Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
| Quarter ↕ | Letter Date ↓ | Fund Name ↕ | QTD ↕ | YTD ↕ | Tickers | Keywords / Themes | Quick Take | Pitches | Current Positioning |
|---|---|---|---|---|---|---|---|---|---|
| - | - | - | Aikya's Emerging Markets fund returned 5.0% in July, outperforming the benchmark by 8.1% as it declined 3.1%. The quality-focused strategy benefited from strength in Taiwan consumer names and Edge AI demand, Chinese internet platforms showing narrowing losses, and Indonesian banks delivering solid results. India large caps weakened temporarily. The fund maintains 38 positions concentrated in Consumer Staples and Financials. Full Quick Take Aikya's Emerging Markets fund returned 5.0% in July, outperforming the benchmark by 8.1% as it declined 3.1%. The quality-focused strategy benefited from strength in Taiwan consumer names and Edge AI demand, Chinese internet platforms showing narrowing losses, and Indonesian banks delivering solid results. India large caps weakened temporarily. The fund maintains 38 positions concentrated in Consumer Staples and Financials. | - | |||||
| +14.9% | - | The Fund returned 14.95% versus the benchmark's 24.05%, underperforming due to its underweight in SK Hynix, which surged 224.7% on AI-driven memory demand. The rally was highly concentrated in Korean and Taiwanese semiconductors. The Fund's valuation discipline kept it underweight the largest memory names, detracting this quarter but positioning it for broader participation if leadership rotates toward lagging financials, industrials, and consumer names. Full Quick Take The Fund returned 14.95% versus the benchmark's 24.05%, underperforming due to its underweight in SK Hynix, which surged 224.7% on AI-driven memory demand. The rally was highly concentrated in Korean and Taiwanese semiconductors. The Fund's valuation discipline kept it underweight the largest memory names, detracting this quarter but positioning it for broader participation if leadership rotates toward lagging financials, industrials, and consumer names. | |||||||
| +22.3% | +27.9% | - | 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. China holdings added value despite market weakness. Multi-manager structure delivered mixed results across technology and value strategies. Full Quick Take 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. China holdings added value despite market weakness. Multi-manager structure delivered mixed results across technology and value strategies. | - | |||||
| - | +4.6% | The Steppe Eagle gained 4.64% in H1 2026 as clean energy positions offset SaaS weakness amid LLM uncertainty. New capital enabled tactical additions to quality software names at depressed prices. The fund avoids Magnificent Seven concentration risk, holding only Alphabet, while building positions in value-oriented businesses and waiting for clean energy discounts. Management targets double-digit returns through patient, long-term investing in environmentally sustainable companies. Full Quick Take The Steppe Eagle gained 4.64% in H1 2026 as clean energy positions offset SaaS weakness amid LLM uncertainty. New capital enabled tactical additions to quality software names at depressed prices. The fund avoids Magnificent Seven concentration risk, holding only Alphabet, while building positions in value-oriented businesses and waiting for clean energy discounts. Management targets double-digit returns through patient, long-term investing in environmentally sustainable companies. | |||||||
| +0.1% | +5.4% | Moerus returned 5.37% in H1 2026, lagging AI-driven benchmarks but outperforming over longer periods. Energy holdings led gains from Iran conflict while precious metals declined. Manager actively avoids overvalued tech, instead finding opportunities in UK homebuilding, ag equipment, and Indian financials at significant discounts. Extreme market bifurcation between hot AI stocks and unloved sectors creates fertile hunting ground for deep value approach. Full Quick Take Moerus returned 5.37% in H1 2026, lagging AI-driven benchmarks but outperforming over longer periods. Energy holdings led gains from Iran conflict while precious metals declined. Manager actively avoids overvalued tech, instead finding opportunities in UK homebuilding, ag equipment, and Indian financials at significant discounts. Extreme market bifurcation between hot AI stocks and unloved sectors creates fertile hunting ground for deep value approach. | |||||||
| +29.1% | +22.5% | Emerging Markets Growth returned 29% in Q2 2026, driven by AI infrastructure businesses as memory shortages broadened from HBM into conventional DRAM and NAND. Sequential memory price increases of 60-90% reflect structural, multiyear supply constraints. The portfolio broadened semiconductor exposure and tactically added Indian cyclicals given attractive valuations. Despite strong returns, the portfolio trades at 13x forward earnings with high earnings growth expectations, creating compelling multiyear value. Full Quick Take Emerging Markets Growth returned 29% in Q2 2026, driven by AI infrastructure businesses as memory shortages broadened from HBM into conventional DRAM and NAND. Sequential memory price increases of 60-90% reflect structural, multiyear supply constraints. The portfolio broadened semiconductor exposure and tactically added Indian cyclicals given attractive valuations. Despite strong returns, the portfolio trades at 13x forward earnings with high earnings growth expectations, creating compelling multiyear value. | |||||||
