Summary

• The abrdn Emerging Markets Fund fell by 0.29% over the quarter.
• Information technology added most to relative returns, reflecting the Fund's positioning across the semiconductor and technology hardware value chain particularly within Taiwan.
• Grupo Mexico was the top individual contributor, benefitting earlier in the period from a strong copper price and robust earnings momentum.
• The Fund reintroduced independent oil and gas firm Prio later in the month to better balance energy risk amid a rally in oil-related names.
• The portfolio remains focussed on high-quality companies with strong balance sheets and long-term structural growth drivers, while remaining disciplined in the face of heightened volatility.

Fund performance

The first quarter of 2026 was marked by sharp shifts in sentiment across EMs. After a strong start driven by enthusiasm around AI-related investment and electrification themes, markets sold off aggressively in March

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