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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The fund underperformed a strong AI-driven benchmark in December due to its disciplined exclusion of overvalued semiconductor companies, focusing instead on long-term downside protection."
For the month ending 31 December 2025, the Aikya Global Emerging Markets UCITS Fund was flat at 0.2%, underperforming the MSCI Emerging Markets Net Index which returned 3.0%. The underperformance was primarily due to the fund's minimal exposure to highly-valued semiconductor manufacturers (TSMC, SK Hynix, Samsung) driving the benchmark's AI-focused rally. Furthermore, political noise in Brazil concerning the 2026 election dragged on holdings like Bradesco and Natura. Conversely, strong idiosyncratic performance was observed in Capitec (market share gains in South Africa), EPAM Systems (favorable IT spending cycle), and FEMSA (improving retail operations). The manager remains committed to its disciplined, quality-and-valuation-centric approach to preserve long-term investor capital.
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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: The fund underperformed a strong AI-driven benchmark in December due to its disciplined exclusion of overvalued semiconductor companies, focusing instead on long-term downside prot...
Growth Outlook
Market outlook remains moderate conviction: The fund underperformed a strong AI-driven benchmark in December due to its disciplined exclusion of overvalued semiconductor companies, focusing instead on long-term downside prot...
Risk Appetite
Risk appetite posture is moderate conviction: The fund underperformed a strong AI-driven benchmark in December due to its disciplined exclusion of overvalued semiconductor companies, focusing instead on long-term downside prot...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The fund underperformed a strong AI-driven benchmark in December due to its disciplined exclusion of overvalued semiconductor companies, focusing instead on long-term downside prot...
Forward Guidance
Forward guidance signal: The fund underperformed a strong AI-driven benchmark in December due to its disciplined exclusion of overvalued semiconductor companies, focusing instead on long-term downside prot...
Language Signal
Tone analysis indicates above average conviction language: The fund underperformed a strong AI-driven benchmark in December due to its disciplined exclusion of overvalued semiconductor companies, focusing instead on long-term downside prot...
Perceived Risk
Perceived risk level is evaluated as above average conviction. The fund underperformed a strong AI-driven benchmark in December due to its disciplined exclusion of overvalued semiconductor companies, focusing instead on long-term downside prot...
Opportunity Density
Opportunity density index indicates moderate conviction actionable entry points. The fund underperformed a strong AI-driven benchmark in December due to its disciplined exclusion of overvalued semiconductor companies, focusing instead on long-term downside prot...
Time Horizon
Investment time horizon reflects a high conviction orientation. The fund underperformed a strong AI-driven benchmark in December due to its disciplined exclusion of overvalued semiconductor companies, focusing instead on long-term downside prot...
