Register Log-in Investor Type

Advance Frontiers outperforms but let down by discount

Advance Frontier Markets Fund outperformed a falling benchmark (the MSCI Frontier Markets Index) over the six months ended 31 December 2014 – falling by 9.2% vs. -11.1%. The share price fell by 13.6% however as the fund’s discount shifted from 6.6% to 11.2%.

The managers’ report says funds including Africa Emerging Markets Fund, Ashmore Middle East Equity Fund, EFG-Hermes Saudi Arabia Equity Fund, Fondul Proprietatea, Steyn Capital Africa Fund and Vietnam Holding Limited all performed strongly. However, not all holdings fared as well, with the portfolio’s investments in Sustainable Capital Nigeria Fund, PineBridge East Africa Fund as well as those across the African natural resources sphere all failing to add value against their benchmarks.

Discount narrowing helped a little as PXP Vietnam merged with an open ended fund and the discounts on Vietnam Holdings and Fondul Proprietatea narrowed. The discount of African Opportunity Fund went the other way however, widening from a 2.9% premium to a 15.1% discount.

AFMF : Advance Frontiers outperforms but let down by discount

Leave a Reply

Your email address will not be published. Required fields are marked *

Please review our cookie, privacy & data protection and terms and conditions policies and, if you accept, please select your place of residence and whether you are a private or professional investor.

You live in…

You are a…