SA Investment Strategy | Monthly Wrap February 2019: EM U-turn, SA underperforms
Emerging Markets (+0.1%) underperformed the developed world and S&P 500 in February 2019, as investors turned away from EM, classified as the most crowded trade. The Zar (-5.9%) was the worst performing EM FX, with MSCI SA (-5.1%) underperforming MSCI EM (+0.1%) in USD in February 2019. However, the Bloomberg commodities index ended February 2019 +0.8% higher led by palladium (+15.1%), iron-ore (+14.9%), brent (+6.7%) and copper (+6.6%), while agricultural futures including wheat -12.4%, white maize -9.7%, yellow maize -8.3% and coal -6.3% lagged.
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