Though markets. Even so, the long side of our model portfolio is proving 'relatively' resilient. The hedgeing is kicking in quite nicely, as South Africa and Turkey (where we go short the indexes) have had some dramatic falls (which we gain from). The currency side of things, however, is all over the place at the moment. The extreme volatility and uncertainty in international financial markets, combined with slowing global economic growth, continue to weigh heavily on frontier currencies.
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