Shelton Emerging Markets Fund

Investor Summary

Derek Izuel, CFA, serves as Chief Investment Officer and Portfolio Manager for the Shelton Emerging Markets Fund, bringing over 24 years of portfolio management experience to the role. He joined Shelton in January 2022 and holds a Bachelor of Arts degree in Computer Science from the University of California, Berkeley (1991) and an MBA from the University of Michigan - Stephen M. Ross School of Business (1997). His extensive career includes serving as Managing Partner at Vitruvian Capital Management (2018-2022), Chief Equity Officer at HighMark Capital Management (2012-2018), Director of Quantitative Strategies at HighMark Capital Management (2008-2012), Senior Portfolio Manager at Invesco Aim (1998-2008), and Research Analyst at GT Global (1997-1998). A significant management change occurred on October 30, 2025, when Justin Sheetz no longer serves as Portfolio Manager, leaving Izuel as the sole manager of the fund. Shelton Capital Management, founded in 1985 by Richard Shelton, is a Denver-based investment advisory firm that has grown to manage nearly $6.5 billion in total assets as of December 2025, exceeding $7 billion following the acquisition of Stringer Asset Management.

Fund Strategy

The Shelton Emerging Markets Fund seeks to achieve long-term capital appreciation by investing primarily in equity securities of companies within the MSCI Emerging Markets Index universe. The fund employs a sophisticated three-stage investment process combining classification, data science and machine learning analysis, and portfolio construction to balance returns and risk. The fund maintains a concentrated portfolio of 30-50 stocks with high active share and relatively lower tracking error, allowing for deeper research and more meaningful position sizes in highest-conviction ideas. The investment philosophy is built on principles-based investing, seeking businesses that are beneficial to society with responsible management practices. Under normal market conditions, the fund invests at least 80% of its net assets in equity securities of foreign companies in emerging markets included in the MSCI Emerging Markets Index. The firm combines analysis of individual stock investment merit with prudent risk management to produce consistent and superior returns, utilizing data science and machine learning to assess the range of potential outcomes for all portfolio candidates.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
-	14.95%	-

Executive Summary

The Shelton Emerging Markets Fund returned 14.95% in Q2 2026, underperforming the MSCI Emerging Markets Index return of 24.05%. The benchmark's advance was highly concentrated in Korean and Taiwanese semiconductor companies, particularly memory manufacturers benefiting from AI-related demand and high-bandwidth memory pricing. The Fund's underweight to SK Hynix, which returned 224.7% during the quarter, accounted for more than half of the relative shortfall and cost approximately 3% of relative performance. The Fund maintained positions in Samsung Electronics and several Taiwanese semiconductor companies that contributed positively, but these gains were insufficient to offset the impact of the SK Hynix underweight and detractors in financials, IT services, and materials. The investment backdrop entering the second half is defined by tension between strong headline returns and concentrated gains. The Fund's valuation discipline held it underweight to the largest memory names, which detracted this quarter but provides flexibility if market leadership broadens. The managers remain committed to patient, valuation-aware security selection across a broad emerging-markets opportunity set.

Forward Outlook

The investment backdrop entering the second half of 2026 is defined by tension between strong emerging-market advances and concentrated gains that do not fully reflect the range of outcomes beneath the surface. The three conditions the Fund monitors—resilient global growth, a weaker dollar, and attractive valuations—have become more mixed. Global economic activity remains resilient but is under pressure from energy markets as the Iran memorandum has frayed. The dollar has firmed amid more restrictive Federal Reserve policy expectations. Valuation dispersion is wide, with comparatively more attractive valuations in several areas that have lagged the AI-related rally. The central near-term question remains the trajectory of the Iran conflict and the Strait of Hormuz. The Fund remains committed to patient, valuation-aware security selection across a broad emerging-markets opportunity set, although this approach may underperform the benchmark over any given period.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Jun 30 2026	2026 Q2	000660 KS, 005930 KS, 2318.TW, 2379.TW, 2899.HK, 3711.TW, 402050.KS, 601318.SS, GEKTERNA.AT, INFY, ITUB	AI, emerging markets, energy, Memory, semiconductors, South Korea, Taiwan, valuation	005930.KS GEKTERNA.AT 000660.KS 2454.TW	The Fund returned 14.95% versus the benchmark's 24.05%, underperforming due to its underweight in SK Hynix, which surged 224.7% on AI-driven memory demand. The rally was highly concentrated in Korean and Taiwanese semiconductors. The Fund's valuation discipline kept it underweight the largest memory names, detracting this quarter but positioning it for broader participation if leadership rotates toward lagging financials, industrials, and consumer names.
Mar 31 2026	2026 Q1	005930 KS, 2360.TW, GEKTERNA.AT, HDFCBANK.NS, INFY	AI, Asia, Dollar, emerging markets, energy, Geopolitical, Oil Shock, semiconductors	005930.KS GEKTERNA.AT HDFCBANK.NS	Shelton Emerging Markets outperformed despite Iran shock disruption, with AI infrastructure beneficiaries Samsung and Chroma ATE driving returns while oil-sensitive India holdings detracted. Strong stock selection overcame factor headwinds from energy underweighting. Post-selloff valuations create compelling opportunities for patient capital focused on structural themes including Asian technology supply chains and infrastructure buildout.
Oct 31 2025	2025 Q3	1211.HK, 2308.TW, 3606.HK, BVT.JO	AI, Asia, China, commodities, emerging markets, growth, technology	-	Shelton Emerging Markets Fund outperformed by 250bp in Q3 2025, driven by AI-accelerated technology holdings and commodity revival. The fund captures structural growth across Asia's tech supply chain while benefiting from global AI investment and firming commodity demand. Despite EV competition headwinds, the outlook remains constructive with supportive monetary policy and attractive valuations versus developed markets.
Aug 22 2025	2025 Q2	1093.HK, IGTI11.SA, JD, WIT	commodities, Dollar, earnings, emerging markets, Fed policy, Trade Policy, Valuations	1093 HK IGTI11 BZ WIT JD 1093.HK IGTI11.SA WIT JD	Emerging markets posted their strongest quarterly gain in two years at 12.17%, driven by dollar weakness, earnings upgrades, and commodity strength. The fund returned 11.05% with mixed stock selection results. Three key conditions for EM outperformance remain intact: strong global growth, weak dollar, and attractive valuations, though trade policy uncertainty poses ongoing risks.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Jun 30 2026

