While most of the developed markets were down, China and Russia performed strongly during the month, adding to the already strong year-to-date gains for most fund of funds in the emerging markets sector. China A shares were up 7.8% while Russian RTS Indices gained 7.5% for October.
FMG Russia Fund gained 6.22% to take year-to-date returns to 42.69% while Permal Emerging Markets Holdings was up 1.5%, which left year-to-date figures at 26.75%.
GAM Multi-Emerging Markets was up 1.49% on the month to bring year-to-date returns to 22.29%. Long exposure to China and Russia boosted the portfolio although the Brazilian market,