Investment profile

Invests in companies in the New Emerging Markets countries, that is countries in Asia, Africa, Middle East, Latin America and Eastern Europe. The target of the investments is to be part of the positive economic development in the regions because of the improving development.

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Prices & returns (9/3/2010)
			Returns (%)
Net asset value			Year-to-date	Latest month	Start-to-date
73.88			18.95	2.47	-10.41

Performance is calculated net of all fees. Past performance is no indication of future performance.

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Return chart

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Benchmark: Weighted benchmark of 50% MSCI Frontier Index incl. Net Dividends and 50% MSCI Frontier ex GCC Index incl. Net Dividends. The benchmark is re-weighted at the end of each calendar year. Before 30/06/2009 MSCI Emerging Markets incl. Net Dividends. Benchmark data is updated up to and including 09/02/2010. The graph is updated at the beginning of each week, as BankInvest calculates benchmark returns on a weekly basis.

Monthly comment, July

En række stærke nøgletal, fra især Europa, tilsidesatte megen af frygten for en opblusning af gældskrisen og har sammen med solide regnskaber drevet de globale markeder opad i juli.
Målt i US-dollars fulgte Frontier Markets den globale trend og sluttede måneden med en stigning på cirka 5,7 procent point, men grundet kraftig svækkelse af dollaren over for euroen endte afkastet i danske kroner med et lille minus for juli. Den Internationale Valutafond (IMF) godkendte et lån på USD 15.2 milliarder til Ukraine. S&P hævede efterfølgende deres rating fra B til B+. Den rumænske pharma-distributør A&D Pharma kom med et solidt regnskab for første halvår, der viste en stigning i indtjeningen på knap 90 procent. KazMunaiGas Exploration & Production annoncerede som ventet købet af tre aktiver fra moderselskabet NC KMG.

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Top 5 holdings (Updated: 08/07/2010)
Name	Weight
KazMunaiGas Exploration Production GDR	9.24
Guaranty Trust Bank	5.25
Qatar Insurance company	4.26
Bank of Georgia, GDR	4.00
Bank Muscat SAOG	3.86
Number of holdings

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Background data

ISIN code	LU0304976946
Start date	December, 2007
Status	Quoted
Currency	EURO
Risk profile	Very high
Fund assets (mill. EUR)	24

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