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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Shelton Emerging Markets outperformed despite Iran shock disruption, with AI infrastructure beneficiaries Samsung and Chroma ATE driving returns while oil-sensitive India holdings detracted. Strong stock selection overcame factor headwinds from energy underweighting."
The Shelton Emerging Markets Fund returned 3.82% in Q1 2026 versus -0.17% for the MSCI Emerging Markets Index, navigating a quarter defined by two distinct phases. January and February delivered on the favorable conditions framework of resilient global growth, weakening dollar, and attractive valuations, with emerging markets outpacing developed markets by substantial margins. AI-driven hardware demand reshaped Asian technology landscapes, particularly benefiting Samsung, SK Hynix, and Taiwan's semiconductor supply chain. However, the Iran shock in late February fundamentally altered the investment environment. Operation Epic Fury closed the Strait of Hormuz, sending oil prices surging 63.4% and triggering the worst month for Asian equities since October 2008. India declined 20% due to acute oil import dependency, while Korea gave back January gains despite strong underlying AI infrastructure positioning. The portfolio's stock selection contributed roughly 200 basis points to relative performance, offset by factor headwinds from energy underweighting. Post-selloff valuations now present compelling opportunities, with Korea trading at 6.6x forward earnings, more than two standard deviations below historical averages.
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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: Shelton Emerging Markets outperformed despite Iran shock disruption, with AI infrastructure beneficiaries Samsung and Chroma ATE driving returns while oil-sensitive India holdings ...
Growth Outlook
Market outlook remains low conviction: Shelton Emerging Markets outperformed despite Iran shock disruption, with AI infrastructure beneficiaries Samsung and Chroma ATE driving returns while oil-sensitive India holdings ...
Risk Appetite
Risk appetite posture is moderate conviction: Shelton Emerging Markets outperformed despite Iran shock disruption, with AI infrastructure beneficiaries Samsung and Chroma ATE driving returns while oil-sensitive India holdings ...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Shelton Emerging Markets outperformed despite Iran shock disruption, with AI infrastructure beneficiaries Samsung and Chroma ATE driving returns while oil-sensitive India holdings ...
Forward Guidance
Forward guidance signal: Shelton Emerging Markets outperformed despite Iran shock disruption, with AI infrastructure beneficiaries Samsung and Chroma ATE driving returns while oil-sensitive India holdings ...
Language Signal
Tone analysis indicates very low conviction language: Shelton Emerging Markets outperformed despite Iran shock disruption, with AI infrastructure beneficiaries Samsung and Chroma ATE driving returns while oil-sensitive India holdings ...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Shelton Emerging Markets outperformed despite Iran shock disruption, with AI infrastructure beneficiaries Samsung and Chroma ATE driving returns while oil-sensitive India holdings ...
Opportunity Density
Opportunity density index indicates moderate conviction actionable entry points. Shelton Emerging Markets outperformed despite Iran shock disruption, with AI infrastructure beneficiaries Samsung and Chroma ATE driving returns while oil-sensitive India holdings ...
Time Horizon
Investment time horizon reflects a moderate conviction orientation. Shelton Emerging Markets outperformed despite Iran shock disruption, with AI infrastructure beneficiaries Samsung and Chroma ATE driving returns while oil-sensitive India holdings ...
