Half-yearly report INTERIM REPORT
GENESIS EMERGING MARKETS FUND LIMITED
INTERIM ANNOUNCEMENT
The Board of Directors of Genesis Emerging Markets Fund Limited announces
unaudited results for the six months to 31st December, 2006:
2006 2005
Net asset value per
Participating $59.15 $45.87
Preference Share
Total Return per
Participating $11.24 $8.93
Preference Share
The six months to 31st December 2006 was marked by a further advance in the Net
Asset Value per share, based on mid market prices, to US$59.15, an increase of
23.2%. Thus the increase for the full calendar year 2006 was 29.0%. By
comparison, the MSCI Emerging Market Free Index rose 23.5% in the six months and
32.6% for the year as a whole. With the continuing satisfactory performance by
Emerging Markets, 2006 was the sixth year in a row when they outperformed world
equities as represented by the MSCI World Index.
The rise in the share prices of most Emerging Market stocks has reduced the
valuation differential with developed markets but both the level of economic
growth in the Developing Countries and the broadening and deepening of equity
markets should continue to provide opportunities for the Fund in the future.
The Board is also pleased at the appointment of Mr Christian Baillet as a
Director. Mr Baillet is Chief Executive Officer of the Paris based investment
organisation Quilvest which, through various affiliates, is responsible for some
US$6,000 million of investments.
By Order of the Board
and
HSBC SECURITIES SERVICES (GUERNSEY) LIMITED
Coen Teulings
Chairman
30 March, 2007
GENESIS EMERGING MARKETS FUND LIMITED
INTERIM ANNOUNCEMENT (continued)
APPENDIX
31st December, 31st December,
2006 2005
US$ US$
FINANCIAL HIGHLIGHTS
(using bid basis valuations)
Total net assets 796,955,963 616,461,244
Dividend income 6,190,454 4,573,665
Deposit interest 1,375,445 30,086
Gross income 7,565,899 4,603,751
Revenue deficit after (1,201,949) (2,028,382)
taxation
Capital gain 152,949,336 122,630,337
Net assets per Participating
Preference Share 59.04 45.67
Total income per
Participating Preference 11.244 8.936
Share
STATEMENT OF CASH FLOWS
FROM OPERATING ACTIVITIES
Net investment income
received 7,047,358 3,790,131
Interest received 1,366,092 27,354
Management fees paid (5,150,420) (4,248,171)
Other expenses paid (2,076,325) (2,085,099)
Purchase of investments (100,017,434) (161,837,239)
Sales of investments 128,122,284 131,314,073
Exchange loss (465) (114)
________________ _________________
NET CASH INFLOW (OUTFLOW)
FROM OPERATING ACTIVITIES 29,291,090 (33,039,065)
Exchange loss (36,594) (301,913)
Net liquid funds at the
beginning of period (26,567,370) (13,099,842)
________________ _________________
Net liquid funds at the end $2,687,126 $(46,440,820)
of period
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