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 Mar 31, 2024
Rondure's emerging markets strategy underperformed in Q1 2024 as extreme market concentration in AI semiconductors worked against their diversified approach. Four AI stocks contributed 97% of MSCI EM returns, with Taiwan Semiconductor alone representing 82% of IT sector performance. The manager believes this narrow rally will broaden as emerging market AI stocks trade at better valuations than US peers, with Asian AI giants valued at 12-19x earnings versus Nvidia at 35x. Key catalysts include inventory corrections ending, smooth Taiwan and Indonesia elections removing political risk, China behaving less destructively, and South Korea pursuing governance reforms. India offers strong structural growth despite rate headwinds affecting HDFC Bank. The portfolio maintains Taiwan Semiconductor as the largest position while building positions in companies with weak near-term fundamentals but improving earnings momentum. Risks include US hard landing, renewed inflation, and Nvidia's growth deceleration potentially dragging down all AI stocks rather than enabling broadening.
Emerging markets are positioned for a broadening rally as AI themes expand beyond current semiconductor leaders to include cheaper emerging market AI stocks, while structural improvements in key countries and earnings acceleration from inventory normalization create attractive opportunities in a diversified portfolio trading at reasonable valuations.
The manager expects market broadening within emerging markets as the year progresses, driven by earnings acceleration and the end of inventory corrections. They believe emerging markets are positioned to outperform based on better valuations in AI stocks, structural improvements in key countries, and shifting earnings momentum. The tone is cautiously optimistic about emerging markets breaking out on their own volition.
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