Strategy Note /
Global

FRONTIER AND SMALL EMERGING IN APRIL

    Hasnain Malik
    Hasnain Malik

    Strategy & Head of Equity Research

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    Tellimer Research
    29 April 2018
    Published byTellimer Research
    In April to date, MSCI FM is down by 3.5%, underperforming FEM (down 1.2%), EM (down 1.1%) and World (up 1.7%). This is perhaps best explained by the delayed impact, caused by lower liquidity in FM, of all the negative factors which dragged down performance of the larger, more liquid indices in 1Q: fears of more rapid US rate hikes, trade protectionist measures between the US and China, and the appointment of more hawkish US foreign policy personnel.