A top-performing fund focused on developing economies is betting on artificial intelligence-related stocks while steering clear of Chinese equities in a bid to maintain its double-digit returns.

Northcape Capital Global Emerging Markets Fund has loaded up on shares of telecommunications and IT servicing firms which are seen as prime beneficiaries of the global shift to AI technology. Tata Consultancy Services Ltd., America Movil SAB de C.V. and PT Telkom Indonesia Persero Tbk are among stocks that are set to gain, according to the fund’s founding portfolio manager Patrick Russel.