Genesis Emerging Markets Fund (GSS) 2011年年度报告「LSE」.pdf

1、ANNUALFINANCIALREPORTFOR THE YEAR ENDED 30thJUNE 2011EMERGING 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.18TWENTYLARGESTHOLDINGS.20COUNTRYEXPOSURE OF THEPORTFOLIO.23SECTOREXPOSURE OF THEPORTFOLIO.24THEPORTFOLIO.25INDEPENDENTAUDITORS REPORT.29CONSOLIDATEDSTATEMENT OFFINANCIALPOSITION.31CONSOLIDATEDSTATEMENT OFCOMPREHENSIVEINCOME.32CONSOLIDATEDSTATEMENT OFCHANGES INEQUITY.33CONSOLID

3、ATEDSTATEMENT OFCASHFLOWS.34NOTES TO THECONSOLIDATEDFINANCIALSTATEMENTS.35PERFORMANCERECORD.58ADMINISTRATION.59NOTICE OFMEETING.602INTRODUCTIONOBJECTIVETo 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 company with the ability to issueadditional shares.The Funds shares are listed on the London Stock Exchange.TheParticipating

5、Preference Shares of the Fund were redenominated to permit trading in Sterling and split ten for one in November 2009.The number of ParticipatingPreference Shares outstanding is 135,863,060 as at 30thJune 2011(30thJune 2010:135,863,060).Following the restructuring,the Fund became eligible for inclus

6、ion in the FTSE 250.MANAGERGenesis Asset Managers,LLP(“the Manager”or“Genesis”)INVESTMENT 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 orasset backing.NEW SHARESShares m