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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Constructive on specialized emerging market small- and mid-caps across advanced AI hardware supply chains and domestic financialization, trimming technology heavyweights while establishing a position in B3 and exiting E Ink, 360 ONE, and Kaspi.kz."
Mobius Emerging Markets Fund (MEMF) delivered a flat return of 0.0% net of fees in USD (0.4% net of fees in EUR) for the third quarter of 2026, trailing the MSCI Emerging Markets Mid Cap Index return of 2.0%. Year-to-date, the strategy has generated 30.6% net of fees in USD (36.5% net of fees in EUR), outperforming the benchmark index by 7.7 percentage points. As of September 30, 2026, the portfolio was 93.3% invested across 27 holdings and 11 countries, maintaining a cash buffer of 6.7%. Sector allocations were led by technology at 30.4%, industrials at 24.0%, and financials at 18.3%, while geographic exposure was concentrated in India (25.3%), Taiwan (21.7%), and South Korea (20.2%). Macroeconomic headwinds during the quarter included sharp volatility in artificial intelligence hardware names, Iranian conflict disruptions to energy supplies, elevated crude prices, mixed Chinese economic data, and a 25 basis point Federal Reserve rate hike to 3.75–4.00%. The team maintained an underweight position of 2.6% in China versus the benchmark's 14.2%, which protected relative performance amid domestic uncertainty. Structural thematic priorities center on niche high-tech industrial automation, specialized supply chain suppliers in advanced semiconductors, digital financialization across India and Brazil, and domestic consumer premiumization across emerging markets. Portfolio activity reflected selective profit-taking in high-performing technology heavyweights and a rotation into innovative industrial and financial businesses. The manager initiated a position in Brazilian exchange operator B3 (4.1% weight), while fully exiting E Ink due to weakening consumer electronics demand, Kaspi.kz owing to Turkish exposure concerns, and 360 ONE to consolidate Indian wealth management exposure into Nuvama (4.1% weight). Top contributors included King Slide, HD Hyundai Marine Solution, and APL Apollo Tubes, while Astor Enerji and Classys detracted.
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