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 28, 2026
The Shelton Capital Emerging Markets Equity Fund returned 1.23% net of fees in the third quarter of 2026, outperforming its benchmark, the MSCI Emerging Markets Index, which delivered -0.37% over the same period. The fund's relative outperformance was largely driven by an unwinding of narrow market leadership that had heavily penalized the strategy in the second quarter. From a portfolio positioning standpoint, the strategy maintained a disciplined valuation and position-sizing framework, resisting the urge to chase momentum in artificial intelligence hardware. Active regional allocation also contributed positively, led by an overweight allocation to Taiwan, whereas country exposures to Turkey and South Korea detracted. Macroeconomic conditions across emerging markets reflected significant divergence during the quarter. Energy markets experienced severe volatility, with crude prices climbing over 30% following the collapse of geopolitical agreements, driving localized inflation, sovereign bond yield spikes, and selective central bank tightening across Asian economies such as South Korea, the Philippines, and Singapore. Simultaneously, China's economy exhibited a widening disconnect between resilient industrial exports and sluggish domestic retail consumption, property declines, and credit contraction. The manager views stabilizing sovereign bond yields and commodity price normalization as critical prerequisites for sustained, broad-based emerging equity performance. Portfolio attribution highlighted active discipline across core equity positions. Relative gains were driven by an underweight posture in South Korean memory producer SK Hynix, which declined 23% during the quarter, and an overweight in Polish utility PGE Polska Grupa Energetyczna, which reported strong EBITDA growth and debt reduction. Conversely, detractors included an overweight position in Samsung Electronics and Indian holdings such as HDFC Bank, ICICI Bank, Wipro, and Infosys, alongside underweight positions in outperforming large-caps MediaTek and Alibaba Group.
Long-term emerging market outperformance is captured through disciplined, valuation-aware security selection focused on structural trends in Asian technology supply chains, financial deepening, and the global energy transition without chasing narrow momentum rallies.
The trajectory of sovereign bond yields, unresolved energy price volatility, and the scale of Chinese policy stimulus represent the key variables determining emerging market asset returns over coming quarters. The team remains focused on structural themes including Asian technology supply chains, financial deepening, and the global energy transition.
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