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Baring Emerging Europe : BEE – interim results

Baring Emerging Europe had a difficult six months to end March 2014 – the net asset value total return was -13.3%, behind the return on the MSCI 10/40 Index of -10.3%. Its discount narrowed a little however so the return on the share price was -12.1%.

The Chairman places the underperformance squarely on the Ukrainian crisis – they had positioned the fund to benefit from what they thought would be a resurgent Russian economy but events in Ukraine put paid to that. Russia alone does not account fall the overall fall in markets in the region however, Matthias Siller, the manager, also points to political uncertainty in Turkey and the adverse effect on emerging markets of the Fed’s decision to rein in quantitative easing.

 

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