Genesis Investment Management, LLP

Fund

Fund GSS-GB
Last Price 9.27
Change -0.01 (-0.11%)
Date 21/01/2021

GEMF is a Guernsey based Authorised Closed-Ended Investment Scheme with the ability to issue additional shares. The Fund’s shares are listed on the premium segment of the Official List of the UK Listing Authority, traded on the London Stock Exchange and are included in the FTSE 250. The number of Participating Preference Shares in issue is 121,466,754 as at 30 June 2020 (30 June 2019: 121,466,754).

Portfolio Characteristics

The Fund is diversified across countries and industries and is comprised of approximately 100 holdings. The Manager concentrates on a limited number of ideas so that research can go deeper and insights can be more valuable. The average holding period of current investments in the Fund has been over five years and the Manager expects this characteristic to persist. The top 20 investments represent about half of the Fund.

Investment Universe

The Fund’s emerging markets opportunity set consists of countries defined as low- and middle-income economies by the World Bank as well as high-income economies (such as South Korea and Taiwan) included in the major emerging markets benchmarks. In addition, the Fund may also invest in companies which are listed on the stock markets of high-income countries but that generate a significant proportion of their revenues, profits or cashflow from, or whose assets or intellectual property are mostly located in, emerging markets.

Note: Daily data shown for periods up to one year. For periods beyond one year weekly data is shown. Fund Performance shown is exclusive of dividends.

Peformance as at 31/12/2020

1 Month 3 Months 1 Year 3 Years 5 Years Since Inception*
Share Price 7.36% 19.09% 14.13% 9.29% 16.14% 11.36%
NAV 5.23% 13.64% 13.13% 7.64% 14.95% 11.66%
MSCI Emerging Markets (TR) Index 4.89% 13.28% 15.02% 6.19% 14.94% 9.96%
2019 – 20 FY 2018 – 19 FY 2017 – 18 FY 2016 – 17 FY 2015 – 16 FY
Share Price -3.32% 11.11% 8.48% 20.83% 7.14%
NAV -0.79% 8.95% 6.88% 20.62% 8.71%
MSCI Emerging Markets (TR) Index -0.14% 5.40% 6.84% 27.79% 3.87%

* Since inception performance from 6 July 1989.

Past performance should not be relied upon as a guide to future performance, which is not guaranteed. The value of investments can go down as well as up and there is no guarantee that you will get back the amount originally invested.

Source: Genesis/Morningstar. Fund Performance – NAV to NAV in GBP. Net of all expenses, including management fees and tax suffered. Net income reinvested. Index Performance is based upon index values supplied by MSCI. The returns of market indices are provided for comparison purposes only and the comparison does not mean that there necessarily will be a correlation between the return of the fund and the indices shown.

Data as at 31 December 2020

Top 10 Holdings

Taiwan Semiconductor CountryTaiwan SectorIT
Alibaba CountryChina SectorConsumer Discretionary
Tencent CountryChina SectorCommunication Services
Samsung Electronics CountrySouth Korea SectorIT
Sberbank CountryRussia SectorFinancials
Wuliangye Yibin CountryChina SectorConsumer Staples
AIA Group CountryChina SectorFinancials
Heineken CountryNetherlands SectorConsumer Staples
Naspers CountrySouth Africa SectorConsumer Discretionary
Richemont CountrySwitzerland SectorConsumer Discretionary
Total Top 10 Holdings 31.1

Source: Genesis Investment Management, LLP

Portfolio Characteristics

Diversified portfolio of attractively-priced, high quality businesses.
Portfolio overlap with the MSCI EM Index is less than 30%.

PortfolioBenchmark
Top 20 Stocks Represent47.0%36.1%
Number of Stocks1001,397
Countries Represented2827
Average Holding Period5 yearsn/a
Valuation (Current Year)
RoE16.0%12.2%
P/Book3.2x2.0x
P/E24.8x17.9x

Based on GEMF and MSCI EM Index. Valuation ratios are weighted average
Sources: GEMF and MSCI EM valuation ratios data from FactSet

Sector Exposure

Consumer Staples21.2%
Financials20.0%
Consumer Discretionary18.8%
IT14.0%
Communication Services13.2%
Health Care5.3%
Industrials3.2%
Materials2.2%
Investment Companies0.5%
Cash1.6%
Total Portfolio100.0%

Source: Genesis Investment Management, LLP

Geographical Exposure

Asia
China29.6%
India10.5%
South Korea9.2%
Taiwan5.7%
Indonesia2.8%
Thailand2.6%
Vietnam1.9%
Philippines1.6%
Malaysia0.4%
Total Asia64.3%
Europe
Russia6.5%
Netherlands2.1%
Switzerland1.8%
Hungary1.6%
Germany1.3%
Greece1.2%
Romania0.9%
Turkey0.6%
Total Europe16.1%
Middle East Africa
South Africa5.1%
Nigeria1.4%
Jordan1.0%
Kenya0.4%
Saudi Arabia0.2%
Mauritius0.2%
Total MEA8.3%
Latin America
Mexico4.0%
Brazil3.0%
Peru1.1%
Colombia0.6%
Other†0.9%
Total LatAm9.7%
Cash1.6%
† Includes US-listed LiLAC

Source: Genesis Investment Management, LLP

NAV in GBP 10.26
Market Capitalisation (GBPm) 1,126.00
Dividend Yield % 1.7%
Gearing % 0.00%
12M Average Daily Shares Traded 60,548.69
12M Average Daily Value Traded (GBPm) 44.05
Management Fees 0.90%
Custodial, Administration & Other Fees 0.17%
Total Expense Ratio 1.07%
Domicile Guernsey
Legal Structure Closed-Ended Investment Company
Traded Currency GBP
ISIN GG00B4L0PD47
Launch Date 06/07/1989
Financial Year End 30 June
Annual General Meeting November
Interim Results Announced February
Final Results Announced September
NAV Frequency Daily

Data correct as at last close