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 |
|---|---|---|---|---|---|---|
The Mobius Emerging Markets Fund delivered a 29.4% return in Q2 2026, outperforming the MSCI Emerging Markets Mid Cap Index by 10.4 percentage points. Performance was driven by continued repositioning toward the AI infrastructure theme, with the fund building concentrated exposure across the Asian technology supply chain, particularly in Taiwan and South Korea. The investment approach focuses on identifying bottleneck businesses with irreplaceable demand, limited competition, and high switching costs across semiconductors, memory, data center power infrastructure, and inference workloads. India was a significant contributor, with the fund increasing exposure during earlier market weakness based on conviction in the country's long-term structural drivers including domestic demand, infrastructure investment, and financialisation of household savings. The portfolio was actively managed during the quarter, with capital recycled from positions approaching intrinsic value into new opportunities offering more attractive risk-adjusted returns. Top contributors included King Slide, SK Square, and Elite Material, all benefiting from AI infrastructure demand. The fund remains positioned across 29 holdings in 12 countries, with 36.6% in technology, 27.2% in India, and 25.6% in Taiwan.
MCP focuses on identifying exceptional businesses in emerging and frontier markets with durable competitive advantages, capable management teams, and the ability to compound value over many years, with current emphasis on Asian AI supply chain bottleneck businesses, Indian structural growth opportunities, and quality growth companies benefiting from the AI infrastructure buildout.
The pace of change across the AI landscape, together with evolving opportunities in India and other emerging markets, continues to create a dynamic investment environment. While geopolitical developments, shifts in trade, and monetary policy are likely to continue contributing to periods of market volatility, our investment decisions remain driven by company fundamentals rather than short-term market movements. We remain focused on identifying exceptional businesses, led by capable management teams, with durable competitive advantages and the ability to compound value over many years. We believe this approach leaves the portfolio well positioned to navigate an evolving market environment and deliver attractive long-term returns.
As of Jul 30, 2026
Carlos von Hardenberg founded MCP Emerging Markets in 2018, bringing nearly 25 years of experience investing in emerging markets. He has served as portfolio manager of the Mobius Emerging Markets Fund since inception in 2018, generating a return of +65.8% (EUR) through his tenure. The firm was initially co-founded with Mark Mobius, the legendary emerging markets investor, but Mark Mobius retired two years ago and fully exited his stake in 2025, allowing Carlos full control of the investment strategy. MCP Emerging Markets is an independent, 100% partner-owned firm with significant employee investment designed to align interests and minimize potential conflicts. Carlos emphasizes active ownership and working closely with company management to drive operational and sustainability improvements. His approach targets lesser-known, innovative companies with strong business moats through intensive fundamental research and maintains close relationships with portfolio company management teams.
Lead Portfolio Manager
Carlos Hardenberg
Managing Partner
Moderate Conviction Bullish
Market Conviction
The fund holds 29 positions with the top 10 representing 46.7% of the portfolio, indicating moderate concentration. The manager provides detailed, specific investment theses for key holdings including King Slide, with explicit discussion of competitive advantages, switching costs, and long-term positioning. The letter demonstrates deep research including on-the-ground visits to India and Vietnam, and the manager is willing to increase exposure during market weakness based on fundamental conviction. However, the portfolio is not extremely concentrated (29 holdings vs. 5-10 for highest conviction funds), and the manager actively trims positions approaching intrinsic value rather than holding indefinitely, preventing a score above 0.75.
Growth Outlook
Market outlook remains low conviction: MCP repositioned away from AI-disrupted software into semiconductors and industrials, delivering 1.0% in Q1 amid geopolitical tensions. Taiwan holdings drove performance through se...
Risk Appetite
Risk appetite posture is moderate conviction: MCP repositioned away from AI-disrupted software into semiconductors and industrials, delivering 1.0% in Q1 amid geopolitical tensions. Taiwan holdings drove performance through se...
Capital Deployment
The fund is 93.4% invested, representing high but not maximum deployment. During the quarter, the manager engaged in active rotation, selling positions that approached intrinsic value and redeploying into new opportunities. This is capital rotation rather than net deployment, as there is no evidence of cash levels declining or overall exposure increasing. The manager added new positions (GNG Electronics, HD Hyundai Marine Solution) and increased exposure to India, but simultaneously reduced semiconductor positions following appreciation, resulting in near-neutral net activity.
Forward Guidance
Forward guidance signal: MCP repositioned away from AI-disrupted software into semiconductors and industrials, delivering 1.0% in Q1 amid geopolitical tensions. Taiwan holdings drove performance through se...
Language Signal
The letter contains substantial bullish language around AI infrastructure opportunities, structural growth drivers, bottleneck businesses, attractive valuations, and compelling opportunities across India and the Asian supply chain. Risk language is present but focused on specific areas (software business models, geopolitical uncertainty, market volatility) rather than dominating the narrative. The balance tilts positive with terms like strong performance, robust demand, favorable pricing, and well positioned appearing frequently, but the manager avoids hyperbolic language and maintains analytical tone throughout.
Perceived Risk
Perceived risk level is evaluated as moderate conviction. MCP repositioned away from AI-disrupted software into semiconductors and industrials, delivering 1.0% in Q1 amid geopolitical tensions. Taiwan holdings drove performance through se...
Opportunity Density
The manager describes a rich opportunity set across multiple themes and geographies, including the Asian AI supply chain, Indian structural growth, data center power infrastructure, and memory markets. The letter discusses adding new positions, expanding the pipeline of prospective investments following research trips, and finding compelling opportunities across technology, industrials, and financials. Language emphasizes breadth of opportunities available across emerging markets and the flexibility of the benchmark-agnostic approach. The manager is actively finding new ideas and deploying capital into them, indicating abundant rather than scarce opportunities.
Time Horizon
The manager emphasizes focus on identifying exceptional businesses with the ability to compound value over many years and durable competitive advantages. The AI infrastructure thesis is framed as structural and multi-year rather than cyclical. However, the manager also actively trims positions approaching intrinsic value and rotates capital based on near-term share price appreciation, indicating a willingness to harvest gains rather than hold indefinitely. The time horizon is multi-year for core themes but with active management around valuation, placing it in the moderate-to-long range rather than permanent capital territory.
Top Conviction Themes
Key Catalysts
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