May 2016: Altaica EUR-Asia Emerging Fund: -4.49%

The four main markets of the Eur-Asia Fund May continued at their correction which started in April. We closed our long positions in Turkey and China and downsized our position in Russia. The patterns were indicating a severe downturn.

In the last week of the month confidence in Emerging Markets was gaining momentum again. Our negative outlook for China and Turkey is tempered by this momentum. However we kept the cash position but didn’t build up a short position.