MidLincoln GEMs Model Portfolio Update

Transcription

1 Strategy March 10, 2015 MidLincoln GEMs Model Portfolio Update Changes in the last rebalancing round which was on Cia Energetica de Minas Gerais,CCR,Souza Cruz Usinas Siderurgicas de Minas Gerais,Sul America,Ultrapar Participacoes Zhuzhou CSR Times Electric Co,Agricultural Bank of China,China Minsheng Banking Corp Multiplus,BB Seguridade Participacoes ALL America Latina Logistica,BR Properties,China Construction Bank Corp Itausa Investimentos Itau,Natura Cosmeticos BR Malls Participacoes,Marcopolo Wumart Stores Inc,ICBC Coal India,Canara Bank,Asian Paints Bajaj Auto,Hindustan Unilever JSW Steel,Hindalco Industries United Spirits,Siemens,Adani Enterprises DLF,Tata Power Co Reliance Power,Piramal Enterprises MMC Norilsk Nickel OJSC,Surgutneftegas OAO,Gazpromneft,Tatneft OAO Surgutneftegas OAO Moscow VTB Bank OJSC,FGC UES JSC,NovaTek OAO Severstal OAO,Aeroflot Tinkoff CS,Magnit OJSC Truworths International,Spar Group /The,Life Healthcare Group Holdings AngloGold Ashanti,African Rainbow Minerals,African Bank Investments Hynix Inc,Hyundai Glovis Co Daelim Industrial Co,Samsung Electro Mechanics Co Tofas Turk Otomobil Fabrikasi AS,Ford Otomotiv Sanayi AS,Arcelik AS Anadolu Efes Biracilik Ve Malt Sanayii A,Turkiye Vakiflar Bankasi Tao,Turkiye Halk Bankasi AS,KOC Gold Fields,Mr Price Group Sappi,Sasol Samsung Heavy Industries Co,Hanwha Chemical Corp,Korea Electric Power Corp Samsung SDI Co,OCI Co,NHN Entertainment Corp BIM Birlesik Magazalar AS,Turk Telekomunikasyon AS Foschini Group /The,PPC Massmart Holdings,Assore Coway Co,KT&G Corp,Hyundai Marine & Fire Insurance Co GS Engineering & Construction Corp,GS Holdings,Hyundai Development Co Engineering & Con Eregli Demir ve Celik Fabrikalari TAS Yapi ve Kredi Bankasi AS,Turkiye Sise ve Cam Fabrikalari AS

2 Holding AS Portfolio rules: We maintain 5 longs and 5 shorts for each country. Portfolio is equally weighted for each stock and for each country. Country, stocks weights are set to equal at each reporting date. Performance reported is therefore simple average of performance for each side of the trade for each country and overall for portfolio. Performance Update Performance since last rebalancing on Country Trade Rebalancing Date Benchmark Performance Local Currency FX Change Benchmark Change USD % Portfolio Performance USD % Since last rebalancing on Countries where we have done well in relative terms include Brazil, India, South Africa, Turkey, While countries where we have done poorly in relative terms include China, Russia, Korea, Countries where we have done well in absolute terms include South Africa, Turkey, While countries where we have done poorly in absolute terms include Brazil, China, India, Russia, Korea, Overall in the period between and our performance was 2.51%, while our GEM benchmark showed performance of 2.93% Performance Since Inception Country trade ML Portfolio in USD% Local Benchmark in USD% Brazil Brazil China China India India Korea Korea Russia Russia South Africa South Africa Turkey Turkey Performance update since inception of Feb Countries where we have done well in relative terms include Brazil, Korea, Russia, South Africa, While countries where we have done poorly in relative terms include China, India, Turkey, Countries where we have done well in absolute terms include Brazil, China, Korea, Russia, South Africa, Turkey, While countries where we have done poorly in absolute terms include India, Overall since inception our performance was 23.29%, while our GEM benchmark showed performance of 13.84% A set of local benchmarks that we use for the above calculations converted to USD includes Shanghai Stock Composite Borsa Istanbul 100 Index S&P BSE SENSEX Index Korea Stock KOSPI Index FTSE/JSE Africa All Share Index MICEX Index Ibovespa Brasil Sao Paulo Stocks Our GEM benchmark is the arithmetic average of the 7 above local benchmarks.

