Investor Letters
Arisaig Partners
- Arisaig Diary September 2026 Arisaig Asia Consumer Fund added a 1% position in Eternal, citing Blinkit’s scale in Indian quick commerce and the potential for attractive dark-store economics despite intensifying competition. Jollibee and Amorepacific are shifting toward more capital-light international growth, while Chagee’s China same-store sales and franchise economics improved. September 2026 CHA $2.4BJBFCY $2.8BTORIF $31B
- Arisaig Diary August 2026 Arisaig Asia Fund completed a portfolio repositioning while arguing that Chinese consumer holdings offer resilient earnings and low valuations despite weak consumption. It backed China pharmacy, food and restaurant operators, Sea Limited’s expanding e-commerce and financial-services ecosystem, and Philippine retailers and restaurant chains gaining share despite energy and logistics pressure. August 2026 0A3T ATAT $4.8BCHA $2.4B
- Arisaig Diary July 2026 Arisaig Asia Fund argues that Asian consumer holdings remain insulated from index volatility through everyday consumption, strong balance sheets and cash generation. It discusses accelerating earnings at Amorepacific, Indonesian retailers and Mobile World, while halving MedPlus after concerns over its proposed non-core capital expenditure. July 2026 6535 $160MPSBTY $39TPTMYF $1.6B
- Arisaig Diary June 2026 Arisaig Asia Fund initiated MAP Aktif, citing its Indonesian sportswear-retail scale, exclusive global-brand distribution and regional expansion potential. The fund exited Jubilant Foodworks after reassessing restaurant cyclicality and delivery-platform bargaining power, while retaining conviction in Nykaa and Honasa as India’s beauty category expands. June 2026 JBFCY $2.8BPSBTY $39T
