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Fund commentary

Market Review
Emerging markets closed the month down slightly. Fears over China's slowdown eased somewhat. Latin America was the weakest region, as Brazil's banking sector and energy names led the market lower. Colombia, China and the Philippines were the best markets. Brazil, the Czech Republic and India were the weakest.

Fund Performance
The Fund outperformed the sector average in April. Shares in Samsung Electronics continued to rise and the stock was again among the top contributors while other stocks to feature positively included Hyundai Motor and Siam Commercial Bank. The key stocks to hold back performance included Itau Unibanco and HTC Corporation.

Fund Positioning
Country and sector positioning remains largely unchanged.


Iain Fulton & Michelle Wu
30 April 2012
Funds in focus


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