical tourism Healthcare services International patients Cost advantage Quality care

China

China's economy continued to face challenges with a faltering real estate market and muted consumption recovery despite policy support. Geopolitical tensions with the US, including semiconductor restrictions and the proposed Biosecure Act, weighed heavily on Chinese technology and healthcare stocks throughout the quarter.

Real estate Consumption Geopolitical tensions Technology restrictions Policy support

2023 Q4

China

China performed poorly despite reopening optimism, falling 11% for the year due to real estate deleveraging, weak consumer confidence, and geopolitical tensions. However, the manager sees significant opportunities in Chinese companies with strong growth prospects and competitive advantages in manufacturing and technology.

Electric Vehicles Manufacturing Consumer Real Estate Geopolitical

Electric Vehicles

CATL dominates the global EV battery market with technology leadership and cost advantages through proprietary manufacturing lines. The company faces competition from BYD's vertical integration but maintains strong competitive moats and growth prospects despite recent stock weakness.

Battery Manufacturers EV Batteries Manufacturing Technology

India

India rose 21% for the year driven by steady private investment growth and manufacturing expansion. The manager added HDFC Life to capitalize on the underpenetrated life insurance market with ambitious regulatory targets for coverage expansion.

Life Insurance Manufacturing Growth

Manufacturing

China's manufacturing advantages have strengthened through automation, innovation, and skilled workforce leverage. The manager sees opportunities across industries from consumer goods to medical equipment, despite increasing local competition.

Automation Innovation Industrial Policy

2023 Q2

Energy Transition

The manager views electrification as a transformative multi-decade opportunity, with emerging markets driving over 80% of electricity demand growth by 2030. They highlight three portfolio companies adapting their technical expertise to this new environment: WEG (electric motors), Delta Electronics (power supplies for EVs), and StarPower (semiconductor components for solar and EVs).

Electrification Renewable Solar Electric Vehicles Power

China

The manager expresses significant concern about China's economic trajectory, noting weak industrial activity, contracting imports, subdued investment, and consumer sentiment hampered by property sector instability. They prefer high-quality growth stocks but acknowledge underperformance in this environment where low-quality state-owned companies proved more resilient.

China Economic Property Growth Policy

Semiconductors

The manager discusses semiconductor opportunities driven by AI demand, particularly memory semiconductors and computing equipment manufacturers. However, they also express caution about competitive dynamics in power management chips, leading to the sale of Silergy due to concerns about Texas Instruments' capacity expansion.

Semiconductors Memory AI Computing Chips

Brazil

The manager views Brazil positively as inflation threats recede and rate cut expectations grow. They highlight strong performance from Brazilian financials and note that President Lula's limited business interference has supported investor sentiment. However, they sold Banco Bradesco due to concerns about its exposure to lower-income customers during the interest rate cycle.

Brazil Inflation Rates Financials Policy

2023 Q1

Banking

EM banks proved resilient during the US/European banking crisis, with better risk management practices and shorter duration assets. Manager adjusted bank holdings based on valuations, adding to Banco Bradesco while trimming Itaú Unibanco and Kotak Mahindra Bank.

Regional Banks Credit Stress Risk Management Valuations Interest Rates

Fintech

Fintech represents enormous opportunity in smaller emerging and frontier markets. Manager initiated position in Kaspi.kz, Kazakhstan's leading digital payments provider with 67% market share and 60%+ cash flow return on equity.

FinTech Payments Digital Transformation Kazakhstan Growth

Capital Allocation

Focus on companies with disciplined capital allocation that can weather higher interest rates. Localiza and Maruti Suzuki exemplify prudent financial management, while Adani Group illustrates risks of excessive external financing dependence.

Capital Allocation Financial Discipline Interest Rates Cash Flow Balance Sheet

Semiconductors

Semiconductor stocks rallied as TSMC projected cyclical recovery in second half of 2023. Pent-up demand from smartphone makers and high-performance computing customers should support growth, with ChatGPT-type models increasing demand for computing power.

