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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"MEMF returned 2.9% in Q4 2025, outperforming its benchmark. The manager is actively capitalizing on style-driven valuation compression to acquire high-quality SMID-caps at deep discounts ahead of an expected macro recovery."
In Q4 2025, the Mobius Emerging Markets Fund (MEMF) delivered a NAV return of 2.9% (USD), outperforming its benchmark, the MSCI EM Mid Cap Index, which returned 2.2%. Despite a challenging year where emerging market gains were heavily concentrated in a narrow group of mega-caps, the manager notes early signs of stabilization. The fund continues to focus on under-researched SMID-cap companies, leveraging style headwinds to add to existing high-conviction names and initiate new positions (TCBS Tech, MakeMyTrip, Karooooo). Portfolio fundamentals remain robust, with an average forward EPS CAGR of 26% and an average ROE of 25%. EMs present compelling entry points, trading at a 38% P/E discount and 61% P/B discount to developed markets. Easing macro pressures, US rate cuts, and structural opportunities in Asia support a constructive outlook for 2026.
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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: MEMF returned 2.9% in Q4 2025, outperforming its benchmark. The manager is actively capitalizing on style-driven valuation compression to acquire high-quality SMID-caps at deep dis...
Growth Outlook
Market outlook remains above average conviction: MEMF returned 2.9% in Q4 2025, outperforming its benchmark. The manager is actively capitalizing on style-driven valuation compression to acquire high-quality SMID-caps at deep dis...
Risk Appetite
Risk appetite posture is above average conviction: MEMF returned 2.9% in Q4 2025, outperforming its benchmark. The manager is actively capitalizing on style-driven valuation compression to acquire high-quality SMID-caps at deep dis...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. MEMF returned 2.9% in Q4 2025, outperforming its benchmark. The manager is actively capitalizing on style-driven valuation compression to acquire high-quality SMID-caps at deep dis...
Forward Guidance
Forward guidance signal: MEMF returned 2.9% in Q4 2025, outperforming its benchmark. The manager is actively capitalizing on style-driven valuation compression to acquire high-quality SMID-caps at deep dis...
Language Signal
Tone analysis indicates above average conviction language: MEMF returned 2.9% in Q4 2025, outperforming its benchmark. The manager is actively capitalizing on style-driven valuation compression to acquire high-quality SMID-caps at deep dis...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. MEMF returned 2.9% in Q4 2025, outperforming its benchmark. The manager is actively capitalizing on style-driven valuation compression to acquire high-quality SMID-caps at deep dis...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. MEMF returned 2.9% in Q4 2025, outperforming its benchmark. The manager is actively capitalizing on style-driven valuation compression to acquire high-quality SMID-caps at deep dis...
Time Horizon
Investment time horizon reflects a high conviction orientation. MEMF returned 2.9% in Q4 2025, outperforming its benchmark. The manager is actively capitalizing on style-driven valuation compression to acquire high-quality SMID-caps at deep dis...
