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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 4, 2025 | Allspring Emerging Markets Equity Advantage Fund | - | 10.6% | 005490.KS, 005930.KS, 028050.KS, 0700.HK, 0939.HK, 2317.TW, 2454.TW, 300750.SZ, 3711.TW, BABA, DLF.NS, EMBASSYOFC.NS, FRES.L, GFI, NUVAMA.NS, SHRIRAMFIN.NS, TSM | AI, China, emerging markets, Energy Storage, India, semiconductors, Taiwan, technology | AI theme dominates technology-heavy Taiwan and Korea equity market performance. Growing AI adoption globally and global data centre vendors' comments on stronger capital expenditures outlook drive positive sentiment. Oracle revised up its fiscal-year 2026 capex plan by 40% to US$35 billion and signed a contract with Oracle to purchase US$300 billion in computing power over the next five years. | DLF.NS 300750.SZ BABA 005930.KS 2330.TW |
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| 2025 Q2 | Jul 21, 2025 | Sands Capital Emerging Markets Growth Fund | 12.9% | 15.7% | 0700.HK, 1211.HK, 1299.HK, 1810.HK, 2020.HK, 2454.TW, APOLLOHOSP.NS, ASML, BAJFINANCE.NS, BRITANNIA.NS, CPNG, HDFC.NS, HDFCBANK.NS, MELI, NU, RELIANCE.NS, SE, TITAN.NS, TSM, WALMEX.MX | AI, E-Commerce, emerging markets, Fintech, gaming, growth, semiconductors, technology | AI infrastructure buildout continues with sustained momentum, particularly in semiconductor demand. Taiwan Semiconductor reaffirmed its long-term goal to grow AI-related revenue at a mid-40 percent compound annual rate through 2029. AI is accelerating a winner-takes-most dynamic, benefiting companies with scale, differentiated offerings, and the ability to productize innovation. | View | |
| 2026 Q1 | Apr 24, 2026 | Harding Loevner International Small Companies Equity | -4.2% | -4.2% | 2454.TW, 3661.T, 3769.T, AOF.DE, BEC.DE, CKN.L, FERREYCORP.LM, HEXPOL.ST, KXS.TO, LBTY.BR, NDAQ.DE, REY.MI, S24.DE, SHKELKAR.NS, SNR.L, TEMN SW | AI, energy, geopolitics, international, small cap, software, technology | View | ||
| 2026 Q1 | Apr 18, 2026 | Baillie Gifford – International Alpha | -5.1% | -5.1% | 005930 KS, 0700.HK, 1299 HK, 2454.TW, 2899.HK, 300750.SZ, 8316.T, 9984.T, ADYEN.AS, ASML, B3SA3.SA, DB1.DE, DSV.CO, EXPN.L, LUN.TO, MELI, PBR, RIO, RYA.L, SAP, SHOP.TO, TSM, TTE | AI, banks, Copper, energy, growth, international, semiconductors, volatility | View | ||
| 2026 Q1 | Apr 16, 2026 | Ariel International Fund | -2.9% | -2.9% | 2454.TW, 300176.SZ, 3436.T, 6383.T, BAYN.DE, ENGI.PA, EUROB.AT, IFX.DE, INF.L, MKS.L, ORA.PA, PUB.PA, SYENS.BR, SZG.DE, WCH.DE | Asia, Europe, Geopolitical, inflation, international, technology, Utilities, value | View | ||
| 2026 Q1 | Apr 16, 2026 | Ariel Global Fund | -2.5% | -2.5% | 1024 HK, 2454.TW, 6383.T, BAYN.DE, ENGI.PA, EUROB.AT, FDX, FITB, FSLR, IFX.DE, INTC, MKS.L, ORA.PA, PUB.PA, SZG.DE | AI, Automation, Energy Transition, financials, Geopolitical, global, semiconductors, value | View | ||
| 2024 Q1 | Apr 15, 2024 | Rondure New World Fund | -1.3% | -1.3% | 000660.KS, 2317.TW, 2454.TW, 3038.TW, BBL, BBRI.JK, GMXT.MX, HCLTECH.NS, HDB, HEIM.KL, NVDA, PBR, TCS.NS, TSM | AI, China, diversification, emerging markets, India, rates, semiconductors, Taiwan | AI themes are driving narrow market concentration, particularly in semiconductors. The manager believes AI rally will broaden beyond current leaders to include emerging market AI stocks trading at better valuations. They see emerging markets positioned well for AI broadening with many stocks benefiting from AI emergence including power suppliers and semiconductor manufacturers. | HDFCBANK.NS 2330.TW |
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| 2026 Q1 | Apr 13, 2026 | Harding Loevner Emerging Markets Equity | -0.5% | -0.5% | 2269 HK, 2454.TW, 300750.SZ, MELI, TCOM, TS | AI Infrastructure, E-Commerce, emerging markets, Energy Storage, Energy Transition, Renewable Energy, semiconductors, technology | 2359.HK MELI 002594.SZ |