Semiconductor Cycle TSMC Recovery AI Computing

China Recovery

China's equity market rallied after lifting COVID restrictions, though companies reported mixed Q4 results. Policymakers announced additional monetary stimulus and officials expressed support for domestic tech sector development.

China Recovery Stimulus Tech Sector COVID

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Mar 31, 2023	Fund Letters	Harding Loevner Emerging Markets Equity	RENT3.SA	Localiza	Industrials	Ground Transportation	Bull	B3	Brazil, capital allocation, Car Rental, Disciplined Management, Fleet Management, Ground Transportation, Industrials, Scale Advantages	Login
Mar 31, 2023	Fund Letters	Harding Loevner Emerging Markets Equity	MARUTI.NS	Maruti Suzuki	Consumer Discretionary	Automobile Manufacturers	Bull	NSE	Automobile Manufacturer, Cash Fortress, Electric Vehicles, Emerging markets, Free Cash Flow, India, market leader, Strategic Partnerships	Login
Mar 31, 2023	Fund Letters	Harding Loevner Emerging Markets Equity	KSPI.L	Kaspi.kz	Financials	Financial Services	Bull	LSE	digital payments, e-commerce, Emerging markets, Fintech, Kazakhstan, network effects, Retail Lending, super app	Login
Mar 31, 2023	Fund Letters	Harding Loevner Emerging Markets Equity	ARGX BB\|DAVA\|DDOG\|GLOB\|ILMN\|LOAR\|MELI\|NET\|NU\|NVDA\|TSM	Globant	Information Technology	IT Consulting & Other Services	Bull	NYSE	AI, Argentina, Cloud Operations, cybersecurity, Digital transformation, IT services, net cash, Software Development	Login
Apr 13, 2026	Fund Letters	Harding Loevner Emerging Markets Equity	002594.SZ	CATL	Auto Manufacturers	Electrical Components & Equipment	Bull	Shenzhen Stock Exchange	AI data centers, Battery Manufacturer, China, Electric Vehicle, Energy Storage Systems, Grid Storage, Industrials, Lithium-ion, market leader, renewable energy	Login
Apr 13, 2026	Fund Letters	Harding Loevner Emerging Markets Equity	MELI	MercadoLibre	Internet Retail	Internet & Direct Marketing Retail	Bull	NASDAQ	Brazil, competitive positioning, Consumer Discretionary, e-commerce, Gmv Growth, Latin America, Logistics, market leader, marketplace	Login
Apr 13, 2026	Fund Letters	Harding Loevner Emerging Markets Equity	2359.HK	WuXi AppTec	Diagnostics & Research	Life Sciences Tools & Services	Bull	New York Stock Exchange	Biosecure Act, Biotech, China, contract research, CRDMO, drug development, GLP-1 Therapies, Health Care, Peptides, Pharmaceutical Services	Login
Jan 20, 2026	Fund Letters	Edmund Bellord	005930 KS	Samsung Electronics Co., Ltd.	Information Technology	Semiconductors & Semiconductor Equipment	Bull	New York Stock Exchange	AI, Capacity, DRAM, HBM, Pricingpower	Login
Jan 20, 2026	Fund Letters	Edmund Bellord	000660 KS	SK hynix Inc.	Information Technology	Semiconductors & Semiconductor Equipment	Bull	New York Stock Exchange	AI, cashflow, HBM, Margins, NVIDIA	Login
Jan 20, 2026	Fund Letters	Edmund Bellord	KAP LI	National Atomic Company Kazatomprom	Energy	Uranium	Bull	New York Stock Exchange	Aipower, cashflow, Costleadership, Nuclear, uranium	Login
Jan 20, 2026	Fund Letters	Edmund Bellord	688188 CH	Bochu Technology Co., Ltd.	Information Technology	Software	Bull	Shanghai Stock Exchange	Automation, Industrialsoftware, Lasers, manufacturing, productivity	Login
Jul 16, 2025	Fund Letters	Edmund Bellord	MELI	Marcos Galperin's MercadoLibre Inc.	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	Credit, ecommerce, Logistics, Payments, scale	Login
