No closet-tracker
In a major shift in how its structured, Aberdeen Frontier Markets (AFMC) last year moved from investing indirectly via funds to investing directly into shares of listed companies. This was mostly completed by the end of June 2017. AFMC has underperformed the MSCI Frontier Markets Index by some margin and this, in turn, has led to a widening discount. However, AFMC is not and does not want to be seen as a closet index-tracker. The manager believes its focus on quality will be rewarded in the long run. This report looks at the MSCI Frontier Markets Index and why it isn’t the perfect tool for analysing AFMC’s performance. It also explains how the manager’s investment approach leads it to construct a portfolio that is very different from the index.
CQS New City High Yield Fund is a closed-end investment company. Co. invests predominantly in fixed income securities, including, but not limited to, preference shares, loan stocks, corporate bonds (convertible and/or redeemable) and government stocks. Co. also invests in equities and other income yielding securities. Co. has appointed CQS (UK) LLP, a subsidiary of CQS Cayman Limited Partnership, as Co.'s alternative investment fund manager.
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