7
Jul
2016
Monthly Updates, News
TUNDRA FONDERS MONTHLY UPDATE JUNE 2016

Please find Tundra’s Monthly Letter for June attached. June was all but a quite summer month, frontier markets (MSCI FMxGCC net ) fell  1.7% compared to  MSCI Emerging Markets rising 6.2% and developed markets (MSCI World) rising 1.0%.

  • I the middle of June MSCI announced that Pakistan will be included in MSCI Emerging Markets Index from May 2017, and hence leave the Frontier Markets Index. The decision was in line with our expectations and is a quality stamp for Pakistan as an investment case.
  • Nigeria decided to let go of the currency peg to the USD they’ve had for 15 months, and instead move to a market pricing. It was implemented on June 20th and resulted in a 30% devaluation to around NGN 280 per USD.
  • The Brexit-result took almost everyone by surprise and stock markets across the globe corrected sharply initially, but soon recovered. As the way forward is still very unclear it is still hard to quantify any effects by UK leaving the EU.

Click for the full Pakistan or Frontier Opportunities update.

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