3 History of rebalancings and performance Changes in the rebalancing round on In that rebalancing period portfolio showed % of performance while benchmark showed 6.370%. Changes in the rebalancing round on Usinas Siderurgicas de Minas Gerais,Centrais Eletricas Brasileiras,Sul America Country Garden Holdings Co Shui On Land Asian Paints Adani Enterprises,Jaiprakash Associates,United Spirits Gazpromneft,Severstal OAO,Moscow FGC UES JSC,Inter RAO JSC,Rostelecom OJSC Vodacom Group,PPC Harmony Gold Mining Co,Investec,Growthpoint Properties Hyundai Glovis Co,Samsung Electronics Co Tofas Turk Otomobil Fabrikasi AS,TAV Havalimanlari Holding AS,BIM Birlesik Magazalar AS Akbank TAS,Turkiye Garanti Bankasi AS Fibria Celulose,BR Malls Participacoes,ICBC,Agricultural Bank of China,China Construction Bank Corp China Coal Energy Co,Sinopharm Group Co,Uni President China Holdings,China International Marine Containers Gr Divis Laboratories,Bajaj Auto,Tata Motors,Adani Ports and Special Economic Zone Lt Siemens,Reliance Power Tinkoff CS,Mobile Telesystems OJSC Rusal,NovaTek OAO Life Healthcare Group Holdings,Sasol,Woolworths Holdings /South Africa Northam Platinum,Gold Fields Coway Co,Dongbu Insurance Co,Lotte Shopping Co Koza Altin Isletmeleri AS,Tupras Turkiye Petrol Rafinerileri AS Anadolu Efes Biracilik Ve Malt Sanayii A,Yapi ve Kredi Bankasi AS, CCR,Hypermarcas Greentown China Holdings,Zhuzhou CSR Times Electric Co,Anta Sports Products,China Minsheng Banking Corp Yanzhou Coal Mining Co,Daphne International Holdings,China Southern Airlines Co,ZTE Corp Unitech,Cairn India,JSW Steel,DLF Ranbaxy Laboratories,HDFC Bank Yandex,MMC Norilsk Nickel OJSC RusHydro JSC,TMK OAO Sanlam,Kumba Iron Ore In that rebalancing period portfolio showed % of performance while benchmark showed 1.540%. Anglo American Platinum,Mediclinic International,AngloGold Ashanti Samsung Heavy Industries Co,LS Industrial Systems Co,Woori Finance Holdings Co Turk Telekomunikasyon AS,Arcelik AS Haci Omer Sabanci Holding AS,Coca Cola Icecek AS,Turkiye Vakiflar Bankasi Tao Changes in the rebalancing round on AES Tiete,Cielo,Multiplus,Souza Cruz Fibria Celulose,Sul America,BR Malls Participacoes,Centrais Eletricas Brasileiras ICBC,Agricultural Bank of China,Country Garden Holdings Co China Coal Energy Co,Shui On Land,Uni President China Holdings Asian Paints,Divis Laboratories,Bajaj Auto,Tata Motors Adani Enterprises,United Spirits,Jaiprakash Associates,Reliance Power Moscow,Gazpromneft Inter RAO JSC,FGC UES JSC Harmony Gold Mining Co,Northam Platinum,Gold Fields,Investec Coway Co,Dongbu Insurance Co,Hyundai Glovis Co,Samsung Electronics Co OCI Co,Samsung Engineering Co,Samsung SDI Co TAV Havalimanlari Holding AS,Tofas Turk Otomobil Fabrikasi AS,Tupras Turkiye Petrol Rafinerileri AS,BIM Birlesik Magazalar AS Anadolu Efes Biracilik Ve Malt Sanayii A,Yapi ve Kredi Bankasi AS,Turkiye Garanti Bankasi AS,Akbank TAS CETIP Mercados Organizados Klabin China CITIC Bank Corp,China Minsheng Banking Corp China Southern Airlines Co,SOHO China Titan Industries Ranbaxy Laboratories Rosneft OAO,MMC Norilsk Nickel OJSC,Yandex X5 Group,VTB Bank OJSC,TMK OAO Mediclinic