China

Emerging markets have generally performed well over the last three years; the MSCI Emerging Markets index has returned over 30% during the period and we believe the asset class still has significant potential to grow.

Trade tensions with US dragging growth

In the first half of 2019, the uncertainty surrounding Federal Reserve policy and US-China trade negotiations affected the outlook for all asset classes including global small-cap stocks.

Mirroring $2.6bn Luxembourg-domiciled fund

Global economic cycle is among the longest in history

Red flags

ASEAN countries proving largest beneficiaries

Global macroeconomic indicators have undoubtedly become softer, as the US nears full employment and Europe's manufacturing sector continues to suffer from the effects of weaker trade with China.

'Markets will need to get used to this'