2026 Q2

000660 KS, 005930 KS, 2318.TW, 2379.TW, 2899.HK, 3711.TW, 402050.KS, 601318.SS, GEKTERNA.AT, INFY, ITUB

AI, emerging markets, energy, Memory, semiconductors, South Korea, Taiwan, valuation

005930.KS
GEKTERNA.AT
000660.KS
2454.TW

The Fund returned 14.95% versus the benchmark's 24.05%, underperforming due to its underweight in SK Hynix, which surged 224.7% on AI-driven memory demand. The rally was highly concentrated in Korean and Taiwanese semiconductors. The Fund's valuation discipline kept it underweight the largest memory names, detracting this quarter but positioning it for broader participation if leadership rotates toward lagging financials, industrials, and consumer names.

Mar 31 2026

2026 Q1

005930 KS, 2360.TW, GEKTERNA.AT, HDFCBANK.NS, INFY

AI, Asia, Dollar, emerging markets, energy, Geopolitical, Oil Shock, semiconductors

005930.KS
GEKTERNA.AT
HDFCBANK.NS

Shelton Emerging Markets outperformed despite Iran shock disruption, with AI infrastructure beneficiaries Samsung and Chroma ATE driving returns while oil-sensitive India holdings detracted. Strong stock selection overcame factor headwinds from energy underweighting. Post-selloff valuations create compelling opportunities for patient capital focused on structural themes including Asian technology supply chains and infrastructure buildout.

Oct 31 2025

2025 Q3

1211.HK, 2308.TW, 3606.HK, BVT.JO

AI, Asia, China, commodities, emerging markets, growth, technology

Shelton Emerging Markets Fund outperformed by 250bp in Q3 2025, driven by AI-accelerated technology holdings and commodity revival. The fund captures structural growth across Asia's tech supply chain while benefiting from global AI investment and firming commodity demand. Despite EV competition headwinds, the outlook remains constructive with supportive monetary policy and attractive valuations versus developed markets.

Aug 22 2025

2025 Q2

1093.HK, IGTI11.SA, JD, WIT

commodities, Dollar, earnings, emerging markets, Fed policy, Trade Policy, Valuations

1093 HK
IGTI11 BZ
WIT
JD
1093.HK
IGTI11.SA
WIT
JD

Emerging markets posted their strongest quarterly gain in two years at 12.17%, driven by dollar weakness, earnings upgrades, and commodity strength. The fund returned 11.05% with mixed stock selection results. Three key conditions for EM outperformance remain intact: strong global growth, weak dollar, and attractive valuations, though trade policy uncertainty poses ongoing risks.

