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XIACY - abrdn Emerging Markets ex-China Fund Q1 2025 Commentary
Xiaomi Corp ADR
2025-05-29 09:40:00 ET
Summary
The Fund fell by 2.15% over the quarter, mainly due to negative stock selection in China and Taiwan, while selection effects in the United Arab Emirates added value.
The portfolio transitioned to an emerging markets ex-China fund in February.
Emerging market equities outpaced developed markets in the first quarter as the consensus around US exceptionalism began to unwind.
The emergence of Chinese AI start-up DeepSeek, combined with a tariff-inclined Trump, appears to have provided the downside surprise.