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LONDON | Wed Oct 12, 2011 8:59am BST
LONDON (Reuters) - While the world fretted about Europe and its debt crisis, the biggest market swings during September were in emerging economies, sending Turkey-focused funds to the top of performance rankings and China to the bottom, according to Lipper data.
The worst performing equity fund last month out of more than 3,400 vehicles available for sale in the UK was the Henderson HF China A2 USD fund, which dropped by a third, according to figures from Thomson Reuters funds research firm Lipper.
Also near the bottom was the Atlantis New China Fortune fund, down nearly 25 percent.
"September was a very bad month for Chinese stocks," said Maarten-Jan Bakkum, emerging market equity strategist at ING Investment Management.
"The whole year people were already concerned about China - the structural issues, the banking problems, local government debt, that kind of stuff. Now in September you clearly saw people were starting to adjust their growth forecasts."
The Chinese authorities intervened to support the country's ailing stock market on Monday, with the country's sovereign wealth fund increasing its stakes in its "big four" banks.
"As always with China, the challenge is to distinguish between cyclical threat and long term opportunity," said Merrill Lynch Wealth Management in a note to clients this week.
"Bottom line, China will see growth ease towards 7 to 8 percent in the coming decade as against the 11 percent pace enjoyed in 2003-10 but will reflect a maturing economy rather than a cyclical collapse."
Other emerging markets such as Russia were also well represented towards the lower end of the fund performance tables, meanwhile.
Equities in developing countries fell around the world throughout September, largely on fears that the European debt crisis would result in weak demand in developed economies which are major export destinations for emerging market economies.
The MSCI Emerging Markets Index fell .MSCIEF around 15 percent during the month, compared with a drop of less than 7 percent for the S&P 500 .SPX.
Bucking this trend was Turkey which saw its market rebound during September and pushed funds focused on the country to the top of the performance table.
Three out of the five best performing funds were Turkey-focused during September, according to Lipper data.
Top of the table was the Magna Turkey fund, up by 12 percent, followed by HSBC's GIF Turkey Equity fund and BNP Paribas' L1 Equity Turkey fund.
Investors attributed this to a bounce-back after a slump rather than fundamental economic prospects, however.
"The Turkish market relative to other emerging markets bottomed in mid August. So when the correction in emerging markets became heavy, Turkey did better," said Bakkum.
(Reporting by Chris Vellacott; Editing by Sinead Cruise, Greg Mahlich)
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