Lse Aemc 2020

Aberdeen Emerging Markets
Investment Company Limited

Looking for the best-of-breed emerging market funds
Annual Report
31 October 2020
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR
IMMEDIATE ATTENTION. If you are in any doubt about the
action you should take, you are recommended to seek your
own financial advice from your stockbroker, bank manager,
solicitor, accountant or other financial adviser authorised
under the Financial Services and Markets Act 2000 (as
amended by the Financial Services Act 2012) if you are in the
United Kingdom or, if not, from another appropriately
authorised financial adviser.
If you have sold or otherwise transferred all your Ordinary

shares in Aberdeen Emerging Markets Investment Company
Limited, please forward this document, together with the
accompanying documents immediately to the purchaser or
transferee, or to the stockbroker, bank or agent through whom
the sale or transfer was effected for transmission to the
purchaser or transferee.
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Aberdeen Emerging Markets Investment Company Limited 1
Contents
Overview
“Aberdeen Emerging Markets
Overview
Financial Highlights 2
Investment Company Limited Financial Calendar

Chairman’s Statement
3
4
(“AEMC” or the “Company”) is a
Strategic Report
closed-end investment Investment Manager’s Report 8
company with its Ordinary
Strategic Report
Portfolio
shares listed on the Premium Investments
Asset Allocation
17
18
Segment of the London Stock
Governance
([FKDQJHΖWR΍HUVLQYHVWRUV Directors’ Report 21
exposure to some of the best Corporate Governance Statement 28
Portfolio
Promoting the Success of the Company 34
investment talent within the Report of the Audit Committee 37
Directors’ Remuneration Report 39
global emerging markets of Statement of Directors’ Responsibilities 41
Asia, Eastern Europe, Africa Depositary Report 42
and Latin America.” Financial Statements
Governance
Independent Auditor’s Report 44
Statement of Comprehensive Income 47
Statement of Financial Position 48
Statement of Changes in Equity 49
Statement of Cash Flows 50
Notes to the Financial Statements 51
Corporate Information (unaudited)
Statements
Financial
Alternative Performance Measures ("APMs") 71
Information about the Investment Manager 73
Investor Information 74
AIFMD Disclosures 77
Glossary of Terms and Definitions 78
Notice of Annual General Meeting 80
Form of Proxy 83 Information
Corporate
Company Information 87
2 Annual Report 2020
Financial Highlights
Net asset value (“NAV”) per NAV per Ordinary share2 Ordinary share price total return1,4
Ordinary share total return1,4
+8.9%
2019 +14.1%
698.3p +12.2%
2019 663.3p 2019 +13.2%
Ordinary share price – mid market MSCI Emerging Markets Net Total Net Assets
Return Index in sterling terms
605.0p +8.2%
2019 561.0p
£321.0m
2019 +10.3% 2019 £304.9 million
Net gearing4 Revenue return per Ordinary share Dividends per Ordinary share3
1.6% 1.60p 22.0p

2019 8.0% 2019 2.41p 2019 21.00p
Ongoing charges ratio (‘OCR’)4 Discount 4
1.02% 13.4%
2019 1.07% 2019 15.4%
1
Performance figures stated above include reinvestment of dividends on the ex-date
2
See note 14 in the Notes to these Financial Statements for basis of calculation
3
Dividends declared for the year in which they were earned
4
Definitions of these Alternative Performance Measures (‘APMs’) together with how these have been calculated can be found on pages 71 and 72
NAV per Ordinary share Ordinary share price–mid market

At 31 October – pence At 31 October – pence
800 800
706.0p 698.3p
700 618.8p 663.3p 700 632.5p
600.6p 605.0p
545.0p 561.0p
600 600 515.0p
500 500
400 400
300 300
200 200
100 100
0 0
2016 2017 2018 2019 2020 2016 2017 2018 2019 2020
Financial Calendar
Overview
“I am pleased to report Financial Calendar
that over the year to 31
Strategic Report
26 March 2021
October 2020 the
25 June 2021
Company’s net asset Expected payment dates
24 September 2021
of quarterly dividends
value total return per
Ordinary share was 24 December 2021
Portfolio
8.9%. This compares
20 April 2021
Annual General Meeting
favourably with a total (Guernsey)
return of 8.2% from the

Company’s benchmark,
30 April 2021
Governance
Half year end
the MSCI Emerging
Markets Net Total
Return Index (in sterling
Announcement of
June 2021
Half-Yearly Financial
terms). The Ordinary Report for the six months
ending 30 April 2021
Statements
Financial
share price total return
for the year was 12.2%." Financial year end 31 October 2021
Mark Hadsley-Chaplin, Chairman
Announcement of Annual
February 2022
Report and Accounts
Information
for the year ending Corporate
31 October 2021
Chairman’s Statement
Overview exposure to Russia and Columbia, detracted from an asset

