Overview
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