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Investment policy

The Comtessa Emerging Markets Fund is an investment fund which acquires positions in securities (primarily equities). The focus of the Fund is deliberately not limited to the 25 emerging markets included in the Morgan Stanley Emerging Markets Index (MSCI Emerging Markets Index). Key differences which set the Comtessa Emerging Markets Fund apart are a horizon which takes in a broader spectrum of emerging nations (approximately 65) and the allocation/weighting of those countries within the Fund. The wider spread of risk reduces the volatility and hence the risk of the Fund.

Emerging markets are selected for inclusion in the portfolio mainly using a 'top-down' approach. This means that the choice of investments is determined by continent, country, sector and, finally, individual company. The latter, i.e. the key-buy-list, comprises a maximum of 50% of the portfolio.

The Fund positions itself as a 'long investment equity fund'. All interest and dividend received will be reinvested. The Fund itself does not distribute dividend. The aim is to consistently outperform the MSCI Emerging Markets Index*.

* The MSCI Emerging Markets Index achieved an annual return over the period 1 January 2003 – 31 December 2009 (a period of seven years) averaging 19%, compared to 0.5% for the Dutch AEX

Price/performance

Emerging Markets Fund