Emerging Markets had to deal with a depreciation of the US Dollar and also the impact of a falling oil price.
During May we were not invested in Turkey. Next to a negative technical trend, also the total instability of the financial markets of Turkey kept us out of the market.
Russia was the most vulnerable market because of the negative trend in both the US Dollar and the oil price. Russian equities lost during May more than 6% of their value. Russia was responsible for more than 60% of the portfolio result over May.
India was just following the general sentiment in emerging markets and lost over 2.5%.
The markets of China, Pakistan and Eastern Europe were showing similar results.
The fund ended the month with a relative high cash position.