World stock markets are not immune from the coronavirus. We have lived through a nasty correction in equity markets, followed by recovery outside China.
The epidemic is likely to direct investors away from China where the economy will be damaged, but is unlikely to have more than a short-term worldwide impact unless it takes off in other large economies and interrupts production.
The FT fund has no direct exposure to China, where I sold the holding last year as trade tensions increased and Chinese growth started to slow. The partial trade deal between China and the US has created a more positive backdrop for shares since the start of the year, reinforced by general monetary easing. Technology stocks and US markets have once again led the rise.