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Genesis Emerging Markets Fund said its first-half returns topped that of its benchmark as the fund benefited from a rebound in emerging markets in the year following weakness in 2018.
For the six months ended 31 December 2019, net asset value rose by 4.5% in sterling total return terms to £8.67 per share, compared with a rise of 3.1% in the fund's benchmark, the MSCI Emerging Markets Total Return Index,
The fund's share price rose by 6.6% to £7.92 and the net asset value rose by 23.3% against an index return of 14.3%, the company said.
'Looking ahead to 2020 and beyond, we are confident in the outlook for two reasons. Some significant parts of the portfolio, including some smaller capitalisation and frontier market companies, have not yet had their time in the sun and are showing compelling IRRs,' Genesis said.
'We have also been disciplined about reducing positions when valuations became less attractive, which has been the biggest driver of our unusually high 34% turnover in 2019,' it added.