Bright Spots as China Reopens

Bright Spots as China Reopens

China’s zero-Covid policy has led to extensive lockdowns in major cities and disrupted businesses in many sectors of the economy.  Though China will likely continue with zero-Covid until after the National Party Congress in October of this year, we anticipate China to gradually shift towards a softer approach to Covid outbreaks based on regular mass testing. As restrictions are relaxed, we are seeing early signs of a consumption recovery and expect select sectors of
the economy to benefit more than others from China’s reopening.

Click on the fund name for a list of the top ten holdings for the Emerging Markets Great Consumer Fund and/or the Emerging Markets Fund as of the most recent month. Holdings are subject to change at any time.

The views and information discussed are subject to change and may not reflect the current views of the writer(s). The views expressed represent an assessment of market conditions at a specific point in time, are opinions and may not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell securities or investment vehicles

Investment Considerations — There can be no guarantee that any strategy (risk management or otherwise) will be successful. All investing involves risk, including the potential of loss of principal.

Emerging Markets Risk — The risks of foreign investments are typically greater in less developed countries, which are sometimes referred to as emerging markets. For example, political, legal and economic structures in these country may be changing rapidly, which can cause instability and greater risk of loss. These countries are also more likely to experience higher levels of inflation, deflation or currency devaluation, which could hurt their economies and securities markets. For these and other reasons, investments in emerging markets are often considered speculative. Similarly, investors are also subject to foreign securities risks including, but not limited to, the fact that foreign investments may be subject to different and in some circumstances less stringent regulatory and disclosure standards than U.S. investments.