We benefited from our investments in South Korea, India and China.
Global EM Equities
Sydinvest Global EM Equities outperformed its benchmark. We benefited from our investments in South Korea, India and China but faced light headwinds from our investments in Mexico and Thailand.
Far East Equities
. There were only small differences in the countries’ returns compared to the benchmark. The two large Korean DRAM/chip producers, Samsung Electronics and SK Hynix, performed well.
International Bonds B
The fund outperformed its benchmark in January as the fund’s interest rate sensitivity is lower than that of the fund’s benchmark. Declines in USD detracted from the fund’s absolute return.
Emerging Market Local Currency Bonds B
The fund outperformed its benchmark in December. The fund’s currency underweights and asset allocation in Thailand and Romania, its overweights in Russia and Brazil as well as the fund’s bond picks in Mexico were the largest contributors.