Market Review
Emerging markets had a good first quarter, up 13.6%. Thailand, the Philipppines, Russia, India and Colombia were amongst the best performing markets. In terms of sectors, information technology and industrials were the strongest performers. Materials and telecoms were weaker. Equity flows into the asset class amounted to $25bn, a reversal of the outflows seen last year.
Fund Performance
The Fund underperformed the sector average over the first quarter of 2012 with the key impacts coming from Tata Motors, Anglogold Ashanti and Hon Hai Precision. One of the key positive impacts came from Cielo SA which posted expectation beating fourth quarter profits.
Fund Positioning
Country and sector positioning remains largely unchanged.
Iain Fulton
31 March 2012