Summary

• The Chindia Equity Fund (I class USD) increased by +0.2% during the month.
• Both the Chinese and Indian equity markets experienced a difficult month in comparison to the rest of the world, and in most other emerging markets. The COVID-19 pandemic has taken hold in India with an accelerating number of new cases being diagnosed, threatening to over-run the country’s healthcare system.
• The Fund remains tilted towards India with an expectation that with government and central banks support, that the market will see through the current COVID difficulties and that India’s positive demographics will reassert themselves.
• The Fund’s best performing holdings during the month were Aarti Industries (+20.2%), Sea Ltd (+13.1%) and Greaves Cotton (+12.4%). The worst holdings were Phoenix Mills (-9.4%), Mahindra Logistics (-9.1%) and JD.com (-8.3%). Phoenix Mills was sold.