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01 Jul 2021

Genesis Emerging Markets Fund

Company Notes

Appointment of Fidelity and 25% tender offer proposed

This morning the Board of Genesis Emerging Markets Fund issued proposals for the appointment of Fidelity International as the fund’s manager and a tender offer for up to 25% of net assets at a 2% discount to NAV. The fund’s name will change to Fidelity Emerging Markets, subject to shareholder approval. An EGM will be held in August to approve these proposals.

The fund will be managed by Nick Price and Chris Tennant and adopt an approach broadly similar to that employed by the FAST (Fidelity Active Strategy) Emerging Markets Fund. The strategy incorporates both long and short positions. The former represents 143% of the open-ended fund’s net assets at present, while the latter represents 44%. Since this fund’s launch in October 2011 to the end of May this year, it generated a return of +141% compared with +73% for the MSCI Emerging Markets Index.

The investment trust’s core portfolio will be broadly similar to that of the open-ended fund, although there will be more investment across the market cap spectrum, i.e. smaller companies. In addition, the fund will be able to invest up to 15% of its assets in unquoted holdings.