The Pembroke Emerging Markets Fund was up 2.6% for December, bringing its full-year net return to 10.12% for 2019. The MSCI EM index was up 18.43% for 2019.
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Strong gains in December
Almost all of Pembroke's strategies were in the green in December, with real estate and retail posting the biggest gains for the fund. The strategies were mostly invested in Brazil, although they also included exposures to Asia.
Pembroke's Brazilian healthcare strategy also contributed significantly to the December gains. Other contributors include the fund's infrastructure, semiconductors, travel and leisure, utilities, internet, technology, and banks...
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