The Fund posted a loss of less than 1% during the quarter. It was huge discrepancies between the Fund’s various holdings from down almost 5 to up over 11 %. India saw profit taking during the quarter after a strong 2017. In China, we have two allocations, one to the domestic A-share market and this position gained almost 7% while we lost 2% in the Hong Kong-listed stocks. Russia was strong after a lacklustre 2017, strong oil prices relatively speaking, attractive valuations and low inflation all helped to set a good tone. We know that this all changed after the quarter ended with new economic sanctions towards key business people in Russia. The Russian exposure added over 7% gains for the quarter. Africa lost a bit of money during the quarter. We initiated a new position in Mexico and sold the Brazilian exposure. Given the volatility that we saw during the quarter, the fund held over 20% in cash/t-bills.

Domicile: Luxembourg, Source: Bloomberg