International Hynix Inc Woori Investment & Securities Co,Korean Air Lines Co Eregli Demir ve Celik Fabrikalari TAS Turkiye Vakiflar Bankasi Tao Natura Cosmeticos Usinas Siderurgicas de Minas Gerais,China Construction Bank Corp Sinopharm Group Co,China International Marine Containers Gr Adani Ports and Special Economic Zone Lt Siemens Severstal OAO,Tinkoff CS,Mobile Telesystems OJSC Rostelecom OJSC,Rusal,NovaTek OAO Growthpoint Properties Lotte Shopping Co GS Engineering & Construction Corp,Doosan Infracore Co Koza Altin Isletmeleri AS

4 In that rebalancing period portfolio showed % of performance while benchmark showed 3.890%. Changes in the rebalancing round on CETIP Mercados Organizados,Cielo,Souza Cruz Fibria Celulose,BR Malls Participacoes,Centrais Eletricas Brasileiras Agricultural Bank of China,Country Garden Holdings Co,China CITIC Bank Corp China Coal Energy Co,Shui On Land,China Southern Airlines Co,SOHO China Divis Laboratories,Asian Paints United Spirits,Jaiprakash Associates Life Healthcare Group Holdings,PPC,Sasol,Woolworths Holdings /South Africa Northam Platinum,Harmony Gold Mining Co,Gold Fields Hynix Inc,Coway Co Woori Investment & Securities Co,OCI Co,Korean Air Lines Co TAV Havalimanlari Holding AS,Tofas Turk Otomobil Fabrikasi AS,BIM Birlesik Magazalar AS Arteris,Cia Energetica de Sao Paulo Cosan Industria e Comercio,Suzano Papel e Celulose,Zhuzhou CSR Times Electric Co Tingyi Cayman Islands Holding Corp Coal India,Hindustan Unilever,Unitech Piramal Enterprises,GlaxoSmithKline Consumer Healthcare,Siemens Mr Price Group Impala Platinum Holdings,Anglo American PLC Hyundai Marine & Fire Insurance Co,Samsung Securities Co,KT&G Corp Samsung Life Insurance Co,GS Engineering & Construction Corp Turkcell Iletisim Hizmetleri AS,Enka Insaat ve Sanayi AS In that rebalancing period portfolio showed % of performance while benchmark showed 2.720%. AES Tiete,Multiplus Klabin,Sul America ICBC,China Minsheng Banking Corp Uni President China Holdings Tata Motors,Bajaj Auto,Titan Industries Adani Enterprises,Ranbaxy Laboratories,Reliance Power Vodacom Group Investec,Mediclinic International Samsung Electronics Co,Hyundai Glovis Co,Dongbu Insurance Co Samsung SDI Co,Samsung Engineering Co Tupras Turkiye Petrol Rafinerileri AS,Eregli Demir ve Celik Fabrikalari TAS Changes in the rebalancing round on Arteris,Souza Cruz,CETIP Mercados Organizados,Cia Energetica de Sao Paulo Fibria Celulose,Centrais Eletricas Brasileiras,BR Malls Participacoes,China CITIC Bank Corp,Agricultural Bank of China Shui On Land,China Coal Energy Co,China Southern Airlines Co,SOHO China Coal India,Hindustan Unilever,Divis Laboratories United Spirits,GlaxoSmithKline Consumer Healthcare,Siemens Multiplus Centrais Eletricas Brasileiras,Gerdau China Minsheng Banking Corp,Zijin Mining Group Co Uni President China Holdings Hero MotoCorp,Sun Pharmaceutical Industries Ranbaxy Laboratories,Housing Development Finance Corp Cielo Cosan Industria e Comercio,Suzano Papel e Celulose Country Garden Holdings Co,Zhuzhou CSR Times Electric Co Tingyi Cayman Islands Holding Corp Unitech,Asian Paints VTB Bank OJSC,FGC UES JSC,X5 Group,TMK OAO Evraz Inter