QUARTER	THEMES	TAGS
2026 Q2	AI AI-related semiconductor companies, particularly Korean and Taiwanese chipmakers, drove a significant portion of the benchmark's advance. The Fund owned several AI-hardware-related companies including Samsung Electronics, SK Hynix, and MediaTek. High-bandwidth memory pricing and AI-related demand remained important drivers of returns for memory manufacturers.	Semiconductors Memory High-bandwidth memory AI accelerators Chipmakers
	Semiconductor Cycle Memory and semiconductor companies accounted for a significant portion of the benchmark's advance, with the MSCI Emerging Markets Information Technology sector returning roughly 73% for the quarter. Korean and Taiwanese chipmakers led the rally, driven by strong high-bandwidth-memory pricing and AI-related demand. The Fund maintained positions in Samsung Electronics, SK Hynix, MediaTek, and several Taiwanese semiconductor supply-chain companies.	Memory High-bandwidth memory Foundries Chip Designers Semi Equipment
	South Korea Korea was the standout market, with the MSCI Korea Index gaining more than 85% for the quarter on the strength of its semiconductor supply chain. Korean memory manufacturers like SK Hynix and Samsung Electronics were among the strongest contributors to the benchmark. Korea trades near 7x forward earnings despite its quarterly advance because memory-cycle earnings expectations have risen sharply.	Memory Semiconductors Technology Valuation
	Taiwan Taiwan gained nearly 49% on the strength of its semiconductor supply chain. The Fund's positions in Taiwanese semiconductor companies including MediaTek, Realtek Semiconductor, and ASE Industrial contributed positively. Taiwan trades at more than 22x forward earnings after the rally.	Semiconductors Technology Valuation
	Oil The June memorandum of understanding between the United States and Iran reduced near-term concerns about global energy supply and the Strait of Hormuz. Oil prices declined from conflict-period highs during the quarter, with Brent and WTI each falling more than 20%. However, the memorandum has since frayed, strikes have resumed, and Brent crude has retraced a meaningful part of its post-ceasefire decline, putting global economic activity under pressure again.	Energy Geopolitics Iran Strait of Hormuz
	Rates At its June meeting, the Federal Reserve's updated projections and communications contributed to more restrictive market expectations for monetary policy. The dollar strengthened, emerging-market currencies weakened, and precious and industrial metals sold off. The more restrictive rate backdrop was an additional headwind for markets already lagging the AI trade.	Federal Reserve Monetary policy Dollar Currencies
	Valuation After the rally, the index trades at roughly 11.3x forward earnings, modestly below its 15-year average, because price gains have been accompanied by a sharp increase in earnings expectations. Beneath the aggregate valuation, dispersion is wide: Taiwan trades at more than 22x, China sits near 10x, and much of Latin America, the Gulf and rate-sensitive Asia trades at larger discounts. The Fund sees comparatively more attractive valuations in several areas that have lagged the AI-related rally.	Earnings Multiples Dispersion Opportunity
	Defense GEK Terna, a diversified Greek infrastructure and construction conglomerate, announced partnerships with global defense and aerospace companies during the period. The company signed a memorandum of understanding with Airbus to collaborate on advanced defense and space solutions for Greece, and a separate partnership agreement with Rheinmetall aimed at strengthening Greece's defense industrial capabilities.	Defense Spending Aerospace Greece Infrastructure
2026 Q1	AI AI-driven hardware demand continued to reshape the technology landscape in Asia, with Samsung, SK Hynix, and the broader memory complex benefiting from accelerating capital investment in AI data centers. The software-versus-hardware split continued with companies building the physical infrastructure of AI outperforming those facing disruption.	Memory Data Centers Semiconductors Hardware Infrastructure
	Oil The Iran shock closed the Strait of Hormuz and sent crude oil surging past $100 per barrel, ultimately touching $119. WTI crude finished Q1 up 63.4%, creating severe headwinds for oil-importing emerging market economies, particularly India and Korea.	Energy Geopolitical Commodities Iran Supply
	Semiconductors Korea surged almost 24% in January as Samsung, SK Hynix, and the memory complex benefited from AI data center investment. Taiwan's semiconductor supply chain followed with strong performance. However, March saw a dramatic selloff following Google's chip compression algorithm announcement.	Memory Korea Taiwan Manufacturing Equipment
	Dollar The U.S. dollar continued to weaken through February, with the trade-weighted dollar index falling roughly 7.5% in 2025 and pushing further in January. A weaker dollar is a genuine structural tailwind for emerging market assets, easing financial conditions and supporting commodity prices.	Currency Financial Conditions Commodities Structural
	India India declined approximately 20% in U.S. dollar terms for the full quarter due to acute exposure to the oil shock. The country experienced record foreign institutional outflows and the rupee hit all-time lows, driven by concerns about sustained high oil prices on growth and inflation.	Energy Import Currency Outflows Growth Inflation
2025 Q3	AI The AI boom continued to reshape emerging markets, particularly across Asia. Rapid investment in data-center infrastructure and semiconductor capacity fueled demand for power systems, cooling solutions, and component suppliers, with Taiwanese and Korean technology firms leading the advance. AI-driven industrial investment is accelerating globally.	Data Centers Semiconductors Power Electronics Infrastructure Spending
	Commodities Stronger global demand for energy and industrial metals benefited resource-driven markets, especially Brazil and Chile. The pickup in capital investment linked to AI and clean energy added momentum to commodity consumption. Commodity demand is firming as part of the constructive backdrop.	Energy Metals Industrial Metals Brazil
2025 Q2	Dollar Six consecutive months of dollar weakness boosted EM currency translations and helped moderate imported inflation. The trade-weighted index of the dollar versus foreign currencies is down over 10% so far this year, creating favorable conditions for emerging market performance.	Currency USD Weakness Translation Inflation
	Earnings Consensus 2025 EM EPS was revised up in Q2 after an already solid Q1 uplift, with technology, industrials and materials leading upgrades. Korea, Taiwan and Greece were top-performing markets driven by positive earnings surprises and foreign inflows.	EPS Revisions Technology Industrials Materials
	Commodities Brent rebounded 5.8% despite mid-quarter geopolitical flare-ups, while industrial metals gained 4.8% as cap-ex linked to AI and green transition accelerated. Commodity prices have been strong, indicating increasing economic demand.	Brent Industrial Metals AI Green Transition Demand
	Trade Policy The ultimate source of uncertainty for this scenario is the trade war being waged between the United States and non-U.S. countries over tariffs. Finalization and implementation of U.S. trade-tariff agreements with early Q3 deadlines represents a key watch-point.	Tariffs Trade War Agreements Uncertainty Implementation

