Fidelity Emerging Markets Limited (LON:FEML) has announced its monthly factsheet for July 2024.
Portfolio Manager Commentary
Emerging markets (EM) were broadly flat in July and underperformed developed markets. Despite the growing likelihood the Federal Reserve would cut interest rates in September, EM equities pulled back amid growing risk-off sentiment, which gathered pace following the end of the month, as concerns around a US recession emerged. Noise surrounding the US election also impacted the asset class during July, as did the global sell-off in technology stocks and continued weakness in China.
The portfolio slightly outperformed the index over the month. At a sector level, stock picking across the industrials and materials sectors contributed positively. In materials, South African cement company PPC Limited climbed higher with broader South African market.
