New fact sheets equity funds
During the first half of 2019 the Global Frontier Equity fund price went up by 5.04% with the index rising by 12.8% over the same period, both in euro based on total return. The strength in the index can mainly be explained by the strong performance in Kuwait (+25% YTD). The country has now a 31% weighting in the index after Argentina has been promoted to Emerging Markets (EM) status.
The country weights within the fund are much less concentrated than in the index. This should benefit the risk/return ratio in the long run. The average price-earnings ratio (P/E) in Kuwait is currently 17.57. The valuation of the fund as a whole is considerably lower with a P/E of 9.89.
More news about Vietnam, Africa and the Global Frontier fund can be found in the latest fact sheets of the equity funds:
TCM Global Frontier High Dividend Equity
TCM Vietnam High Dividend Equity
TCM Africa High Dividend Equity