Investment Commentary – June 2014

June 9, 2014

Geopolitical concerns in Eastern Europe continued to rumble on during the month as reports continued to emerge of further violence in Ukraine whilst an imminent conclusion to the situation looks unlikely. Despite this continued confrontation, both the Ukrainian PFTS and the Russian MICEX equity bourses saw solid gains in May, rising +10.7% and +9.6% respectively.   Emerging markets have been somewhat unloved in 2014, although sentiment has turned notably more favourable of late. May saw solid gains for two of the BRIC constituents; Russia’s MICEX rose sharply as mentioned and India’s Nifty delivered impressive gains of +7.9%. The Shanghai Composite added +0.63% leaving the Brazilian Bovespa as May’s laggard, down -0.75%. However, despite this general renaissance in emerging markets, by month end the Nifty was the only one of the four showing gains in 2014, far out in front with +14.68% ytd.

Investment Commentary-June 2014


Associated Offices
Douglas
Knox House, 16-18 Finch Road,
Douglas IM1 2PT
London
7 Old Park Lane, London,
W1K 1QR
Manchester
Blackfriars House, Parsonage,
Manchester M3 2JA

Clients are advised that the value of investments can go down as well as up. Creechurch Capital Limited is licensed by the Isle of Man Financial Services Authority and registered in the Isle of Man, number 5267V.
VAT Registration No. 003 2910 30. Registered Address: Knox House, 16-18 Finch Road, Douglas, Isle of Man IM1 2PT. For your security communications may be recorded. Full product details including Terms & Conditions and Fee Schedule are available upon request.