APAC Growth Opportunities Fund
The APAC Growth Opportunities Fund returned +28.5% in 2025, capturing the structural growth story across India, Vietnam, and Indonesia. Our differentiated approach — combining liquid equity positions with selective private credit exposure — enabled participation in both public market re-ratings and private company growth prior to liquidity events.
India — Domestic Consumption Engine
India represented 42% of the fund and was our best-performing country allocation. Consumer discretionary companies, private sector banks, and healthcare services firms drove returns as India's per-capita income growth translated into rising domestic demand. The BSE Sensex's outperformance versus broader EM indices was amplified by our stock selection, which overweighted mid-cap quality compounders.
Vietnam — Manufacturing Resurgence
Vietnam continues to be a primary beneficiary of manufacturing diversification. Our positions in industrial REITs, logistics operators, and component manufacturers for electronics OEMs delivered strong absolute and relative returns. FDI inflows hit a record $18B in 2025, validating the investment thesis we established three years prior.
Indonesia — Digital Economy Transition
Indonesian digital economy positions including fintech, e-commerce logistics, and digital banking contributed meaningfully to performance. Bank Indonesia's monetary policy normalization created a favorable environment for financial sector re-ratings. Our private credit book in Indonesia, focused on SME lending platforms, generated a 14.2% net yield for the year.
Risk Considerations
The fund carries meaningful currency risk across IDR, VND, and INR. We hedge approximately 40% of currency exposure using forward contracts on a rolling basis, accepting residual exposure as part of the long-term return profile. Political risk in the region remains a consideration but has not materially impacted our core holdings.
Important Disclosure: Past performance is not indicative of future results. All investments involve risk, including the possible loss of principal. The information presented here is for informational purposes only and does not constitute investment advice. Please consult your Stellaris Investments advisor before making investment decisions.
Key Metrics
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