• Strong start to 2024 as majority outperform: Average returns of 3.3% beat the iShares Asia Ex-Japan benchmark, with 66% of funds outperforming.

• Value beats Growth: Value and Yield funds have the edge, though all Style groups beat the index on average.  Top performers post 5%+ returns on the quarter.

• Technology Sector Drives Returns:  Taiwan and South Korean Tech contribute the most to returns, whilst China Financials and Healthcare drag on performance.

• TSMC Dominates Returns: TSMC generated an estimated 2.3% of total fund performance over the quarter, on average.

• HDFC Bank and AIA Group costly: Both stocks are among the top overweights among Asia Ex-Japan investors.  Poor performance this quarter cost managers ~ 50bps in losses versus the benchmark.