Several emerging markets were loosing ground. All together the fund lost 0.32% during September.
Still we have no position in Turkey, we see some positivity starting, but this is still not enough to build up our position in this volatile market.
Our relative small position in Russia was gaining a little more as 2%. This market is gaining momentum and we see possibilities for extending our stake in this undervalued market.
India is facing difficulties. The effect of the actions taken by the government to reduce the non-official economy is negative. The economic development has weakened. During September this market lost more than 2% of its value.
The markets of China developed quitely and positively. Our positions were gaining about 1.5%.
There was also a severe negative impact of Taiwan and Eastern Europe. Both were losing more than 2%.
Very strong performance came from Pakistan, where the equity market jumped almost 5%.