State Street Emerging Market Portfolio Review-Dec. 2009

by | Dec 10, 2008 | Multi Currency Investing

Tracking the portfolio of the State Street Global Advantage Emerging Market Fund is one way to track emerging global investing value.

State Street is one of the world’s largest fund managers.  Keppler Asset Management, a leader in analyzing market value, selects good value major markets.  State Street then selects good value shares in these markets.

The State Street Global Advantage Funds are only available to non US investors, but all of us can gain insights by studying the portfolio breakdown of these funds.   Non US investors can invest in the funds.

US investors can recreate the portfolio by buying the shares in the fund or Exchange Traded Funds in equal proportions to the fund.

The current breakdown of invested countries (December 2008) of the State Street Global Advantage Emerging Market Fund is:

Country  – Percent of Portfolio

Turkey               12.8%
Thailand            11.2%
Taiwan              14.0%
Russia                 9.9%
Poland              11.9%
Korea               11.9%
Hungary           11.3%
Cash                  4.1%
Other               12.9%

Top 10 Investments

Share        –       Percent of Portfolio

OAO Gazprom                4.9%
Anglo American              4.1%
OTP Bank                        3.7%
MOL Hungarian Oil & Gas Plc  3.1%
AngloGold Ashanti Ltd     3.0%
Teva Pharmaceutcial Industries Ltd. 2.8%
PKD Bank Polski SA          2.6%
Magyar Telcome Plc         2.6%
Telekomunikacja Polska S.A. 2.5%
Samsung Elecxtronics Co. 2.5%

By comparing annual performance of the State Global Advantage Emerging Market Fund (EMHV) to the Morgan Stanley Capital Index Emerging Stock Index (MSCIEM) we can see how the good value approach consistently outperforms the global average…plus volatility has been lower.

State Global Advantage Emerging Market Fund Performance in Euro

Year           2003       2004      2005      2006       2007      YTD

EMHV          31.75%    27.96%  63.59%   13.37%   25.49%   -48.96%
MSCIEM       29.63%   16.515   54.41%   18.23%   25.71%   -50.12%

Unlike the major market review we saw yesterday, this value investment did not tend to drop more during bear markets.   Value investing is long term investing. Value investing is the most dependable type of investing but not in the short term.

Here is some homework for tomorrow’s update. Review the performance of the major market portfolio shown yesterday with the emerging market portfolio today. We’ll examine significance tomorrow.

Please send your questions and comments to me at

Be sure to put MC in the subject line so I can give you a priority reply.

Until next message may all your value be good.


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