I am pleased to report that over the year to 31 October 2020 allocation point of view. Whilst the portfolio remains less
the Company’s net asset value (“NAV”) total return per Ordinary exposed to China than the benchmark, we would emphasise
share was 8.9%. This compares favourably with a total return of that it still constitutes over a third of the portfolio in absolute
8.2% from the Company’s benchmark, the MSCI Emerging terms.
Markets Net Total Return Index (in sterling terms), and reflects
a significant recovery following the fall in the NAV of more than The Company’s performance also benefited from discount
11% for the first half of the financial year. narrowing within the closed end fund sector during the latter
part of the year, as investor sentiment improved compared to
The Ordinary share price total return for the year was 12.2%, as the earlier part of the year.
the discount to NAV at which the Company’s shares trade
narrowed slightly, to 13.4%, from 15.4% at the start of the A more detailed explanation of the year’s performance and
financial year. At the time of writing, the discount to NAV stands portfolio activity during the year is provided in the Investment
at 13.0%. Manager’s Report.
The year under review was dominated by the global impact of

Dividends
The Board believes that one of the attractions of the Company
the COVID-19 pandemic which caused significant volatility in
is its policy of making quarterly distributions by way of
equity markets. The Company’s benchmark index suffered a
dividends to be funded from a combination of income and
peak to trough decline of just over 25% between late January
capital. This policy has been adopted by the Board in the belief
and March 2020 as the global spread of the virus led most
that the level of dividends paid by emerging market companies
countries to introduce social and economic restrictions which
over the long term is an increasingly important attraction for
severely impacted economic activity, leading to a deep global
investors seeking to invest in the emerging market asset class.
recession. In a number of emerging markets, the weak
performance was compounded by commodity price declines Three interim dividends, each of 5.5p per share, were paid on
and the associated impact of these on currencies. 27 March, 26 June and 25 September 2020 and, since the year
end, a fourth and final interim dividend in respect of the year of
In response to the crisis, governments and central banks
5.5p per share was paid on 18 December 2020. This brings the
around the world, including those in virtually all emerging
total dividends for the year to 22.0p per share.
markets, implemented unprecedented fiscal and monetary
stimulus measures to support their economies. This helped For future years, the Board intends to continue to pay interim
rebuild investor confidence; during the period from late March dividends on a quarterly basis and it is anticipated that the total
2020 until the end of the financial year, the benchmark index dividends for the year ending 31 October 2021 will be no less
rose by more than 31%. than 23.0p per share, a 4.5% increase on the level of dividends
paid last year, representing a yield of 3% based on the share
Within emerging markets, Asia, and in particular China,
price of 752.5p as at 16 February 2021. Accordingly, the Board
continued to outperform as aggressive measures were
declares a first interim dividend for the current financial year
introduced to control the spread of the virus, enabling an
of 5.75p per share, which will be paid on 26 March 2021 to
earlier easing of the lockdown and resumption of economic
shareholders on the register on 26 February 2021.
activity than in many other parts of the world. Latin America,
however, was the worst performing emerging market region The Board will put a resolution to shareholders at the AGM in
during the year, declining by more than 33% as the spread of respect of its policy to declare four interim dividends each year,
the virus accentuated the economic challenges for the region. and will include this as a resolution at future AGMs. The
payment of any dividends will be subject to compliance with all
Fund selection contributed strongly to the outperformance
necessary regulatory obligations of the Company, including the
during the year, with notable contributions from certain funds
Guernsey Law solvency test, compliance with its loan
invested in China and South Korea. The same was also true in
covenants, and will also be subject to the Company retaining
Eastern Europe. However, within these regions, the portfolio’s
sufficient cash for its working capital requirements.
underweight exposure to China and Taiwan, and overweight
Overview
Loan Facility and Gearing persons in the same group or persons acting in concert) who
Strategic Report
The Company has a £25 million multi-currency revolving loan have an interest in 5% or more of a listed company’s share
facility which is due to mature on 26 March 2021. The Board capital, as well as shares held by directors of a listed company.
believes that the use of gearing, which is one of the advantages
In September 2019, the Company announced that the FCA had
of a closed ended structure, within pre-determined ranges and
agreed to modify the relevant Listing Rule for the period up
at times when the Investment Manager sees attractive
until 21 August 2020 to permit a reduced level of shares in
investment opportunities, is beneficial to the longer term
public hands, even though the level was below 25%. Significant
performance of the Company.
Portfolio
efforts have subsequently been made by the Company and its
The loan was fully drawn for part of the year, but in light of the advisers to increase the shares in public hands through
Investment’s Manager’s cautious view of markets, half of the additional marketing efforts, but progress has been hindered
facility was repaid leaving £12.5 million drawn down at the year by the emergence of the COVID-19 pandemic and lockdown
end. Gearing, net of cash, at the year end was 1.6% compared measures that have been adopted. Accordingly, the Company
to 8.0% at the start of the year. Since the end of the year the has sought and received the agreement of the FCA to extend
loan has been drawn down in full. the period of the Listing Rule modification to 21 August 2021.
Governance
During this time the Company will continue to monitor its share
The Company has commenced discussions with its bankers and register, which currently shows a free float of approximately
the Board expects to renew the facility on similar terms when it 16%, keep the FCA informed of any relevant developments and
matures in March this year. work towards restoring the number of shares in public hands.
Share Buy Backs Compliance with US Executive Order 13959

