WHG Global Up 15% In January: Gains On AI Longs And AI Short; EM Bets And Previous Metals

WHG Global LB Fund's commentary for the month ended January 31, 2026.

Performance

• January: +15.3%
• YTD: +15.3%
• ITD: +151.9%

Monthly Commentary

January started on a constructive note, with EM and non-US assets outperforming. The month was characterized by regional rotation, with ex-US markets gaining traction in the context of a weaker dollar, reinforcing the relative performance of emerging markets and assets outside the traditional US axis. At the same time, commodities and energy delivered strong performance, reflecting increased interest in real assets amid geopolitical tensions and adjustments in macro expectations. Within US equities, technology no longer traded as a single block: semiconductors held up better, while software and higher-beta growth segments lagged. Overall, January reflected relative leadership adjustments across regions, sectors, and themes, without signaling a structural regime shift.

Positive Highlights:

China Tech: The Chinese ecosystem has delivered incremental data points of rapid AI capability gains and accelerating investment in AI infrastructure. Alibaba's Qwen and Baidu's AI assistant reached 100 million and 200 million MAUs, respectively. Inflows were driven by a series of AI-oriented IPOs in Hong Kong and A-shares, alongside reports of potential listings for the chip-design arms of Baidu and Alibaba. The backdrop is further supported by global AI capex and tightening memory supply, benefiting China-linked hardware, semicap, and semiconductor themes.

China Power: The energy segment in China, particularly names related to grid infrastructure and electrical equipment, saw strong performance reflecting clearer visibility into earnings upside. Transmission and grid infrastructure have emerged as a central pillar to meet demand from AI data centers and electrification, supported by State Grid's RMB 4 trillion (US$ 570 billion) plan for 2026–2030 and the 15th Five-Year Plan. Data from 2025 ratify the thesis: power demand rose 5%, with record solar (315 GW) and wind (119 GW) additions lifting the renewables mix to 47% of installed capacity.