
1
2 Strategic Report
2 Financial Highlights
3 Why Invest in Emerging Markets and MMIT
6 Chairman’s Statement
9 Investment Objective and Policy
11 Investment Portfolio
13 Investment Managers’ Review
21 Business Review
36 Governance
36 Board of Directors
38 Report of the Directors
43 Corporate Governance
53 Statement of Directors’ Responsibilities
54 Audit Committee Report
58 Directors’ Remuneration Report
62 Independent Auditors’ Report
70 Financial Statements
70 Income Statement
71 Statement of Changes in Equity
72 Statement of Financial Position
73 Notes to the Financial Statements
83 Further Information and Notice of AGM
83 AIFMD Related Disclosure
84 Shareholder Information
86 Glossary of Terms and Alternative Performance
Measures (“APMs”)
88 How to Invest
89 Notice of the Annual General Meeting
93 Explanatory Notes to the Resolutions
96 Directors and other Information
CONTENTS
ANNUAL REPORT FOR THE YEAR ENDED 30 NOVEMBER 2022
2022 Winner of Citywire’s
Best Global Emerging Market Equities Trust
Shortlisted for Investment Week’s
Investment Company of the Year Awards 2022
in the Global Emerging Markets category