Emerging Markets Income: May Monthly Commentary
4 minutes read time In May the fund declined by 0.9%. As we come to the end of one of the most aggressive tightening cycles in decades, it’s probably not surprising that markets have become myopically focused on macro factors. For the past few months it seems like there’s only been three topics under debate: Interest rates in the […]
Emerging Markets Income: June Monthly Commentary
3 minutes read time In June the fund returned +1.25%. We launched this fund with a relatively unorthodox objective for an emerging market equity strategy. Rather than looking to beat the typical EM benchmarks we looked to beat inflation, to generate a real income for investors on a sustainable basis. Of course this is a remit more typical of […]
Emerging Markets Income: April Monthly Commentary
3 minutes read time A recent survey by Bloomberg of 234 portfolio managers indicated that 20% believed that emerging markets have sufficiently decoupled from the US to independently make positive returns. A further 48% believed they could still be negatively impacted by US malaise, but nevertheless still outperform. We’re glad to see some of the tectonic shifts we’ve been […]
Emerging Markets Income: March Monthly Commentary
3 minutes read time The etymology of ‘bankruptcy’ is from the Renaissance era meaning ‘broken bank’, which was quite appropriate last month for two such Anglo-Saxon institutions. So far contagion in the emerging world has been very limited, but the feedback loops will last for a while. The most relevant will be tighter credit in the US private sector, […]
Emerging Markets Income: February Monthly Commentary
3 minutes read time Over the course of February, the fund declined by 1.37% as markets continued to fret about the possibility of a recession, the propensity of the Federal Reserve to trigger one or that it’s the inevitable result of the US and European banking system struggling to adjust from years of abnormally low interest rates. With the […]
Emerging Markets Income: January Monthly Commentary
3 minutes read time In January the fund appreciated by 3.6% as markets, particularly in Asia, were buoyed by the prospect of the Chinese re-opening. China is the only country globally with supportive policy action combined with a benign rates environment and so we have added very selectively to positions where we see extreme valuation discounts (one position had […]
Emerging Markets Income: December Monthly Commentary
3 minutes read time In December the fund declined by 2.75% leaving the return for the full year since launch in June at -0.3% adjusted for dividend distributions. On January the 3rd the fund went ex-dividend for the fourth quarter payment of £0.166, a yield of 1.7%, bringing the total distribution since inception in June to £0.634, which annualises […]
Pacific Emerging Markets Breakfast Meeting
< 1 minute read time Pacific Asset Management was delighted recently to host a hybrid Emerging Markets Breakfast event with the highly experienced managers of the Pacific EM All Cap Equity and Pacific EM Equity Income Opportunities funds.