Jun 30, 2025	Fund Letters	Harding Loevner Emerging Markets Equity	4966.T	Aspeed Technology	Information Technology	Semiconductors & Semiconductor Equipment	Bull	Taiwan Stock Exchange	AI servers, BMC Chips, data centers, growth, Hardware Monitoring, margin expansion, semiconductors, Server Infrastructure, Taiwan, technology	Login
Jun 30, 2025	Fund Letters	Harding Loevner Emerging Markets Equity	MELI	MercadoLibre	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	Argentina, Brazil, credit services, digital payments, e-commerce, Fintech, growth, Latin America, Logistics, marketplace, Scale Advantages, Unbanked	Login
Jun 30, 2025	Fund Letters	Harding Loevner Emerging Markets Equity	2317.TW	Hon Hai Precision Industry	Information Technology	Technology Hardware, Storage & Peripherals	Bull	Taiwan Stock Exchange	AI servers, contract manufacturing, Electronics Manufacturing, growth, hyperscalers, margin expansion, Nvidia partnership, Taiwan, technology hardware, vertical integration	Login
Jun 30, 2025	Fund Letters	Harding Loevner Emerging Markets Equity	018880.KS	Coway	Consumer Discretionary	Household Durables	Bull	Korea Exchange	Air Purifiers, Consumer Appliances, Corporate Governance, Dividend Growth, High quality, international expansion, Malaysia, shareholder returns, South Korea, water treatment	Login
Mar 31, 2025	Fund Letters	Harding Loevner Emerging Markets Equity	BAJAJ-AUTO.NS	Bajaj Auto	Consumer Discretionary	Automobiles	Bull	National Stock Exchange of India	Asia, automotive, Exports, India, Latin America, Motorcycles, premium, ROE, Three-Wheeler, Two-Wheeler	Login
Mar 31, 2025	Fund Letters	Harding Loevner Emerging Markets Equity	SUPREMEIND.NS	Supreme Industries	Materials	Chemicals	Bull	National Stock Exchange of India	Brand, distribution network, India, infrastructure, manufacturing, market share, materials, Pipes, Plastic Products, urbanization	Login
Jun 30, 2024	Fund Letters	Harding Loevner Emerging Markets Equity	ICICIBANK.NS	ICICI Bank	Financials	Banks	Bull	National Stock Exchange of India	Branch Network, Corporate Banking, financial services, India, Private Bank, retail banking, risk management, technology	Login
Jun 30, 2024	Fund Letters	Harding Loevner Emerging Markets Equity	RADL3.SA	Raia Drogasil	Consumer Staples	Drug Retail	Bull	B3 (Brazil Stock Exchange)	Brazil, Demographics, Drug Retail, e-commerce, market consolidation, Omnichannel, Pharmacy Chain, Scale Advantages	Login
Mar 31, 2024	Fund Letters	Harding Loevner Emerging Markets Equity	TLKM.JK	Telkom Indonesia	Communication Services	Integrated Telecommunication Services	Bull	IDX	Data Consumption Growth, digital services, high ROE, Indonesia, market leader, network infrastructure, premium pricing, Scale Advantages, telecommunications	Login
Mar 31, 2024	Fund Letters	Harding Loevner Emerging Markets Equity	BH.BK	Bumrungrad Hospital	Health Care	Health Care Facilities	Bull	SET	capacity expansion, Complex Surgery, growth, healthcare, high ROE, International Patients, Medical Tourism, premium pricing, Thailand	Login
Mar 31, 2024	Fund Letters	Harding Loevner Emerging Markets Equity	MELI	MercadoLibre	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	competitive moat, credit services, digital payments, e-commerce, Financial Inclusion, Fintech, Latin America, market share gains, Unbanked Population	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Mar 31, 2023

