Emerging markets: Moore tumbles


As ancient maps forewarned, monsters lie beyond familiar shores. Our Global Equity median dumped 2.29% in May, driven in part by steep declines in emerging markets, such as the double-digit losses recorded by equity markets in India and Brazil. The HSBC AsiaHedge Emerging Markets Index declined 1.6% in May, up 6.86% YTD, showing that hedge funds demonstrated some defensiveness but an overall correlation to the markets. The Moore Emerging Market Fund was not defensive, netting -13.17% to erase the year's gains and put it nearly flat for the year. The Goldman Sachs' GS Emerging Markets Opportunities Fund lost