Raiffeisen-EmergingMarkets-Aktien (R)

Fund Management Report


The performance of the equity markets in the emerging economies was mixed in September. The strongest gains were registered on the exchanges in Brazil, the Philippines, and South Korea. Losses were registered for the markets in Turkey, South Africa, and Taiwan. Economic growth in India decelerated to 5.7% in the second quarter of 2017. The reason for this was the introduction of a uniform value added tax (GST) as of 1 July 2017, which had caused some uncertainty among companies and consumer beforehand. In the years to come, India’s largest tax reform since it attained independence should have a beneficial effect on economic growth. The fund’s largest country weightings are currently in China, South Korea, and Taiwan. There were purchases of Taiwanese financials, whereas investment in Korean consumer goods companies was reduced. In terms of sectors, the fund is most strongly invested in technology and financials. (25.09.2017)