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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, American Century Emerging Markets Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"American Century Emerging Markets Fund surged 29.46% in Q2 2026, crushing the benchmark by 540 basis points through concentrated AI semiconductor exposure in South Korea and Taiwan. Samsung Electro-Mechanics, SK Hynix, and Unimicron drove outperformance on high bandwidth memory demand."
American Century Emerging Markets Fund delivered a strong 29.46% return in Q2 2026, significantly outperforming the MSCI Emerging Markets Index's 24.05% return. The portfolio benefited from concentrated exposure to AI-related semiconductor stocks in South Korea and Taiwan, with Samsung Electro-Mechanics, SK Hynix, and Unimicron Technology as top contributors driven by robust demand for high bandwidth memory and advanced packaging. Information technology positioning powered relative gains, while avoiding Chinese consumer discretionary names like PDD Holdings, BYD, and Meituan also contributed. Materials holdings detracted, particularly Ganfeng Lithium Group, which declined on Chinese supply concerns despite favorable long-term EV demand trends. Energy holdings like PRIO also detracted as oil prices fell following the reopening of the Strait of Hormuz. The managers initiated positions in Han's Laser Technology to capture Chinese PCB capacity expansion and TVS Motor to access India's two-wheeler growth. They maintain a constructive outlook, believing emerging markets offer attractive stock selection opportunities supported by improving earnings, easing geopolitical tensions, and long-term structural growth drivers including AI innovation and natural resource advantages.
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