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, 2026
The Shelton Emerging Markets Fund returned 3.82% in Q1 2026 versus -0.17% for the MSCI Emerging Markets Index, navigating a quarter defined by two distinct phases. January and February delivered on the favorable conditions framework of resilient global growth, weakening dollar, and attractive valuations, with emerging markets outpacing developed markets by substantial margins. AI-driven hardware demand reshaped Asian technology landscapes, particularly benefiting Samsung, SK Hynix, and Taiwan's semiconductor supply chain. However, the Iran shock in late February fundamentally altered the investment environment. Operation Epic Fury closed the Strait of Hormuz, sending oil prices surging 63.4% and triggering the worst month for Asian equities since October 2008. India declined 20% due to acute oil import dependency, while Korea gave back January gains despite strong underlying AI infrastructure positioning. The portfolio's stock selection contributed roughly 200 basis points to relative performance, offset by factor headwinds from energy underweighting. Post-selloff valuations now present compelling opportunities, with Korea trading at 6.6x forward earnings, more than two standard deviations below historical averages.
Emerging markets offer compelling structural opportunities despite near-term geopolitical disruption, with AI-driven technology supply chains, infrastructure buildout, and attractive post-selloff valuations creating selective investment opportunities for patient capital.
The investment backdrop entering Q2 2026 is more complicated than Q1, but the core opportunity in emerging markets has become more selective and interesting. Valuations after March's selloff are the most compelling in years, with Korea's forward P/E collapsing to 6.6x. The manager remains committed to capturing structural themes through patient stock selection as the macro environment evolves.
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