New Capital Asia Future Leaders Fund

Date:: 30 septembre 2026

Marketing Communication

Executive Summary

Key events in market

The MSCI AC Asia ex Japan index was flat for the month. Taiwan, South Korea were the best performing major markets as the artificial intelligence (AI)-related names remained strong, while India and China/Hong Kong lagged. IT was the best sector with Consumer Discretionary and Materials the weakest.

Key performance & positioning updates

The Fund was also flat in September. Country allocation was negative as our structural underweight in Taiwan detracted gains in a strong month for the AI complex. Sector allocation was also neutral, with our underweight in underperforming Materials offset by our overweight in Consumer Discretionary.

Market Update

September saw a continuation of the "soft patch" that has characterised global equity markets since late spring. The MSCI All Countries World Index fell 1.1% during the month, trimming its year-to-date gain to 13.4%. The month saw a rotation towards technology stocks, with the Nasdaq gaining over 3%, at the expense of small caps, as the Russell 2000 Index dropped more than 4%. Geographically, Japan was the top performer among developed markets, while European markets posted widespread losses, weighed down by renewed geopolitical tensions and the resulting rise in energy prices.

Nevertheless, global equity markets demonstrated resilience despite a half-percentage-point surge in bond yields during the month. Yields on 10-year and 30-year US Treasuries climbed well above 5%—levels not seen since the early 2000s. In Europe, German government bond yields rose by a more modest 0.25 percentage points, but the move coincided with a significant widening of government bond spreads, particularly in France and Italy. Bond market weakness reflects a combination of factors. First, inflation concerns driven by high energy prices, coupled with resilient economic growth, prompted investors to revise their expectations for policy rates upward. Second, concerns about the trajectory of US public debt persist. Finally, in Europe, apprehension about the general elections scheduled for 2027 in France, Italy, and Spain appears to have weighed on sentiment.

Rising bond yields and expectations of a less accommodative Federal Reserve, even after the September interest rate increase, have contributed to the recovery in the US dollar, a trend also supported by rising energy prices. Dollar appreciation and high real bond yields have weighed on the price of gold, which has surrendered almost all of its August gains. Although hopes for a quick resolution to the conflict in the Middle East are slim, a further escalation appears to have been averted, at least until the US midterm elections on 3 November. Some sources also indicate that oil transit through the Strait of Hormuz has rebounded to two-thirds of pre-conflict levels. Nevertheless, global refining capacity remains constrained, and prices for refined products, particularly diesel, remain very high and pose a risk to the inflation outlook.

Fund Performance & Positioning

Taiwanese company, ASE Technology was the best performing stock in the month along with Wuxi Apptec in Hong Kong. Meanwhile, Contemporary Amperex Technology (CATL) and ICICI were the worst performing stocks in September. Wuxi and the wider Chinese biotech sector outperformed, providing a source of growth that was relatively insulated from the weakness seen in China's consumer economy. The companies are in the midst of a multi year research and development success, licensing out deals globally particularly across areas such as oncology.

CATL detracted from performance as competitive pressures increased across the electric vehicle (EV) battery sector. Concerns were driven by customer partnerships with rival suppliers and by Korean manufacturers accelerating their US energy storage ambitions, challenging CATL's leadership position in the market. ICICI was weaker over the month as government initiatives to attract foreign capital back onshore altered liquidity conditions, weighing on sentiment towards private sector banks. Whilst medium term this is a positive regarding more liquidity and cheaper funding, short term (for the next two quarters), Net Interest Margins (NIMs) will be hurt as such liquidity is parked on the balance sheet before being deployed into higher yielding assets. Later in the month, insurance commission regulation hit the wider financial market and whilst ICICI has less exposure than other banks, sentiment took a hit.

ASE Technology was strong even compared to the other AI stocks, strong August sales and positive management commentary on advanced node packaging supported the stock, with the company in our view well positioned to benefit from persistent bottlenecks in backend packaging capacity.

Outlook

We remain cautious on Hong Kong and China despite our overweight position, which is concentrated in more defensive areas such as Financials. The Fund maintains underweight Internet, excluding Tencent and Alibaba, and underweight Consumer Discretionary, where underlying demand continues to be weak. Meanwhile, we still hold a modest underweight position in South Korea, although we have selectively increased exposure to memory-related names as leveraged ETF outflows suggest deleveraging has largely run its course, helping to reduce market volatility.

The Fund continues to be mindful of the Korean market's concentrated structure and we continue to favour Taiwan, which offers broader diversification across the IT supply chain while retaining similar exposure to the AI theme. In India, we remain overweight. Although the market has recently fallen out of favour amid global enthusiasm for AI-related opportunities, we are seeing signs of improvement in underlying company-level fundamentals and continue to view India as more attractive than China, where market leadership remains concentrated in healthcare and semiconductor-related sectors.

Disclaimer

MARKETING COMMUNICATION

For professional clients, qualified investors and accredited investors only. The value of investments and the income derived from them can fall as well as rise, your capital is at risk. Note: Past performance is not a guide to the future. Returns may increase or decrease as a result of currency fluctuations.

All sources: EFG Asset Management (UK) Limited ("EFGAM"), Factset, Bloomberg, Morningstar as at end of the month. Any other sources as applicable.

This document has been produced by EFG Asset Management (UK) Limited for use by the EFG International ("EFG Group" or "EFG") worldwide subsidiaries and affiliates within the EFG Group. EFG Asset Management (UK) Limited is authorised and regulated by the UK Financial Conduct Authority, registered no. 7389736. Registered address: EFG Asset Management (UK) Limited, Park House, 116 Park Street, London W1K 6AP, United Kingdom, telephone +44 (0)20 7491 9111.

This document has been prepared solely for information purposes. The information contained herein constitutes a marketing communication and should not be construed as financial research or analysis, an offer, a public offer, an investment advice, a recommendation or solicitation to buy, sell or subscribe to financial instruments and/or to the provision of a financial service. It is not intended to be a final representation of the terms and conditions of any investment, security, other financial instrument or other product or service. The content of this document is intended only for persons who understand and are capable of assuming all risks involved. Further, this document is not intended to provide any financial, legal, accounting or tax advice and should not be relied upon in this regard. The information in this document does not take into account the specific investment objectives, financial situation or particular needs of the recipient. You should seek your own professional advice (including tax advice) suitable to your particular circumstances prior to making any investment or if you are in doubt as to the information in this document.

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Information for investors in Australia:
For Professional, Institutional and Wholesale Investors Only. This document has been prepared and issued by EFG Asset Management (UK) Limited, a private limited company with registered number 7389736 and with its registered office address at Park House, Park Street, London W1K 6AP (telephone number +44 (0)20 7491 9111). EFG Asset Management (UK) Limited is regulated and authorized by the Financial Conduct Authority No. 536771. EFG Asset Management (UK) Limited is exempt from the requirement to hold an Australian financial services licence in respect of the financial services it provides to wholesale clients in Australia and is authorised and regulated by the Financial Conduct Authority of the United Kingdom (FCA Registration No. 536771) under the laws of the United Kingdom which differ from Australian laws. This document is personnal and intended solely for the use of the person to whom it is given or sent and may not be reproduced, in whole or in part, to any other person.
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