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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 29, 2026
SGA Emerging Markets Growth returned -0.6% net of fees in the third quarter of 2026, outperforming the MSCI EM Growth Net TR Index return of -3.6% and lagging the MSCI EM Net TR Index return of -0.4%. Year-to-date, the strategy has returned -12.1% net of fees. The portfolio demonstrated strong downside protection during the sharp July momentum unwind, outperforming the broader benchmark by over 7% net as speculative, levered AI hardware names declined significantly, before surrendering relative gains during the speculative rebound in August and September. Cash remained minimal with allocations deployed across high-conviction structural compounders. The macroeconomic environment was characterized by tighter financial conditions, elevated bond yields, volatile energy prices, and renewed monetary tightening. SGA highlights that broad passive emerging market indices have become dangerously concentrated, with Taiwan and Korea comprising nearly half the benchmark and three semiconductor giants accounting for roughly 30%. This dynamic has driven the correlation between the MSCI EM Index and U.S. semiconductor equities to two-decade highs, turning passive allocations into levered bets on AI CapEx rather than genuine EM diversification. Portfolio activity reflected disciplined rebalancing and valuation sensitivity. The team initiated new high-conviction positions in power electronics leader Delta Electronics and Indian port operator JSW Infrastructure, while adding to Taiwan Semiconductor Manufacturing Company on weakness. Proceeds were funded by trimming positions in mature holdings facing moderating growth, including Infosys, Wal-Mart de Mexico, and Unilever, alongside taking partial profits in Brazilian financial services platform XP after strong outperformance.
SGA builds high-conviction portfolios of quality businesses capable of delivering predictable mid-teens earnings growth to reliably compound client capital through structural economic drivers rather than cyclical market momentum.
The portfolio is projected to generate 16% revenue and 18% earnings growth over the next three years while trading near historically low relative valuations versus the broader emerging market benchmark.
Moderate Conviction Bullish
Market Conviction
Growth Outlook
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Language Signal
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Top Conviction Themes
Key Catalysts
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