25th Feb 2014 15:05
LONDON (Alliance News) - Genesis Emerging Markets Fund Ltd said Tuesday that it had lagged its benchmark in the half-year ended December 31 2013.
The investment trust posted a negative total return on net asset value per share of -1.4%, under performing its benchmark the MSCI Emerging Markets Total Return Index, which saw a negative total return of -1.2%.
The trust said that emerging markets had been lacklustre for most of 2013 when compared to developed markets, and this weakness has continued into 2014. The company said that it had seen an increasingly competitive environment as developed market companies continued to seek new business in emerging markets.
Shares in the investment trust were trading down 1.0% at 495.10 pence Tuesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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