Norvik EM High Yield Bond value lost 0.41% last week after several weeks of gains and very good performance in July, up +3.69%. Ukraine 32 lost 2.4 points, Ecuador 28 lost 1.3 points and Argentina 28 lost -0.9, while Nostrum Oil & Gas 25 gained 1 point. This week previous month’s market optimism was overshadowed by continued USA threats for Chinese trade tariffs, market turmoil in Turkey and new possible USA sanctions towards Russia. Although we do not own any Chinese, Turkish or Russian bonds in our fund, the overall impact caused broader emerging market fixed income weakness.

Fund Performance %
1 Day -0.52%
1 Week -0.41%
1 Month +3.18%
3 Month -0.91%
6 Month -4.44%
2018 Year to date -2.56%
1 Year +5.89%

Since inception 12.07.2017 +6.13% (5.79% annualized act/act)