QUARTER

THEMES

AI

AI-related semiconductor companies, particularly Korean and Taiwanese chipmakers, drove a significant portion of the benchmark's advance. The Fund owned several AI-hardware-related companies including Samsung Electronics, SK Hynix, and MediaTek. High-bandwidth memory pricing and AI-related demand remained important drivers of returns for memory manufacturers.

Semiconductors Memory High-bandwidth memory AI accelerators Chipmakers

Semiconductor Cycle

Memory and semiconductor companies accounted for a significant portion of the benchmark's advance, with the MSCI Emerging Markets Information Technology sector returning roughly 73% for the quarter. Korean and Taiwanese chipmakers led the rally, driven by strong high-bandwidth-memory pricing and AI-related demand. The Fund maintained positions in Samsung Electronics, SK Hynix, MediaTek, and several Taiwanese semiconductor supply-chain companies.

Memory High-bandwidth memory Foundries Chip Designers Semi Equipment

South Korea

Korea was the standout market, with the MSCI Korea Index gaining more than 85% for the quarter on the strength of its semiconductor supply chain. Korean memory manufacturers like SK Hynix and Samsung Electronics were among the strongest contributors to the benchmark. Korea trades near 7x forward earnings despite its quarterly advance because memory-cycle earnings expectations have risen sharply.

Memory Semiconductors Technology Valuation

Taiwan

Taiwan gained nearly 49% on the strength of its semiconductor supply chain. The Fund's positions in Taiwanese semiconductor companies including MediaTek, Realtek Semiconductor, and ASE Industrial contributed positively. Taiwan trades at more than 22x forward earnings after the rally.

Semiconductors Technology Valuation

Oil

The June memorandum of understanding between the United States and Iran reduced near-term concerns about global energy supply and the Strait of Hormuz. Oil prices declined from conflict-period highs during the quarter, with Brent and WTI each falling more than 20%. However, the memorandum has since frayed, strikes have resumed, and Brent crude has retraced a meaningful part of its post-ceasefire decline, putting global economic activity under pressure again.

Energy Geopolitics Iran Strait of Hormuz

Rates

At its June meeting, the Federal Reserve's updated projections and communications contributed to more restrictive market expectations for monetary policy. The dollar strengthened, emerging-market currencies weakened, and precious and industrial metals sold off. The more restrictive rate backdrop was an additional headwind for markets already lagging the AI trade.

Federal Reserve Monetary policy Dollar Currencies

Valuation

After the rally, the index trades at roughly 11.3x forward earnings, modestly below its 15-year average, because price gains have been accompanied by a sharp increase in earnings expectations. Beneath the aggregate valuation, dispersion is wide: Taiwan trades at more than 22x, China sits near 10x, and much of Latin America, the Gulf and rate-sensitive Asia trades at larger discounts. The Fund sees comparatively more attractive valuations in several areas that have lagged the AI-related rally.

Earnings Multiples Dispersion Opportunity

Defense

GEK Terna, a diversified Greek infrastructure and construction conglomerate, announced partnerships with global defense and aerospace companies during the period. The company signed a memorandum of understanding with Airbus to collaborate on advanced defense and space solutions for Greece, and a separate partnership agreement with Rheinmetall aimed at strengthening Greece's defense industrial capabilities.

Defense Spending Aerospace Greece Infrastructure

2026 Q1

AI

AI-driven hardware demand continued to reshape the technology landscape in Asia, with Samsung, SK Hynix, and the broader memory complex benefiting from accelerating capital investment in AI data centers. The software-versus-hardware split continued with companies building the physical infrastructure of AI outperforming those facing disruption.

Memory Data Centers Semiconductors Hardware Infrastructure

Oil

The Iran shock closed the Strait of Hormuz and sent crude oil surging past $100 per barrel, ultimately touching $119. WTI crude finished Q1 up 63.4%, creating severe headwinds for oil-importing emerging market economies, particularly India and Korea.

Energy Geopolitical Commodities Iran Supply

Semiconductors

Korea surged almost 24% in January as Samsung, SK Hynix, and the memory complex benefited from AI data center investment. Taiwan's semiconductor supply chain followed with strong performance. However, March saw a dramatic selloff following Google's chip compression algorithm announcement.