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| 2025 Q1 | Mar 31, 2025 | abrdn Emerging Markets Fund | 0.9% | 0.9% | 0700.HK, 1211.HK, 1810.HK, 2015.HK, 2222.SR, 2308.TW, 2317.TW, 2318.HK, 2327.TW, 2454.TW, 300274.SZ, 3968.HK, 4904.TW, ADIB.AD, ALDAR.AD, BABA, BAC, GLOB, INDHOTEL.NS, JBCHEPHARM.NS, POWERGRID.NS, TSM | AI, China, emerging markets, India, semiconductors, tariffs, technology | DeepSeek's AI model announcement triggered a sharp rally in Chinese tech stocks, particularly benefiting cloud providers like Alibaba and Tencent. However, concerns emerged that more efficient AI models might reduce demand and capex in the tech value chain, pressuring semiconductor and tech hardware stocks. | View | |
| 2025 Q1 | Mar 31, 2025 | BNY Mellon Global Emerging Markets Fund | -4.2% | -4.2% | 000333.SZ, 000660.KS, 0700.HK, 2454.TW, 300750.SZ, BZ, GLOB, HDB, MELI, MMYT, NTES, TCOM, TOTS3.SA, TSM, TUBE.NS | AI, China, emerging markets, India, Recession, technology, Trade Policy, Valuations | Chinese technology stocks surged in February due to the DeepSeek phenomenon, creating significant volatility. The fund benefited from positions in Tencent and other internet holdings like NetEase and Kanzhun that generated alpha early in the quarter, though identifying quality long-term compounding opportunities in Chinese internet remained challenging. | View | |
| 2025 Q4 | Feb 5, 2026 | Stewart Investors | 0.0% | 0.0% | 005930.KS, 0700.HK, 2379.TW, 2454.TW, 6503.T, ALC, BABA, BAJAJHLDNG.NS, BAP, BOSCHLTD.NS, CARTRADE.NS, CTAS, KEI.NS, KOTAK.NS, M&M.NS, NU, PRX.AS, QUAL3.MX, SE, TARSONS.NS, TECHM.NS, TOTVS3.SA, TSM, TUBEINVEST.NS, WEG3.SA | AI, Asia, China, emerging markets, India, long-term, Quality, semiconductors | The team maintains a conservative approach to AI-driven market themes, avoiding flavour-of-the-month AI investments while selectively benefiting from AI demand through quality holdings like Samsung and TSMC. They emphasize disciplined AI capex spending and focus on companies with sustainable competitive advantages rather than chasing AI hype. The team is adding to Chinese holdings where they find leading businesses with strong competitive advantages and attractive growth at reasonable valuations, particularly Tencent. They view China as offering better opportunities despite some headwinds in specific sectors like property and chemicals. The team is reducing exposure to India, mainly in cyclical businesses where valuations are expensive and growth outlook has deteriorated. However, they remain excited about high-quality Indian companies positioned to benefit from structural tailwinds including urbanization, demographics, and digital infrastructure. Semiconductor holdings like Samsung and TSMC are key contributors, benefiting from AI-related demand for memory chips and leading-edge processors. The team focuses on companies with strong competitive positions and visibility into future earnings growth through 2026-2027. The investment philosophy centers on identifying quality companies with exceptional cultures, strong franchises, resilient financials, and sustainable competitive advantages. The team seeks companies that can deliver attractive returns over much longer periods than the market expects. The team is optimistic about emerging market opportunities, noting that the global economy is increasingly being led by emerging markets. They see attractive valuations compared to developed markets and expect this trend to accelerate as investors seek alternatives to US markets. | View | |
