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_FR_MMF1542AU-6.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_FR_MMF1542AU-5.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_FR_MMF1542AU-4.pdfFebruary, 2023
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_FR_MMF1542AU-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_FR_MMF1542AU-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). The exposure to high quality companies with sustainable growth in emerging markets should bode well for the medium to longer term. It is anticipated these stocks will continue to perform during both a highly volatile period driven by COVID related issues, as well through to the longer term.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/fs_FR_MMF1542AU-1.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_FR_MMF1542AU.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/2021/04/192175943.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/2021/04/190343145.pdfMay, 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/2021/04/189243181.pdfFebruary, 2022
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/2021/04/186324373.pdfMarch, 2021
• Share markets remained positive with international shares finishing the month at 4.3% (hedged) and 5.1% (unhedged). After rising over the last 12 months, the AUD eased in March.
• It was also another strong month for local shares with the ASX 300 index finishing up 2.3%, with bank stocks particularly strong.
• Australian fixed interest returned 0.8% and international fixed interest returned -0.4%.
• Of most significance is the growth asset class return story for the past 12-month period. Returns have surged since the March 2020 pandemic lows, with a raft of markets up over 30%. Australian house prices heat up
• In Australia house prices continued to boom, up 2.8% for the month. The RBA held the official interest rate at 0.10% in their April announcement, remaining focussed on the need to reduce the unemployment rate and lift wages.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/172355010.pdfDecember, 2020
The Fund outperformed the benchmark over the quarter. The exposure to value manager Wells Cap and infrastructure manager RARE being the main drivers of performance as EM infrastructure companies recovered along with positive vaccine news. 1 year to 31 December 2020 RARE was also the major detractor over the 1 year period as COVID-19 hit transport assets such as airports and toll roads harder than most other industries. Even Indian utilities, which should be defensive, were hit hard during the March quarter and have not recovered year to date.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/167304399.pdfasset_class:
asset_category:
peer_benchmark:
broad_market_index:
manager_contact_details: Array
ticker: MMF1542AU
release_schedule: Monthly
structure: Managed Fund
commentary_block: Array
factsheet_url:
https://onepathsuperinvest.com.au/_doc/fs_FR_MMF1542AU/fs_FR_MMF1542AU.pdf
fund_features:
OptiMix Global Emerging Markets Share aims to achieve returns (before fees, charges and taxes) that exceed the MSCI Emerging Markets (Free) Index ($A unhedged), over periods of five years or more. The fund invests predominantly in a diversified portfolio of shares in global emerging markets through a mix of managers. The fund is actively managed in accordance with the OptiMix Multi-manager investment process.