16 Oct 2019 15:57
London, UK, 16 October 2019
Edison issues review on Genesis Emerging Markets Fund (GSS)
Genesis Emerging Markets Fund (GSS) was launched in 1989 and is one of the first funds listed in the UK focused on this asset class. Its objective is to deliver capital growth over the long term through investing in high-quality companies listed in, or with substantial exposure to, emerging markets. Unconstrained by index considerations, the portfolio reflects the highest-conviction investment ideas from a team of emerging markets specialists. The fund has a solid long-term track record of outperforming the MSCI Emerging Markets Index and, over the past 10 years, has delivered an annualised NAV total return of 8%. Investor appetite for the asset class is currently subdued; however, the manager has a long-term investment horizon and is finding exciting opportunities.
GSS trades on a 10.5% discount to its cum-income NAV, which is narrower than its three-year average of 12.2%. The board recently introduced several measures to broaden the appeal of the fund, including a further tender offer if the fund's NAV total return over five years to June 2021 does not exceed that of its benchmark. Combined with continued solid performance and the potential for improved sentiment towards emerging markets, there is scope for the discount to narrow.
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