The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Aug 19, 2026
The Northern Active M Emerging Markets Equity Fund returned 22.28% in Q2 2026, underperforming the MSCI Emerging Markets Index's 24.05% return. The benchmark was driven by a sharp rally in AI and data center infrastructure, with Taiwan and South Korea surging 48.86% and 87.58% respectively as semiconductor manufacturers benefited from accelerating AI-related capital spending. Several companies appreciated over 200%. The fund's underperformance stemmed primarily from an underweight to a Taiwanese bellwether semiconductor company and broader underweight to information technology. Overweights to underperforming markets including Peru, Mexico, Brazil, South Africa, and Indonesia also detracted. China declined 6.63% on weak consumption, though the fund's China holdings in healthcare, technology, and industrials added value, as did the underweight position. India gained 10.07% but lagged the broader rally. The multi-manager structure showed mixed results: Axiom and FIAM added value through semiconductor and component exposure, while Westwood's value approach led to an underweight in the surging technology sector.
The fund employs a multi-manager approach across emerging markets, with sub-advisers Axiom, FIAM, and Westwood pursuing complementary strategies including semiconductor and AI exposure, financials and energy, and value-focused positioning respectively.
Neutral / Balanced
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
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