This month, UEM's NAV total return decreased by 1.2% in July performing inline with MSCI EM total return index, which was also down by 1.2% in Sterling terms.
Global markets in July remained mixed, with pressure increased on the U.S. Federal Reserve to cut interest rates in September.
Subsequently the S&P Index was up 1.1% whilst the Nasdaq Composite Index was down 0.7%.
The U.S. Dollar depreciated 1.6% against Sterling.
Within Asia, the Indian market increased by 3.4%, as investors reacted positively to the new Modi coalition government who are continuing their focus on reformist policies.
The Philippines and the Indonesian markets were also up by 3.2% and 2.7% respectively.
China continues to be the drag, with the Shanghai Composite Index down 1% and the Hong Kong Hang Seng Index down 2.1%.
Within LATAM, market performance was also mixed. The Brazilian Bovespa was up by 3%, helped by a U.S. rate cut, in addition the Mexican market was also up 1.2%. In contrast, the Colombian market was down 2.6%.
Exchange rates for the LATAM markets continues to struggle with the Brazilian Real down 3.3% against Sterling and the Mexican Peso depreciating 3.4% at the end of the month.
Within UEM, there was only one change in the top 30 holdings in July, Pertamina Geothermal Energy replaced Vietnam Holdings on the back of share price performance.