RAO JSC PPC,Life Healthcare Group Holdings,Woolworths Holdings /South Africa,Sasol Harmony Gold Mining Co,Impala Platinum Holdings,Northam Platinum,Gold Fields Hyundai Marine & Fire Insurance Co, Hynix Inc,Coway Co,KT&G Corp Samsung Life Insurance Co,OCI Co,Korean Air Lines Co,GS Engineering & Construction Corp TAV Havalimanlari Holding AS,BIM Birlesik Magazalar AS,Tofas Turk Otomobil Fabrikasi AS Anadolu Efes Biracilik Ve Malt Sanayii A,Yapi ve Kredi Bankasi AS,Akbank TAS Investec African Bank Investments C&C Co Daewoo Securities Co Ford Otomotiv Sanayi AS,Eregli Demir ve Celik Fabrikalari TAS Turkiye Sise ve Cam Fabrikalari AS,KOC Holding AS In that rebalancing period portfolio showed % of performance while benchmark showed 0.560%. Piramal Enterprises,Jaiprakash Associates Mr Price Group Anglo American PLC Samsung Securities Co Woori Investment & Securities Co Turkcell Iletisim Hizmetleri AS,Enka Insaat ve Sanayi AS Turkiye Garanti Bankasi AS,Turkiye Vakiflar Bankasi Tao Changes in the rebalancing round on Arteris,Souza Cruz,Cia Energetica de Sao Paulo,Multiplus Fibria Celulose,Centrais Eletricas Brasileiras,BR Malls Participacoes China Minsheng Banking Corp,PICC Property & Casualty Co,Zijin Mining Group Co,Agricultural Bank of China Cielo Qualicorp,Sul America Parkson Retail Group CETIP Mercados Organizados Centrais Eletricas Brasileiras,Gerdau China CITIC Bank Corp

5 Shui On Land,China Coal Energy Co,Uni President China Holdings,SOHO China Air China Coal India,Hindustan Unilever,Divis Laboratories Asian Paints,Power Finance Corp United Spirits,GlaxoSmithKline Consumer Healthcare,Siemens,Housing Development Finance Corp Piramal Enterprises China Southern Airlines Co Hero MotoCorp,Sun Pharmaceutical Industries Ranbaxy Laboratories MMC Norilsk Nickel OJSC,Moscow,Gazpromneft Tatneft OAO,Lukoil OAO Rosneft OAO,Yandex VTB Bank OJSC,FGC UES JSC Sberbank,Tinkoff CS,NovaTek OAO Evraz,X5 Group,TMK OAO PPC,Life Healthcare Group Holdings,Woolworths Holdings /South Africa,Sasol Coway Co, C&C Co Samsung Life Insurance Co,OCI Co,GS Engineering & Construction Corp TAV Havalimanlari Holding AS,BIM Birlesik Magazalar AS,Tofas Turk Otomobil Fabrikasi AS,Eregli Demir ve Celik Fabrikalari TAS Anadolu Efes Biracilik Ve Malt Sanayii A,Yapi ve Kredi Bankasi AS,Turkiye Sise ve Cam Fabrikalari AS,KOC Holding AS Mr Price Group Mirae Asset Securities Co,Hyundai Glovis Co,Woori Investment & Securities Co Samsung Engineering Co,NHN Entertainment Corp Turkcell Iletisim Hizmetleri AS Turkiye Halk Bankasi AS Investec Hyundai Marine & Fire Insurance Co, Hynix Inc,KT&G Corp Daewoo Securities Co,Korean Air Lines Co Ford Otomotiv Sanayi AS Akbank TAS In that rebalancing period portfolio showed % of performance while benchmark showed 4.800%. Changes in the rebalancing round on country trade Remaining Stocks New Stocks Removed Stocks VTB Bank OJSC,Tinkoff CS,FGC UES JSC,NovaTek OAO Megafon Sberbank In that rebalancing period portfolio showed % of performance while benchmark showed 9.760%. Changes in the rebalancing round on Cia Energetica de Sao Paulo,Multiplus Fibria Celulose,BR Malls Participacoes,Sul America Zijin Mining Group