May brought the largest ever monthly gains for the Blackhorse Emerging Enterprises Fund, which rose 20.83% for the month, and was up 31.74% for the year.
The fund benefited from a positioning in stocks and geographic areas that rebounded strongly off lows, explains Blackhorse's John Engle. Stock picking, notably in Indonesia, India, and Singapore, also generated alpha. Some of the fund's strongest conviction ideas paid off in May, such as Indonesian mining company Aneka Tembang, Indian ICICI Bank, Indonesian banks, and Singapore hotels and other property plays. Decent gains were also made in Hong Kong, China, Taiwan, Thailand