UCITS III, Eastern Europe & MENA Region long only
"Markets drifted lower in December amidst lower trading volumes ahead of the holiday season. Our relatively defensive positioning of the Fund with its 24% cash position and index hedges helped mitigate the decline in the Funds NAV per share to 4.2%."
"Russia and Turkey were the worst performing markets in Emerging Europe in 2008, losing 73% and 61% (in Euro) respectively. While we expect more negative macroeconomic data to be released in the first quarter of 2009 both in emerging as well as developed markets, we do think that a lot of the pessimism has already been priced in and that current valuations should open up attractive investment opportunities on a selective basis."
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