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Raiffeisen-EmergingMarkets-Aktien (R) PLN

Fund Management Report


The majority of the emerging equity markets were weaker in February. The exchanges in Poland, India, and Colombia saw the greatest price losses. The equity markets in South Africa and Russia achieved price gains. Thailand’s economic growth of 4% in the fourth quarter of 2017 disappointed investors because economists had been expecting higher growth. Economic growth amounted to 3.9% for 2017 as a whole. Uncertainty about the election date for a new government and lower public spending hampered growth while tourism surprised on the upside. The fund’s largest country weightings are currently in China, South Korea, and Taiwan. South African financials were purchased, whereas Indian industrials were reduced. In terms of sectors, the fund is most strongly invested in financials and technology. (22.02.2018)