All seven ETFs have since fallen over the past month
Turkey, uranium and blockchain ETFs made up an eclectic winners’ circle in Q3 as a summertime ‘dead cat bounce’ saw investors rotate into more niche, risk-on exposures.
Topping the leader board during the quarter were the $68m Lyxor MSCI Turkey UCITS ETF (TUR), $106m iShares MSCI Turkey UCITS ETF (ITKY) and $11m HSBC MSCI Turkey UCITS ETF (HTRD), which rallied 16.7%, 16.1% and 16%, respectively, over the three-month period.
However, while Turkish equities outperformed broader Europe by 58% between the start of the year and 9 September, this was likely caused by unorthodox Turkish monetary policy rather than anything merit-worthy.
Source: Bloomberg, US Global Investors
With the country’s employment sitting at 10.6%, President Recep Erdogan decided to ignore the 80% year-on-year inflation figure posted in September and cut interest rates by an additional 100 basis points (bps) – now down 600bps since last August.
In this scenario,...
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