GEM LTQ*equity portfolio:June rebalance
摘要: TheportfoliooutperformedthebenchmarkinMay,afterthreeconsecutivemonthsofunderperformance.Itisnow1.2%b
The portfolio outperformed the benchmark in May, after three consecutivemonths of underperformance. It is now 1.2% behind benchmark for the year,and 3.0% ahead since inception in 2014.
South Africa dominates the list of underperforming stocks, after the localcurrency lost another 10% against the USD over the month. Despite this, itremains our largest country overweight. We continue to prefer consumerdiscretionary over staples, and have a large position in IT, which is offset byunderweights in energy, industrials, telcos and utilities.
TheportfoliooutperformedthebenchmarkinMay,afterthreeconsecutivemonthsofunderperformance,Itisnow1,behindbenchmarkfortheyear,and3