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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, Northern Active M Emerging Markets Equity Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"The fund returned 22.28% but lagged the benchmark's 24.05% as AI-driven semiconductor demand propelled Taiwan and South Korea to massive gains. The underweight to a Taiwanese semiconductor bellwether and broader technology underexposure hurt performance, as did overweights to lagging Latin American and other emerging markets."
The Northern Active M Emerging Markets Equity Fund returned 22.28% in Q2 2026, underperforming the MSCI Emerging Markets Index's 24.05% return. The benchmark was driven by a sharp rally in AI and data center infrastructure, with Taiwan and South Korea surging 48.86% and 87.58% respectively as semiconductor manufacturers benefited from accelerating AI-related capital spending. Several companies appreciated over 200%. The fund's underperformance stemmed primarily from an underweight to a Taiwanese bellwether semiconductor company and broader underweight to information technology. Overweights to underperforming markets including Peru, Mexico, Brazil, South Africa, and Indonesia also detracted. China declined 6.63% on weak consumption, though the fund's China holdings in healthcare, technology, and industrials added value, as did the underweight position. India gained 10.07% but lagged the broader rally. The multi-manager structure showed mixed results: Axiom and FIAM added value through semiconductor and component exposure, while Westwood's value approach led to an underweight in the surging technology sector.
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