Genesis Emerging Markets Fund (GSS) 2012年年度报告「LSE」.pdf

1、ANNUALFINANCIALREPORTFOR THE YEAR ENDED 30thJUNE 2012EMERGING MARKETS FUND LIMITED1GENESISEMERGINGMARKETSFUNDLIMITEDNOTE:All reference to“US dollars”or“$”throughout this report are to the United States currency.PageINTRODUCTION.2DIRECTORS.3HIGHLIGHTS.5MANAGEMENTREPORTCHAIRMANSSTATEMENT.7DIRECTORS RE

2、PORT.10MANAGERSREVIEW.19TWENTYLARGESTHOLDINGS.21COUNTRYEXPOSURE OF THEPORTFOLIO.24SECTOREXPOSURE OF THEPORTFOLIO.25THEPORTFOLIO.26INDEPENDENTAUDITORS REPORT.30CONSOLIDATEDSTATEMENT OFFINANCIALPOSITION.32CONSOLIDATEDSTATEMENT OFCOMPREHENSIVEINCOME.33CONSOLIDATEDSTATEMENT OFCHANGES INEQUITY.34CONSOLID

3、ATEDSTATEMENT OFCASHFLOWS.35NOTES TO THECONSOLIDATEDFINANCIALSTATEMENTS.36PERFORMANCERECORD.61ADMINISTRATION.62NOTICE OFMEETING.632INTRODUCTIONOBJECTIVETo provide shareholders with a broadly diversified means of investing in developingcountries and immature stock markets,and thus to provide access t

4、o superior returnsoffered by high rates of economic and corporate growth,whilst limiting individual country risk.STRUCTUREThe Fund is a Guernsey based Closed-Ended Investment Scheme with the ability to issueadditional shares.The Funds shares are listed on the official London Stock Exchange andare in

5、cluded in the FTSE 250.The number of Participating Preference Sharesoutstanding is 135,863,060 as at 30thJune 2012(30thJune 2011:135,863,060).MANAGERGenesis Asset Managers,LLP(“Manager”or“Genesis”)INVESTMENT APPROACHThe investment approach is to identify companies which are able to take advantage of

6、growth opportunities in emerging markets for the benefit of shareholders,and invest inthem when they are trading at an attractive discount to the Managers assessment of theirintrinsic value.NEW SHARESShares may be issued twice monthly subject to the following conditions:i)the Fund is invested as to