• Frontier markets did not escape the general sell-off in global equity markets during the past month. Several of the major frontier markets however fell less than developed and emerging markets. June 29th, as the concern for the Greek debt crisis peaked and a majority of equity markets were sold down heavily, the Ho Chi Minh and Karachi stock exchange both rose.
• MSCI announced that Pakistan may be revised to emerging market status. This could potentially bring inflows to the market as more investors would be forced to consider Pakistan as an investment destination. Tundra Pakistan Fund was the outperformer among Tundra’s funds during June and returned 1.9% in SEK terms.
• We are not alone having a positive view of the Pakistani market – during the past month, the fund-of-fund manager Advance Emerging Capital announced an investment in Tundra Pakistan Fund (link to press release).
Read the full update here.