7
Oct
2015
Monthly Updates, News
TUNDRA FONDERS MONTHLY UPDATE SEPTEMBER 2015

Frontier markets fell for a fifth month in a row.

  • Since the beginning of the current correction in July 2014, frontier markets have lost a quarter of its market cap in USD terms. Current valuations in frontier markets correspond to those prevailing during the Euro crisis.
  • Worthwhile noticing is that the sell-off in frontier markets starting during the summer of 2014 is similar in size as the sell-off hitting emerging markets. This despite several of the major emerging markets having struggled – sanctions and a lower oil price in the case of Russia, Brazil now being in recession and China victim of a slowing economy and equity market bubble bursting. At the same time, the fundamental picture for several of the major frontier markets has improved.
  • The difference in return among the individual frontier markets were substantial during the past quarter with a 51% difference in return between the best performing market (Latvia) and the worst (Kazakhstan).

Read the entire update here.


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