Fund Letters

Harding Loevner Emerging Markets Equity

RENT3.SA

Localiza

Industrials

Ground Transportation

Bull

Brazil, capital allocation, Car Rental, Disciplined Management, Fleet Management, Ground Transportation, Industrials, Scale Advantages

Mar 31, 2023

Fund Letters

Harding Loevner Emerging Markets Equity

MARUTI.NS

Maruti Suzuki

Consumer Discretionary

Automobile Manufacturers

Bull

NSE

Automobile Manufacturer, Cash Fortress, Electric Vehicles, Emerging markets, Free Cash Flow, India, market leader, Strategic Partnerships

Mar 31, 2023

Fund Letters

Harding Loevner Emerging Markets Equity

KSPI.L

Kaspi.kz

Financials

Financial Services

Bull

LSE

digital payments, e-commerce, Emerging markets, Fintech, Kazakhstan, network effects, Retail Lending, super app

Mar 31, 2023

Fund Letters

Harding Loevner Emerging Markets Equity

Globant

Information Technology

IT Consulting & Other Services

Bull

NYSE

AI, Argentina, Cloud Operations, cybersecurity, Digital transformation, IT services, net cash, Software Development

Apr 13, 2026

Fund Letters

Harding Loevner Emerging Markets Equity

002594.SZ

CATL

Auto Manufacturers

Electrical Components & Equipment

Bull

Shenzhen Stock Exchange

AI data centers, Battery Manufacturer, China, Electric Vehicle, Energy Storage Systems, Grid Storage, Industrials, Lithium-ion, market leader, renewable energy

Apr 13, 2026

Fund Letters

Harding Loevner Emerging Markets Equity

MELI

MercadoLibre

Internet Retail

Internet & Direct Marketing Retail

Bull

NASDAQ

Brazil, competitive positioning, Consumer Discretionary, e-commerce, Gmv Growth, Latin America, Logistics, market leader, marketplace

Apr 13, 2026

Fund Letters

Harding Loevner Emerging Markets Equity

2359.HK

WuXi AppTec

Diagnostics & Research

Life Sciences Tools & Services

Bull

New York Stock Exchange

Biosecure Act, Biotech, China, contract research, CRDMO, drug development, GLP-1 Therapies, Health Care, Peptides, Pharmaceutical Services

Jan 20, 2026

Fund Letters

Edmund Bellord

005930 KS

Samsung Electronics Co., Ltd.

Information Technology

Semiconductors & Semiconductor Equipment

Bull

New York Stock Exchange

AI, Capacity, DRAM, HBM, Pricingpower

Jan 20, 2026

Fund Letters

Edmund Bellord

000660 KS

SK hynix Inc.

Information Technology

Semiconductors & Semiconductor Equipment

Bull

New York Stock Exchange

AI, cashflow, HBM, Margins, NVIDIA

Jan 20, 2026

Fund Letters

Edmund Bellord

KAP LI

National Atomic Company Kazatomprom

Energy

Uranium

Bull

New York Stock Exchange

Aipower, cashflow, Costleadership, Nuclear, uranium

Jan 20, 2026

Fund Letters

Edmund Bellord

688188 CH

Bochu Technology Co., Ltd.

Information Technology

Software

Bull

Shanghai Stock Exchange

Automation, Industrialsoftware, Lasers, manufacturing, productivity

Jul 16, 2025

Fund Letters

Edmund Bellord

MELI

Marcos Galperin's MercadoLibre Inc.

Consumer Discretionary

Internet & Direct Marketing Retail

Bull

NASDAQ

Credit, ecommerce, Logistics, Payments, scale

Jun 30, 2025

Fund Letters

Harding Loevner Emerging Markets Equity

4966.T

Aspeed Technology

Information Technology

Semiconductors & Semiconductor Equipment

Bull

Taiwan Stock Exchange

AI servers, BMC Chips, data centers, growth, Hardware Monitoring, margin expansion, semiconductors, Server Infrastructure, Taiwan, technology

Jun 30, 2025

Fund Letters

Harding Loevner Emerging Markets Equity

MELI

MercadoLibre

Consumer Discretionary

Internet & Direct Marketing Retail

Bull

NASDAQ

Argentina, Brazil, credit services, digital payments, e-commerce, Fintech, growth, Latin America, Logistics, marketplace, Scale Advantages, Unbanked