| 2024 Q4 | Dec 31, 2024 | Harding Loevner Emerging Markets Equity | - | 2.4% | 000333.SZ, 005930.KS, 035420.KS, 0700.HK, 1299.HK, 1398.HK, 2308.TW, 2317.TW, 2330.TW, 2357.TW, 2454.TW, 300760.SZ, 9888.HK, 9988.HK, BABA, BBAS3.SA, BBDC4.SA, BBRI.JK, CATL, CLS.JO, COWAY, DIS.JO, EMAAR.DU, EPAM, GLOB, HDFCBANK.NS, HDFCLIFE.NS, ICICIBANK.NS, ITUB, JD, KSPI.KZ, MARUTI.NS, MELI, RDNI3.SA, SAFX.JO, SBER.ME, SBK.JO, TCOM, TCS.NS, TS, WEGE3.SA | AI, China, emerging markets, semiconductors, Stimulus, tariffs, Trade Policy | AI developments have boosted growth outlook for several EM companies. TSMC expects AI-related revenue to grow at 50% cumulative rate over next five years with 80% market share in leading-edge semiconductors. Delta Electronics commands 50% market share in sophisticated power supplies for high-end servers. IT services companies have started working on business-transformation projects helping clients adopt AI. | View | |
| 2024 Q4 | Dec 31, 2024 | BNY Mellon Global Emerging Markets Fund | -6.9% | 4.1% | 000333.SZ, 005930.KS, 0700.HK, 1810.HK, 2020.HK, 2308.TW, 2454.TW, 8113.T, BABA, BMRI.JK, CHROMA.TW, DMART.NS, GLOB, HDB, ICICIBANK.NS, MAHM.NS, MELI, MMYT, RADL3.SA, TCOM, TSM | AI, China, emerging markets, semiconductors, Taiwan, Travel | Renewed excitement around artificial intelligence drove performance in technology-heavy markets like Taiwan. Taiwanese holdings including MediaTek, Chroma ATE, and Delta Electronics benefited from AI-related demand and expectations. | View | |
| 2024 Q4 | Dec 31, 2024 | Impax Global Environmental Markets Fund | -8.0% | 4.9% | 2454.TW, A, ADSK, AI.PA, LIN, MSFT, MTD, NVDA, SIE.DE, SU.PA, TXN, WAT, WM | Environmental, global, healthcare, industrials, materials, sustainability, technology | AI demand continues to drive growth for portfolio holdings like Nvidia, with strong momentum from continued demand for high energy efficiency GPUs driven by AI and data centre investments. Key client announcements of further data centre spending bolstered growth prospects. | View | |
| 2025 Q3 | Oct 19, 2025 | Harding Loevner Emerging Markets Equity | 11.6% | 24.4% | 005930.KS, 1211.HK, 1398.HK, 2317.TW, 2454.TW, BABA, CATL, EPAM, GLOB, HDFCBANK.NS, ICICIBANK.NS, ITUB, MARUTI.NS, MELI, MMYT, TCEHY, TCS.NS, TRIP, TSM, WEGE3.SA | AI, Automation, China, competition, E-Commerce, emerging markets, Travel | Alibaba regained dominance in Chinese e-commerce through aggressive competition in food delivery and quick commerce, using AI tools and financial firepower to transform market structure. The company leveraged synergies across businesses and integrated management to outspend rivals and boost market share significantly. | View | |
| 2025 Q3 | Oct 19, 2025 | Allspring Emerging Markets Equity Advantage Fund | - | - | 005490.KS, 005930.KS, 051600.KS, 0700.HK, 0939.HK, 2317.TW, 2454.TW, 300750.SZ, 3711.TW, BABA, DLF.NS, EMBASSYOFC.NS, FRESNILLO.L, GFI, NUVAMA.NS, SHRIRAMFIN.NS, TSM | AI, China, Electric Vehicles, emerging markets, India, semiconductors, Taiwan, technology | AI theme dominates technology-heavy Taiwan and Korea equity market performance. Growing AI adoption globally and global data centre vendors' comments on stronger capital expenditures outlook drive positive sentiment. Oracle revised up its fiscal-year 2026 capex plan by 40% to US$35 billion and signed a contract with Oracle to purchase US$300 billion in computing power over the next five years. | 300750 CH 005930 KS BABA US |
