March 2016: Altaica EUR-Asia Emerging Fund: +6.44%

March 2016 was a great month for emerging market investors as well for the Altaica Eur Asia fund. The best performing market was

China, followed by Russia. The doom and gloom perspectives for China are loosing power. Best indicator for China is the commodity

market, which is difficult to be manipulated by the Chinese government. Especially the markets of Russia are fuelled by the impressive

recovery of commodity prices, especially the oil price. However we started the month cautious, at the start of the month there was too

much volatility and uncertainty in the markets to be fully invested.

In the next months the key factors for the TRIC markets are the economic development of China and the direction of the prices of

commodities. We see the most solid technical trading signals coming from the Russian equity markets with also a long term buy signal.

Turkey is on the turning point concerning the long term trend in the equity market. In the next month it will be possible this market turns

into a positive direction. China and India are less promising at the moment. In this countries we are invested but with the attitude to sell

the positions in case the short term trend is turning against us.