Jun 30, 2025

Fund Letters

Harding Loevner Emerging Markets Equity

2317.TW

Hon Hai Precision Industry

Information Technology

Technology Hardware, Storage & Peripherals

Bull

Taiwan Stock Exchange

AI servers, contract manufacturing, Electronics Manufacturing, growth, hyperscalers, margin expansion, Nvidia partnership, Taiwan, technology hardware, vertical integration

Jun 30, 2025

Fund Letters

Harding Loevner Emerging Markets Equity

018880.KS

Coway

Consumer Discretionary

Household Durables

Bull

Korea Exchange

Air Purifiers, Consumer Appliances, Corporate Governance, Dividend Growth, High quality, international expansion, Malaysia, shareholder returns, South Korea, water treatment

Mar 31, 2025

Fund Letters

Harding Loevner Emerging Markets Equity

BAJAJ-AUTO.NS

Bajaj Auto

Consumer Discretionary

Automobiles

Bull

National Stock Exchange of India

Asia, automotive, Exports, India, Latin America, Motorcycles, premium, ROE, Three-Wheeler, Two-Wheeler

Mar 31, 2025

Fund Letters

Harding Loevner Emerging Markets Equity

SUPREMEIND.NS

Supreme Industries

Materials

Chemicals

Bull

National Stock Exchange of India

Brand, distribution network, India, infrastructure, manufacturing, market share, materials, Pipes, Plastic Products, urbanization

Jun 30, 2024

Fund Letters

Harding Loevner Emerging Markets Equity

ICICIBANK.NS

ICICI Bank

Financials

Banks

Bull

National Stock Exchange of India

Branch Network, Corporate Banking, financial services, India, Private Bank, retail banking, risk management, technology

Jun 30, 2024

Fund Letters

Harding Loevner Emerging Markets Equity

RADL3.SA

Raia Drogasil

Consumer Staples

Drug Retail

Bull

B3 (Brazil Stock Exchange)

Brazil, Demographics, Drug Retail, e-commerce, market consolidation, Omnichannel, Pharmacy Chain, Scale Advantages

Mar 31, 2024

Fund Letters

Harding Loevner Emerging Markets Equity

TLKM.JK

Telkom Indonesia

Communication Services

Integrated Telecommunication Services

Bull

IDX

Data Consumption Growth, digital services, high ROE, Indonesia, market leader, network infrastructure, premium pricing, Scale Advantages, telecommunications

Mar 31, 2024

Fund Letters

Harding Loevner Emerging Markets Equity

BH.BK

Bumrungrad Hospital

Health Care

Health Care Facilities

Bull

SET

capacity expansion, Complex Surgery, growth, healthcare, high ROE, International Patients, Medical Tourism, premium pricing, Thailand

Mar 31, 2024

Fund Letters

Harding Loevner Emerging Markets Equity

MELI

MercadoLibre

Consumer Discretionary

Internet & Direct Marketing Retail

Bull

NASDAQ

competitive moat, credit services, digital payments, e-commerce, Financial Inclusion, Fintech, Latin America, market share gains, Unbanked Population

