UPDATE (Oct 2026): FEML returned +92.3% in the year to June 2026 versus +48.2% for its benchmark. This followed a return of +11.8% versus +6.3% in the year to June 2025. The trust beat its benchmark by +83% versus +56% over the five years to September 2026, so it did not hold its 25% conditional tender offer. Another 25% conditional tender offer has been put in place for the five years to September 2031. In September 2025, FEML agreed to repurchase the 25.7% stake held by Strathclyde Pension Fund. Along with its ongoing buyback programme, this reduced its share count from 64.3m to 39.4m over t...
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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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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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