| +18.7% | +1.2% | International Growth delivered 18.7% in Q2 2026, driven by concentrated AI infrastructure exposure across semiconductors and equipment. Taiwan Semiconductor, ASML, and SK hynix led gains on accelerating memory pricing and agentic AI demand. The manager added Arm, Siemens Energy, and Samsung to capture CPU inflection, power constraints, and HBM opportunities. Portfolio trades at 23x forward earnings versus 14x market, with rising growth expectations creating compelling multiyear value. Full Quick Take International Growth delivered 18.7% in Q2 2026, driven by concentrated AI infrastructure exposure across semiconductors and equipment. Taiwan Semiconductor, ASML, and SK hynix led gains on accelerating memory pricing and agentic AI demand. The manager added Arm, Siemens Energy, and Samsung to capture CPU inflection, power constraints, and HBM opportunities. Portfolio trades at 23x forward earnings versus 14x market, with rising growth expectations creating compelling multiyear value. | |||||||
| +21.5% | - | Ariel International Fund surged 21.50% in Q2 2026, crushing benchmarks through concentrated AI semiconductor exposure and disciplined value investing. Murata, Infineon, MediaTek and TSMC drove returns on multi-year AI infrastructure buildout. The fund deployed capital into biopharma recovery (Merck, Pharmaron), China automation (Inovance), and offshore wind turnaround (Orsted). Broadening market leadership beyond mega-cap tech creates compelling opportunities for fundamental stock pickers focused on mispriced, out-of-favor franchises. Full Quick Take Ariel International Fund surged 21.50% in Q2 2026, crushing benchmarks through concentrated AI semiconductor exposure and disciplined value investing. Murata, Infineon, MediaTek and TSMC drove returns on multi-year AI infrastructure buildout. The fund deployed capital into biopharma recovery (Merck, Pharmaron), China automation (Inovance), and offshore wind turnaround (Orsted). Broadening market leadership beyond mega-cap tech creates compelling opportunities for fundamental stock pickers focused on mispriced, out-of-favor franchises. | |||||||
| +19.5% | +20.0% | Baron Emerging Markets Fund returned 19.61% in Q2 2026, trailing the benchmark's 24.05% in a semiconductor-dominated quarter. Agentic AI adoption and Iran cease-fire drove returns concentrated in mega-cap memory leaders SK hynix, TSMC, and Samsung. The manager added Indian pharma supply chain plays and maintains conviction in quality growth despite AI concentration risks, viewing digitization beneficiaries as mispriced opportunities after market rotation toward legacy semiconductor names. Full Quick Take Baron Emerging Markets Fund returned 19.61% in Q2 2026, trailing the benchmark's 24.05% in a semiconductor-dominated quarter. Agentic AI adoption and Iran cease-fire drove returns concentrated in mega-cap memory leaders SK hynix, TSMC, and Samsung. The manager added Indian pharma supply chain plays and maintains conviction in quality growth despite AI concentration risks, viewing digitization beneficiaries as mispriced opportunities after market rotation toward legacy semiconductor names. | |||||||
| +29.4% | - | MCP delivered 29.4% in Q2 2026, outperforming by 10.4 percentage points through concentrated exposure to Asian AI supply chain bottlenecks and Indian structural growth. The fund repositioned toward companies with greater earnings visibility in semiconductors, memory, and data center infrastructure while reducing software exposure where AI creates business model uncertainty. Active capital recycling from appreciated positions into new high-conviction ideas drove outperformance. Full Quick Take MCP delivered 29.4% in Q2 2026, outperforming by 10.4 percentage points through concentrated exposure to Asian AI supply chain bottlenecks and Indian structural growth. The fund repositioned toward companies with greater earnings visibility in semiconductors, memory, and data center infrastructure while reducing software exposure where AI creates business model uncertainty. Active capital recycling from appreciated positions into new high-conviction ideas drove outperformance. | |||||||
| +0.9% | -11.5% | SGA's EM Growth portfolio underperformed in Q2 as AI momentum stocks dominated, but portfolio companies delivered strong fundamentals with 18% revenue and 20% earnings growth. The portfolio trades at its steepest discount to the index since 2014 inception despite positioning for 19% annual earnings growth over three years. SGA views cyclical AI beneficiaries as unsustainable and maintains high conviction in quality compounders at unprecedented valuations. Full Quick Take SGA's EM Growth portfolio underperformed in Q2 as AI momentum stocks dominated, but portfolio companies delivered strong fundamentals with 18% revenue and 20% earnings growth. The portfolio trades at its steepest discount to the index since 2014 inception despite positioning for 19% annual earnings growth over three years. SGA views cyclical AI beneficiaries as unsustainable and maintains high conviction in quality compounders at unprecedented valuations. | |||||||
