Asia | 74.4 % |
Latin America | 11.7 % |
Middle East | 6.8 % |
Eastern Europe | 2.6 % |
Africa | 2.6 % |
North America | 1.1 % |
Europe | 0.9 % |
Total % Equities | 100.0 % |
We seek to select the most attractive companies in the universe of emerging small and mid-caps and underexploited frontier markets through a socially responsible investment approach.
Market environment
China’s weak economy remains a burden, as reflected in the publication of lower retail sales and a fall in the NBS manufacturing index.
May was also notable for elections in a number of countries (India, South Africa and Mexico), which seem to have increased regional volatility.
Brazil’s central bank cut its key interest rate by 25 bps, as opposed to the 50 bps that had been expected, weighing on the national currency and markets.
Emerging markets were down over the month as China and Brazil underperformed.