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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"SGA's quality-growth EM strategy lagged the cyclical/momentum-driven index rally in Q4 and FY2025, but the portfolio now trades at its steepest relative valuation discount since inception, presenting a highly favorable entry point."
In Q4 2025, the SGA Emerging Markets Growth portfolio returned 0.6% (Net) compared to 4.7% for the MSCI EM Net TR Index and 3.3% for the MSCI EM Growth Net TR Index. For the full year 2025, the portfolio returned 22.8% (Net) versus 33.6% and 34.3% for the respective indices. Underperformance was driven by a structural underweight to South Korean commodity memory chip manufacturers and increased competition in core e-commerce holdings. Top contributors included TSMC, Infosys, and Fast Retailing, while Alibaba, Grab, and Tencent Music detracted. SGA exited L'Oreal due to forced attrition to fund a new position in Sea Limited. The manager emphasizes that the valuation gap between SGA's high-quality compounders and the broader index is at its most attractive since inception, offering a compelling risk-reward profile.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: SGA's quality-growth EM strategy lagged the cyclical/momentum-driven index rally in Q4 and FY2025, but the portfolio now trades at its steepest relative valuation discount since in...
Growth Outlook
Market outlook remains above average conviction: SGA's quality-growth EM strategy lagged the cyclical/momentum-driven index rally in Q4 and FY2025, but the portfolio now trades at its steepest relative valuation discount since in...
Risk Appetite
Risk appetite posture is moderate conviction: SGA's quality-growth EM strategy lagged the cyclical/momentum-driven index rally in Q4 and FY2025, but the portfolio now trades at its steepest relative valuation discount since in...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. SGA's quality-growth EM strategy lagged the cyclical/momentum-driven index rally in Q4 and FY2025, but the portfolio now trades at its steepest relative valuation discount since in...
Forward Guidance
Forward guidance signal: SGA's quality-growth EM strategy lagged the cyclical/momentum-driven index rally in Q4 and FY2025, but the portfolio now trades at its steepest relative valuation discount since in...
Language Signal
Tone analysis indicates above average conviction language: SGA's quality-growth EM strategy lagged the cyclical/momentum-driven index rally in Q4 and FY2025, but the portfolio now trades at its steepest relative valuation discount since in...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. SGA's quality-growth EM strategy lagged the cyclical/momentum-driven index rally in Q4 and FY2025, but the portfolio now trades at its steepest relative valuation discount since in...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. SGA's quality-growth EM strategy lagged the cyclical/momentum-driven index rally in Q4 and FY2025, but the portfolio now trades at its steepest relative valuation discount since in...
Time Horizon
Investment time horizon reflects a high conviction orientation. SGA's quality-growth EM strategy lagged the cyclical/momentum-driven index rally in Q4 and FY2025, but the portfolio now trades at its steepest relative valuation discount since in...
