Summary

• The Fund rose by 3.19% over the quarter, finishing ahead of the benchmark's fall of 0.10%.
• In Brazil, state-owned oil producer Petrobras and independent junior oil producer Prio were buoyed by rising oil prices following supply disruptions in the Middle East.
• HDFC Bank was the top stock detractor over the quarter, weighed down by market concerns that slowing deposit growth could limit the rate of loan growth.
• Emerging market equities gave up earlier gains to end the quarter modestly lower in US dollar terms, though they outpaced developed markets.
• The Fund's investment focus is on three structural developments—technology as a platform, infrastructure and domestic brands—which management believes will drive sustained earnings growth across emerging markets.

Fund Performance

The Fund rose by 3.19% over the quarter, finishing ahead of the benchmark's fall of 0.10%.

At the stock level, there were a number of bright spots in Latin America. In Brazil, state-owned oil producer Petrobras (

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