| +22.8% | +27.6% | The fund returned 22.82% in Q2 2026, slightly trailing the benchmark's 24.05% gain. Taiwan and Korea surged on AI semiconductor momentum, with MediaTek and ASE Technology leading gains from ramping AI chipset and packaging businesses. China declined on soft domestic demand. Managers remain constructive on emerging markets given improved fundamentals, 40% earnings upgrades, and AI-driven technology growth, focusing on quality dividend payers with robust shareholder yields. Full Quick Take The fund returned 22.82% in Q2 2026, slightly trailing the benchmark's 24.05% gain. Taiwan and Korea surged on AI semiconductor momentum, with MediaTek and ASE Technology leading gains from ramping AI chipset and packaging businesses. China declined on soft domestic demand. Managers remain constructive on emerging markets given improved fundamentals, 40% earnings upgrades, and AI-driven technology growth, focusing on quality dividend payers with robust shareholder yields. | - | ||||||
| -1.8% | -0.3% | Steyn Capital's long/short South African equity fund declined 1.84% in Q2 2026 as Middle East conflict created volatility. Strong results from Grindrod, Sun International, and AECI drove gains, while gold and PGM positions detracted on commodity price weakness. The manager tactically reduced exposure during peak uncertainty then redeployed into special situations as geopolitical risks receded. South Africa's positive outlook remains intact despite near-term inflation pressures from higher fuel costs. Full Quick Take Steyn Capital's long/short South African equity fund declined 1.84% in Q2 2026 as Middle East conflict created volatility. Strong results from Grindrod, Sun International, and AECI drove gains, while gold and PGM positions detracted on commodity price weakness. The manager tactically reduced exposure during peak uncertainty then redeployed into special situations as geopolitical risks receded. South Africa's positive outlook remains intact despite near-term inflation pressures from higher fuel costs. | - | ||||||
| -12.0% | -12.0% | 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. Full Quick Take 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. | - | ||||||
| +6.0% | +5.0% | - | TCW's EM Income Fund outperformed by 137bps in Q2 2026, driven by high yield selection and overweights in Ukraine, Egypt, and Argentina. The managers are constructive on EM debt given superior fundamentals versus Developed Markets, elevated real yields, and expected dollar weakness. They increased high yield exposure to +14.58% and added to Egypt, Indonesia, Mexico, and India while trimming Turkey and Colombia. Full Quick Take TCW's EM Income Fund outperformed by 137bps in Q2 2026, driven by high yield selection and overweights in Ukraine, Egypt, and Argentina. The managers are constructive on EM debt given superior fundamentals versus Developed Markets, elevated real yields, and expected dollar weakness. They increased high yield exposure to +14.58% and added to Egypt, Indonesia, Mexico, and India while trimming Turkey and Colombia. | - | |||||
| +26.6% | +29.7% | 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 manager trimmed winners to maintain diversification but continues adding selectively. Outlook is constructive on AI and China tech but cautious on valuations and narrow market leadership. Indonesia regulatory concerns created headwinds. Full Quick Take 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 manager trimmed winners to maintain diversification but continues adding selectively. Outlook is constructive on AI and China tech but cautious on valuations and narrow market leadership. Indonesia regulatory concerns created headwinds. | - | ||||||
| - | +52.5% | Baillie Gifford's semiconductor concentration delivered exceptional Q2 returns as AI capital expenditure drove TSMC, Samsung, and SK Hynix to represent 40 percent of the portfolio. The team is recycling profits into undervalued China opportunities, where government industrial policy has established global leadership in energy transition technologies and electric vehicles. Despite cyclicality concerns, valuations remain rational and the team views insufficient emerging markets exposure as the primary risk. Full Quick Take Baillie Gifford's semiconductor concentration delivered exceptional Q2 returns as AI capital expenditure drove TSMC, Samsung, and SK Hynix to represent 40 percent of the portfolio. The team is recycling profits into undervalued China opportunities, where government industrial policy has established global leadership in energy transition technologies and electric vehicles. Despite cyclicality concerns, valuations remain rational and the team views insufficient emerging markets exposure as the primary risk. | |||||||
