Emerging Markets: December Monthly Commentary
2 minutes read timeDuring 2023 the strategy outperformed the MSCI Emerging Markets total return index by 11.8%. During Q4 the outperformance was 0.6%, as Emerging Markets recovered from their mid-year swoon. This marks the 8th consecutive year of outperformance for our All-Cap strategy.
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: November Monthly Commentary
2 minutes read timeIn what was generally a strong month for equities, our larger allocations to Korea, Taiwan, Brazil and Mexico contributed to relative performance but were more than offset by stock selection as value factors lagged the broader market.
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: October Monthly Commentary
2 minutes read timeWhile markets were pressured by rising US rates and events in the Middle East, the fund was helped by continued strength among Taiwanese holdings.
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: September Monthly Commentary
2 minutes read timeIn September, the fund saw the most significant gains coming from holdings in UAE, Taiwan, Brazil, Kazakhstan, and Ghana. Kamil Dimmich, CFA, discusses portfolio movement throughout the quarter including new positions in Mexico and Brazil, adjusted Taiwan sector holdings and exiting a Latin American resource stock.
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: August Monthly Commentary
2 minutes read timeKamil Dimmich, CFA, discusses positive contribution to performance from Taiwan this month, due to a combination of AI excitement and relief that the inventory digestion phase in the electronics supply chain was easing. UAE also contributed positively while China and LatAm proved a slight drag relative to the index.
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 […]