The Company did not buy back any shares during the year. Following the US Presidential Executive Order 13959 dated
12 November 2020, which prohibits US Persons from
Statements
Financial
The Board’s policy in relation to discount control is that it
purchasing "publicly traded securities" of certain 35 Chinese
considers it desirable that the Company’s shares do not trade
companies identified as Communist Chinese Military
at a price which, on average, represents a discount that is out of
Companies, the Company can confirm that it has no direct
line with the Company’s direct peer group. To assist the Board
investments in any of these 35 companies. It does, however,
in taking action to deal with a material and sustained deviation
have indirect exposure via a number of its holdings. Following
in the Company’s discount from its peer group, it seeks
analysis of the Company's holdings by the Manager, this
authority from Shareholders annually to buy back shares.
indirect exposure only amounts to approximately 0.6% of the Information
Shares may be repurchased when, in the opinion of the Board Corporate
Company's net asset value. The Company does not expect to
and taking into account factors such as market conditions and
have any exposure (direct or indirect) to these 35 companies by
the discounts of comparable companies, the Company’s
11 November 2021.
discount is higher than desired and shares are available to
purchase in the market. The Board is of the view that the Updates on this matter will be provided through the Company's
principal purpose of share repurchases is to enhance net asset website.
value for remaining shareholders, although it may also assist in
addressing the imbalance between the supply of and demand Annual General Meeting (“AGM”)
for the Company’s shares and thereby reduce the scale and The AGM will be held at 12 noon on 20 April 2021 at 11 New
volatility of the discount at which the shares trade in relation to Street, St Peter Port, Guernsey, GY1 2PF. We would encourage
the underlying net asset value. all shareholders to complete and return the proxy form
enclosed with the Annual Report so as to ensure that your
Shares in Public Hands votes are represented at the meeting. If you hold your shares in
The Board has previously announced that the number of the Company via a share plan or a platform and would like to
Ordinary shares which are deemed by the Listing Rules to be attend and/or vote at the AGM, then you will need to make
held in public hands is below the minimum 25% threshold. The arrangements with the administrator of your share plan or
Listing Rules provide that shares are not considered to be held platform. For this purpose, investors who hold their shares in
in public hands (“free float”) if they are held by persons (or
Chairman’s Statement Continued
the Company via the Aberdeen Standard Investments Plan for Board Composition
Children, Share Plan or ISA will find a Letter of Direction As previously announced, having served as a Director since the
enclosed. Shareholders are encouraged to complete and return Company’s Reconstruction in 2009, John Hawkins will retire at
the Letter of Direction in accordance with the instructions the AGM on 20 April 2021. On behalf of the Board I would like to
printed thereon. thank John for his significant contribution to the Company
during his time as a Director. He shall be much missed and I
The Board has been considering how best to deal with the
wish him well for the future.
potential impact of the COVID-19 pandemic on arrangements
for the Company's AGM. The Company is required by law to Outlook
hold an AGM and the Board has been working on the basis that On the whole, emerging markets have been less impacted by
the Company's AGM would be held on 20 April 2021 as the COVID-19 pandemic than most commentators feared at the
previously scheduled. However, given the possibility that some outset, and there is evidence to suggest that emerging market
measure of restriction on public gatherings and maintaining economies will recover faster than developed markets and
social distancing may remain in place in April, the Board will emerge less indebted. The recent weakening of the US Dollar
give further consideration to the format of the AGM for this provides a welcome tailwind for emerging market currencies,
year. If the guidance on public gatherings remains in place in which should result in more interest from investors in
April, shareholders are strongly discouraged from attending emerging markets in the years ahead than they have received
the meeting and indeed entry may be refused if the law and/or in the recent past.
Government guidance so requires. In such circumstances,
arrangements will be made by the Company to ensure that the The Board continues to believe that the Company’s approach of
minimum number of shareholders required to form a quorum investing through a portfolio of specialist funds, often at a
will attend the meeting in order that the meeting may proceed discount to NAV, provides an attractive means for investors to
and the business concluded. benefit from these positive short term developments as well as
capturing the longer term opportunities presented by this
In light of the developing situation, shareholders are diverse asset class.
encouraged to raise any questions in advance of the AGM with
the Manager at aberdeen.emerging@aberdeenstandard.com Mark Hadsley-Chaplin
(please include ‘AEMC AGM’ in the subject heading). Questions Chairman
must be received by 12 noon on 16 April 2021. Any questions 18 February 2021
received will be replied to by either the Manager or Board via
the Company Secretary.
Further information will be included on the Company’s website

(www.aberdeenemergingmarkets.co.uk) in advance of
the AGM.
The Notice of the Meeting is contained on pages 80 to 82.