| +11.9% | +4.1% | Baron Health Care Fund outperformed in Q2 2026 driven by Eli Lilly's GLP-1 leadership and Revolution Medicines' breakthrough pancreatic cancer data. The manager re-entered managed care stocks UnitedHealth and Elevance to capture margin recovery as the insurance cycle turns favorable. Biotechnology funding surged 130% year-over-year while M&A activity accelerated. Medical device valuations compressed on ACA subsidy expiration concerns, creating selective opportunities despite near-term utilization headwinds. Full Quick Take Baron Health Care Fund outperformed in Q2 2026 driven by Eli Lilly's GLP-1 leadership and Revolution Medicines' breakthrough pancreatic cancer data. The manager re-entered managed care stocks UnitedHealth and Elevance to capture margin recovery as the insurance cycle turns favorable. Biotechnology funding surged 130% year-over-year while M&A activity accelerated. Medical device valuations compressed on ACA subsidy expiration concerns, creating selective opportunities despite near-term utilization headwinds. | |||||||
| +4.9% | +0.9% | - | The fund outperformed in Q2 2026 as Hungary and Mexico rate positioning drove gains while Turkey, Brazil, and India detracted. Emerging markets navigated a complex quarter marked by the Iran conflict and less accommodative Fed policy, with central banks delivering increasingly divergent responses. The managers favor fundamentally stronger markets with credible central banks and attractive real yields, viewing recent dislocations as creating improved entry points for selective opportunities. Full Quick Take The fund outperformed in Q2 2026 as Hungary and Mexico rate positioning drove gains while Turkey, Brazil, and India detracted. Emerging markets navigated a complex quarter marked by the Iran conflict and less accommodative Fed policy, with central banks delivering increasingly divergent responses. The managers favor fundamentally stronger markets with credible central banks and attractive real yields, viewing recent dislocations as creating improved entry points for selective opportunities. | - | |||||
| +18.9% | +18.3% | Emerging markets delivered the strongest quarterly return since 2009, led by Taiwan and South Korea's AI supply chain dominance. Beyond semiconductor manufacturing, EM companies are innovating with affordable AI models to strengthen competitive advantages across diverse industries. Harding Loevner adjusted risk guidelines to capture long-term IT opportunities while maintaining portfolio diversification, adding positions in power semiconductors, social media, and Vietnamese steel manufacturing. Full Quick Take Emerging markets delivered the strongest quarterly return since 2009, led by Taiwan and South Korea's AI supply chain dominance. Beyond semiconductor manufacturing, EM companies are innovating with affordable AI models to strengthen competitive advantages across diverse industries. Harding Loevner adjusted risk guidelines to capture long-term IT opportunities while maintaining portfolio diversification, adding positions in power semiconductors, social media, and Vietnamese steel manufacturing. | |||||||
| +29.5% | - | 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. Avoiding Chinese consumer names added value. Lithium and energy holdings detracted on supply normalization. Managers see attractive stock selection opportunities amid improving earnings and easing geopolitical tensions. Full Quick Take 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. Avoiding Chinese consumer names added value. Lithium and energy holdings detracted on supply normalization. Managers see attractive stock selection opportunities amid improving earnings and easing geopolitical tensions. | - | ||||||
| +6.0% | +5.0% | - | TCW's EM Income Fund outperformed by 137bps in Q2 2026, driven by high yield selection and overweights in Ukraine, Egypt, and Argentina. The managers are constructive on EM debt given superior fundamentals versus Developed Markets, elevated real yields, and expected dollar weakness. They increased high yield exposure to +14.58% and added to Egypt, Indonesia, Mexico, and India while trimming Turkey and Colombia. Full Quick Take TCW's EM Income Fund outperformed by 137bps in Q2 2026, driven by high yield selection and overweights in Ukraine, Egypt, and Argentina. The managers are constructive on EM debt given superior fundamentals versus Developed Markets, elevated real yields, and expected dollar weakness. They increased high yield exposure to +14.58% and added to Egypt, Indonesia, Mexico, and India while trimming Turkey and Colombia. | - | |||||
| +12.8% | +21.7% | Third Avenue Small-Cap Value Fund delivered 21.72% year-to-date through a concentrated portfolio of undervalued, well-financed businesses. U.S. small-caps reached historically extreme valuation lows versus large-caps, creating compelling multi-year outperformance potential. Six holdings were acquired at healthy premiums in six quarters amid surging M&A activity. The Fund initiated eight new positions in deeply pessimistic areas while maintaining disciplined avoidance of semiconductor momentum and unprofitable speculation. Full Quick Take Third Avenue Small-Cap Value Fund delivered 21.72% year-to-date through a concentrated portfolio of undervalued, well-financed businesses. U.S. small-caps reached historically extreme valuation lows versus large-caps, creating compelling multi-year outperformance potential. Six holdings were acquired at healthy premiums in six quarters amid surging M&A activity. The Fund initiated eight new positions in deeply pessimistic areas while maintaining disciplined avoidance of semiconductor momentum and unprofitable speculation. | - | ||||||
