Spanish funds exposed to Japan equity see largest returns
The Spanish funds with higher exposure to Japan’s equities saw the largest returns for May.
Last month’s average return for these funds was 3.74%, according to data from industry body Inverco.
Funds with higher exposure to US equities had an average return of 3.07%, while those more exposed to European equities had an average return of 2.42%
On the contrary, the average return of funds with significant exposure to international emerging markets was -0.97%, Inverco data shows.
Fixed income funds, for their part, had positive returns, and they were higher as the fund’s duration increased.
International fixed income funds saw its return averaging 0.58% in May, after taking advantage of the slight devaluation of the euro against the dollar, Inverco said.
In general, mutual funds had positive returns of 0.57% in May and continue the recovery process from the first two months of the year.
Despite downward global economic growth estimations, funds in May had upward returns, continuing the trend started in March.
However, a possible Brexit and the moment chosen by the Fed to normalize its monetary policy, add uncertainty to the markets in the following months, Inverco said.