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 Oct 20, 2026
During the third quarter of 2026, the Emerging Markets Growth strategy generated a net return of -3.9%, underperforming the MSCI Emerging Markets Index net benchmark return of -0.4%. Year-to-date through September 30, 2026, the portfolio advanced 17.7% net of fees compared to 23.4% for the benchmark. Relative results were primarily pressured by dispersion within AI and semiconductor exposures across China and Korea, alongside an underweight stance toward value- and defensive-oriented market sectors such as energy, health care, and materials which led broader market gains. At the close of the period, the fund maintained an active share of 60%, a cash balance of 1.7%, and top ten portfolio concentration representing 49.7% of assets. The macroeconomic environment was shaped by rising developed market interest rates, a 30% increase in Brent crude oil prices, and an abrupt July sell-off across semiconductor equities driven by investor debates surrounding artificial intelligence capital spending durability and geopolitical friction. Regionally, the portfolio experienced strong contributions from businesses located in Kazakhstan and Argentina, while holdings in China and Korea served as the primary performance detractors. Emerging markets as an asset class underperformed U.S. equities for the first time since 2024, accompanied by value strategies outperforming growth strategies by the widest margin recorded since the first quarter of 2022. Portfolio turnover over the trailing 12 months stood at 63%, reflecting proactive capital reallocation toward structural AI supply chain beneficiaries exhibiting pricing power and multi-year order visibility. The team initiated new long positions in ASPEED Technology, Elite Material, Samsung Electro-Mechanics (SEMCO), Shanghai Conant Optical, and Zhongji Innolight. To fund these opportunities and maintain valuation discipline, the fund completed full exits of Al Rajhi Bank due to geopolitical headwinds, COSMAX following extended multiple expansion, Full Truck Alliance amid regulatory ambiguity, and HDFC Life Insurance owing to distribution frictions.
Selectively own premier emerging market growth businesses driving secular transformation across digitalization, industry formalization, and life sciences innovation with sustainable earnings growth and rational valuations.
Management believes current market skittishness offers the most attractive valuation entry point for high-growth emerging market businesses in strategy history, trading at 11 times forward earnings against expected 40% annualized earnings growth over five years.
Moderate Conviction Bullish
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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