| - | - | Emerging markets surged 24.1% in Q2 2026, outpacing developed markets for the sixth straight quarter, but the rally was strikingly narrow. Three AI semiconductor mega-caps—TSMC, Samsung, and SK Hynix—accounted for over 75% of the index return, driving Korea up 88% and Taiwan 49%. Beyond AI infrastructure, the market remained hostage to geopolitical risk and Fed hawkishness, with China, Brazil, energy, and consumer discretionary all declining. Full Quick Take Emerging markets surged 24.1% in Q2 2026, outpacing developed markets for the sixth straight quarter, but the rally was strikingly narrow. Three AI semiconductor mega-caps—TSMC, Samsung, and SK Hynix—accounted for over 75% of the index return, driving Korea up 88% and Taiwan 49%. Beyond AI infrastructure, the market remained hostage to geopolitical risk and Fed hawkishness, with China, Brazil, energy, and consumer discretionary all declining. | - | ||||||
| +8.4% | -8.6% | Polen Global Growth lagged in Q2 2026 as the market rewarded AI infrastructure momentum while penalizing Software and Healthcare holdings. The managers are adapting to a market where thematic flows and index concentration dominate short-term performance by redeploying capital toward businesses with stronger current momentum and visible demand tailwinds, including aerospace, power infrastructure, and defense, while maintaining their focus on competitively advantaged compounders. Full Quick Take Polen Global Growth lagged in Q2 2026 as the market rewarded AI infrastructure momentum while penalizing Software and Healthcare holdings. The managers are adapting to a market where thematic flows and index concentration dominate short-term performance by redeploying capital toward businesses with stronger current momentum and visible demand tailwinds, including aerospace, power infrastructure, and defense, while maintaining their focus on competitively advantaged compounders. | - | ||||||
| - | - | - | Stone Harbor is constructive but highly selective on emerging market debt over the next twelve months. The team believes that resilient global growth and solid carry cushions will drive positive returns, with the best opportunities found in credits with clear positive catalysts such as IMF execution, reserve rebuilding, and political normalization, rather than relying on broad market beta or currency appreciation. Full Quick Take Stone Harbor is constructive but highly selective on emerging market debt over the next twelve months. The team believes that resilient global growth and solid carry cushions will drive positive returns, with the best opportunities found in credits with clear positive catalysts such as IMF execution, reserve rebuilding, and political normalization, rather than relying on broad market beta or currency appreciation. | - | |||||
| - | - | - | Alpinum views global conditions as an inflationary boom supported by nominal demand and AI capital spending. With stagflation posing the central downside risk and equity valuations stretched, the firm emphasizes short-duration credit, senior secured loans, and liquid alternatives while maintaining selective exposure to non-US equities. Full Quick Take Alpinum views global conditions as an inflationary boom supported by nominal demand and AI capital spending. With stagflation posing the central downside risk and equity valuations stretched, the firm emphasizes short-duration credit, senior secured loans, and liquid alternatives while maintaining selective exposure to non-US equities. | - | |||||
| -96.0% | -96.0% | - | TCW's EM debt fund outperformed despite Q1 volatility from Middle East conflict, benefiting from Venezuela overweight and energy exporter positioning. Managers view current stress as temporary shock rather than fundamental breakdown, using weakness to add selective exposure. Medium-term outlook remains constructive given stronger EM balance sheets and attractive valuations. Full Quick Take TCW's EM debt fund outperformed despite Q1 volatility from Middle East conflict, benefiting from Venezuela overweight and energy exporter positioning. Managers view current stress as temporary shock rather than fundamental breakdown, using weakness to add selective exposure. Medium-term outlook remains constructive given stronger EM balance sheets and attractive valuations. | - | |||||
