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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q1 | Apr 29, 2025 | Polen Capital – Emerging Markets Growth | 1.7% | 1.7% | 0700.HK, BABA, DLO, DNP.WA, INFY, INPST.L, LVS, NTES, TOTS3.SA, TSM, YUMC | AI, Brazil, China, Currency, emerging markets, Poland, security selection | China market continued rally from last year, supported by monetary easing and fiscal policies. DeepSeek's R1 AI model release marked significant technological milestone, with major companies like Tencent and Baidu integrating AI models into services, creating optimism about improved earnings in consumer digital services. | DLO LVS DNP.WA TOTS3.SA TME |
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| 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 8, 2026 | SGA – Emerging Markets Growth | 0.6% | 22.8% | 035420.KS, 0700.HK, 1299.HK, 1398.HK, 9983.T, BABA, BJFN, CPALL.BK, CPI.JO, FEMSA, GRAB, HDFCBANK.NS, HTHT, INFY, MELI, MMYT, OR.PA, SE, SLM.JO, TCS.NS, TME, TOTS3.SA, TSM, UL, WALMEX.MX, XP, YUMC | AI, Cyclical, E-Commerce, emerging markets, Quality, semiconductors, valuation | The rapid acceleration in artificial intelligence has been a key catalyst behind the recent cyclical resurgence across emerging markets. Large-scale capital expenditure by global hyperscalers has driven sharp increases in demand for semiconductors and data-center infrastructure. However, SGA believes the current trend of AI CapEx growth is unsustainable and has largely run its course due to structural constraints in power availability, skilled labor, and capital availability. Several investments in e-commerce leaders across Asia and Latin America, including MercadoLibre, Sea Limited and Alibaba, faced a more competitive operating environment during the period. As long-term investors, SGA observes that competitive intensity in these markets tends to ebb and flow over shorter time horizons, with market leaders typically emerging from such periods with strengthened strategic positions given inherent network effects. The portfolio's underweight to South Korean semiconductor companies, including Samsung Electronics and SK Hynix, was a key driver of relative underperformance. These stocks continued to benefit from strong AI-related memory demand and elevated investor enthusiasm. Memory chips are largely a commoditized product with weak pricing power, extreme capital intensity and pronounced boom-bust cycles that lead to volatile earnings. SGA sees worrying signs of excess and weakening lending discipline from credit markets. The scale of capital required has led to greater reliance on private credit markets and off-balance-sheet structures. Transactions such as Meta's $27 billion joint venture with Blue Owl Capital highlight both the availability of capital and the risk of excess. The sustained focus on cyclicality and momentum has driven the quality factor to historically depressed relative levels. The valuation premium for high-quality stocks has compressed to levels typically observed only during periods of crisis. SGA remains committed to businesses with pricing power, recurring revenues, and strong balance sheets - attributes that may be underappreciated in today's momentum-driven market. | OR FP TME GRAB SE BABA 9983 JP INFY TSM |
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| 2024 Q3 | Oct 23, 2024 | Mobius Capital Partners | 6.6% | 0.0% | CLS.JO, MELI, NVDA, TOTS3.SA, YUMC | AI, ASEAN, China, emerging markets, mid cap, Rate Cuts, technology, volatility | Portfolio companies are beneficiaries of AI/HPC momentum with less market speculation than widely known names. Chroma beat Q2 earnings by 15% and benefits from AI/HPC momentum, silicone photonics and advanced packaging. Despite high valuations and significant R&D investments questioning AI's promise, Nvidia's record quarterly revenues of $30.0 billion reinforced belief in the technology's potential. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Polen Capital - Emerging Markets Growth | Totvs | Information Technology | Application Software | Bull | B3 | Brazil, cross-selling, Digital transformation, ERP, market leader, SaaS, SME Software | View Pitch |
| 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||