The first quarter of 2026 was marked by sharp shifts in sentiment across emerging markets, though they outpaced developed markets.
After a strong start driven by enthusiasm around AI related investment and electrification themes, markets sold off aggressively in March as geopolitical risks intensified and investors rotated out of prior winners.
Over the quarter, we reinitiated Prio and bought South African mining company Valterra Platinum.
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Fund performance
After a strong start driven by enthusiasm around AI related investment and electrification themes, markets sold off aggressively in March as geopolitical risks intensified and investors rotated out of prior winners. Against
