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 […]
Emerging Markets: July Monthly Commentary
2 minutes read timeDuring July the fund lagged the benchmark by 0.2%. The main positive contribution to performance came from Brazil, where the market continued to anticipate a rate cut cycle. Expensive markets like India and Saudi Arabia where we currently have no presence underperformed the index, also helping on a relative basis. This was offset by some […]
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 […]
Citywire: The Selection Show Podcast with Kamil Dimmich
< 1 minute read timeKamil Dimmich, Portfolio Manager of the Pacific North of South EM All Cap Equity Fund, recently spoke to Citywire Selector’s news editor Ian Heath, on their podcast series The Selection Show.
Emerging Markets: June Monthly Commentary
2 minutes read timeDuring Q2 2023 the fund outperformed the MSCI Emerging Markets index by 5.3%. The largest contribution by some margin came from Brazil this quarter, confirming the market’s status as a high beta play. China also contributed positively relative to the index, with our positions outperforming. Korea, the UAE, Taiwan and some smaller markets also performed […]
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 […]
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: May Monthly Commentary
2 minutes read timeDuring May the fund outperformed the MSCI Emerging Markets index by 3.3%. The largest contributions to performance came from Taiwan and Brazil but on a relative basis we also benefitted from our stock selection in China. Most other markets also had positive contributions with the exception of Korea. We have continued trimming exposures to commodity […]
Emerging Markets Income: April Monthly Commentary
3 minutes read timeA recent survey by Bloomberg of 234 portfolio managers indicated that 20% believed that emerging markets have sufficiently decoupled from the US to independently make positive returns. A further 48% believed they could still be negatively impacted by US malaise, but nevertheless still outperform. We’re glad to see some of the tectonic shifts we’ve been […]
