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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"SGA's EM Growth portfolio underperformed in Q1 2026 due to limited AI Hardware exposure and geopolitical disruption, despite strong fundamental execution by holdings. Portfolio trades at unprecedented discount to market since inception while delivering consistent mid-teens growth."
SGA's EM Growth portfolio underperformed in Q1 2026 due to limited AI Hardware exposure and geopolitical disruption, despite strong fundamental execution by holdings. Portfolio trades at unprecedented discount to market since inception while delivering consistent mid-teens growth. Manager expects rotation toward quality compounders as conditions build for outperformance.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
Manager demonstrates high conviction through concentrated portfolio of 20+ named positions with specific thesis explanations for each holding. Maintains above-average weights in key positions like TSMC, provides detailed fundamental analysis, and expresses strong confidence in long-term positioning despite near-term underperformance. Clear position sizing language and willingness to add during weakness supports high conviction score.
Growth Outlook
Manager acknowledges less sanguine economic backdrop with inflation possibly rising and monetary easing pushed out amid geopolitical uncertainty. Notes historically high earnings expectations for EM Index at risk of disappointment. However, maintains constructive view on portfolio fundamentals and sees building conditions for rotation toward quality.
Risk Appetite
Portfolio maintains concentrated positions in quality growth names with above-average weights in key holdings like TSMC. Manager added to several positions during weakness but also trimmed others and liquidated MakeMyTrip. Positioning reflects selective risk-taking rather than broad deployment or defensive posture.
Capital Deployment
Manager added to positions in Grab Holdings, Infosys, MercadoLibre, and XP while trimming Fast Retailing, TCS, and Unilever. Initiated new position in Apollo Hospitals. Activity suggests selective deployment and rotation rather than major cash deployment or defensive positioning. Net activity appears modestly constructive.
Forward Guidance
Manager expresses high conviction in positioning and believes conditions are building for meaningful rotation toward quality compounders. Expects attractive risk-adjusted returns in quarters ahead as AI cycle matures and energy headwinds mount. Guidance is constructive but acknowledges near-term challenges.
Language Signal
Language balances risk acknowledgment with opportunity identification. Uses positive terms like 'attractive,' 'compelling,' 'high conviction,' and 'excited about opportunity' but also discusses 'headwinds,' 'pressure,' and 'challenging environment.' Net balance leans slightly positive on directional language.
Perceived Risk
Manager identifies multiple significant risks including Iran military conflict disrupting energy markets, inflation fears, complicated central bank policies, historically high EM earnings expectations at risk of disappointment, and AI investment cycle facing more demanding environment. Substantial discussion of macro and geopolitical risks throughout letter.
Opportunity Density
Manager sees portfolio trading at unprecedented discount to market since 2014 inception, describing current setup as 'increasingly attractive' and 'excited about the opportunity present.' Identifies selective opportunities in quality compounders while acknowledging challenging momentum-driven environment for their approach.
Time Horizon
Manager emphasizes long-term investment horizon throughout, discussing multi-year growth expectations, companies' long-term competitive positions, and sustainable compounding. References 'long-term investors' and focuses on durable business models rather than near-term catalysts. Investment philosophy centers on reliable wealth compounding over time.
