30th Mar 2016 11:51
LONDON (Alliance News) - BlackRock Emerging Europe PLC on Wednesday said its net asset value per share declined in the year to the end of January, though it managed to outperform its benchmark.
The fund said its net asset value per share at the end of January was 312.13 US cents, compared to 347.20 cents a year earlier, a 10% decline. This, however, outperformed its benchmark, the MSCI Emerging Europe 10-40 Index, which declined 14% over the period.
The Russian market ended the year in positive territory and the Hungarian market proved strong, the fund suffered losses on its holdings in Greek, hit by its sovereign debt crisis, and in Poland and Turkey amid investor sentiment taking hits from political uncertainty in both countries.
BlackRock Emerging Europe said the coming financial year also looks uncertain, with many of the financial and political issues which dragged on performance in 2015 likely to continue. It added, however, many of the issues specific to the emerging Europe sector have been resolved, leaving the fund well-positioned to benefit from a market recovery.
Shares in the fund were up 1.9% to 220.775 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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