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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