• A tumultuous month across asset markets resulting from the unexpected US Election outcome
• Renminbi remains relatively resilient against the stronger dollar, versus other major currencies
• Global bond yields reprice as growth and inflation expectations are revised
• China’s PMIs indicate increased economic confidence and stability
• The Fund’s USD I Class fell 5.80% in Novemberbut remains up 0.92% YTD
A tumultuous month saw Donald Trump's unexpected win push befuddled financial asset markets to extremes. Hypersensitive markets saw the dollar’s 3.1% (DXY Index) gain pretty much wipe out most emerging market currencies over the month; after the US presidential election result was announced. The only emerging market currencies to have actually remained resilient against the dollar’s onslaught were the Taiwanese dollar, Russian rouble and the Chinese renminbi. The Turkish lira took the hardest beating, falling over 9%. Comparatively the rate was down 1.65% over the month, and has continued to strengthen against its anchor, the CFETS basket of currencies.