Positions in MercadoLibre, FEMSA, and HDFC Bank contributed most positively to performance, driven by strong quarterly results. Positions in Yum China, Mengniu Dairy, and H World Group detracted most driven largely by weakness in Chinese stocks.
No new positions were initiated or liquidated. Positions in AIA Group, Heineken, Unilever, and Yum China were added to on weakness, while positions in CP All, MercadoLibre and Wal-Mart de Mexico were trimmed.