Co,Agricultural Bank of China Shui On Land,Uni President China Holdings,SOHO China Coal India,Asian Paints,Divis Laboratories,Hindustan Unilever CETIP Mercados Organizados,BB Seguridade Participacoes,Natura Cosmeticos Cosan Industria e Comercio,Usinas Siderurgicas de Minas Gerais ICBC,China Construction Bank Corp,Country Garden Holdings Co Yanzhou Coal Mining Co,China International Marine Containers Gr Hero MotoCorp United Spirits,Siemens,Piramal Enterprises Reliance Power,Wockhardt MMC Norilsk Nickel OJSC,Gazpromneft,Moscow Gazprom OAO,QIWI Arteris,Souza Cruz,Cielo Qualicorp,Centrais Eletricas Brasileiras China Minsheng Banking Corp,PICC Property & Casualty Co,Parkson Retail Group China Coal Energy Co,Air China Power Finance Corp GlaxoSmithKline Consumer Healthcare,Housing Development Finance Corp Tatneft OAO,Lukoil OAO Megafon,VTB Bank OJSC,Tinkoff CS,FGC UES JSC TMK OAO NovaTek OAO PPC,Life Healthcare Group Holdings,Woolworths Holdings /South Africa,Sasol Harmony Gold Mining Co Mirae Asset Securities Co,Coway Co Truworths International Barloworld,African Rainbow Minerals,AngloGold Ashanti,Exxaro Resources Samsung Fire & Marine Insurance Co, Hynix Inc,Hyundai Marine & Fire Insurance Co OCI Co,GS Engineering & Construction Corp S Oil Corp,Samsung SDI Co,Hanwha Chemical Corp TAV Havalimanlari Holding AS,Tofas Turk Otomobil Fabrikasi AS,Eregli Demir ve Celik Fabrikalari TAS,BIM Turk Telekomunikasyon AS Birlesik Magazalar AS Yapi ve Kredi Bankasi AS,Turkiye Sise ve Cam Fabrikalari AS,KOC Holding AS,Turkiye Halk Bankasi AS In that rebalancing period portfolio showed % of performance while benchmark showed 1.050%. Mr Price Group Northam Platinum,Impala Platinum Holdings,Gold Fields,African Bank Investments Hyundai Glovis Co, C&C Co,Woori Investment & Securities Co Samsung Life Insurance Co,Samsung Engineering Co,NHN Entertainment Corp Turkcell Iletisim Hizmetleri AS Anadolu Efes Biracilik Ve Malt Sanayii A

6 Changes in the rebalancing round on Multiplus,CETIP Mercados Organizados,Cia Energetica de Sao Paulo BR Malls Participacoes,Sul America,Usinas Siderurgicas de Minas Gerais Agricultural Bank of China,China Construction Bank Corp Yanzhou Coal Mining Co,Shui On Land,Uni President China Holdings,China International Marine Containers Gr Souza Cruz,CCR Suzano Papel e Celulose,Gerdau Golden Eagle Retail Group,China Merchants Bank Co,China Minsheng Banking Corp China Coal Energy Co Coal India,Divis Laboratories,Hero MotoCorp Canara Bank,Hindalco Industries United Spirits,Reliance Power,Piramal Enterprises,Siemens MMC Norilsk Nickel OJSC,Gazpromneft,Moscow Reliance Communications Surgutneftegas OAO,Tatneft OAO BB Seguridade Participacoes,Natura Cosmeticos Fibria Celulose,Cosan Industria e Comercio Zijin Mining Group Co,ICBC,Country Garden Holdings Co SOHO China Asian Paints,Hindustan Unilever Wockhardt Gazprom OAO,QIWI Tinkoff CS,VTB Bank OJSC,FGC UES JSC Magnit OJSC,Mail. Megafon,TMK OAO PPC,Truworths International,Life Healthcare Group Holdings,Woolworths Holdings /South Africa Harmony Gold Mining Co,Barloworld,African Rainbow Minerals,AngloGold Ashanti Coway Co,Samsung Fire & Marine Insurance Co, Hynix Inc