Fund Objective

The investment objective of the fund is to maximise the total return to unitholders.

Future Expectations

The outlook for the emerging markets, in the short term, has become more clouded, primarily because of the impact of rising inflation. This is a global phenomenon, but many emerging markets are particularly vulnerable to food price inflation and also rising energy costs (where energy has to be imported). This has led to pressure on wages and caused most countries to tighten monetary policy. Thus economic growth rates will decline from the high levels of growth seen in recent years.The longer term outlook however remains attractive, and even in the short term economic growth is likely to remain considerably more buoyant than in the developed world. In many respects a slowdown will be healthy if the opportunity is used to address some of the bottlenecks to growth in terms of skills shortages and infrastructure. The merits, therefore, of having exposure to the emerging markets remain solid even if they continue to be volatile for a while yet.

Fund Details