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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"abrdn Emerging Markets Fund returned 11.78% in Q2 2025, slightly lagging its benchmark. Despite drag from Chinese consumer weakness and Indian corrections, the fund remains constructive on EMs due to secular AI tech demand and currency tailwinds from a declining US dollar."
During the quarter ended June 30, 2025, the abrdn Emerging Markets Fund returned 11.78%, trailing its benchmark by 38 basis points. While strong stock selection in South Korea (SK Hynix, Samsung C&T) and Taiwan (TSMC, Accton, Delta Electronics) provided significant positive contributions on the back of resilient AI infrastructure demand, performance was dragged down by headwinds in China and India. China suffered from intensifying competition, soft domestic demand, and tariff concerns, prompting pricing pressure on major internet and EV holdings. Over the quarter, the fund added new positions in National Bank of Greece, Zabka Group, and Techtronic Industries, while fully divesting Globant, Hindustan Unilever, and Yageo. Looking forward, the fund is optimistic on EM assets due to historically low valuations, converging EPS growth, and the weakest US dollar start since 1973.
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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: abrdn Emerging Markets Fund returned 11.78% in Q2 2025, slightly lagging its benchmark. Despite drag from Chinese consumer weakness and Indian corrections, the fund remains constru...
Growth Outlook
Market outlook remains above average conviction: abrdn Emerging Markets Fund returned 11.78% in Q2 2025, slightly lagging its benchmark. Despite drag from Chinese consumer weakness and Indian corrections, the fund remains constru...
Risk Appetite
Risk appetite posture is above average conviction: abrdn Emerging Markets Fund returned 11.78% in Q2 2025, slightly lagging its benchmark. Despite drag from Chinese consumer weakness and Indian corrections, the fund remains constru...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. abrdn Emerging Markets Fund returned 11.78% in Q2 2025, slightly lagging its benchmark. Despite drag from Chinese consumer weakness and Indian corrections, the fund remains constru...
Forward Guidance
Forward guidance signal: abrdn Emerging Markets Fund returned 11.78% in Q2 2025, slightly lagging its benchmark. Despite drag from Chinese consumer weakness and Indian corrections, the fund remains constru...
Language Signal
Tone analysis indicates above average conviction language: abrdn Emerging Markets Fund returned 11.78% in Q2 2025, slightly lagging its benchmark. Despite drag from Chinese consumer weakness and Indian corrections, the fund remains constru...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. abrdn Emerging Markets Fund returned 11.78% in Q2 2025, slightly lagging its benchmark. Despite drag from Chinese consumer weakness and Indian corrections, the fund remains constru...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. abrdn Emerging Markets Fund returned 11.78% in Q2 2025, slightly lagging its benchmark. Despite drag from Chinese consumer weakness and Indian corrections, the fund remains constru...
Time Horizon
Investment time horizon reflects a high conviction orientation. abrdn Emerging Markets Fund returned 11.78% in Q2 2025, slightly lagging its benchmark. Despite drag from Chinese consumer weakness and Indian corrections, the fund remains constru...
