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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, abrdn Emerging Markets Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"The fund delivered 29.64% in Q2 2026, outperforming through concentrated AI semiconductor exposure and selective China technology positioning. SK Hynix, Samsung, MediaTek and Chinese hardware names drove returns while model makers lagged."
The abrdn Emerging Markets Fund delivered a strong 29.64% return in Q2 2026, outpacing the benchmark's 24.15% gain, driven primarily by AI-linked semiconductor exposure across SK Hynix, Samsung Electronics, MediaTek, ASE Technology, Accton Technology and Chroma ATE. The quarter was characterized by a powerful relief rally following an interim US-Iran peace agreement, with technology leading the recovery despite late-quarter concerns about AI sustainability. China positioning contributed strongly through attractively valued consumer names like Anta Sports and hardware plays including Montage Technology and Naura Technology, though model makers Tencent and Alibaba struggled. Indonesia was the main detractor as regulatory concerns and currency weakness weighed on Telkom Indonesia and Bank Negara Indonesia. The manager trimmed some technology positions to take profits while adding selectively where valuations remain compelling. Looking forward, the manager is constructive but cautious, emphasizing that AI remains the best structural story though price matters, while China offers selective opportunities in technology and advanced manufacturing rather than broad macro exposure. Key risks include narrow market leadership, potential Fed hawkishness, and China's property and confidence challenges.
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