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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, abrdn International Small Cap Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"Abrdn's international small-cap fund outperformed in Q2 2024 on strong stock selection, particularly in AI-exposed names like FPT Corporation and quality Japanese companies like ASICS. Small-cap valuations remain attractive relative to expensive large caps."
The abrdn International Small Cap Fund outperformed its benchmark in Q2 2024, returning 2.82% versus 0.66% for the MSCI AC World ex USA Small Cap Index. Performance was driven by strong stock selection in information technology and consumer discretionary sectors, with key contributors including ASICS Corporation, FPT Corporation, and Nova Measuring Instruments. ASICS benefited from strong execution and yen weakness, while FPT announced a partnership with NVIDIA for GPU-as-a-Service. Detractors included YouGov, which issued a disappointing trading update, and Interparfums, affected by luxury sector weakness. The fund initiated positions in Japan Elevator Service, Rational, and Hill & Smith while exiting Daiseki, CVS Group, and BE Semiconductor Industries. Looking ahead, the manager sees small-cap valuations as more attractive than large caps, which appear expensive relative to earnings expectations. Key risks include political uncertainty, potential currency reversals particularly in the yen, and the sustainability of current market valuations. The fund maintains a focus on high-quality companies with resilient earnings streams.
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