Fund Objective

There is no fund objective available from this fund manager.

View on Past Performance

The Fund's overweight positions in Petrol Brasileiros, Mobile Telesystems and Novatek Oao boosted performance in December. Holdings that underperformed over the month included China Merchants Bank, Banco Itaú Holdings and Cia Energetica Minas Gerais.

Future Expectations

Global Emerging Markets have delivered very strong performance over the last three years, up over 140% in Sterling terms. Our outlook for the region remains positive although we expect more subdued and volatile performance going forward.Global Emerging Markets, as measured by the FTSE All World Emerging Index, rose 3.9% in Sterling terms in December and were up 37.4% for the 2007 calendar year. Despite the marked increase in volatility during the fourth quarter, global emerging markets have delivered strong returns over the year. The Fund outperformed its benchmark during December and for the 2007 calendar year.

Fund Details