Genesis Emerging Markets Fund (GSS) 2015年年度报告「LSE」.pdf

1、ANNUALFINANCIALREPORTFOR THE YEAR ENDED 30thJUNE 2015EMERGING MARKETS FUND LIMITEDGENESISEMERGINGMARKETSFUNDLIMITED1PageINTRODUCTION.2HIGHLIGHTS.3DIRECTORS.5MANAGEMENTREPORTCHAIRMANSSTATEMENT.7DIRECTORS REPORT.10MANAGERSREVIEW.22TWENTYLARGESTHOLDINGS.25COUNTRYEXPOSURE OF THEPORTFOLIO.28SECTOREXPOSUR

2、E OF THEPORTFOLIO.29THEPORTFOLIO.30INDEPENDENTAUDITORS REPORT.37STATEMENT OFFINANCIALPOSITION.39STATEMENT OFCOMPREHENSIVEINCOME.40STATEMENT OFCHANGESINEQUITY.41STATEMENT OFCASHFLOWS.42NOTES TO THEFINANCIALSTATEMENTS.43ALTERNATIVEINVESTMENTFUNDMANAGERSDIRECTIVEDISCLOSURE.65PERFORMANCERECORD.66ADMINIS

3、TRATION.68NOTICE OFMEETING.69NOTE:All reference to US dollars or$throughout this report are to the United States currency.OBJECTIVEThe investment objective of the Fund is to achieve capital growth over the medium tolong term,primarily through investment in equity securities quoted on Emerging Market

4、s.STRUCTUREGenesis Emerging Markets Fund Limited(the Fund or GEMF)is a Guernsey basedAuthorised Closed-Ended Investment Scheme with the ability to issue additional shares.The Funds shares are listed on the premium segment of the Official List of the UKListing Authority,traded on the London Stock Exc

5、hange and are included in the FTSE250.The number of Participating Preference Shares outstanding is 134,963,060 as at30thJune 2015(30thJune 2014:134,963,060).MANAGERGenesis Asset Managers,LLP(the Manager or Genesis).INVESTMENT APPROACHThe investment approach is to identify companies which are able to

6、 take advantage ofgrowth opportunities in emerging markets and invest in them when they are trading atan attractive discount to the Managers assessment oftheir intrinsic value.NEW SHARESShares may be issued twice monthly subject to the following conditions:i)the Fund is invested as to at least 75%in