Advance Developing Markets has released its interim figures covering the six months ended 30 April 2014. The net asset value return marginally outperformed the benchmark (the MSCI Emerging Markets) falling by 7.7% vs. a 7.8% fall in the index. the fund’s discount widened however to leave shareholders with a return of -10.6%. Overweighting Russia detracted from performance but this was offset by good returns from the funds holdings in India and Korea.
Slim Feriani (pictured) will soon hand over the responsibility for the day to day management of the fund to Andrew Lister and Bernard Moody