Memory Korea Taiwan Manufacturing Equipment

Dollar

The U.S. dollar continued to weaken through February, with the trade-weighted dollar index falling roughly 7.5% in 2025 and pushing further in January. A weaker dollar is a genuine structural tailwind for emerging market assets, easing financial conditions and supporting commodity prices.

Currency Financial Conditions Commodities Structural

India

India declined approximately 20% in U.S. dollar terms for the full quarter due to acute exposure to the oil shock. The country experienced record foreign institutional outflows and the rupee hit all-time lows, driven by concerns about sustained high oil prices on growth and inflation.

Energy Import Currency Outflows Growth Inflation

2025 Q3

AI

The AI boom continued to reshape emerging markets, particularly across Asia. Rapid investment in data-center infrastructure and semiconductor capacity fueled demand for power systems, cooling solutions, and component suppliers, with Taiwanese and Korean technology firms leading the advance. AI-driven industrial investment is accelerating globally.

Data Centers Semiconductors Power Electronics Infrastructure Spending

Commodities

Stronger global demand for energy and industrial metals benefited resource-driven markets, especially Brazil and Chile. The pickup in capital investment linked to AI and clean energy added momentum to commodity consumption. Commodity demand is firming as part of the constructive backdrop.

Energy Metals Industrial Metals Brazil

2025 Q2

Dollar

Six consecutive months of dollar weakness boosted EM currency translations and helped moderate imported inflation. The trade-weighted index of the dollar versus foreign currencies is down over 10% so far this year, creating favorable conditions for emerging market performance.

Currency USD Weakness Translation Inflation

Earnings

Consensus 2025 EM EPS was revised up in Q2 after an already solid Q1 uplift, with technology, industrials and materials leading upgrades. Korea, Taiwan and Greece were top-performing markets driven by positive earnings surprises and foreign inflows.

EPS Revisions Technology Industrials Materials

Commodities

Brent rebounded 5.8% despite mid-quarter geopolitical flare-ups, while industrial metals gained 4.8% as cap-ex linked to AI and green transition accelerated. Commodity prices have been strong, indicating increasing economic demand.

Brent Industrial Metals AI Green Transition Demand

Trade Policy

The ultimate source of uncertainty for this scenario is the trade war being waged between the United States and non-U.S. countries over tariffs. Finalization and implementation of U.S. trade-tariff agreements with early Q3 deadlines represents a key watch-point.

