While traditional emerging markets struggled in September (MSCI Emerging Markets Net fell 3.7% in SEK), frontier markets returned 5.0% (MSCI Frontier Markets xGCC Net).Tundra Pakistanfond was best among our funds in September with a 8.1% return. Gradual reduction in investors’ sensitivity towards political impasse led the market to recover some lost ground. In addition to the market return, Tundra’s Portfolio Management team added outperformance.
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* Ontario and Quebec