7 Annual Report 2020 Aberdeen Emerging Markets Investment Company Limited 7
Strategic
Report
The Company’s investment objective
is to achieve consistent returns for
shareholders in excess of the
MSCI Emerging Markets Net Total
Return Index in sterling terms
(the “Benchmark”).
Investment Manager’s Report
Market Environment and the Impact of COVID-19 prompting the deepest global recession since World War II. In a
While the global impact of the COVID-19 pandemic dominated number of emerging markets, the weak performance was
the year under review and caused significant volatility, compounded by commodity price declines and the associated
emerging market equities recorded a gain of 8.2% for the year, impact of this on currencies. In response to the crisis,
a remarkable outcome under the circumstances. governments and central banks around the world, including
virtually all emerging markets, implemented unprecedented
After a benign start to the year, by late March 2020 global fiscal and monetary stimulus measures with the aim of
economies and markets found themselves in the depths of the ameliorating the worst of the economic impact. These
COVID-19 induced panic. The emerging markets index suffered measures spurred a rebound in investor sentiment and over
a peak to trough decline of just over 25% between late January the remainder of the period the emerging markets index rallied
2020 and its March 2020 low as the global spread of COVID-19 sharply, gaining 31.9% between late March and the end
led most countries to introduce social and economic of October.
restrictions which severely impacted economic activity,
Chart 1. Emerging and developed market performance during year to 31 October 2020
120
MSCI Emerging Markets Net TR MSCI World Net TR
115
110
Performance rebased to 100
105
100
95
90
85
80
Oct 19 Nov 19 Dec 19 Jan 20 Feb 20 Mar 20 Apr 20 May 20 Jun 20 Jul 20 Aug 20 Sep 20 Oct 20
Source: Bloomberg. GBP returns for the year from 31 October 2019 to 31 October 2020.
In general, the impact of the pandemic has been to accelerate deviance between the two measures over a twelve month
pre-existing trends in emerging markets, as in other asset period since their inception in 2000. Asia continued to
classes. Thus, the underperformers of recent years saw their outperform the rest of emerging markets and larger
margin of underperformance expand, while the relative companies continued to outperform smaller ones. The
“winners” continued to deliver impressive returns. This was benchmark saw further concentration at a country and a
evident in the “melt-up” of growth companies compared to company level, with the top three largest constituent countries
those in traditional value / cyclical sectors, with the former now comprising 67.8% (compared with 56.0% a year ago) and
outperforming the latter by almost 35% over the year (MSCI the 10 largest companies comprising 32.5% (compared with
Emerging Markets Growth Index +25.9%, MSCI Emerging 23.2% a year ago).
Markets Value Index -8.5%). This represents the largest
Overview
Emerging Asia gained 20.1% in aggregate, largely as a falling 30.8%. Indonesia also fared poorly, losing 21.2%,
Strategic Report
consequence of the resilient performance of index although there was some good news late in the period as
heavyweight China. Despite being the epicentre of the parliament approved the Omnibus Law - a broad based reform
COVID-19 outbreak, China implemented aggressive measures aimed at simplifying labour regulations, licensing procedures
to control the spread of the coronavirus quickly and effectively, and improving the ease of doing business.
enabling a gradual resumption of economic activity as the
lockdown was eased earlier than in many other parts of the In Eastern Europe, the Middle East and Africa, the regional
world. Corporate earnings data was robust and allowed the index fell by 18.0% and all constituent markets ended the
Portfolio
market to shrug off concerns over ongoing friction with the US, period in negative territory. The Russian market fell by 29.3%
while local sentiment was buoyed by state media reports early which reflected a sharp decline in energy stocks over the
in July that suggested local equities were ready for a “healthy period. The price of Brent crude fell by 37.2% in sterling terms
bull market”. Within China, as elsewhere, the market was led by as the pandemic depressed demand in a world where
those stocks seen as beneficiaries of the pandemic. Many of renewable energy continues to gain traction. Despite this,
these are largely “online” businesses and thus those companies Saudi Arabia (-0.9%), Qatar (-3.4%) and the United Arab
active in e-commerce, social media and electronic gaming were Emirates (-11.3%) all proved relatively defensive, with measures
Governance
amongst the biggest gainers. Such stocks included Alibaba to contain the coronavirus within their populations proving
Group and Tencent Holdings, the two largest stocks in the effective and US dollar pegs serving to avoid the currency
Chinese index, which gained 72.4% and 86.7% respectively and declines seen in oil producing countries with floating
were responsible for almost two thirds of that market’s gain. currencies. The South African market fell 13.3%, despite a
The other large North Asian markets of South Korea and 36.4% gain from index heavyweight Naspers, which derives the
Taiwan also benefitted from being “first in, first out” as well majority of its value from its holding in Tencent Holdings. In
managed pandemic response plans helped both countries deal Eastern Europe, equity markets in Hungary (-30.3%), the Czech
Statements
Financial
more efficiently with the crisis than was the case in many other Republic (-25.7%) and Poland (-37.3%) were all significantly
parts of the world. Taiwan gained 26.4% over the year while impacted by the pandemic. Turkey was also amongst the
South Korean equities rose by 14.1% with both markets also weaker markets, declining by 33.3%, largely as a consequence
benefitting from the positive sentiment towards technology of currency weakness.
stocks. The impacts of the pandemic were felt more keenly in
Latin America was the worst performing emerging market
the rest of Asia and that was reflected in stock market
region, declining 33.2% as the spread of COVID-19 accentuated
performance. Despite a sharp rebound in the second half of
the economic challenges for the region, notably through the Information
the period, Indian equities declined 2.6% with performance in Corporate
weakness in commodity prices1 and the resulting impact on
the earlier part of the period hampered by the perception of
currencies. Brazil, the largest market in the region, lost 38.1% as
being behind the curve in its response to the coronavirus. As
the real depreciated by over 30% against sterling. Chilean
well as coping with a shutdown of its tourism sector, a major
equities fell 28.1% against a backdrop of macro and political
source of income and employment, Thailand ended the year in
headwinds while Mexican stocks lost 21.4%.
a State of Emergency, imposed against a backdrop of
pro-democracy protests demanding the removal of the Prime