S Oil Corp,GS Engineering & Construction Corp Tofas Turk Otomobil Fabrikasi AS,Eregli Demir ve Celik Fabrikalari TAS,BIM Birlesik Magazalar AS Yapi ve Kredi Bankasi AS,Turkiye Sise ve Cam Fabrikalari AS,Turkiye Halk Bankasi AS,KOC Holding AS Mr Price Group Assore Samsung Card Co,Daewoo Securities Co Sasol Exxaro Resources Hyundai Marine & Fire Insurance Co,Mirae Asset Securities Co Daelim Industrial Co,Hyundai OCI Co,Samsung SDI Co Development Co Engineering & Con,Hyundai,Hanwha Chemical Corp Securities Co Arcelik AS,Ford Otomotiv Sanayi AS Anadolu Efes Biracilik Ve Malt Sanayii A In that rebalancing period portfolio showed % of performance while benchmark showed 1.860%. TAV Havalimanlari Holding AS,Turk Telekomunikasyon AS Changes in the rebalancing round on Souza Cruz,Cia Energetica de Sao Paulo,CCR Usinas Siderurgicas de Minas Gerais,BR Malls Participacoes,Sul America China Construction Bank Corp,Agricultural Bank of China,China Minsheng Banking Corp Shui On Land,Yanzhou Coal Mining Co,China Coal Energy Co,China International Marine Containers Gr Canara Bank,Coal India,Hindalco Industries Siemens,United Spirits,Reliance Power,Piramal Enterprises Itausa Investimentos Itau,Cia Energetica de Minas Gerais Multiplus,CETIP Mercados Organizados Cia Siderurgica Nacional Suzano Papel e Celulose,Gerdau,Centrais Eletricas Brasileiras Zhuzhou CSR Times Electric Co,BBMG Corp CITIC Securities Co Zee Entertainment Enterprises,Oil India Tata Power Co Tinkoff CS,VTB Bank OJSC,FGC UES JSC,Magnit OJSC NovaTek OAO Mail. PPC,Truworths International AngloGold Ashanti,African Rainbow Minerals,Assore Coway Co, Hynix Inc GS Engineering & Construction Corp,Daelim Industrial Co,Hyundai Development Co Engineering & Con Foschini Group /The,Redefine Properties,Spar Group /The Massmart Holdings,Exxaro Resources Halla Visteon Climate Control Corp,Hyundai Glovis Co,KT&G Corp Samsung Electro Mechanics Co, Innovation Co Golden Eagle Retail Group,China Merchants Bank Co Uni President China Holdings Hero MotoCorp,Divis Laboratories Reliance Communications Woolworths Holdings /South Africa,Life Healthcare Group Holdings,Mr Price Group Barloworld,Harmony Gold Mining Co Samsung Fire & Marine Insurance Co,Samsung Card Co,Daewoo Securities Co S Oil Corp,Hyundai Securities Co In that rebalancing period portfolio showed % of performance while benchmark showed 1.190%. Changes in the rebalancing round on CCR,Souza Cruz,Natura Cosmeticos Usinas Siderurgicas de Minas Cia Energetica de Minas Gerais,Itausa Investimentos Itau BR Malls Participacoes,Ultrapar Participacoes Cielo,AES Tiete,Multiplus

7 Gerais,Sul America,Marcopolo Hypermarcas,Centrais Eletricas Brasileiras Zhuzhou CSR Times Electric Co,China Minsheng Banking Corp Shui On Land,Yanzhou Coal Mining Co JSW Steel,Asian Paints United Spirits,Adani Enterprises MMC Norilsk Nickel OJSC,Gazpromneft,Moscow FGC UES JSC PPC AngloGold Ashanti Hyundai Glovis Co Tofas Turk Otomobil Fabrikasi AS,Arcelik AS Turkiye Vakiflar Bankasi Tao Agricultural Bank of China,Wumart Stores Inc,ICBC China Coal Energy Co,Sinopec Shanghai Petrochemical Co,China Shipping Container Lines Co Hindalco Industries,Coal