TICKER	COMMENTARY
MELI	In September 2025, we sold the stock due to a spike in political risk in Argentina and intensifying industry competition in Brazil—an uncomfortable mix given the stock's relatively high valuation at the time. MELI's main competitors in Brazil, Amazon and Shopee, have accelerated investment in the country, offering aggressive promotions and faster shipping while detailing ambitious plans to expand their logistics networks. MELI has responded with a deliberate and rational strategy prioritizing scale in the short term to maximize profitability in the long term. The company has been increasing incentives for merchants and consumers while recently reiterating a plan to open 14 new fulfillment centers this year (taking the total to 42) to ensure it maintains its logistics advantage. These actions have sustained strong growth: MELI's gross merchandise value (GMV) grew 35% in Brazil year-on-year in fourth quarter 2025. But they have also caused recent margin pressure, hurting the stock. We re-invested in the company with shares trading well below our previous exit price and offering attractive upside even on modest margin recovery.
2269.HK	We also re-purchased WuXi AppTec, a leading Chinese contract research, development, and manufacturing organization (CRDMO) providing R&D and manufacturing services to the pharmaceutical and biotech industries. Our decision to exit the stock in early 2024 amid concerns around the BIOSECURE Act proved costly in the short term, with the shares outperforming the MSCI EM Index by about 35%. While the Act passed out of committee with bipartisan support, the immediate threat diminished: it was initially not included as an amendment to the National Defense Authorization Act (NDAA), then when it was re-added to the NDAA that passed in December 2025, the final language of the BIOSECURE Act was materially softened, notably omitting CRDMOs such as WuXi AppTec. WuXi AppTec's business has also shown resilience and renewed momentum. The company's scale, quality, and speed remain critical to efficient drug development. Its 2025 results highlighted US revenue growth of 34% year-on-year, boosted in part by its TIDES (peptides) segment, benefiting from strong demand for GLP-1 therapies. We now expect durable annual growth of about 10% over the next 5-7 years, and with the shares trading at about 17 times forward earnings, the risk-adjusted valuation is compelling.
300750.SZ	We also have invested in China's CATL, the world's largest EV battery maker and a top-10 holding by weight. The company has been instrumental in developing energy storage systems (ESS), a product that is becoming a lynchpin of renewable energy development and a key cog in global energy infrastructure. CATL has been at the forefront of solving the industrial battery storage problem by improving EV batteries. The company has grown to hold a roughly 40% market share in these batteries. CATL enjoys greater bargaining power over buyers and higher margins than many competitors thanks to multiple competitive advantages, including economies of scale from its massive operations, its R&D leadership, and its vertical integration (encompassing battery materials, cells, packs, system integration, and recycling). Today, ESS represents roughly 20% of CATL's battery shipments, but it is expected to grow faster than its EV battery business and potentially become over half of its sales. CATL has already built a leading 40% share of the ESS market in the US, despite various government incentives favoring domestic, non-Chinese producers.
2454.TW	In IT, shares of Taiwan's Aspeed surged due to booming demand for its baseboard management chips used in AI servers. This bodes well for sales of Aspeed's next generation products, which have a price tag some 50% higher than its current market-leading chips.
TS	In Energy, seamless pipe manufacturer Tenaris reported better-than-expected operating margins and cash flow generation in 2025, and only a modest effect from US tariffs. Investors also welcomed management guidance that sales and margins would remain close to current levels in 2026.
TCOM	Trip.com has flourished since China lifted strict COVID-19 restrictions in January 2023, with Chinese tourists reigning both their domestic and international travel habits. The stock more than doubled to reach its peak in early January 2025. However, in mid-January, China's State Administration for Market Regulation (SAMR) launched an investigation into 'suspected abuse of its dominant market position,' echoing past regulatory actions such as those against Alibaba in 2020. The outcome for Trip.com is uncertain. A modest fine and limited operational tweaks would likely be manageable given the company's strong balance sheet and market dominance—and was likely priced into the stock following its immediate reversal. But if regulators mandate significant restructuring that weaken Trip.com's network effects, its long-term margins could be materially impacted. We chose to sell believing the risks to be asymmetrically skewed to the downside.

TICKER

COMMENTARY

MELI

In September 2025, we sold the stock due to a spike in political risk in Argentina and intensifying industry competition in Brazil—an uncomfortable mix given the stock's relatively high valuation at the time. MELI's main competitors in Brazil, Amazon and Shopee, have accelerated investment in the country, offering aggressive promotions and faster shipping while detailing ambitious plans to expand their logistics networks. MELI has responded with a deliberate and rational strategy prioritizing scale in the short term to maximize profitability in the long term. The company has been increasing incentives for merchants and consumers while recently reiterating a plan to open 14 new fulfillment centers this year (taking the total to 42) to ensure it maintains its logistics advantage. These actions have sustained strong growth: MELI's gross merchandise value (GMV) grew 35% in Brazil year-on-year in fourth quarter 2025. But they have also caused recent margin pressure, hurting the stock. We re-invested in the company with shares trading well below our previous exit price and offering attractive upside even on modest margin recovery.