Minister. The market was the weakest performer in the region,
1 The S&P GSCI Index, a widely recognised measure of general commodity price movements, declined by 31.3%.
Investment Manager’s Report Continued
Chart 2. Market performance during the year to 31 October 2020.
MSCI EM
EM Asia
EM EMEA
EM Latin America
China
Taiwan
South Korea
India
Malaysia
Pakistan
Philippines
Indonesia
Thailand
Saudi Arabia
Qatar
United Arab Emirates
South Africa
Greece
Czech Republic
Russia
Hungary
Turkey
Poland
Egypt
Argentina
Mexico
Peru
Chile
Brazil
Colombia
US
World
Japan
Frontier
UK
-50% -40% -30% -20% -10% 0% 10% 20% 30% 40%
Source: Bloomberg. GBP returns for the year from 31 October 2019 to 31 October 2020
Overview
Fund Performance Relative detractors included dividend focused strategies in Asia
Strategic Report
During the financial year, the Company’s net asset value (“NAV”) (Schroder Oriental Income Fund Limited NAV +1.3%, and
per share total return was 8.9% while the MSCI Emerging Aberdeen Asian Income Fund NAV -0.8%) as dividend payments
Markets Net total return index (the “Benchmark”) returned were cut in the underlying portfolio companies (we estimate by
8.2%. The ordinary share price total return was 12.2%, as the around 15% over the year) and dominant growth companies in
discount to NAV at which the Company’s ordinary shares trade the region (which tend not to feature in these portfolios given
narrowed to 13.4% from 15.4% at the start of the financial year. their tendency to not pay dividends) powered ahead. The
holding in Neuberger Berman - China Equity Fund (+21.1%)
Portfolio
The Company’s NAV total return for the year was 0.7% ahead of detracted from relative performance as its focus on quality
the Benchmark. Attribution analysis follows in Table 1 below growth at reasonable valuations led it to be underexposed to
and shows that underlying holdings, in general, outperformed some of the largest contributors to the market’s gain. Schroder
their benchmarks. Discount narrowing on closed end funds International Selection Taiwanese Equity Fund (+19.4%) failed to
also made a positive contribution while asset allocation by match its benchmark (MSCI Taiwan +26.4%) on account of a
country was detrimental to relative performance. structural underweight in Taiwan Semiconductor
Manufacturing Company, which rallied by close to 60% over the
Governance
In Asia, the Company’s investments in Korea performed
period and represented 45.1% of the Taiwanese Index at the
strongly, with Weiss Korea Opportunity Fund (NAV +39.6%) and
end of the year.
Korea Value Strategy Fund (+54.7%) both significantly
outperforming the broader market (MSCI Korea +14.1%). The Asset allocation detracted from relative performance. This was
managers of both funds invest with a strong value bias, with largely a consequence of the Company’s underweight
Weiss expressing this through investments in deeply positioning in China and Taiwan, which outperformed the
discounted preferred shares. In China, Fidelity China Special broad emerging markets index by 26.9% and 18.2%
Situations performed exceptionally (NAV +61.3%), with strong
Statements
Financial
respectively. Despite the Company having more than 40% of
stock selection combining with diligent use of gearing and NAV invested in these two markets, this reflects an
selected exposure to private companies, as permitted by the underweight position relative to a Benchmark in which a
fund’s closed end structure. Elsewhere in Asia, Thai specialist, combination of China and Taiwan now represents close to 56%.
Ton Poh Fund (-1.6%) had a strong year in relative terms with its Elsewhere, overweight positions in Russia and Colombia
portfolio of small to mid-sized growth stocks faring well in a detracted while major underweights in South Africa, Brazil,
challenging environment where the local index fell by close to Mexico, India and Malaysia contributed positively.
31%, while Schroder AsiaPacific Fund also outperformed (NAV
Information
Corporate
+24.1% compared with MSCI Asia Pacific Ex Japan +11.8%) Closed End Fund discounts contributed to the Company’s
through good stock selection within communication services outperformance with discount narrowing in the latter stages of
and financials. In Eastern Europe, the long-standing investment the year reflecting a general improvement in investor
in Baring Vostok (private equity in Russian and former CIS sentiment from the depths of the COVID-19 crisis. The largest
states) enjoyed a burst of portfolio activity towards the year contributors were Fidelity China Special Situations and Gulf
end with top holding Kaspi (which operates the largest Investment Fund; the former saw its discount narrow by over
payments, marketplace and financial technology ecosystem in 10% over the year to trade at parity by the end of period while
Kazakhstan) listing in London and delivering a significant uplift the latter saw its discount narrow to 4.5% ahead of the
to performance. The fund’s share price rose by 14.8% over the publication of details of a full exit opportunity. For the period
year (vs MSCI Russia -29.3%). Emerging Europe (ex Russia) as a whole, the weighted average discount to NAV of the
specialist Avaron Emerging Europe Fund reinforced its long Company’s closed end holdings narrowed from 10.3% to 8.5%.
track record of low downside capture with NAV -21.4%
compared to -34.8% for the MSCI Eastern Europe Ex Russia
Index. Within the Company’s frontier market allocation,
Romanian holding Fondul Proprietatea delivered another
period of good absolute and relative returns (NAV +7.6%).
Table 1: NAV performance attribution for the year ended market performance and investment activity. Active changes
31 October 2020 reflected the belief that the pandemic likely delayed the
recovery in economic performance and thus sentiment
Fund Selection 6.7% towards non-Asian markets for which the Company had been
positioned coming into 2020.
Asia 2.9%
EMEA 3.6% China’s weight increased to 38.2%, reflecting the country’s
resilient performance during the period and the initiation of a
Latin America 0.2%
5.0% position in the Neuberger Berman China Bond Fund at
Global Emerging Markets 0.0% the end of June 2020. From a top down perspective, we view
Asset Allocation (5.8%) China favourably but are mindful of the risks associated with
having such a large proportion of the Company’s portfolio
Asia (2.5%)
invested in a single country. We believe that the China Bond
EMEA (2.5%) Fund allows us to add to the long term opportunity presented
Latin America (0.2%) by China’s capital markets but in a more risk-aware manner
than adding to the fund’s already substantial equity exposure.
Cash/Gearing (direct and underlying) (0.6%) In the second half of the year, we trimmed sizeable positions in
Closed End Fund Discounts 0.8% the Aberdeen Standard China A Share Equity Fund and Fidelity
China Special Situations, both of which had performed
Fees and Expenses (1.0%)
admirably since the market lows in March 2020.
NAV excess return* 0.7%
Exposure to South Korea increased to 13.7%, reflecting strong
