Genesis Emerging Markets Fund (GSS) 2010年年度报告「LSE」.pdf

1、ANNUALREPORT ANDAUDITEDFINANCIALSTATEMENTSFORTHEYEARENDED30thJUNE 2010EMERGING MARKETS FUND LIMITED1GENESISEMERGINGMARKETSFUNDLIMITEDNOTE:All reference to“US dollars”or“$”throughout this report are to the United States currency.PageINTRODUCTION.2DIRECTORS.3HIGHLIGHTS.4MANAGEMENTREPORTCHAIRMANSSTATEM

2、ENT.6DIRECTORS REPORT.8MANAGERSREVIEW.15TWENTYLARGESTHOLDINGS.17COUNTRYEXPOSURE OF THEPORTFOLIO.20SECTOREXPOSURE OF THEPORTFOLIO.21THEPORTFOLIO.22INDEPENDENTAUDITORS REPORT.26CONSOLIDATEDSTATEMENT OFFINANCIALPOSITION.27CONSOLIDATEDSTATEMENT OFCOMPREHENSIVEINCOME.28CONSOLIDATEDSTATEMENT OFCHANGES INE

3、QUITY.29CONSOLIDATEDSTATEMENT OFCASHFLOWS.30NOTES TO THEFINANCIALSTATEMENTS.31PERFORMANCERECORD.54ADMINISTRATION.55NOTICE OFMEETING.562INTRODUCTIONOBJECTIVETo provide shareholders with a broadly diversified means of investing in developingcountries and immature stock markets,and thus to provide acce

4、ss to superior returnsoffered by high rates of economic and corporate growth,whilst limiting individual country risk.STRUCTUREThe Fund is a Guernsey based closed-ended investment company with the ability to issueadditional shares.The Funds shares are listed on the London Stock Exchange.The Participa

5、ting Preference Shares of the Fund were redenominated to permit tradingin Sterling and split ten for one in November 2009.As a result,the number ofParticipating Preference Shares outstanding is 135,863,060 as at 30thJune 2010.Following the restructuring the Fund became eligible for inclusion in the

6、FTSE 250.MANAGERGenesis Asset Managers,LLPINVESTMENT APPROACHGenesis follows a value-based stock selection approach,buying companies whose sharesappear under-valued on the basis of long-term earning power,current free cash flows or asset backing.NEW SHARESShares may be issued twice monthly subject t