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City of London are emerging market specialists, however they set themselves apart from the majority of their peers by investing not in direct equities but rather through closed ended trusts. The advantages of this approach are a much greater level of diversification, plus in addition to standard capital outperformance the fund also benefits from narrowing discounts in the underlying trusts to add extra performance.
The process relies heavily upon asset allocation, which is determined by the group's economist. Once this view is taken, the fund managers (based in London, Singapore and Philadelphia) then choose those trusts that offer the best value and discounts. Management and boards are met before investing, with the group having the added advantage of being able to estimate NAVs for the trusts they follow. This also allows for "see through" analysis to take place.