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Fund manager Genesis Emerging Markets reported an increase in net asset value returns that topped its benchmark returns in the first half of the year thanks to a rebound in markets.
For the half year ended 31 December, net asset value rose by 19.1% in sterling total return terms to £9.67 per share, above the 18.8% in the fund's benchmark, the MSCI Emerging Markets Index.
'A rapid rebound in the global economy in the third quarter as lockdowns were lifted, and news of effective vaccines in the fourth quarter, propelled emerging market equities upwards in the second half of 2020,' the company said.
'Second, continued strength in semiconductor companies, particularly the large-cap behemoths TSMC and Samsung Electronics, two stocks which together contributed a quarter of the index return, it added.
Looking ahead to 2021, the company said revenue growth for the companies in its portfolio should accelerate.
At 9:32am: (LON:GSS) Genesis Emerging Markets Fund LD share price was 0p at 837p