The FMG Rising 3 Fund registered a satisfactory performance for Q1 of 2016 given the volatility of moves we had in the markets during that period. January proved to be a horrible start to the year with most Emerging Markets entering bear market territory. All markets nosedived and none was spared, with China and oil-producing countries, such as Russia, spearheading the fall. February proved to be fairly resilient whilst in March stock markets rallied considerably, almost erasing the losses in January. At time of writing most of our trending models turned to buy signals. We have positioned our Fund accordingly, and now boast a large position (35%) in Russia, which positively contributed to the Fund’s performance following the rise in oil prices from the multi-year lows we saw in January. Looking ahead, whilst we recognize that the market may be due some profit-taking, a stabilization of oil prices in the $30-40 per barrel will aid investor sentiment. Russia continues to remain a play we believe Is particularly cheap, but prone to numerous variables such as oil, geo-political tensions and economic data. Source: Bloomberg