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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"MCP delivered 6.6% returns in Q3 while navigating market volatility through disciplined stock selection in emerging markets. Strong conviction in ASEAN region drives new investments in Malaysia and Vietnam."
MCP's emerging markets fund returned 6.6% in Q3 2024 despite heightened volatility marked by a VIX spike to 39 in early August. The manager maintains strong conviction in ASEAN markets, reinforced by extensive research trips that led to new high-conviction additions from Malaysia (CTOS) and Vietnam (FPT). Portfolio companies in AI-exposed sectors like Chroma demonstrated strong fundamentals, beating earnings by 15% and benefiting from AI/HPC momentum. The Fed's initiation of rate cuts provides a favorable backdrop for emerging markets, historically outperforming developed markets in 4/5 rate-cutting cycles. Key risks include US election volatility and ongoing geopolitical tensions, while catalysts include friendshoring trends benefiting ASEAN manufacturing and recovering tourism. The fund remains cautious on China due to structural property sector challenges but sees opportunities in less speculative AI-exposed companies trading at attractive valuations. With 95.3% capital deployed across 34 holdings in 12 countries, the strategy focuses on quality companies with strong fundamentals positioned to benefit from long-term structural trends.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
The manager repeatedly highlights 'strong conviction' and 'high-conviction additions' in ASEAN, AI-exposed hardware companies, and specific holdings like 360 One, FPT, and CTOS.
Growth Outlook
The manager maintains a strong bullish outlook on emerging markets, particularly ASEAN and Asia, citing structural tailwinds, favorable demographics, and benefits from global rate-cutting cycles.
Risk Appetite
The manager actively leverages market volatility to add to existing positions or buy mispriced small- and mid-cap stocks, while maintaining a disciplined bottom-up stock selection process.
Capital Deployment
The fund is 95.3% invested across 34 holdings and actively deployed capital into new positions such as CTOS in Malaysia and FPT in Vietnam during Q3.
Forward Guidance
Forward-looking statements express optimism regarding emerging markets' earnings recovery, falling interest rates, trade reallocation (friendshoring), and sustained AI infrastructure growth.
Language Signal
The commentary uses confident, disciplined, and reassuring tone throughout, emphasizing decades of experience navigating market shocks and leveraging uncertainty.
Perceived Risk
The manager acknowledges multiple macro risks including heightened VIX volatility, ongoing Middle East geopolitics, and upcoming US elections, though views them as manageable buying opportunities.
Opportunity Density
The team identifies significant investment opportunities across Southeast Asia, technology/semiconductor supply chains, and under-covered small- and mid-cap companies.
Time Horizon
The text strongly emphasizes long-term value investing, quoting Warren Buffett and advising investors to focus on business fundamentals rather than short-term market noise or volatility.
