28/05/2021 Results analysis from Kepler Trust Intelligence Barings Emerging EMEA Opportunities (BEMO) reported a 22.7% NAV total return for the six months ending 31 March 2021; the share price total return was 24%. Both compare favourably to the 16.49% return of the benchmark. The trust was renamed during the period from Baring Emerging Europe. Most of the returns reflect the new strategy adopted on 16 November 2020, which broadened the investment universe to the EMEA region rather than emerging Europe. Much of the excess return during the period was due to stocks listed in the new geographies.
Kepler View BEMO's change of mandate has created a more diversified proposition. The good results just reported were contributed to by companies in the old and new universe and in the long run we think this more diversified opportunity set may be able to generate more stable returns - the previous mandate had become dominated by the performance of the volatile Russian market.