May was a huge month for emerging markets funds, with both equity and debt strategies posting some outsized gains.
Russia-focused funds had another storming month. The Russian Opportunities Fund gained a whopping 32.58% in May and is now up 65.62% on the year. The Russian Prosperity Fund added a hefty 28.70% in May and is up 82.41% YTD. Artradis Russian Opportunities gained 25.26% and is up 13.51% YTD, while Hermitage was up by 25% on the month. Renaissance Russia Small Cap gained 21.60% for a YTD return of 28.22%.
Several more funds were up between 10% and 20%,