Baring Emerging Europe’s half year results, for the six months to the end of March 2015, show that the fund outperformed a falling market with the net asset value total return being -9.9% as compared to a -11.0% return on the MSCI Emerging Market Europe 10/40 Index. The return to shareholders was -8.2%.
The Chairman’s statement says the regions problems all relate to Russia and the fall in the price of oil. The fall in markets was more pronounced in the final quarter of 2014 and there has been some recovery since then.
Matthias Siller’s manager’s statement contains little in the way of performance attribution information. One stock hat performed well and was subsequently sold was Moscow Stock Exchange after the stock outperformed the market by a wide margin and reached their price target.
BEE : Baring Emerging beats falling market