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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The FEM strategy delivered strong gains in Egypt and Malaysia while actively reducing exposure to policy-impacted names in Vietnam, the US, and Indonesia to reallocate capital into highly prospective CEE and Middle Eastern opportunities."
In Q3 2025, the FEM strategy navigated a dual-speed market environment. Top country contributors included Egypt, Vietnam, and Poland, while Indonesia, Lithuania, and the Philippines lagged. Key strong performers were IDHC (benefiting from Egypt's improving macro backdrop and dividend restarts) and Kelington (boosted by European semiconductor contract wins). The manager actively managed risks by completely exiting Vietnam's HDB Bank (due to stretched valuations) and Hikma Pharmaceuticals (due to US policy headwinds), alongside a reduction in Indonesian exposure. The outlook remains constructively focused on selective deployment in the Middle East, Africa, and CEE small/mid-caps.
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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 FEM strategy delivered strong gains in Egypt and Malaysia while actively reducing exposure to policy-impacted names in Vietnam, the US, and Indonesia to reallocate capital into...
Growth Outlook
Market outlook remains above average conviction: The FEM strategy delivered strong gains in Egypt and Malaysia while actively reducing exposure to policy-impacted names in Vietnam, the US, and Indonesia to reallocate capital into...
Risk Appetite
Risk appetite posture is above average conviction: The FEM strategy delivered strong gains in Egypt and Malaysia while actively reducing exposure to policy-impacted names in Vietnam, the US, and Indonesia to reallocate capital into...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The FEM strategy delivered strong gains in Egypt and Malaysia while actively reducing exposure to policy-impacted names in Vietnam, the US, and Indonesia to reallocate capital into...
Forward Guidance
Forward guidance signal: The FEM strategy delivered strong gains in Egypt and Malaysia while actively reducing exposure to policy-impacted names in Vietnam, the US, and Indonesia to reallocate capital into...
Language Signal
Tone analysis indicates above average conviction language: The FEM strategy delivered strong gains in Egypt and Malaysia while actively reducing exposure to policy-impacted names in Vietnam, the US, and Indonesia to reallocate capital into...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The FEM strategy delivered strong gains in Egypt and Malaysia while actively reducing exposure to policy-impacted names in Vietnam, the US, and Indonesia to reallocate capital into...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The FEM strategy delivered strong gains in Egypt and Malaysia while actively reducing exposure to policy-impacted names in Vietnam, the US, and Indonesia to reallocate capital into...
Time Horizon
Investment time horizon reflects a high conviction orientation. The FEM strategy delivered strong gains in Egypt and Malaysia while actively reducing exposure to policy-impacted names in Vietnam, the US, and Indonesia to reallocate capital into...
