In Russia, despite the fact that the Economic growth in the first quarter of 2019 was lower than the Bank of Russia’s expectations (0.5% vs 1.2%), overall Russia’s macroeconomic measures remain strong, with fiscal surpluses across all tiers and low...
The Rising 3 markets did well doing the quarter with the big winner being China whereas Russia was more in line with emerging markets in general and India a bit weaker given its important May election. In China, Investors were duly rewarded during the quarter after a...
During the quarter, the Fund increased its cash position to a whopping 42% as China-India and Russia were still in down trending markets. The asset allocation at year-end was India 26%, Russia 17%, and China 15%. Valuations Values starts at this point to become...
The price of oil has increased 23% this year. This has hurt India most, given it is a net importer, which has caused a drag on its economy and currency. On the other hand, Russia does not complain, being the largest oil producer in the world. Russia currently...
Overall emerging markets weakness, coming from the trade war, sanctions from the US negatively impacted the emerging markets and the Fund during the quarter. In Russia, President Putin was inaugurated into his new six-year term during the quarter. Retail trade numbers...
It was a mixed bag of performance during the quarter where Russia made gains, Indian equities gave back some of the strong gains from last year and China saw a moderate increase. India’s GDP growth forecasted at 7.4% for fiscal 2019 with the latest reading on consumer...
