What’s Hot? What’s Not? America Trumps; Gold Slumps [Fund Edition]

Donald Trump dominates the Hot and Not lists this month.  US funds bounced off the back of the Trump Administration’s action plan, while gold, Latin America and India were all down.

What’s Hot?

• American funds (both Smaller Companies and American sectors) dominate the Hot list with 8 funds. American companies benefitted from investors’ faith in Trump’s “America first” mantra...
• ...while Biotech benefitted from a “not Hillary” bounce
• Neptune Japan Opportunities makes a return to the Hot list thanks in part to yen weakness over the month.

What’s Not?

• The likelihood of a reflationary environment in the world's largest economy pushed Gold and Natural Resources funds down.
• And Latin American funds with exposure to those sectors were under pressure...
• ...while Mexican exposure was also a drain on performance.  Trump’s campaign pledges to renegotiate NAFTA and build a wall along the Mexican worried investors.
• India has suffered thanks to the Trump rally, and its impact on emerging markets, plus Modi's corruption crackdown...
• ...while one Japan equity fund makes it into the Not Hot list (showing how Neptune's currency hedge has worked over the month). 

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• Emerging Markets: in for the long haul