Fidelity Emerging Markets (ticker: FEML) was launched in 1989, making it one of the oldest emerging markets trusts. It was run until October 2021 by Genesis and over those 32 years had an impressive record of annualised returns of 11.6% versus 10% for the MSCI Emerging Markets Index. But its performance largely matched the market during the 2010s, and this, in combination with a lack of marketing efforts, high charges, and a resulting wide discount, led the board to look for a new management firm. Fidelity won the mandate with the team of Nick Price and Chris Tennant taking charge, using a sim...
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Jonathan Davis Stuart Watson's fund profile this weekend looks in depth at the trusts that have adopted an enhanced income policy, something that should not work in theory but seems to do so in practice, at least in some cases. My notes this week look at some aspects of bubbles.
The tyranny of FOMO You can prove almost anything with numbers, and the history of the stock market is littered with examples of pundits with an agenda to push, or funds with a plausible story to tell, attempting to do just that. Carefully massaged or manipulated data is everywhere to be seen and most investors are...
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UPDATE: A revised version of this profile was published in June 2025.
On 2 July 2021, the board of Genesis Emerging Markets (GSS), the third-largest emerging markets trust valued at £1.1bn, surprised many people with the news that it planned to appoint the well-regarded emerging markets team at Fidelity International as its new manager. Here we look at what's being proposed and just how much emerging-market investing has changed over the last three decades.
Many investors have probably never heard of Genesis Emerging Markets and that's a big factor behind its board's decision to switch the t...
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