"The Fund generated a 3.4% positive return over the month despite weak regional and global markets. Russia was the biggest casualty at a market level with the MSCI Russia index falling by some 11% over the month. Performance seems to be back on track, with the fund returning positive performance despite difficult market conditions (up in November, December and January). Clearly the environment we are operating in has changed, but this also presents us with new opportunities. Our strategy does not require markets to rise to be profitable, but does need markets to distinguish between stocks and take fundamentals into account to some degree, which we have started to see again. We are finding that being in touch with our companies on a very regular basis is where our edge lies more then ever, and we are speaking to them now on a very frequent basis to gain as much visibility as possible, which seems to be paying off.
In January, the Fund benefited from the strong performance of a number of corporate Eurobonds picked up at much lower levels over the proceeding quarter. Although bonds have generally rallied significantly off the lows there still seems in our opinion to be plenty of value left in selective issuers. Equity highlights included strong positive contributions from the materials and energy sectors...
Please click on the headline to access the full report for the OCCO Eastern European Fund."
No comments:
Post a Comment