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- Advance Developing Markets let down by asset allocation
Advance Developing Markets has published its results for the year that ended on 31 October 2014. Over that period the fund saw its asset value fall by 0.3% and its share price fall by 2.3% while its benchmark, the MSCI Emerging Markets Index rose by 0.9%.
The managers’ report says that good fund selection and beneficial contraction of discounts on underlying funds was offset by a poor contribution from asset allocation relative to the benchmark. This latter issue cost them 1.3%. The average discount to net asset value on the closed end portion of the portfolio was 8.9% at the end of the period, compared with 9.5% a year ago.
ADMF : Advance Developing Markets let down by asset allocation
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