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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Shelton Emerging Markets Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"The Fund returned 14.95% versus the benchmark's 24.05%, underperforming due to its underweight in SK Hynix, which surged 224.7% on AI-driven memory demand. The rally was highly concentrated in Korean and Taiwanese semiconductors."
The Shelton Emerging Markets Fund returned 14.95% in Q2 2026, underperforming the MSCI Emerging Markets Index return of 24.05%. The benchmark's advance was highly concentrated in Korean and Taiwanese semiconductor companies, particularly memory manufacturers benefiting from AI-related demand and high-bandwidth memory pricing. The Fund's underweight to SK Hynix, which returned 224.7% during the quarter, accounted for more than half of the relative shortfall and cost approximately 3% of relative performance. The Fund maintained positions in Samsung Electronics and several Taiwanese semiconductor companies that contributed positively, but these gains were insufficient to offset the impact of the SK Hynix underweight and detractors in financials, IT services, and materials. The investment backdrop entering the second half is defined by tension between strong headline returns and concentrated gains. The Fund's valuation discipline held it underweight to the largest memory names, which detracted this quarter but provides flexibility if market leadership broadens. The managers remain committed to patient, valuation-aware security selection across a broad emerging-markets opportunity set.
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