EPOL - EPOL: Polish Equities Are Undervalued

• Poland is bouncing back, as the country effectively stems its loss of GDP through the 2020 economic crisis.
• A stronger current account, supported by stronger FX reserves, and undervalued currency from the perspective of PPP models, provides EPOL with a relatively constructive macroeconomic backdrop.
• EPOL's sector exposures would also typically be expected to perform well into a new business cycle, while the fund's earnings yield is high.
• Overall, while there are at least two idiosyncratic risks, EPOL looks attractive, and Polish equities would seem to deserve some allocation. I believe Polish equities are likely "under-owned" internationally.

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