Tariffs Trade War Agreements Uncertainty Implementation

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Jun 30, 2026	Fund Letters	Shelton Emerging Markets Fund	005930.KS	Samsung Electronics	Consumer Electronics	Semiconductors & Semiconductor Equipment	Bull	Korea Exchange	AI hardware, growth, High-Bandwidth Memory, memory chips, overweight position, semiconductors, South Korea, technology	Login
Jun 30, 2026	Fund Letters	Shelton Emerging Markets Fund	GEKTERNA.AT	GEK Terna S.A.	Engineering & Construction	Construction & Engineering	Bull	Athens Stock Exchange	Aerospace, construction, Defense, Europe, Greece, Industrials, infrastructure, Strategic Partnerships	Login
Jun 30, 2026	Fund Letters	Shelton Emerging Markets Fund	000660.KS	SK Hynix	Semiconductors	Semiconductors & Semiconductor Equipment	Neutral	Korea Exchange	AI infrastructure, High-Bandwidth Memory, memory semiconductors, Nvidia partnership, South Korea, technology, Underweight Position, Valuation Discipline	Login
Jun 30, 2026	Fund Letters	Shelton Emerging Markets Fund	2454.TW	MediaTek Inc.	Semiconductors	Semiconductors & Semiconductor Equipment	Neutral	Taiwan Stock Exchange	AI System-on-Chip, data center, Fabless Semiconductor, Google partnership, Mobile Chipsets, Nvidia partnership, Taiwan, Underweight Position	Login
Mar 31, 2026	Fund Letters	Shelton Emerging Markets Fund	005930.KS	Samsung Electronics	Consumer Electronics	Semiconductors & Semiconductor Equipment	Bull	New York Stock Exchange	AI infrastructure, Artificial Intelligence, data centers, High-Bandwidth Memory, memory chips, semiconductors, South Korea, technology hardware	Login
Mar 31, 2026	Fund Letters	Shelton Emerging Markets Fund	GEKTERNA.AT	GEK Terna	Engineering & Construction	Construction & Engineering	Bull	New York Stock Exchange	Capital Goods, construction, energy transition, European defense, Greece, infrastructure, renewable energy, Southern Europe	Login
Mar 31, 2026	Fund Letters	Shelton Emerging Markets Fund	-	Chroma ATE	Other	Electronic Equipment, Instruments & Components	Bull	New York Stock Exchange	AI infrastructure, Capital equipment, Electronic Equipment, Precision Testing, Second-derivative AI, Semiconductor Testing, Taiwan, Test Equipment	Login
Mar 31, 2026	Fund Letters	Shelton Emerging Markets Fund	HDFCBANK.NS	HDFC Bank	Banks - Regional	Banks	Neutral	New York Stock Exchange	Foreign Outflows, High-quality Bank, India, Indian Banking, macro headwinds, Oil Shock Impact, Private Sector Bank, Rupee Weakness	Login
Aug 22, 2025	Fund Letters	Derek Izuel	1093 HK	CSPC Pharmaceutical Group Limited	Health Care	Pharmaceuticals	Bull	New York Stock Exchange	Approvals, Generics, innovation, pharmaceuticals, pipeline	Login
Aug 22, 2025	Fund Letters	Derek Izuel	IGTI11 BZ	Iguatemi S.A.	Real Estate	Retail REITs	Bull	Brasil Bolsa Balcão	Brazil, Malls, Occupancy, realestate, retail	Login
Aug 22, 2025	Fund Letters	Derek Izuel	WIT	Wipro Limited	Information Technology	IT Services	Bear	New York Stock Exchange	Demand, Execution, Itservices, Margins, Outsourcing	Login
Aug 22, 2025	Fund Letters	Derek Izuel	JD	JD.com, Inc.	Consumer Discretionary	Internet & Direct Marketing Retail	Bear	New York Stock Exchange	China, Competition, ecommerce, Logistics, Margins	Login
Jun 30, 2025	Fund Letters	Shelton Emerging Markets Fund	1093.HK	CSPC Pharmaceutical Group	Health Care	Pharmaceuticals	Bull	Hong Kong Stock Exchange	China, Drug Approvals, Emerging markets, Generic Drugs, growth, healthcare, innovation, pharmaceuticals	Login
Jun 30, 2025	Fund Letters	Shelton Emerging Markets Fund	IGTI11.SA	Iguatemi S.A.	Real Estate	Retail REITs	Bull	B3 (Brasil Bolsa Balcão)	Asset Acquisition, Brazil, Emerging markets, Premium Assets, Real Estate, REITs, retail, shopping centers	Login
Jun 30, 2025	Fund Letters	Shelton Emerging Markets Fund	WIT	Wipro Limited	Information Technology	IT Consulting & Other Services	Bear	New York Stock Exchange	ADR, Deal Conversion, Emerging markets, India, IT services, project delays, revenue decline, Technology Consulting	Login
Jun 30, 2025	Fund Letters	Shelton Emerging Markets Fund	JD	JD.com Inc.	Consumer Discretionary	Internet & Direct Marketing Retail	Bear	NASDAQ	capital allocation, China, Competitive pressure, e-commerce, Emerging markets, food delivery, margin compression, online marketplace	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Jun 30, 2026

Fund Letters

Shelton Emerging Markets Fund

005930.KS

Samsung Electronics

Consumer Electronics

Semiconductors & Semiconductor Equipment

Bull

Korea Exchange

AI hardware, growth, High-Bandwidth Memory, memory chips, overweight position, semiconductors, South Korea, technology

Jun 30, 2026

Fund Letters

Shelton Emerging Markets Fund

GEKTERNA.AT

GEK Terna S.A.

Engineering & Construction

Construction & Engineering

Bull

Athens Stock Exchange

Aerospace, construction, Defense, Europe, Greece, Industrials, infrastructure, Strategic Partnerships

Jun 30, 2026

Fund Letters

Shelton Emerging Markets Fund

000660.KS

SK Hynix

Semiconductors

Semiconductors & Semiconductor Equipment

Neutral

Korea Exchange

AI infrastructure, High-Bandwidth Memory, memory semiconductors, Nvidia partnership, South Korea, technology, Underweight Position, Valuation Discipline

Jun 30, 2026

Fund Letters

Shelton Emerging Markets Fund

2454.TW

MediaTek Inc.

Semiconductors

Semiconductors & Semiconductor Equipment

Neutral

Taiwan Stock Exchange

AI System-on-Chip, data center, Fabless Semiconductor, Google partnership, Mobile Chipsets, Nvidia partnership, Taiwan, Underweight Position

Mar 31, 2026

Fund Letters

Shelton Emerging Markets Fund

005930.KS

Samsung Electronics

Consumer Electronics

Semiconductors & Semiconductor Equipment

Bull

New York Stock Exchange

AI infrastructure, Artificial Intelligence, data centers, High-Bandwidth Memory, memory chips, semiconductors, South Korea, technology hardware

Mar 31, 2026

Fund Letters

Shelton Emerging Markets Fund

GEKTERNA.AT

GEK Terna

Engineering & Construction

Construction & Engineering

Bull

New York Stock Exchange

Capital Goods, construction, energy transition, European defense, Greece, infrastructure, renewable energy, Southern Europe

Mar 31, 2026

Fund Letters

Shelton Emerging Markets Fund

Chroma ATE

Other

Electronic Equipment, Instruments & Components

Bull

New York Stock Exchange

AI infrastructure, Capital equipment, Electronic Equipment, Precision Testing, Second-derivative AI, Semiconductor Testing, Taiwan, Test Equipment

Mar 31, 2026

Fund Letters

Shelton Emerging Markets Fund

HDFCBANK.NS

HDFC Bank

Banks - Regional

Banks

Neutral

New York Stock Exchange

Foreign Outflows, High-quality Bank, India, Indian Banking, macro headwinds, Oil Shock Impact, Private Sector Bank, Rupee Weakness

Aug 22, 2025

Fund Letters

Derek Izuel

1093 HK

CSPC Pharmaceutical Group Limited

Health Care

Pharmaceuticals

Bull

New York Stock Exchange

Approvals, Generics, innovation, pharmaceuticals, pipeline

Aug 22, 2025

Fund Letters

Derek Izuel

IGTI11 BZ

Iguatemi S.A.

