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From Komfie Manalo, Opalesque Asia:

GEM Global Equities Management' Emerging Value Opportunities Fund (EVOF) fell13% in November due to strict rules introduced by the Bahamian government on trading conditions and the Dubai crisis. But YTD performance remained at 10.3%, while the November MSCI Emerging Markets Total Return Index was up by 4.3% and the MSCI AC World Total Return Index was up by 4.2%.

The Eurekahedge Emerging Markets Hedge Fund Index is up 2.77% (est.) in December, 35.89% YTD.

The Bahamas-based fund returned 276.5% since its inception in 1993. Its AuM was placed at $42m as of end November 2008. No AuM data was available for 2009.

In its November newsletter the fund manager said that, this year, it expected performance to be driven by stock and sector specific growth and earnings characteristics, and less by the macro recovery story. The start of rate tightening is not likely to cause a serious correction in equities.

The fund was down 0.1% in September and -0.2% in October as the rally in global equities seen in the second and third quarter hit a speed bump. EVOF started November with a 93.7% net long position and ended the month with 96.7% net long.

EVOF is an emerging market-focused fund with a special emphasis on Eastern Europe, Russia and Latin America. A consequent bottom up value approach is applied and worldwide industrial comparison is done to select inve......................

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