India,Canara Bank Siemens,Reliance Power,Piramal Enterprises Surgutneftegas OAO,Tatneft OAO VTB Bank OJSC,Tinkoff CS,NovaTek OAO,Magnit OJSC Foschini Group /The,Truworths International,Spar Group /The,Life Healthcare Group Holdings African Rainbow Minerals,African Bank Investments,Massmart Holdings,Assore Coway Co, Hynix Inc,KT&G Corp,Hyundai Marine & Fire Insurance Co Ford Otomotiv Sanayi AS,Eregli Demir ve Celik Fabrikalari TAS,KOC Holding AS Yapi ve Kredi Bankasi AS,Anadolu Efes Biracilik Ve Malt Sanayii A,Turkiye Halk Bankasi AS,Turkiye Sise ve Cam Fabrikalari AS Greentown China Holdings,Country Garden Holdings Co,Anta Sports Products Daphne International Holdings,China Southern Airlines Co,ZTE Corp Unitech,Cairn India,DLF Ranbaxy Laboratories,HDFC Bank,Jaiprakash Associates Yandex,Severstal OAO RusHydro JSC,Inter RAO JSC,TMK OAO,Rostelecom OJSC Growthpoint Properties,Sanlam,Kumba Iron Ore,Vodacom Group Harmony Gold Mining Co,Anglo American Platinum,Investec,Mediclinic International Samsung Heavy Industries Co,LS Industrial Systems Co,Woori Finance Holdings Co,Samsung Electronics Co Turk Telekomunikasyon AS,TAV Havalimanlari Holding AS,BIM Birlesik Magazalar AS Haci Omer Sabanci Holding AS,Coca Cola Icecek AS,Akbank TAS,Turkiye Garanti Bankasi AS In that rebalancing period portfolio showed % of performance while benchmark showed 1.560%. Changes in the rebalancing round on Cia Energetica de Minas Gerais,CCR,Souza Cruz Usinas Siderurgicas de Minas Gerais,Sul America,Ultrapar Participacoes Zhuzhou CSR Times Electric Co,Agricultural Bank of China,China Minsheng Banking Corp Multiplus,BB Seguridade Participacoes ALL America Latina Logistica,BR Properties,China Construction Bank Corp Itausa Investimentos Itau,Natura Cosmeticos BR Malls Participacoes,Marcopolo Wumart Stores Inc,ICBC Coal India,Canara Bank,Asian Paints Bajaj Auto,Hindustan Unilever JSW Steel,Hindalco Industries United Spirits,Siemens,Adani Enterprises DLF,Tata Power Co Reliance Power,Piramal Enterprises MMC Norilsk Nickel OJSC,Surgutneftegas OAO,Gazpromneft,Tatneft OAO Surgutneftegas OAO Moscow VTB Bank OJSC,FGC UES JSC,NovaTek OAO Severstal OAO,Aeroflot Tinkoff CS,Magnit OJSC Truworths International,Spar Group /The,Life Healthcare Group Holdings AngloGold Ashanti,African Rainbow Minerals,African Bank Investments Hynix Inc,Hyundai Glovis Co Daelim Industrial Co,Samsung Electro Mechanics Co Tofas Turk Otomobil Fabrikasi AS,Ford Otomotiv Sanayi AS,Arcelik AS Anadolu Efes Biracilik Ve Malt Sanayii A,Turkiye Vakiflar Bankasi Tao,Turkiye Halk Bankasi AS,KOC Holding AS Gold Fields,Mr Price Group Sappi,Sasol Samsung Heavy Industries Co,Hanwha Chemical Corp,Korea Electric Power Corp Samsung SDI Co,OCI Co,NHN Entertainment Corp BIM Birlesik Magazalar AS,Turk Telekomunikasyon AS Foschini Group /The,PPC Massmart Holdings,Assore Coway Co,KT&G Corp,Hyundai Marine & Fire Insurance Co GS Engineering & Construction Corp,GS Holdings,Hyundai Development Co Engineering & Con Eregli Demir ve Celik Fabrikalari TAS Yapi ve Kredi Bankasi AS,Turkiye Sise ve Cam Fabrikalari AS In that rebalancing period portfolio showed % of performance while benchmark showed 2.930%.