Genesis Emerging Markets Fund (GSS) 2016年年度报告「LSE」.pdf

1、ANNUALFINANCIALREPORTFOR THE YEAR ENDED 30thJUNE 2016EMERGING MARKETS FUND LIMITED19257 Genesis Annual Report 2016_Part 1:Layout 129/09/201617:02Page COV1GENESISEMERGINGMARKETSFUNDLIMITED1PageINTRODUCTION.2HIGHLIGHTS.3DIRECTORS.5MANAGEMENTREPORTCHAIRMANSSTATEMENT.7DIRECTORS REPORT.11MANAGERSREVIEW.2

2、4TWENTYLARGESTHOLDINGS.27COUNTRYEXPOSURE OF THEPORTFOLIO.30SECTOREXPOSURE OF THEPORTFOLIO.31THEPORTFOLIO.32INDEPENDENTAUDITORS REPORT.39STATEMENT OFFINANCIALPOSITION.41STATEMENT OFCOMPREHENSIVEINCOME.42STATEMENT OFCHANGESINEQUITY.43STATEMENT OFCASHFLOWS.44NOTES TO THEFINANCIALSTATEMENTS.45PERFORMANC

3、ERECORD.69ADMINISTRATION.71NOTICE OFMEETING.72NOTE:All reference to US dollars or$throughout this report are to the United States currency.19257 Genesis Annual Report 2016_Part 1:Layout 129/09/201617:02Page 1OBJECTIVEThe investment objective is to achieve capital growth over the medium to long term,

4、primarily through investment in equity securities quoted on Emerging Markets.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

5、the Official List of the UKListing Authority,traded on the London Stock Exchange and are included in the FTSE250.The number of Participating Preference Shares outstanding is 134,963,060 as at30thJune 2016(30thJune 2015:134,963,060).MANAGERGenesis Asset Managers,LLP(Manager or Genesis).INVESTMENT APP

6、ROACHThe investment approach is to identify companies which are able to 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