Genesis Emerging Markets Fund (GSS) 2014年年度报告「LSE」.pdf

1、ANNUALFINANCIALREPORTFOR THE YEAR ENDED 30thJUNE 2014EMERGING MARKETS FUND LIMITED17690 Genesis Emerging Markets Annual Report:Layout 124/09/201418:36Page COV1GENESISEMERGINGMARKETSFUNDLIMITED1PageINTRODUCTION.2HIGHLIGHTS.3DIRECTORS.5MANAGEMENTREPORTCHAIRMANSSTATEMENT.7DIRECTORS REPORT.10MANAGERSREV

2、IEW.20TWENTYLARGESTHOLDINGS.22COUNTRYEXPOSURE OF THEPORTFOLIO.25SECTOREXPOSURE OF THEPORTFOLIO.26THEPORTFOLIO.27INDEPENDENTAUDITORS REPORT.33STATEMENT OFFINANCIALPOSITION.35STATEMENT OFCOMPREHENSIVEINCOME.36STATEMENT OFCHANGESINEQUITY.37STATEMENT OFCASHFLOWS.38NOTES TO THEFINANCIALSTATEMENTS.39PERFO

3、RMANCERECORD.64ADMINISTRATION.66NOTICE OFMEETING.67NOTE:All reference to US dollars or$throughout this report are to the United States currency.17690 Genesis Emerging Markets Annual Report:Layout 124/09/201418:36Page 1OBJECTIVETo provide shareholders with a broadly diversified means of investing in

4、developingcountries and immature stock markets,and thus to provide access to superior returnsoffered by high rates of economic and corporate growth,whilst limiting individualcountry risk.STRUCTUREGenesis Emerging Markets Fund Limited(Fund or GEMF)is a Guernsey basedClosed-Ended Investment Scheme wit

5、h the ability to issue additional shares.The Fundsshares are listed on the premium segment of the Official List of the UK Listing Authority,traded on the London Stock Exchange and are included in the FTSE 250.The numberof Participating Preference Shares outstanding is 134,963,060 as at 30thJune 2014

6、(30thJune 2013:134,963,060).MANAGERGenesis Asset Managers,LLP(Manager or Genesis).INVESTMENT APPROACHThe investment approach is to identify companies which are able to take advantage ofgrowth opportunities in emerging markets for the benefit of shareholders,and invest inthem when they are trading at