After the surprising results of the US election, emerging markets sold off sharply. We believe that this was driven by sentiment rather than fundamentals. The new levels should offer attractive entry points for investors.
The emerging-markets story remains intact. As broad segments of the global population continue to advance towards middle-class lifestyles, private consumption persists as a major theme. This drives GDP growth in China, India, and across the regions, and creates opportunities in sectors as diverse as personal care, transportation, and sports. We expect raw-materials-dependent countries such as Brazil, Russia, and South-Africa to stabilize as well, based on recovering consumption and robust demand.
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Green bonds allow investors to combine their financial interests with direct contributions to environmental and climate protection. The green bond market is a rapidly growing segment with high potential. Clarity is ensured through consensus on definitions and a longstanding track record. Ideal access is offered to investors through a combination of professional investment processes, traditional selection criteria, and sustainability aspects.
Already prior to the introduction of ESG as a compelling investment approach, another relevant development took place in the financial sector: indexing. Advances in technology and finance have today made it possible to create an index quickly and efficiently using virtually any criteria whatsoever, an index that can be exactly replicated in a corresponding passive fund.