reports
- James Carthew
No closet-tracker
Last year, Aberdeen Frontier Markets (AFMC) moved from investing via funds to investing directly. The manager says that the changes to AFMC’s portfolio were substantially complete by the end of June 2017. Page 11 shows how the fund has performed since then. It is clear that 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 a closet index-tracker of the MSCI Frontier Markets Index....
- James Carthew
Direct investing
”‹On 9 December 2016, the board of Aberdeen Frontier Markets (AFMC) announced that take up of its 100% tender offer had exceeded expectations. After deliberating on the future of the fund, the board is asking shareholders to approve a shift to direct investing in frontier markets. Shareholders still have the opportunity of a cash exit if desired but the manager is injecting up to £10m into the fund to keep it viable.
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