Emerging Markets Income: February Monthly Commentary
3 minutes read timeAs mentioned last month, Korea has suddenly come to life through the ‘Value-Up’ reforms which appear to have gained traction.
Emerging Markets Income: January Monthly Commentary
2 minutes read timeOnce again China led the downside despite further measures to support both the property and the equity market with direct exchange purchases.
Emerging Markets Income: December Monthly Commentary
3 minutes read timeOver the month the fund gained 4.5% and finished the year at an all-time high. This brought the quarterly return to 6.2% and the full year total return to 19.3%. The fourth quarter distribution of £0.103238 was lower than last year partly due to our Korean companies that moved ex-div dates into the first quarter […]
Emerging Markets Income: November Monthly Commentary
3 minutes read timeIn November, performance was led again by Taiwan but we also had solid performance from financials which boosted our returns from Brazil, South Korea and Poland.
Emerging Markets Income: October Monthly Commentary
3 minutes read timeThis month, Taiwan continued to deliver solid returns with notable performance from MediaTek on signs of stronger Chinese demand for mobile phones, as well as new AI related products.
Emerging Markets Income: September Monthly Commentary
3 minutes read timeTaiwanese technology stocks led the portfolio’s gains in September, with Brazilian and South Korean holdings also performing well and remaining flat or positive. Read the full commentary from the Portfolio Manager, Robert Holmes, CAIA.
Emerging Markets Income: August Monthly Commentary
3 minutes read timePortfolio Manager, Robert Holmes, CAIA saw positive returns at sector level this month coming from real estate, energy, industrials and information technology. Robert saw most portfolio holdings this month report in-line or better than consensus earnings with only two positions that disappointed.
Emerging Markets Income: July Monthly Commentary
2 minutes read timeIn July the fund returned +3.1%. The strongest performance this month came from Kaspi in Kazakhstan and Emaar Development in the UAE, both have reported very strong second quarter earnings with increased guidance for the full year. The weaker end of the portfolio came mainly from Chinese holdings such as Sinopec, which has traded lower […]
Emerging Markets Income: June Monthly Commentary
3 minutes read timeIn June the fund returned +1.25%. We launched this fund with a relatively unorthodox objective for an emerging market equity strategy. Rather than looking to beat the typical EM benchmarks we looked to beat inflation, to generate a real income for investors on a sustainable basis. Of course this is a remit more typical of […]
Emerging Markets Income: May Monthly Commentary
4 minutes read timeIn May the fund declined by 0.9%. As we come to the end of one of the most aggressive tightening cycles in decades, it’s probably not surprising that markets have become myopically focused on macro factors. For the past few months it seems like there’s only been three topics under debate: Interest rates in the […]
