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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The Shelton Emerging Markets Fund gained 11.05% in Q2 2025, slightly underperforming its benchmark due to stock selection, but remains constructive on EM assets due to a weakening dollar, broadening earnings momentum, and attractive historical discounts."
The Shelton Emerging Markets Fund delivered an absolute return of 11.05% during the second quarter of 2025, slightly lagging the MSCI Emerging Markets Index's return of 11.99% by 0.94%. According to the portfolio management team, led by Derek Izuel, Justin Sheetz, and Tony Jacoby, the slight underperformance was primarily driven by individual stock selection rather than systematic risks, which were successfully minimized despite substantial geopolitical and trade policy turmoil. Broad emerging market equities recorded their strongest quarterly advance in two years, gaining 12.17% overall, supported by three primary macroeconomic tailwinds: a weaker US dollar (down over 10% YTD on a trade-weighted basis), resilient global demand leading to upward revisions in consensus 2025 EM EPS, and strong commodity prices. Key positive contributors for the fund included CSPC Pharmaceutical Group, which rallied 56.41% following new generic drug approvals, and Brazilian shopping mall operator Iguatemi S.A., which gained 35.37% on resilient operational performance and strategic acquisition. Conversely, Wipro and JD.com acted as key detractors due to slow IT discretionary spending and intense margin pressure from a food-delivery price war, respectively. Looking ahead to Q3 2025, Shelton Capital Management remains constructive, citing inexpensive EM valuations and supportive monetary policies globally, though they continue to monitor potential volatility from US trade tariffs and Fed interest rate path decisions.
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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 Shelton Emerging Markets Fund gained 11.05% in Q2 2025, slightly underperforming its benchmark due to stock selection, but remains constructive on EM assets due to a weakening ...
Growth Outlook
Market outlook remains high conviction: The Shelton Emerging Markets Fund gained 11.05% in Q2 2025, slightly underperforming its benchmark due to stock selection, but remains constructive on EM assets due to a weakening ...
Risk Appetite
Risk appetite posture is high conviction: The Shelton Emerging Markets Fund gained 11.05% in Q2 2025, slightly underperforming its benchmark due to stock selection, but remains constructive on EM assets due to a weakening ...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Shelton Emerging Markets Fund gained 11.05% in Q2 2025, slightly underperforming its benchmark due to stock selection, but remains constructive on EM assets due to a weakening ...
Forward Guidance
Forward guidance signal: The Shelton Emerging Markets Fund gained 11.05% in Q2 2025, slightly underperforming its benchmark due to stock selection, but remains constructive on EM assets due to a weakening ...
Language Signal
Tone analysis indicates high conviction language: The Shelton Emerging Markets Fund gained 11.05% in Q2 2025, slightly underperforming its benchmark due to stock selection, but remains constructive on EM assets due to a weakening ...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The Shelton Emerging Markets Fund gained 11.05% in Q2 2025, slightly underperforming its benchmark due to stock selection, but remains constructive on EM assets due to a weakening ...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. The Shelton Emerging Markets Fund gained 11.05% in Q2 2025, slightly underperforming its benchmark due to stock selection, but remains constructive on EM assets due to a weakening ...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Shelton Emerging Markets Fund gained 11.05% in Q2 2025, slightly underperforming its benchmark due to stock selection, but remains constructive on EM assets due to a weakening ...