Real Estate

Retail REITs

Bull

Brasil Bolsa Balcão

Brazil, Malls, Occupancy, realestate, retail

Aug 22, 2025

Fund Letters

Derek Izuel

WIT

Wipro Limited

Information Technology

IT Services

Bear

New York Stock Exchange

Demand, Execution, Itservices, Margins, Outsourcing

Aug 22, 2025

Fund Letters

Derek Izuel

JD.com, Inc.

Consumer Discretionary

Internet & Direct Marketing Retail

Bear

New York Stock Exchange

China, Competition, ecommerce, Logistics, Margins

Jun 30, 2025

Fund Letters

Shelton Emerging Markets Fund

1093.HK

CSPC Pharmaceutical Group

Health Care

Pharmaceuticals

Bull

Hong Kong Stock Exchange

China, Drug Approvals, Emerging markets, Generic Drugs, growth, healthcare, innovation, pharmaceuticals

Jun 30, 2025

Fund Letters

Shelton Emerging Markets Fund

IGTI11.SA

Iguatemi S.A.

Real Estate

Retail REITs

Bull

B3 (Brasil Bolsa Balcão)

Asset Acquisition, Brazil, Emerging markets, Premium Assets, Real Estate, REITs, retail, shopping centers

Jun 30, 2025

Fund Letters

Shelton Emerging Markets Fund

WIT

Wipro Limited

Information Technology

IT Consulting & Other Services

Bear

New York Stock Exchange

ADR, Deal Conversion, Emerging markets, India, IT services, project delays, revenue decline, Technology Consulting

Jun 30, 2025

Fund Letters

Shelton Emerging Markets Fund

JD.com Inc.

Consumer Discretionary

Internet & Direct Marketing Retail

Bear

NASDAQ

capital allocation, China, Competitive pressure, e-commerce, Emerging markets, food delivery, margin compression, online marketplace

TICKER	COMMENTARY
005930.KS	Samsung Electronics was one of the top contributors during the quarter, with the Fund maintaining an overweight position throughout the period. The South Korean chipmaker is one of the world's leading memory chip manufacturers and a supplier of high-bandwidth memory (HBM) used in AI accelerator hardware. Two product developments drew investor attention during the period: on May 28, Samsung shipped 12-layer HBM4E samples to major customers, which the company said offered faster data-processing speeds and greater capacity than the prior generation. Less than a week later, on June 2, Samsung's chip division CTO presented a mock-up of its eighth-generation HBM5 architecture at the Computex trade show in Taipei, featuring proprietary thermal management technology.
000660.KS	SK Hynix was a detractor from active return over the quarter, with the Fund's underweight position failing to keep pace with the stock's outperformance relative to the MSCI Emerging Markets Index. The South Korean chipmaker is the world's second-largest memory semiconductor manufacturer and a leading global supplier of high-bandwidth memory chips. A strategic development during the period came on June 8, when Nvidia and SK Hynix announced a multiyear technology partnership to co-develop next-generation memory for AI factories and accelerate semiconductor design and manufacturing. Under the agreement, SK Hynix will co-develop next-generation memory with Nvidia across AI servers, CPUs, AI PCs and robotics platforms. The Korean memory manufacturer returned 224.7% during the quarter amid strong high-bandwidth-memory pricing and AI-related demand. That underweight cost approximately 3% of relative performance on its own. As SK Hynix's benchmark weight and valuation increased, the Fund maintained a position below the benchmark weight, consistent with its valuation and position-sizing process.
2318.TW	MediaTek Inc. is a Taiwan-based fabless semiconductor company best known for designing mobile chipsets and, more recently, AI-focused system-on-chip solutions for data-center applications. The Fund's average underweight position in MediaTek during the quarter detracted from relative performance, as the stock was among the strongest contributors to the benchmark during the period. The Google TPU partnership was a recurring focus for investors during the quarter, with interest building into the company's first-quarter earnings report and accelerating after AI ASIC revenue guidance. Investor sentiment was further supported when Nvidia named MediaTek as a partner on its new RTX Spark Superchip at Computex.
601318.SS	The Fund's overweight positions in Ping An Insurance detracted from relative performance as those securities lagged the benchmark's strongest AI-related constituents.
INFY	The Fund's overweight positions in Infosys detracted from relative performance as those securities lagged the benchmark's strongest AI-related constituents.
2899.HK	The Fund's overweight positions in Zijin Mining detracted from relative performance as those securities lagged the benchmark's strongest AI-related constituents.
ITUB	The Fund's overweight positions in Itaú Unibanco detracted from relative performance as those securities lagged the benchmark's strongest AI-related constituents.
402050.KS	SK Square contributed positively to the Fund's performance during the quarter.
2379.TW	Realtek Semiconductor contributed positively to the Fund's performance during the quarter.
3711.TW	ASE Industrial contributed positively to the Fund's performance during the quarter.
GEKTERNA.AT	GEK Terna S.A., a diversified Greek infrastructure and construction conglomerate, was a contributor to active return over the quarter. During the period, the company announced partnerships with global defense and aerospace companies. On April 28, GEK TERNA and Airbus signed a memorandum of understanding to collaborate on advanced defense and space solutions for Greece, including military satellite communications and technology transfer, according to a stock exchange filing. On June 24, Rheinmetall Landsysteme GmbH and GEK TERNA signed a separate partnership agreement aimed at strengthening Greece's defense industrial capabilities. The agreements expanded GEK TERNA's participation in defense- and aerospace-related initiatives in Greece and coincided with positive share-price performance during the quarter.

