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 22, 2026
Stewart Investors maintains a disciplined, bottom-up investment philosophy focused on high-quality compounders with resilient balance sheets, strong governance, and sustainable development alignment across Asian and global emerging markets. Net strategy performance figures were not explicitly disclosed for the period. Strategy positioning remained active during a turbulent third quarter marked by a sharp pullback in artificial intelligence-related technology names in July, followed by a selective market broadening and macro-induced volatility across energy-importing regions. The investment team's macroeconomic assessment highlights near-term crosscurrents including the trajectory of US interest rates, elevated oil prices above $100 per barrel stemming from Middle East supply disruptions, and investor scrutiny surrounding the durability of hyperscaler capital expenditures. Despite these external headwinds, the manager remains constructive on long-term secular drivers, notably the continued formalisation of the Indian economy, rising domestic financialisation across Southeast Asia and Latin America, and high-value industrial and technological transition opportunities in China where valuations remain compelling. Portfolio activity over the quarter reflected a disciplined recycling of capital into higher-conviction franchises. The manager initiated a new holding in SK Hynix to capitalize on structural demand for High-Bandwidth Memory (HBM) and added exposure to Bank of the Philippine Islands (BPI) while exiting parent Ayala Corp. Conversely, the manager completely exited Alibaba due to shifting corporate narratives and capital allocation concerns, trimmed or exited fully valued holdings like Chroma and WEG, and rotated banking exposures in India by reallocating from Axis Bank and HDFC Bank into Kotak Mahindra Bank and Bajaj Finance.
Invest exclusively in high-quality, sustainable businesses with exceptional cultures, strong franchises, and resilient balance sheets capable of compounding capital over multi-year horizons while prioritising capital preservation.
Asian and emerging market equities continue to offer a compelling combination of structural economic expansion and improving earnings prospects, particularly across India, higher-value Chinese industries, and underpenetrated ASEAN banking sectors. While near-term performance will be shaped by US monetary policy, geopolitical tension in the Middle East, and the trajectory of artificial intelligence spending, prevailing equity valuations remain reasonable relative to long-term compounding potential.
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