| +1.0% | +1.0% | MCP repositioned away from AI-disrupted software into semiconductors and industrials, delivering 1.0% in Q1 amid geopolitical tensions. Taiwan holdings drove performance through semiconductor cycle strength. Portfolio offers 25.6% expected earnings growth versus 18.2% for benchmark. India remains attractive long-term despite near-term headwinds. Focus on bottom-up selection in volatile markets. Full Quick Take MCP repositioned away from AI-disrupted software into semiconductors and industrials, delivering 1.0% in Q1 amid geopolitical tensions. Taiwan holdings drove performance through semiconductor cycle strength. Portfolio offers 25.6% expected earnings growth versus 18.2% for benchmark. India remains attractive long-term despite near-term headwinds. Focus on bottom-up selection in volatile markets. | - | ||||||
| +3.9% | +3.9% | Emerging markets face oil shock differentiation with energy exporters outperforming importers. China well-positioned with strategic reserves and innovation focus. AI valuations due for healthy correction after Taiwan/Korea surge. India vulnerable to energy import dependence. Brazil overweight with policy support. Volatility persists if Middle East conflict extends. Full Quick Take Emerging markets face oil shock differentiation with energy exporters outperforming importers. China well-positioned with strategic reserves and innovation focus. AI valuations due for healthy correction after Taiwan/Korea surge. India vulnerable to energy import dependence. Brazil overweight with policy support. Volatility persists if Middle East conflict extends. | - | ||||||
| -7.0% | -7.0% | Baron Discovery Fund underperformed due to AI disruption fears hitting software holdings despite strong earnings. Managers maintain conviction in software companies with competitive moats beyond code, adding to positions at attractive valuations. They expect catalysts including M&A activity and cybersecurity needs to drive outperformance as markets recognize value dispersion in software. Full Quick Take Baron Discovery Fund underperformed due to AI disruption fears hitting software holdings despite strong earnings. Managers maintain conviction in software companies with competitive moats beyond code, adding to positions at attractive valuations. They expect catalysts including M&A activity and cybersecurity needs to drive outperformance as markets recognize value dispersion in software. | - | ||||||
| +2.5% | +2.5% | abrdn Emerging Markets Fund navigated volatile Q1 2026 with early AI and electrification gains offset by March geopolitical sell-off. Taiwan tech and materials outperformed while China and India lagged. Manager maintains focus on high-quality companies with structural growth drivers, adding energy exposure for balance while remaining constructive on longer-term EM opportunities despite near-term headwinds. Full Quick Take abrdn Emerging Markets Fund navigated volatile Q1 2026 with early AI and electrification gains offset by March geopolitical sell-off. Taiwan tech and materials outperformed while China and India lagged. Manager maintains focus on high-quality companies with structural growth drivers, adding energy exposure for balance while remaining constructive on longer-term EM opportunities despite near-term headwinds. | - | ||||||
| +1.5% | +1.5% | Steyn Capital delivered 1.53% net returns in Q1 2026 despite geopolitical turmoil from Iran conflict. Strong performance from AECI and Glencore offset weakness in Naspers/Prosus positions. Manager reduced exposure amid Strait of Hormuz closure uncertainty while maintaining conviction that South African and emerging market equities remain undervalued for long-term outperformance. Full Quick Take Steyn Capital delivered 1.53% net returns in Q1 2026 despite geopolitical turmoil from Iran conflict. Strong performance from AECI and Glencore offset weakness in Naspers/Prosus positions. Manager reduced exposure amid Strait of Hormuz closure uncertainty while maintaining conviction that South African and emerging market equities remain undervalued for long-term outperformance. | - | ||||||
| -1.0% | -1.0% | Third Point delivered -0.6% in Q1 2026, outperforming markets by 400bps amid Iran War volatility. The fund maintained defensive positioning while capitalizing on AI infrastructure opportunities and European defense spending through Indra Sistemas. Strong short book performance offset long portfolio pressure from oil-driven inflation fears and private credit unwinding. Full Quick Take Third Point delivered -0.6% in Q1 2026, outperforming markets by 400bps amid Iran War volatility. The fund maintained defensive positioning while capitalizing on AI infrastructure opportunities and European defense spending through Indra Sistemas. Strong short book performance offset long portfolio pressure from oil-driven inflation fears and private credit unwinding. | - | ||||||
| +4.0% | +4.0% | Emerging Markets fund weathered Middle East conflict volatility through strategic positioning in energy and semiconductors. AI-driven semiconductor holdings like Samsung and TSMC delivered strong performance while energy positions benefited from oil price increases. Despite near-term platform concerns around AI disruption, the fund remains positioned for long-term opportunities in supply chain resilience and energy transition themes across emerging markets. Full Quick Take Emerging Markets fund weathered Middle East conflict volatility through strategic positioning in energy and semiconductors. AI-driven semiconductor holdings like Samsung and TSMC delivered strong performance while energy positions benefited from oil price increases. Despite near-term platform concerns around AI disruption, the fund remains positioned for long-term opportunities in supply chain resilience and energy transition themes across emerging markets. | - | ||||||
