Raiffeisen-EmergingMarkets-Aktien (R)

Fund Management Report

The performance of the equity markets in the emerging economies was mostly weak in June. The largest losses were recorded on the exchanges in the Philippines, Brazil, and South Africa. Gains were registered for the equity markets in the Mexico and India. Thoughts that a possible trade war between the USA and China had been averted proved to be incorrect. After US President Trump imposed additional punitive tariffs on products from China with a value of USD 50 bn, Beijing announced retaliatory tariffs. Experts are worried about significant consequences for the global economy if this spiral continues. The fund’s largest country weightings are currently in China, South Korea, and Taiwan. Investment in Polish media companies was increased, whilst Chinese tech sector companies were reduced. At the sectoral level, the fund is most strongly invested in technology and financials. (22.06.2018)