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| 2025 Q4 | Jan 22, 2026 | Sands Capital Emerging Markets Growth Fund | 0.1% | 21.6% | 000660.KS, 005930.KS, 0700.HK, 1211.HK, 122870.KS, 1299.HK, 1810.HK, 2269.HK, 2454.TW, 300750.SZ, 3690.HK, 4966.TW, 500570.BO, 532978.BO, APHS.NS, ASML, BABA, BBCA.JK, CPNG, DIDI, DNP.WA, FPT.VN, FTA, GLOB, GRAB, HDB, HDFCLIFE.NS, HTHT, ICT.PS, KSPI.L, MELI, NU, PHNX.NS, RADL3.SA, SE, TSM, WEGE3.SA, WMMVY | AI, China, E-Commerce, emerging markets, growth, Memory Chips, semiconductors, technology | AI is spreading across industries, reshaping business models and driving market leadership. The firm sees an ongoing AI boom rather than a full bubble, with meaningful exposure in semiconductors and digital advertising while maintaining valuation discipline. Memory chip cycle strengthening fueled by growing AI demand. SK hynix and Samsung are effectively sold out of memory inventory for 2026 with limited capacity in 2027. High-bandwidth memory remains essential for AI servers. Select ecommerce businesses underperformed despite strong fundamentals. Sea, MercadoLibre, and Coupang faced near-term headwinds from increased investment and competitive pressure, but maintain strong long-term positioning. Defense technology entering structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus on autonomous systems, space sensing, and secure communications. AI advances pushing robotics forward with near-term opportunities in logistics and warehouse environments. Focus on companies that make robots reliable and economically compelling rather than headline-grabbing names. Energy transition blending with new power demand from data centers and AI, straining grids and forcing aggressive investment in power infrastructure. Multiyear investment cycle expected across entire power value chain. | View | |
| 2025 Q4 | Jan 15, 2026 | Baillie Gifford – International Alpha | 1.2% | 19.6% | 000333.SZ, 005930.KS, 0700.HK, 1299.HK, 1698.HK, 2318.HK, 2454.TW, 3064.T, 3656.T, 3690.HK, 3994.T, 4612.T, 600519.SS, 6098.T, 6273.T, 6758.T, 6861.T, 7309.T, 7733.T, 7974.T, 8035.T, 8113.T, 8729.T, ADYEN.AS, ASML, ATCO-A.ST, B3SA3.SA, BN.PA, BNTX, CFR.SW, CPA, CPNG, CRH, CSU.TO, DB1.DE, DEMANT.CO, DIM.PA, DSV.CO, DSY.L, EDEN.PA, EXPN.L, FBK.MI, G24.DE, GMKN.ME, HDB, ICICIGI.NS, IMCD.AS, KGP.L, KNEBV.HE, KSPI.L, LMN.TO, LUN.TO, MC.PA, MELI, MIPS.ST, MNDY, NEX.PA, NVO, NVZMY, PDD, RAT.DE, RIO, ROG.SW, RYA.L, SALM.OL, SAP, SDZ.SW, SE, SEB-A.ST, SHOP.TO, SIMO, SJ.TO, SPOT, TFII, TOI.TO, TPRO.MI, TSM, U11.SI, UL | E-Commerce, growth, international, Quality, semiconductors, technology, value | Samsung Electronics passed qualification with Nvidia for HBM3E chips and is in advanced discussions for next-generation products. The memory division reported record third-quarter sales driven by AI demand. Tokyo Electron was added as a new position, benefiting from increasing semiconductor complexity across various end markets. MercadoLibre faced share price volatility reflecting a tug-of-war between accelerating revenue growth and concerns over short-term margin pressure from defending market share in Brazil. Despite disappointing performance, the manager sees substantial growth runway and disciplined long-term management. DSV shares rebounded after geopolitical pressure on global trade. Third-quarter results exceeded expectations with margin improvement and upgraded guidance on DB Schenker acquisition synergies. Management accelerated integration timeline with most savings expected within two years. Lundin Mining was added as a new position, described as a high-quality copper-focused miner with low-cost assets and strong production growth potential. The manager sees an improving demand-supply balance in copper with current valuation not accounting for company quality. | 2454 TT SALM NO 8035 JP LUN CN DSV 005930 KS TME |