| - | - | - | Alpinum turned defensive amid Iran conflict oil shock and AI disruption, reducing market exposure while emphasizing capital preservation. Geopolitical tensions elevated volatility and tail risks beyond negligible levels. Despite resilient macro backdrop, energy-driven stagflation concerns and technology disruption created bifurcated markets. Maintaining flexibility for selective deployment if tensions ease and attractive entry points emerge. Full Quick Take Alpinum turned defensive amid Iran conflict oil shock and AI disruption, reducing market exposure while emphasizing capital preservation. Geopolitical tensions elevated volatility and tail risks beyond negligible levels. Despite resilient macro backdrop, energy-driven stagflation concerns and technology disruption created bifurcated markets. Maintaining flexibility for selective deployment if tensions ease and attractive entry points emerge. | - | |||||
| -93.0% | -93.0% | - | Stone Sentinel's concentrated 4-stock Asian portfolio declined 7.8% on AI disruption fears and contract uncertainty. Manager distinguishes between manageable risk and unpredictable uncertainty, focusing only on businesses with bounded outcomes. Current holdings in Japanese VDI infrastructure and Malaysian road maintenance offer strong downside protection with significant upside when market uncertainties resolve. Full Quick Take Stone Sentinel's concentrated 4-stock Asian portfolio declined 7.8% on AI disruption fears and contract uncertainty. Manager distinguishes between manageable risk and unpredictable uncertainty, focusing only on businesses with bounded outcomes. Current holdings in Japanese VDI infrastructure and Malaysian road maintenance offer strong downside protection with significant upside when market uncertainties resolve. | - | |||||
| +5.2% | +5.2% | Moerus Worldwide Fund delivered strong Q1 performance through value-driven corporate activity and energy exposure during Middle East conflict. The fund's price-conscious approach targets discounted, out-of-favor investments that attract strategic buyers or benefit from market revaluation. Management views current volatility as opportunity, maintaining long-term focus while adding to positions weakened by geopolitical concerns. Full Quick Take Moerus Worldwide Fund delivered strong Q1 performance through value-driven corporate activity and energy exposure during Middle East conflict. The fund's price-conscious approach targets discounted, out-of-favor investments that attract strategic buyers or benefit from market revaluation. Management views current volatility as opportunity, maintaining long-term focus while adding to positions weakened by geopolitical concerns. | - | ||||||
| - | - | - | Gramercy's emerging markets debt fund weathered March 2026 Middle East conflict through strategic positioning. Underweight Asia allocation and absence of Turkish exposure provided protection, while distressed Brazilian corporates contributed positively. Local currency positions and duration-sensitive investments detracted as energy price surge rekindled inflation concerns and drove Treasury yields higher across the curve. Full Quick Take Gramercy's emerging markets debt fund weathered March 2026 Middle East conflict through strategic positioning. Underweight Asia allocation and absence of Turkish exposure provided protection, while distressed Brazilian corporates contributed positively. Local currency positions and duration-sensitive investments detracted as energy price surge rekindled inflation concerns and drove Treasury yields higher across the curve. | - | |||||
| -5.5% | -5.5% | Aikya's emerging markets fund fell 8.7% in March but outperformed the benchmark's 13.1% decline through quality positioning. Semiconductor correction led by TSMC, Samsung, and SK Hynix drove weakness amid tempered AI enthusiasm. Brazil and China provided protection with Natura and Foshan Haitian performing well, while Unilever and HDFC Bank weighed on returns. Full Quick Take Aikya's emerging markets fund fell 8.7% in March but outperformed the benchmark's 13.1% decline through quality positioning. Semiconductor correction led by TSMC, Samsung, and SK Hynix drove weakness amid tempered AI enthusiasm. Brazil and China provided protection with Natura and Foshan Haitian performing well, while Unilever and HDFC Bank weighed on returns. | - | ||||||
| -3.7% | -3.7% | - | The fund underperformed its benchmark in Q1 2026 due to currency and rate positioning, yet management maintains a constructive long-term outlook for emerging market local debt backed by attractive real yields, structural disinflation, and selective monetary easing. Full Quick Take The fund underperformed its benchmark in Q1 2026 due to currency and rate positioning, yet management maintains a constructive long-term outlook for emerging market local debt backed by attractive real yields, structural disinflation, and selective monetary easing. | - | |||||
