In the 4th quarter the Iraq Stock Exchange sustained its rally as investor sentiment continued to improve. The market was mainly driven higher by local buying but foreigners were once again net buyers in the market after being net sellers for two consecutive years!...
India was one of the worst markets in the last quarter of 2016. The Fund moved in line with the market, thereby erasing all of the gains made throughout the year. In a bold move to fight the huge black market and counterfeit currency, Government of India demonetized...
2016 was a satisfactory year for the FMG Combo Fund, with the big positive contributors being Emerging Markets (in particular Russia), countered by a drag from our European and US exposure. Apart from the headline political stories that engulfed the world (Brexit,...
In the 4th quarter the market lost some of the momentum we had in the summer months. Despite that, the Fund had a very good year compared to the Shanghai Composite, ending in slightly positive territory compared to a 18% loss for the entire market. Despite most of...
Africa continued to disappoint investors in 2016. Frontier African markets traded downwards during the quarter with Ghana falling 10% and Tunisia, Nigeria and Kenya down 5%. Volumes remained muted across the region and much of the losses across the region was due to...
