The first month of 2018 started in a strange way. The first weeks were euphoric, after that the tides turned. Negative market sentiment started to overpower the upward momentum. Especially in the Chinese and Indian market. Keeping the total result about zero.
Turkey delivered positive returns. But the positive addition to the result was marginal.
Russia showed two sides of the medal. Our active managed position performed outstanding, more than 5%. The market index performed less powerfully but still a 1.7%. This placed Russia between the best performing positions in our portfolio.
India ruined the monthly result. On the investments in India we lost about 5%. Especially the large cap stocks performed pretty bad.
China was a mixed market. There was big difference between the CSI 500 (small caps) and the CSI 300 (large caps). The CSI 500 was losing badly, about 4.7%. At the other hand the CSI 300 provided a 3.3% positive return.
The additional position all added positive result. Especially the Eastern European markets did well with a profit of 4.5%. Pakistan and Taiwan were less impressive with returns of less than a quarter of a percent.