The election of Mr Trump as president of the USA has brougth fear to Emerging Market Investors. Various Emerging Markets suffered severe losses. In the fund the positive returns coming from Russia, Pakistan and China were however able to compensate the losses in Turkey, Eastern Europe and a small position in India. Turkey is more and more sinking into its own misery. After the coup attempt the president operates increasingly more dictatorial. In his international policy he is choosing a path which will bring Turkey on bigger distance from Europe and even the USA. We are worried about the instability of this market. Russia keeps to be the best market to be. In the last day of November the OPEC was able to reach a production cut agreement. The oil price recovered impressively from below $ 45 a barrel back to above $ 50. This is quite supportive to the oil price depending economy of Russia. The recovery of the oil price was even more impressive given the strengthening of the US Dollar. India is suffering from the so called “reverse helicopter drop”. This is how Peter Stella called the latest measure of the Indian Government in his blog on the Financial Times. India announced a withdrawal of the 500 and 1000 Rupee (about € 15) notes. The notes together form 85% of India’s currency. The 500 rupee note will be re-issued (slowly). The 1.000 Rupee note will be replaced by a 2.000 Rupee note. The measure is to combat counterfeiting, illegal activity, or tax avoidance. The measure and the operation itself is slowing down the Indian economy. Our China investments performed well during November. The threats from Mr Trump looks like to be seen as empty threats.