Mobius Investment Trust plc

Emerging markets rebounded in August, outperforming developed markets following two consecutive months of declines. Korea and Taiwan were key contributors as AI-linked semiconductor stocks recovered from July's sharp sell-off and confidence in the AI infrastructure build-out stabilised. India was more nuanced: while the headline market was broadly flat, mid- and small-cap equities performed more strongly than large caps, highlighting healthier breadth beneath the headline indices. Foreign portfolio investors remained net buyers of Indian equities for a second consecutive month in August, with purchases reaching their highest monthly level since September 2024.

The Mobius Investment Trust's (MMIT) net asset value (NAV) and share price returned +7.5% and +7.9% respectively, while the MSCI EM Mid Cap (Net TR) Index returned +7.0% in GBP terms. The largest contributors to August performance were Taiwanese rail kit provider King Slide Works (+1.8%), Taiwanese heat treatment company Kaori Heat Treatment (+1.2%), and Indian steel tubes maker APL Apollo (+0.8%). The largest detractors to performance were Korean medical aesthetics device manufacturer Classys (-0.8%), Taiwanese electronic ink provider E Ink (-0.5%), and Indian wealth manager Nuvama (-0.2%).