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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"MCP delivered 29.4% in Q2 2026, outperforming by 10.4 percentage points through concentrated exposure to Asian AI supply chain bottlenecks and Indian structural growth. The fund repositioned toward companies with greater earnings visibility in semiconductors, memory, and data center infrastructure while reducing software exposure where AI creates business model uncertainty."
The Mobius Emerging Markets Fund delivered a 29.4% return in Q2 2026, outperforming the MSCI Emerging Markets Mid Cap Index by 10.4 percentage points. Performance was driven by continued repositioning toward the AI infrastructure theme, with the fund building concentrated exposure across the Asian technology supply chain, particularly in Taiwan and South Korea. The investment approach focuses on identifying bottleneck businesses with irreplaceable demand, limited competition, and high switching costs across semiconductors, memory, data center power infrastructure, and inference workloads. India was a significant contributor, with the fund increasing exposure during earlier market weakness based on conviction in the country's long-term structural drivers including domestic demand, infrastructure investment, and financialisation of household savings. The portfolio was actively managed during the quarter, with capital recycled from positions approaching intrinsic value into new opportunities offering more attractive risk-adjusted returns. Top contributors included King Slide, SK Square, and Elite Material, all benefiting from AI infrastructure demand. The fund remains positioned across 29 holdings in 12 countries, with 36.6% in technology, 27.2% in India, and 25.6% in Taiwan.
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