The performance differences between the different markets of the portfolio was huge. From the one side there was the strong performance of the small cap equities in India (+4%), at the other end of the spectrum there were the small caps of China losing almost 6% of their value. The weakening of the trends in Turkey and China made us to decide to withdraw from Turkey and to reduce our stake in the Chinese markets.
Russia is still on the negative side. However the long-term trend is still bullish and the valuation of Russian equities extremely low. At the end of the month we are ready to build up position in the Eastern European equity markets and to add also Pakistan to the portfolio.