* The above analysis has been prepared on a total return basis. market returns and significant outperformance from the
Company’s dedicated investments in that market. Taiwan’s
Portfolio Positioning weighting declined to 8.1% despite the market’s
The composition of the portfolio by vehicle type is shown outperformance as a result of an exit from a small holding in
below. The most significant change over the period was that Taiwan Fund in late 2019 and a scaling back of the position in
the Company moved from being 107.8% invested at the start of Schroder’s Taiwanese Equity Fund. India saw a reduction in its
the year to just 101.2% of net assets by the end of the financial allocation to 4.8%, reflecting a tender offer and subsequent
year. Gearing was reduced towards the end of April 2020 exit from JPMorgan Indian Investment Trust. Indonesia fell to
following discussions with the Company’s Directors and an just 0.8% as redemption proceeds were received from Komodo
agreement that it was prudent to adopt a slightly more Fund, which decided to liquidate during the year.
cautious stance given the wide range of possible pandemic
outcomes at that time. The allocation of net assets to open The increase in Asia’s allocation was, in large part, at the
ended funds declined by around 5% during the year, while expense of Latin America, where the Company moved from an
closed end fund exposure fell by just over 1%. overweight to an underweight position over the year. Besides
market performance, the decline was driven by the redemption
October 2020 October 2019 of the Company’s position in Brown Advisory Latin American
Fund which was completed in August 2020. This was driven by a
Closed ended investment funds 49.1% 50.1%
combination of asset allocation and manager selection
Open ended investment funds 51.3% 56.3% considerations, with Latin American markets remaining
Market access products 0.8% 1.4% challenged on a number of fronts (currency weakness,
unsettling politics, relatively poor response to COVID-19) while
Cash and other net assets -1.2% -7.8%
the underlying strategy (which has a focus on consumer
Net assets 100.0% 100.0% companies) had failed to deliver on a relative basis for
several years.
The Company’s geographic allocation is shown on page 18. On
a regional basis the most notable change was an 8.2% increase
in exposure to Asia which resulted from a combination of
Overview
The allocation to the Europe, Middle East and Africa region also The Company also benefitted from several modest tender
Strategic Report
fell over the year. Partial redemptions from a number of offers in Romanian holding Fondul Proprietatea, selling stock at
regional vehicles (Avaron Emerging Europe Fund, QIC GCC a premium to prevailing market levels each time. In late 2019,
Equity Fund and Laurium Limpopo in Africa) were utilised to we also took advantage of a liquidity window provided by a
pay down gearing in April 2020, while we also trimmed share buyback by Russian private equity specialist Baring
exposure to Russia through exiting a small holding in JP Morgan Vostok that was conducted at a price materially higher than it
Russian Securities and via a tender offer from Baring Vostok. had traded at over prior months. The Company retains
We took profits on Fondul Proprietatea while the company also exposure to a number of closed end funds with the potential
Portfolio
continued to distribute capital back to shareholders by way of for future corporate activity through full exit opportunities
dividends and tender offers. In the latter months of the year, (Gulf Investment Fund, BlackRock Frontiers Investment Trust,
Turkey began to screen attractively, justifying increased Weiss Korea Opportunity Fund), ongoing regular tenders
exposure through an exchange traded fund. South Africa (Fondul Proprietatea) or conditional tenders (BlackRock Latin
remained a very significant underweight throughout the period American Investment Trust, Genesis Emerging Markets Fund).
with an already challenging macroeconomic backdrop being
compounded by the impact of COVID-19. The allocation to funds managed by Aberdeen Standard
Governance
Investments increased from 11.9% to 17.5% of net assets during
We continue to believe that many frontier markets, whilst the year. A significant element of that is accounted for by
increasingly marginalised and thus overlooked by most positions in open ended funds investing in China A Shares
investors, are attractively valued and likely to deliver attractive (5.2%) and Frontier Market Bonds (4.2%) with the remainder
returns for patient allocators of capital. At the end of the year, spread across several closed end funds focussed on Asian
12.5% of the Company’s portfolio was allocated to frontier equities. The use of in-house managed funds, on which there is
markets equities and fixed income. Towards the end of the no double charging of fees, is a valuable tool in making the
Statements
Financial
period, we initiated a holding in BlackRock Frontiers Investment Company as cost-effective as possible in an environment
Trust, acquiring shares at a discount to NAV in excess of 6%, an where this is increasingly a concern for investors. All
attractive entry point given the low valuation of the portfolio investments in “in-house” products are subject to the same
(including a dividend yield of over 5%) and the company's in-depth diligence as external funds and a rigorous conflicts of
tendency to trade around net asset value. Investors are given interest procedure.
the opportunity to exit all or part of their investment at NAV
less cost every five years, with the next such opportunity in We have discussed in past reports our desire to invest in a
focused list of actively managed holdings run by talented Information
early 2021. Around a third of the Company’s frontier allocation Corporate
remains in the in-house managed Aberdeen Standard Frontier investment teams across emerging and frontier markets, thus
Markets Bond Fund, which offers the potential for good offering investors an attractive “one stop shop” in a complex
absolute returns from a portfolio of predominantly US dollar and sprawling asset class. In addition, the payment of quarterly
denominated sovereign bonds issued by a wide range of dividends from a combination of capital and income and use of
frontier countries. At the end of October 2020, this portfolio gearing, all capture the benefits of the closed end fund
had a yield to maturity of 9.9%, representing a 5.0% spread structure. To these collective points, at the end of the year the
over mainstream emerging market hard currency debt, a portfolio was invested in 30 funds, with 92.0% of net assets
pricing differential that, in our view, is unjustified by being exposed to equities, 9.2% to fixed income, cash and other
fundamentals. Underlying exposure is to countries as diverse net assets of -1.2% and the Company’s dividend yield was 3.6%
as Ukraine, Ivory Coast and Kenya, bringing further per annum. We believe this is an attractive profile in the
diversification to the Company’s portfolio. circumstances and one that should hold broad appeal.
The Company participated in several accretive corporate Outlook

