PGIM Investments runs a diverse equity division, which includes an emerging markets fund that seeks to generate long-term gains from investments in emerging markets. Targeted companies are in the early stages of capital growth. The fund has $94 million in assets under management (AUM), managed by Mark Baribeau, Albert Kwok, and Sara Moreno.
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According to the latest May report, monthly returns reached 4.3%, led by outperformance from tech and industrials holdings. The main detractors from portfolio performance were holdings in real estate, utilities, and consumer staples.
By geography, holdings from Taiwan and Korea outperformed, while positions in China, India, and Brazil were positive but lagged their benchmarks. On average, the fund delivered gains in line with the benchmark.
Key performance contributors were:
- Alchip Technologies (TPE:3661): The Taiwanese semiconductor manufacturer surged as tariff concerns eased. Profits and net income increased compared to 2024, and the company developed a design and manufacturing process complementary to Nvidia’s NVLink Fusion.
- Laopu Gold (HKG:6181): The company is a major name in the Chinese luxury jewelry manufacturing industry. It announced the issuance of new shares to fund store expansion.
- XP (NASDAQ:XP): XP is the largest investment platform in Brazil. In the last quarter, the company reported higher earnings, pushing the stock price up, even as revenue growth came in below expectations.
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