Published Date: August 27, 2024
Author: HANetf
The leading positive contributors to the EMQQ Index’s performance in July were China’s Alibaba and India’s Zomato, posting gains of 9.6% and 13.9%, respectively. Alibaba rose on news that it will hike service fees for merchants operating across its e-commerce platforms, which should help boost profitability moving forward. Meanwhile, Zomato was aided by strong quarterly results, in which revenues rose 74% and net profits soared. More on that below.
The two largest detractors for the month were Sea Limited and Reliance Industries, falling -8.0% and -4.2%, respectively. Sea Limited cooled down after a strong first half of 2024, while Reliance pulled back after a weaker-than-expected earnings report, despite the resilient performance of its digital unit.
Source of all performance data: HANetf / Bloomberg. Data as of 31.07.2024. Please note that all performance figures are showing net data. Past performance is not indicative of future performance and when you invest in ETFs your capital is at risk.
Mercadolibre’s profit doubles
Mercadolibre, the leading e-commerce and fintech operator in Latin America and one of the largest members of the EMQQ and FMQQ Indexes, reported doubling profits from a year earlier and a record number of users for its fintech platform, indicating strong geographic and product expansion.
Despite macroeconomic challenges, including currency devaluations, the company continues to grow, highlighted by a strong track record and an increasing shift towards online payments and banking.
Zomato’s growth soars on quick commerce takeoff
Zomato, the Doordash of India, reported a net profit of 2.5 billion rupees ($30 million) for the June quarter, a significant increase from 20 million rupees a year ago. Meanwhile, sales soared by 74%. The India-based company, which generates about half of its revenue from food delivery, has seen substantial growth in its quick-commerce service. After acquiring Blinkit in 2022, Zomato is expanding this service and now aims to reach 2,000 small warehouses by the end of 2026, up from its initial target of 1,000 stores by March 2025.
India leads the world in real-time digital payments
India holds a 49% share in global real-time payments volume, according to a Reserve Bank of India (RBI) report. India also leads in global remittances, receiving $115.3 billion in 2023. The digital economy, currently 10% of India’s GDP, is expected to grow to 20% by 2026. Digital payments in India have seen a CAGR of 50% in volume over the last seven years.
EMQQ (Fund)EMQQIET* (Index)1M-0.88%-0.78%3M5.96%6.38%6M-4.67%-4.17%YTD-14.50%-14.07%12M-17.93%-17.28%3Y14.39%18.64%Since Inception (02/10/2018)14.08%24.94%
INQQ (Fund)INQQETR* (Index)1M5.21%6.54%3M15.61%17.88%6M10.29%12.57%YTD-2.81%-1.97%12M-8.86%-7.82%3Y-27.23%Since Inception (15/11/2023)13.65%24.43%
Please note that all performance figures are showing net data. Source: Bloomberg / HANetf. Data as of 31/07/2024
Performance before inception is based on back tested data. Back testing is the process of evaluating an investment strategy by applying it to historical data to simulate what the performance of such strategy would have been. Back tested data does not represent actual performance and should not be interpreted as an indication of actual or future performance. Past performance for the index is in USD. Past performance is not an indicator for future results and should not be the sole factor of consideration when selecting a product. Investors should read the prospectus of the Issuer (“Prospectus”) before investing and should refer to the section of the Prospectus entitled ‘Risk Factors’ for further details of risks associated with an investment in this product. Please remember that when you invest in ETFs and ETCs your capital is at risk.
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