The Eur-Asian markets performed quite different from each other during November, from modest gains to substantial losses. We were
happy we didn’t have any Turkish position. The MSCI Turkey lost almost 10%.
The Russian equity markets lost their upwards momentum. Our position in Russian equities closed the month with a loss of 1.3%. The
loss of momentum in this market does imply that we will close our position in the Russian markets at the start of the new month.
However, the news about oil production cuts of OPEC will be a positive factor for this market.
A positive contribution to the fund came from India. Overall our Indian equity positions gained about 0.5%. However, also the Indian
equity market lost the positive momentum. This will result in an exit of the Indian large cap equities from our portfolio. The momentum
for Indian Small Cap Equities is still positive. This part of our Indian stake will remain.
The neighbour of India, Pakistan performed much worse. During November the Pakistan equity market lost 3.5%.
Further to the East the markets performed less good. We closed already a large part of our China positions. The part we kept was able
to gain 0.7% in a market which in general moved into negative territory. All market indicators turned into the red in the last day of the
month. This will also result into a sell of the last position in the China equity markets.
The worst performing market in our portfolio was Vietnam. Our equity positions we losing more than 5%. A serious draw down with
substantial impact on the total month result.