April 2018: Altaica EUR-Asia Emerging Fund: -2.39%

During a volatile month the differences between the range of markets in the portfolio was remarkable.

The worst performing market was Turkey with a loss of more than 8.5%. This market together with Russia, minus 5.5% were responsible for the largest part of the loss during April 2018. Also in negative territory we found China (-2.2%) and a marginal loss for Pakistan (-0.05%).

At the other hand there was India, this market performed excellent with a gain of more than 5.5%, followed by Eastern Europe with +4.4%.

The plans of Mr Erdogan and the planning of the elections of Turkey is causing anxiety to investors. Foreign capital is again running away from Turkey. There is a possibility that Mr Erdogan will not be re-elected. But in that case will he accept the outcome. The scenarios are giving investors nightmares.

For Russia the case is different. The sanctions introduced by the Trump administration were the most effective of all. However we are very positive to the Russian equity markets. The rise of the oil price can only be positive to the Russian economy. This combined with still very low valuations of Russian equities are predicting very good times for this market.