It has been one of the worst starts to the year for active EM managers in over a decade. We analyze recent performance, attribution and how this year fits in to the longer-term picture.
- Average returns among GEM active managers came in at -7.02% for April, lower than the MSCI EM Index by -1.46% with 21.2% of funds outperforming.
- This year’s underperformance of -3.69% ranks as the worst start to the year for over a decade, worse than the first 4 months of both 2009 (-2.70%) and 2015 (-2.71%).
- Russian Financials (overweight) and Saudi Arabian Financials (underweight) accounted for nearly 1% of the performance deficit, with Singapore Comm’ Services, Taiwan Technology and Indian Utilities further dragging on relative returns.
By Steven Holden - https://www.smartkarma.com/profiles/steven-holden?utm_source=tiger_community
On Cross Asset Strategy - https://www.smartkarma.com/collections/cross-asset-strategy?utm_source=tiger_community
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