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| 2025 Q4 | Jan 15, 2026 | Baillie Gifford -Emerging Markets | 5.7% | 40.7% | 000333.SZ, 000660.KS, 005380.KS, 005930.KS, 0700.HK, 2318.HK, 2454.TW, 2939.TW, 300750.SZ, AXSB.NS, B3SA3.SA, BABA, FM.TO, IMP.JO, KMB.NS, MELI, NPN.JO, RELIANCE.NS, SE, SQM, TSM | AI, China, commodities, emerging markets, growth, semiconductors, South Korea, technology | China's high-level economic policy framework places significant emphasis on artificial intelligence, computing infrastructure, semiconductors, and smart manufacturing. The continued evolution of the AI investment cycle drove positive momentum, with notable strength in Korea. Memory semiconductor companies like Samsung and SK Hynix benefited from soaring demand for high-performance AI memory. Strong operational performance at Samsung Electronics and SK Hynix contributed to fund returns. Samsung is projected to regain the number one position in the global DRAM market, driven by soaring demand for high-performance AI memory and sharp rise in conventional DRAM prices. SK Hynix reported 62% year-over-year growth in profits and all capacity is fully booked for 2026. China offers the clearest example of how policy direction, innovation capacity and sheer scale can combine to reshape global industries. The 15th Five-Year Plan emphasizes AI, computing infrastructure, semiconductors, and smart manufacturing. Despite tariffs and trade tensions, the combination of high-quality businesses and compelling valuations remains hard to ignore. The commodities sector has been in focus with combination of US easing cycle and political will for a weaker dollar being very positive for gold and broader precious metals complex. Lithium saw easing upstream cost pressures and robust downstream battery-storage demand supporting sharp price recovery. Copper market shows structurally tight supply with planned supply expected to meet only 70% of projected 2035 demand. Latin American e-commerce and fintech platform MercadoLibre detracted from performance for the second quarter in a row, though the manager maintains a differentiated view based on long-term investment horizons. The company recorded its 27th straight quarter of 30% or higher revenue growth. Korean e-commerce leader Coupang faced challenges from a major data breach despite continuing strong growth. South Korea was one of the world's best-performing markets this year, buoyed by regulatory and governance reforms raising hopes for improved shareholder returns through the 'Value Up' program. Memory semiconductor space showed strong operational performance with significant upgrades to earnings forecasts, making valuations still attractive in global context despite rapid share price appreciation. | View | |
| 2024 Q3 | Sep 30, 2024 | Harding Loevner Emerging Markets Equity | 12.2% | 11.6% | 005930.KS, 0700.HK, 1211.HK, 1299.HK, 2454.TW, ASML, BABA, EPAM, GLOB, HDFCBANK.NS, ITUB, JD, MARUTI.NS, MELI, TCOM, TCS.NS, TS, TSM, TTI.HK, WALMEX.MX | China, E-Commerce, emerging markets, growth, semiconductors, Stimulus, value, Vietnam | Chinese stocks rallied 25% in the final nine trading days of the quarter following extensive monetary and fiscal stimulus measures. The People's Bank of China reduced interest rates and bank-reserve requirements while implementing measures targeting the real-estate sector and establishing new facilities for institutional stock purchases. | View | |
| 2024 Q2 | Jun 30, 2024 | abrdn Emerging Markets Fund | -3.0% | -1.4% | 005930.KS, 009540.KS, 0700.HK, 1880.HK, 2020.HK, 2308.TW, 2454.TW, 300274.SZ, 300750.SZ, 4958.TW, 600519.SS, ASM.AS, BBNI.JK, BBRI.JK, FEMSA.MX, GFNORTEO.MX, ITSA4.SA, RADL3.SA, TSM, ULTRACEMCO.NS | AI, China, emerging markets, India, Latin America, semiconductors, Taiwan, technology | Artificial intelligence drove a tech rally in Taiwan and benefited semiconductor positions. AI demand accelerated requirements for high bandwidth memory chips and supported hyperscaler demand for networking equipment. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
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| No investor data available. | ||||||||