MAB Growth Quarterly Review Q4 2025 - Flipbook - Page 14
In the most recent period, this outperformance
has been driven by the manager being early in
identifying the three main performance drivers of
the markets:
1) booming spending on AI infrastructure, especially
memory-related stocks in Korea and Taiwan
2) precious metals – especially gold and copper
related companies in China and other resource
companies that feed into the global electri昀椀cation
and AI themes and
3) Korea’s “value-up” programme which is driving
previously poorly managed Korean companies to be
run more to the bene昀椀t of their shareholders, in the
process driving share prices signi昀椀cantly higher.
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The manager has also held less in India than the
wider market, a market that had previously been
very pro昀椀table for their strategy, but which they
reduced when valuations and pro昀椀t growth became
signi昀椀cantly less attractive than available in these
other themes.
Although the returns generated by this fund since
we invested have been strong (+106.9% vs +76.5%
for the MSCI Emerging Market Index), we fully
appreciate that they have historically been and are
likely to continue to be volatile. We seek to control
this risk by having two other quite different Asia/
Emerging Market-focused strategies alongside BG
Paci昀椀c in our Emerging Market blends (including
North of South, described in our Q4 2025 report)
and by carefully limiting how much of the overall
portfolio goes into these funds.
