City of London has announced its trading update for 1Q’22. After several strong quarters for global markets, they have fallen back over the past three months. Emerging markets were particularly weak, with the MSCI Emerging Markets TR Index down 8.1%. This was supplemented by ongoing rebalancing, with lagged reactions to previous strong emerging market performance. Offsetting this was good fund performance, which, in the Emerging Market, International and Opportunistic Value strategies more than offset the outflows. Outperformance was attributed to good country allocation and underlying NAV performance.
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