actions during the year. JP Morgan Indian Investment Trust Emerging markets have, over the last five years, quietly
completed a tender offer for 25% of shares in issue in February delivered strong returns for investors (MSCI Emerging Markets
2020. With a surprisingly low participation rate, there was Index +74.4%), while at the same time remaining largely out of
substantial scaling-up and we exited 60% of the Company’s favour as an asset class. While 2020 has obviously presented
position at a significant premium to the prevailing market price. many challenges, we believe it has also provided reasons to
believe this spell of performance can continue, if not accelerate.
In aggregate, emerging markets have been less impacted by economies will shrink less in 2020, bounce back faster in 2021
COVID-19 than most commentators feared at the outset of the and emerge less indebted than developed markets. The
pandemic. China, South Korea and Taiwan (collectively 60.0% of likelihood of vaccines being rolled out in 2021 has already been
the Company’s portfolio) obviously stand out in a global reflected in improved performance in the likes of Brazil, South
context as having benefitted from early and decisive measures Africa and India.
to quell the spread of the coronavirus, whilst also having a
healthy representation of growth companies on their The combination of the US congress coming under the control
exchanges (technology platforms in the case of China, and of the Democratic Party, the roll out of vaccines, the
hardware in the case of Taiwan and South Korea). For China in accommodative stance of the Federal Reserve (with record
particular, we believe 2020 will prove a year in which asset levels of debt and low interest rates likely to prevail in the
allocators finally overcame many of their fears (trade wars, coming years) all suggest the US dollar will continue to weaken.
growth concerns, sovereign and corporate governance) and At the same time, emerging equity and debt markets are
began taking steps to more adequately reflect the importance amongst the few to still offer positive real yields, which are
of this market in their portfolios - the pandemic, perversely, likely to attract capital back into the asset class to the benefit of
having served as a positive catalyst for this. emerging market currencies. The importance of this should not
be underestimated, as can be seen in Chart 3 below, which
Outside of these three markets, the COVID-19 experience has shows quite clearly how long and painful the current cycle has
been more mixed, but one unifying factor is the more muted been, whilst also reminding one of how lucrative the prior
policy response employed by emerging market central banks. cycle was.
There is much evidence to suggest that emerging market
Chart 3. MSCI Emerging Markets Index performance relative to MSCI US and the trade weighted US dollar (inverted)
500 80
MSCI EM/MSCI US US Dollar Index (RHS, inverted)
450 85
90
400
95
350
Performance rebased to 100
100
Index level
300
105
250
110
200
115
150
120
100 125
50 130
Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec
98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20
Source: Bloomberg. MSCI indices used are net total return in USD. For period from 31 December 1998 to 31 December 2020.
Overview
Many of the major beneficiaries of a decline in the US dollar are offers less value than has been present in much of the recent
Strategic Report
outside of the major North Asian economies, and thus we past). The major risk we perceive in markets more generally is
would caution against investors limiting their emerging market an earlier than expected withdrawal of the easing measures
exposure to the obvious Asian economies at the expense of put in place to deal with the pandemic (higher US rates being
Eastern Europe, Latin America and frontier markets, all of the most obvious barometer of this). On this latter point, it is
which would benefit materially from the trends discussed interesting to note that China has already begun tightening,
above. In addition, a weaker US dollar has tended to favour making it the first country globally to do so.
smaller companies and “value” investments. We retain
Portfolio
exposure to these unappreciated regions and themes based on Overall, we maintain a positive outlook. Since the end of the
fundamentals and future prospects, not recent past financial year, we have fully drawn the Company’s revolving
performance. Trying to time exactly when any rotation in credit facility, taking the portfolio 4.7% geared as at
leadership (by country, market capitalisation or sector) will take 16 February 2021, with 96.9% of net assets being exposed to
place is extremely challenging, as the dash to value following funds invested in equities, 7.8% in funds investing in fixed
the announcement of the first vaccine highlights. income and -4.7% in cash and other net assets. We believe this
positioning differentiates the Company from many of its peers
Governance
Risks to this “goldilocks” scenario for emerging markets include and leaves it well placed to reap rewards. We believe the
geopolitics (in China and Iran, for example), a disappointment current uptick in sentiment towards, and strong performance
in 2021 earnings (currently forecast to grow by 25-30% across of, the asset class is justified and likely to continue.
emerging markets) and the interplay of this with valuations (a
15x aggregate emerging market forward price to earnings ratio Aberdeen Asset Managers Limited
18 February 2021
Statements
Financial
Information
Corporate
Portfolio
The Company’s NAV total return for the