TICKER

COMMENTARY

005930.KS

Samsung Electronics was one of the top contributors during the quarter, with the Fund maintaining an overweight position throughout the period. The South Korean chipmaker is one of the world's leading memory chip manufacturers and a supplier of high-bandwidth memory (HBM) used in AI accelerator hardware. Two product developments drew investor attention during the period: on May 28, Samsung shipped 12-layer HBM4E samples to major customers, which the company said offered faster data-processing speeds and greater capacity than the prior generation. Less than a week later, on June 2, Samsung's chip division CTO presented a mock-up of its eighth-generation HBM5 architecture at the Computex trade show in Taipei, featuring proprietary thermal management technology.

000660.KS

SK Hynix was a detractor from active return over the quarter, with the Fund's underweight position failing to keep pace with the stock's outperformance relative to the MSCI Emerging Markets Index. The South Korean chipmaker is the world's second-largest memory semiconductor manufacturer and a leading global supplier of high-bandwidth memory chips. A strategic development during the period came on June 8, when Nvidia and SK Hynix announced a multiyear technology partnership to co-develop next-generation memory for AI factories and accelerate semiconductor design and manufacturing. Under the agreement, SK Hynix will co-develop next-generation memory with Nvidia across AI servers, CPUs, AI PCs and robotics platforms. The Korean memory manufacturer returned 224.7% during the quarter amid strong high-bandwidth-memory pricing and AI-related demand. That underweight cost approximately 3% of relative performance on its own. As SK Hynix's benchmark weight and valuation increased, the Fund maintained a position below the benchmark weight, consistent with its valuation and position-sizing process.

2318.TW

MediaTek Inc. is a Taiwan-based fabless semiconductor company best known for designing mobile chipsets and, more recently, AI-focused system-on-chip solutions for data-center applications. The Fund's average underweight position in MediaTek during the quarter detracted from relative performance, as the stock was among the strongest contributors to the benchmark during the period. The Google TPU partnership was a recurring focus for investors during the quarter, with interest building into the company's first-quarter earnings report and accelerating after AI ASIC revenue guidance. Investor sentiment was further supported when Nvidia named MediaTek as a partner on its new RTX Spark Superchip at Computex.

601318.SS

The Fund's overweight positions in Ping An Insurance detracted from relative performance as those securities lagged the benchmark's strongest AI-related constituents.

INFY

The Fund's overweight positions in Infosys detracted from relative performance as those securities lagged the benchmark's strongest AI-related constituents.

2899.HK

The Fund's overweight positions in Zijin Mining detracted from relative performance as those securities lagged the benchmark's strongest AI-related constituents.

ITUB

The Fund's overweight positions in Itaú Unibanco detracted from relative performance as those securities lagged the benchmark's strongest AI-related constituents.

402050.KS

SK Square contributed positively to the Fund's performance during the quarter.

2379.TW

Realtek Semiconductor contributed positively to the Fund's performance during the quarter.

3711.TW

ASE Industrial contributed positively to the Fund's performance during the quarter.

GEKTERNA.AT

GEK Terna S.A., a diversified Greek infrastructure and construction conglomerate, was a contributor to active return over the quarter. During the period, the company announced partnerships with global defense and aerospace companies. On April 28, GEK TERNA and Airbus signed a memorandum of understanding to collaborate on advanced defense and space solutions for Greece, including military satellite communications and technology transfer, according to a stock exchange filing. On June 24, Rheinmetall Landsysteme GmbH and GEK TERNA signed a separate partnership agreement aimed at strengthening Greece's defense industrial capabilities. The agreements expanded GEK TERNA's participation in defense- and aerospace-related initiatives in Greece and coincided with positive share-price performance during the quarter.

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Shelton Emerging Markets Fund