Raiffeisen-EmergingMarkets-Aktien (R)

Fund Management Report


Equity market developments in the emerging economies were mixed in November. The strongest price increases were recorded on the exchanges in Russia, China, and South Africa. Losses were registered for the equity markets in Turkey, India, and the Philippines. For the first time in 14 years, the rating agency Moody’s upgraded India’s rating to “Baa2”. This move was explained with progress in economic policy reforms, such as the introduction of a value added tax and regulations on handling bankruptcies, which will have a beneficial effect on economic growth. The fund’s largest country weightings are currently in China, South Korea, and Taiwan. Chinese tech sector companies were purchased, while investment in South Korean energy sector companies was reduced. At the sectoral level, the fund is most strongly invested in technology and financials. (24.11.2017)