Asia performed well during October. This resulted in a positive return for the fund of 3.16%.
China and Taiwan were the outperforming countries. Both countries were showing an impressive gain of more than 8%.
Also India did an excellent job. The economy is in a revival phase. Confidence of investors and companies from outside India is growing. This is resulting in more investments and jobs for the Indian economy. Our Indian equity positions rose by more than 6%.
At the other side we find Russia, that delivered a marginal positive result during October, this after a couple of strong performing months. This relative small positive results is however a little unexpected, because the recovery of the oil price was quite substantial. This last factor will have its influence on the Russian economy and its listed stocks. We expect a nice entry moment to increase our stake in the undervalued Russian equity markets in the next months.
Far worse was the performance of Pakistan. This was the only draw down in the portfolio. The Pakistan equity market lost more than 4%. The positive trend is however still valid.