July, 2023
Global emerging markets rose strongly over the quarter, outperforming the MSCI AC World index. A rebound in risk appetite towards Chinese equities was a key driver, despite weaker economic data releases.
India underperformed as persistent food price rises kept headline inflation elevated. Taiwan was behind the index as continued strength in AI theme stocks was offset by weakness elsewhere.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/fs_WST_MMF0275AU-5.pdfJune, 2023
Global emerging markets rose strongly over the quarter, outperforming the MSCI AC World index. A rebound in risk appetite towards Chinese equities was a key driver, despite weaker economic data releases.
India underperformed as persistent food price rises kept headline inflation elevated. Taiwan was behind the index as continued strength in AI theme stocks was offset by weakness elsewhere.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/fs_WST_MMF0275AU-4.pdfApril, 2023
Global emerging equity markets posted positive gains for the quarter, but lagged developed markets. The Fund underperformed the benchmark over the quarter by -0.8% with Intrinsic being the largest detractor.
Market volatility continued in the first quarter of 2023, with the collapse of Silicon Valley Bank in the United States being one of the most significant events. This provides a stark reminder to investors that events impacting the global economy and financial markets are becoming increasingly difficult to predict.
The result will and has been increased volatility and diverging company performance. At such times, the merits of business models that can outperform against difficult backdrops are often underappreciated. Given the volatility within global emerging equity markets the benchmark returned negative 4.01% for the past year. This was predominantly driven by underperforming China (regulations). The Fund underperformed for the year. This was led by, William Blair (less cyclical exposure) Intrinsic (smaller cap orientation) and TT International (China exposure).
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/fs_WST_MMF0275AU-3.pdfDecember, 2022
Global emerging equity markets faced volatility during the quarter with a sharp rally from mid November on the back of some policy changes, particularly to their existing 'zero Covid' restrictions.
The Fund underperformed the benchmark over the quarter by 1.9% with William Blair, Intrinsic and TT Intl all detracting from performance. Neuberger performed slightly above benchmark. Market volatility continued in the fourth quarter of 2022 as investors weighed the impact of inflation and the risk of recession in the world's major economies against hopes that the efforts by central banks to control inflation may be starting to succeed. This provides a stark reminder to investors that events impacting the global economy and financial markets are becoming increasingly difficult to predict. The result will and has been increased volatility and diverging company performance. At such times, the merits of business models that can outperform against difficult backdrops are often underappreciated. Given the volatility within global emerging equity markets the benchmark returned negative 14.33% for the past year. This was predominantly driven by underperforming China (regulations), as well as the Russian invasion of the Ukraine in February 2022. The Fund underperformed for the year. This was led by Intrinsic (smaller cap orientation), William Blair (less cyclical exposure) and TT international (China exposure).
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/fs_WST_MMF0275AU-2.pdfOctober, 2022
Global emerging equity markets faced volatility during the quarter. The Fund outperformed the benchmark over the quarter by 1.7%due to a bias towards quality growth managers William Blair and All Spring (Intrinsic). Market volatility continued in the third quarter of 2022 as investors are focused on the impact of the war on commodity and energy prices, and ultimately higher inflation and rising interest rates. All these issues are stark reminders to investors that events impacting the global economy and financial markets are becoming increasingly difficult to predict. The result will and has been increased volatility and diverging company performance. At such times, the merits of business models that can outperform against difficult backdrops are often underappreciated. Given the volatility of the third quarter, global emerging equity markets returned negative 19.2% for the past year. This was predominantly driven by underperforming China (regulations), as well as the Russian invasion of the Ukraine in February 2022. The Fund underperformed for the year. This was led by managers TT international (China exposure), William Blair (less cyclical exposure) and All Spring (smaller cap orientation).
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/fs_WST_MMF0275AU-1.pdfSeptember, 2022
Global emerging equity markets faced volatility during the quarter. The Fund outperformed the benchmark over the quarter by 1.7%due to a bias towards quality growth managers William Blair and All Spring (Intrinsic). Market volatility continued in the third quarter of 2022 as investors are focused on the impact of the war on commodity and energy prices, and ultimately higher inflation and rising interest rates. All these issues are stark reminders to investors that events impacting the global economy and financial markets are becoming increasingly difficult to predict. The result will and has been increased volatility and diverging company performance. At such times, the merits of business models that can outperform against difficult backdrops are often underappreciated. Given the volatility of the third quarter, global emerging equity markets returned negative 19.2% for the past year. This was predominantly driven by underperforming China (regulations), as well as the Russian invasion of the Ukraine in February 2022. The Fund underperformed for the year. This was led by managers TT international (China exposure), William Blair (less cyclical exposure) and All Spring (smaller cap orientation).
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/fs_WST_MMF0275AU.pdfAugust, 2022
Global emerging equity markets faced volatility during the quarter. The Fund underperformed the benchmark over the quarter due to a bias towards the underperforming China and Brazillian equities. This was predominantly driven by underlying managers, TT International and Berkeley Street.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/192180128.pdfJune, 2022
Global emerging equity markets faced volatility during the quarter. The Fund underperformed the benchmark over the quarter due to a bias towards the underperforming China and Brazillian equities. This was predominantly driven by underlying managers, TT International and Berkeley Street.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/190343327.pdfMarch, 2022
Global emerging equity markets faced volatility during the March quarter. For the quarter, the MSCI Emerging Market Index returned -9.94%, which brought the index to return -10.10% for the year. The Fund underperformed the benchmark over the quarter due to a bias towards the underperforming China and Brazillian equities. This was predominantly driven by underlying managers, TT International and Berkeley Street.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/189243118.pdfDecember, 2021
Global emerging equity markets faced volatility during the December quarter. For the quarter, the MSCI Emerging Market Index returned -1.95%, which brought the index to return 3.4% for the year. The Fund underperformed the benchmark over the quarter due to a bias towards the underperforming China equities. This was predominantly driven by underlying managers, TT International and William Blair.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/186324962.pdfDecember, 2020
Fourth Quarter 2020 performance Review The Emerging Market Equity portfolio underperformed the MSCI Emerging Markets Index during the fourth quarter of 2020.
Detractors:
- Stock selection in consumer discretionary and industrials.
- An underweight position and security selection in materials.
Contributors:
- Security selection and an overweight position in communication services and financials.
- Stock selection and an underweight position in energy.
Individual stocks:
Holding Make My Trip and overweight Samsung Electronics
asset_class:
asset_category:
peer_benchmark:
broad_market_index:
manager_contact_details: Array
ticker: MMF0275AU
release_schedule: Monthly
structure: Managed Fund
commentary_block: Array
factsheet_url:
https://onepathsuperinvest.com.au/_doc/fs_WST_MMF0275AU/fs_WST_MMF0275AU.pdf
fund_features:
OnePath WS-OP Global Emerging Markets Share aims to achieve returns (after costs but before fees and taxes) that exceed the MSCI Emerging Markets Net Total Return Index (A$ unhedged), over periods of three years. The fund invests predominantly in a portfolio of international emerging markets shares selected in accordance with a disciplined investment process.