Emerging Market equities (again) trailed those of developed markets as the lacklustre COVID-recovery in China continued to disappoint. Brazil was the best performing EM during the quarter, with equities boosted by the current high real rates and scope for easing monetary policy in the coming quarters.
US holdings led absolute and relative gains as TMX Group entered the portfolio. SKAGEN Global added 5.79% during the quarter, beating the MSCI All Country World Index which climbed 5.74%. Read the SKAGEN Global Q2 2023 report for more information.
Brazilian holdings drove portfolio gains as Emerging Markets underperformed Developed Markets on China sluggishness. SKAGEN Kon-Tiki was up 3.07% during the quarter, outperforming the MSCI Emerging Markets Index which was 0.48% higher. Read the SKAGEN Kon-Tiki Q2 2023 report for more information.
Panasonic strength was offset by E-mart weakness as a few large cap tech stocks drove market gains. SKAGEN Focus added 0.52% during the quarter, lagging the MSCI All Country World Index which climbed 5.74%. Read the SKAGEN Focus Q2 2023 report for more information.
LOG drove relative gains as market conditions become increasingly favourable for listed real estate. SKAGEN m2 rose 1.89% over the quarter, outperforming the MSCI All Country World Index Real Estate IMI benchmark which dropped 0.62%. Read the SKAGEN m2 Q2 2023 report for more information.