2269.HK

We also re-purchased WuXi AppTec, a leading Chinese contract research, development, and manufacturing organization (CRDMO) providing R&D and manufacturing services to the pharmaceutical and biotech industries. Our decision to exit the stock in early 2024 amid concerns around the BIOSECURE Act proved costly in the short term, with the shares outperforming the MSCI EM Index by about 35%. While the Act passed out of committee with bipartisan support, the immediate threat diminished: it was initially not included as an amendment to the National Defense Authorization Act (NDAA), then when it was re-added to the NDAA that passed in December 2025, the final language of the BIOSECURE Act was materially softened, notably omitting CRDMOs such as WuXi AppTec. WuXi AppTec's business has also shown resilience and renewed momentum. The company's scale, quality, and speed remain critical to efficient drug development. Its 2025 results highlighted US revenue growth of 34% year-on-year, boosted in part by its TIDES (peptides) segment, benefiting from strong demand for GLP-1 therapies. We now expect durable annual growth of about 10% over the next 5-7 years, and with the shares trading at about 17 times forward earnings, the risk-adjusted valuation is compelling.

300750.SZ

We also have invested in China's CATL, the world's largest EV battery maker and a top-10 holding by weight. The company has been instrumental in developing energy storage systems (ESS), a product that is becoming a lynchpin of renewable energy development and a key cog in global energy infrastructure. CATL has been at the forefront of solving the industrial battery storage problem by improving EV batteries. The company has grown to hold a roughly 40% market share in these batteries. CATL enjoys greater bargaining power over buyers and higher margins than many competitors thanks to multiple competitive advantages, including economies of scale from its massive operations, its R&D leadership, and its vertical integration (encompassing battery materials, cells, packs, system integration, and recycling). Today, ESS represents roughly 20% of CATL's battery shipments, but it is expected to grow faster than its EV battery business and potentially become over half of its sales. CATL has already built a leading 40% share of the ESS market in the US, despite various government incentives favoring domestic, non-Chinese producers.

2454.TW

In IT, shares of Taiwan's Aspeed surged due to booming demand for its baseboard management chips used in AI servers. This bodes well for sales of Aspeed's next generation products, which have a price tag some 50% higher than its current market-leading chips.

In Energy, seamless pipe manufacturer Tenaris reported better-than-expected operating margins and cash flow generation in 2025, and only a modest effect from US tariffs. Investors also welcomed management guidance that sales and margins would remain close to current levels in 2026.

TCOM

Trip.com has flourished since China lifted strict COVID-19 restrictions in January 2023, with Chinese tourists reigning both their domestic and international travel habits. The stock more than doubled to reach its peak in early January 2025. However, in mid-January, China's State Administration for Market Regulation (SAMR) launched an investigation into 'suspected abuse of its dominant market position,' echoing past regulatory actions such as those against Alibaba in 2020. The outcome for Trip.com is uncertain. A modest fine and limited operational tweaks would likely be manageable given the company's strong balance sheet and market dominance—and was likely priced into the stock following its immediate reversal. But if regulators mandate significant restructuring that weaken Trip.com's network effects, its long-term margins could be materially impacted. We chose to sell believing the risks to be asymmetrically skewed to the downside.

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Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

Energy Transition

AI

Energy Storage

E-commerce

Semiconductors

Dividends

AI

Semiconductors

E-commerce

AI

Automation

Travel

Battery Supply Chain

E-commerce

Trade Policy

AI

Dividends

China

AI

Electric Vehicles

India

Trade Policy

AI

Trade Policy

China

Energy Transition

China

E-commerce

Vietnam

Semiconductors

AI

China

Elections

Financials

Payments

E-commerce

Semiconductors

Travel

China

China

Electric Vehicles

India

Manufacturing

Energy Transition

China

Semiconductors

Brazil

Banking

Fintech

Capital Allocation

Semiconductors

China Recovery

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Edmund Bellord Top Holdings

Recent Buys (13F)

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13F Sector Summary

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Latest 13D & 13G Filings

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Harding Loevner Emerging Markets Equity