The rebound of emerging markets continued as a strong theme in the third quarter, while FMs only managed to add 2%, so on a YTD basis the MSCI FM index is still trading in red despite most of the world indices being in positive territory. It has thus been a difficult...
In the second quarter we reported on improving conditions in Mongolia. In the third quarter we reversed all those gains and more in the worst quarter reported in many years. Apart from the strength recorded in coal prices, all indicators pointed south. Offshore stocks...
Dear Friends, The third quarter of 2016 continued on a similar path as the previous quarter on a positive trajectory. As we had commented in our previous newsletter, momentum in EM has finally picked up and we are now witnessing double-digit equity market returns for...
The Russian Federation First Mercantile Fund had once again an excellent quarter, rising 11.5% and significantly putperforming the RTSI Index by 300 basis points. On a YTD basis, the Fund is now up a staggering 44% In the middle of the month, the Russian government...
Emerging Markets once again rallied in the 3rd quarter, following a very good recovery since the January market rout. Taking a look at the MSCI EM index, we are now trading at the May 2015 price levels, and all the interim losses have since been recovered. It was a...