| +29.0% | - | MEMF returned 2.9% in Q4 2025, outperforming its benchmark. The manager is actively capitalizing on style-driven valuation compression to acquire high-quality SMID-caps at deep discounts ahead of an expected macro recovery. Full Quick Take MEMF returned 2.9% in Q4 2025, outperforming its benchmark. The manager is actively capitalizing on style-driven valuation compression to acquire high-quality SMID-caps at deep discounts ahead of an expected macro recovery. | |||||||
| +5.5% | +18.3% | Steyn Capital closed out 2025 with an 18.26% net return, driven by precious metals and Chinese tech exposure. The fund remains highly constructive on undervalued South African equities and event-driven opportunities while maintaining its short book for downside hedging. Full Quick Take Steyn Capital closed out 2025 with an 18.26% net return, driven by precious metals and Chinese tech exposure. The fund remains highly constructive on undervalued South African equities and event-driven opportunities while maintaining its short book for downside hedging. | - | ||||||
| +37.3% | +29.1% | EM equities posted their best returns since 2017 driven by the massive AI hardware boom. Harding Loevner repositioned its portfolio to capture this structural wave, shifting IT to an overweight and buying into uranium to fuel AI's staggering power requirements. Full Quick Take EM equities posted their best returns since 2017 driven by the massive AI hardware boom. Harding Loevner repositioned its portfolio to capture this structural wave, shifting IT to an overweight and buying into uranium to fuel AI's staggering power requirements. | - | ||||||
| - | - | - | Alpinum argues that a structurally higher-nominal environment driven by fiscal deficits and protectionism demands active security selection and capital preservation. The manager maintains a constructive equity stance but prefers selective value rotation, while heavily prioritizing short-duration high-yield bonds, senior secured loans, and structured credit to secure 7–9% yields with minimal duration risk. Full Quick Take Alpinum argues that a structurally higher-nominal environment driven by fiscal deficits and protectionism demands active security selection and capital preservation. The manager maintains a constructive equity stance but prefers selective value rotation, while heavily prioritizing short-duration high-yield bonds, senior secured loans, and structured credit to secure 7–9% yields with minimal duration risk. | - | |||||
| +10.0% | +55.0% | Apis Flagship Fund gained 55.1% net in 2025, driven by strong international stock selection and a structural bias toward cheap, underfollowed small-cap companies outside the U.S. Full Quick Take Apis Flagship Fund gained 55.1% net in 2025, driven by strong international stock selection and a structural bias toward cheap, underfollowed small-cap companies outside the U.S. | |||||||
| +36.2% | +19.6% | - | The fund delivered strong outperformance in Q4 2025 driven by rate positioning and currency exposure. The outlook remains constructive for 2026 as global policy easing and a weakening US dollar support emerging market local debt. Full Quick Take The fund delivered strong outperformance in Q4 2025 driven by rate positioning and currency exposure. The outlook remains constructive for 2026 as global policy easing and a weakening US dollar support emerging market local debt. | - | |||||
| +48.2% | +40.4% | Moerus Worldwide Value Fund returned +4.82% in Q4 (+40.36% YTD), driven by a recovery in unloved value holdings. The manager continues to leverage market volatility to buy bargain-priced assets with strong asymmetric upside. Full Quick Take Moerus Worldwide Value Fund returned +4.82% in Q4 (+40.36% YTD), driven by a recovery in unloved value holdings. The manager continues to leverage market volatility to buy bargain-priced assets with strong asymmetric upside. | |||||||
| +6.0% | +22.8% | SGA's quality-growth EM strategy lagged the cyclical/momentum-driven index rally in Q4 and FY2025, but the portfolio now trades at its steepest relative valuation discount since inception, presenting a highly favorable entry point. Full Quick Take SGA's quality-growth EM strategy lagged the cyclical/momentum-driven index rally in Q4 and FY2025, but the portfolio now trades at its steepest relative valuation discount since inception, presenting a highly favorable entry point. | |||||||
| +28.5% | +14.6% | - | The TCW Emerging Markets Income Fund achieved 14.59% net return in 2025, outperforming its benchmark. The managers remain constructive for 2026, leveraging EM's superior growth and an expected US dollar decline to capture select country-level opportunities. Full Quick Take The TCW Emerging Markets Income Fund achieved 14.59% net return in 2025, outperforming its benchmark. The managers remain constructive for 2026, leveraging EM's superior growth and an expected US dollar decline to capture select country-level opportunities. | - |
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