Jacqueline Broers, Deputy Portfolio Manager at Utilico Emerging Markets runs through the portfolio's performance in June.
For June UEM's NAV total return increased by 0.2%, underperforming the MSCI Emerging Markets Index, which up by 4.7% in Sterling terms.
Global markets were mixed in June, the US Federal Reserve rates on hold and the European Central Banks cut rates while in Emerging Markets, Taiwan's TAIEX Index was up 8.8% and the South Korean KOSPI Index was also up 6.1% respectively. Both are large constitutes of the MSCI EM Index.
Moreover, India's Sensex Index was up 6.9%, in contrast Mexico's Bolsa IPC was down 5.0%. China's equity market was down 3.9% and the Hong Kong's Hang Seng Index was also down 2.0%. In Brazil, the Bovespa Index was up 1.5%.
Within UEM's portfolio, there were three changes to the top thirty holdings, with Kaspi, Vietnam Holding and Telelink Business Services. These replaced Powergrid of India, TTS due to share sales and Grupo Traxion.
Read the June factsheet here.
