May was a good month for Asia ex-Japan funds in general. One of the strong performers for the month was the Tantallon BRIC Fund, up 21.22% in May, and 51.26% year-to-date.
Fund manager Tariq Ahmed attributes May's strong showing to three main factors: successful stock selection and a positive outlook on India; exposure to Chinese and Middle-Eastern property; and large holdings in Russian and Brazilian banks.
The fund is now adopting a more defensive approach as the initial phase of an inventory adjustment-based snap-back is over, says Ahmed.
In addition, rising yields and unemployment in the US indicate anaemic