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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Stewart Investors' Asia strategies surged in Q2 2026 on semiconductor strength, with Samsung, MediaTek and TSMC driving returns amid AI-fueled memory demand. The manager trimmed these expensive positions while adding Indian banks and Vietnamese companies at attractive valuations."
Stewart Investors delivered strong performance in Q2 2026 driven by semiconductor holdings Samsung Electronics, MediaTek and TSMC, which benefited from surging AI-related demand for memory chips and advanced processors. Memory pricing is expected to remain strong until 2028 as customers sign longer-term supply deals. However, the manager trimmed these positions as valuations reached expensive levels. Asian equities recovered following the Middle East ceasefire, though Indonesia faced pressure from potential MSCI downgrade concerns and China struggled with sluggish domestic demand. The manager added positions in Indian private banks like ICICI Bank, which are gaining share from state-owned banks, and Vietnamese companies like Mobile World and FPT Corp. Complete sales included Alibaba due to organizational fatigue and lack of strategic direction. Looking forward, the manager remains optimistic on Asia's long-term prospects driven by digital transformation, financialisation and attractive valuations relative to developed markets. The quality bias toward companies with strong franchises, pricing power and conservative balance sheets should provide resilience as markets broaden beyond the narrow AI focus.
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