In QuotedData’s morning briefing 26 March 2024:
- JPMorgan Emerging EMEA Securities (JEMA) has announced that manager Pandora Omaset is pursuing other opportunities external to JPMorgan. Oleg Biryulyov continues to be the company’s investment manager supported by JPMorgan Asset Management’s investment management team and the investment process for the company’s portfolio management will remain unchanged.
- Ashoka WhiteOak Emerging Markets (AWEM) has provided a monthly update for February, highlighting a 5.7% jump in NAV, ahead of the benchmark index by 28 basis points. Significant contributors for the month of February 2024 include Hermes (+18.7%, a global leader in luxury brands with significant exposure to EM consumers), Rashi Peripherals (+10.7%, India’s leading distributor of hardware products), and E Ink Holdings (+17.9%, a market leader in ePaper technology based out of Taiwan).
- VinaCapital Vietnam Opportunity Fund (VOF) announced its interim report for the period to December 31 2023. Over the six months period, the company’s NAV was broadly unchanged. Taking account of the dividend paid in December, the total return was 1.9% in USD terms and 1.0% for sterling investors. The share price total return was 7.9%. Over the same period the VN Index fell by 1.0%, again on a total return basis.
- Fidelity Emerging Markets (FEML) says that shareholders tendered 79,829,958 shares to a tender at a 2% discount to NAV that was limited to just 13,531,881 shares (14.99% of the company).Investors who were successful will get £7.403 per share on the 27th or thereabouts. [QD comment: If you remember the last tender back in 2021, then 85% of shares were tendered and 25% got out. That left holders of about 73m shares stuck in the trust. This time around the queue for the exit is even longer. Maybe shareholders deserve more drastic action.]