The iShares MSCI Turkey ETF (NYSEArca: TUR) started this year on a torrid pace, but even with a big drop last month, the lone exchange traded fund dedicated to Turkish equities is up 12.3% year-to-date compared to again of 6.9% for the MSCI Emerging Markets Index.

Earlier this year, Turkish markets rallied after Prime Minister Binali Yildirim stepped up and announced a cabinet that signaled policy continuity, with top members of the economic management team including Deputy Prime Minister Mehmet Simsek, whom was favored by foreign investors as a reformer, Reuters reports.

Investors believe Simsek will maintain fiscal discipline and act as a buffer to Erodgan’s push against orthodox monetary policy.

Related: Lone Turkey ETF on a Wild Ride After Political Volatility

Citigroup recently had some positive things to say about select Turkish equities.

“More Breathing Room from the Fed last week … is particularly helpful to Turkey, given it allows yield-chasing investors to turn a blind eye (at least for now) to Turkey’s well known vulnerabilities,” according to part of a Citi note posted by Dimitra DeFotis of Barron’s. “Positive Economic Momentum:  Unlike other emerging markets (where economic data has in general disappointed), upside surprises have been a consistent story from Turkey over the last year, as economist’s dire predictions on Turkey’s economic picture have failed to materialize.”

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Looking ahead, Turkey still faces growing risk from investment outflows as the U.S. Federal Reserve normalizes interest rates.

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