Fund Performance Update
Article Overview
On the economic front, the in-line first-quarter Chinese GDP growth of 6.7% soothed the financial markets and provided an early hint that the worst might be over. In the US, the economy grew a paltry 0.5% in the first quarter, and the Fed once again decided to keep the interest rates unchanged at 0.25%, as job growth and improving housing market were unable to contain the slowdown in business investments and exports. However, the Fed has indicated that it will continue on a measured interest rate hike path going forward. Elsewhere, the Eurozone GDP grew 0.6% YoY during the quarter. At the April ECB meeting, Mario Draghi expressed cautious optimism with an easing bias.
Top three gainers for the fund in April were Conoco Phillips (+19.74%), MTN Group (+16.63%), and Bristol Myer Squibb (+14.00%). Meanwhile top three decliners included Alaska Air Group (-13.36%), Apple Inc (-13.22%) and Hartalega Holdings (-11.73%).