year was 0.7% ahead of the Benchmark.
Underlying holdings, in general,
outperformed their benchmarks.
Discount narrowing on closed end funds
also made a positive contribution while
asset allocation by country was
detrimental to relative performance.
Investments
Overview
As at 31 October 2020
Strategic Report
Country of Value Percentage of
Security investment name establishment (£’000) net assets (%)
Neuberger Berman - China Equity Fund Ireland 35,730 11.1
Weiss Korea Opportunity Fund Limited Guernsey 23,966 7.5
Schroder AsiaPacific Fund PLC United Kingdom 23,494 7.3
Fidelity China Special Situations PLC United Kingdom 21,494 6.7
Portfolio
Aberdeen Standard SICAV I – China A Share Equity Fund Luxembourg 16,688 5.2
Schroder International Selection Taiwanese Equity Fund Luxembourg 15,993 5.0
Neuberger Berman - China Bond Fund Ireland 15,949 5.0
Aberdeen Standard SICAV I - Frontier Markets Bond Fund Luxembourg 13,457 4.2
Korea Value Strategy Fund Ltd British Virgin Islands 13,281 4.1
Genesis Emerging Markets Fund Limited Guernsey 11,995 3.7
Governance
Top ten investments b 192,047 59.8
Aberdeen Asian Income Fund Limited United Kingdom 11,414 3.6
Fondul Proprietatea Romania 11,337 3.5
Schroder Oriental Income Fund Limited Guernsey 11,213 3.5
Lazard Emerging World Fund Ireland 9,780 3.0
Statements
Financial
Diversified Growth Company QIC GCC Equity Fund Luxembourg 9,450 2.9
Aberdeen New India Investment Trust PLC United Kingdom 9,061 2.8
Ton Poh Fund Cayman Islands 8,356 2.6
Avaron Emerging Europe Fund Estonia 8,335 2.6
Verno Capital Growth Fund Limited Cayman Islands 8,098 2.5
BlackRock Latin American Investment Trust PLC United Kingdom 8,052 2.5
Information
Next ten investments b 95,096 29.5 Corporate
Top twenty investments b 287,143 89.3
Laurium Limpopo Africa Fund Cayman Islands 7,761 2.4
JPMorgan Emerging Markets Investment Trust PLC United Kingdom 7,289 2.3
Asia Dragon Trust PLC United Kingdom 5,282 1.7
Baring Vostok Investments PCC Limited Guernsey 4,673 1.5
Gulf Investment Fund PLC Isle of Man 3,151 1.0
iShares MSCI Turkey ETF United States 2,519 0.8
BlackRock Frontiers Investment Trust PLC United Kingdom 2,516 0.8
JPMorgan Global Emerging Markets Income Trust PLC United Kingdom 2,512 0.8
Tarpon All Equities Cayman Cayman Islands 1,070 0.3
Komodo Fund Cayman Islands 1,059 0.3
Total investments b 324,975 101.2
Cash plus other net current assets and liabilities b (4,005) (1.2)
Net assets b 320,970 100.0
Asset Allocation
Country split Company (%) Benchmark (%)

Asia 73.1 81.4
China 38.2 43.2
South Korea 13.7 11.9
Taiwan 8.1 12.7
India 4.8 8.1
Thailand 3.2 1.7
Singapore 1.7 -
Indonesia 0.8 1.3
Vietnam 0.3 -
Philippines 0.2 0.8
Malaysia 0.1 1.7
Pakistan 0.1 -
Other 1.9 -
EMEA 21.2 11.6
Russia 4.3 2.7
Romania 3.7 -
Saudi Arabia 1.9 2.7
Egypt 1.1 0.1
Turkey 1.1 0.3
Kuwait 0.7 -
Qatar 0.7 0.8
UAE 0.7 0.5
Poland 0.6 0.6
South Africa 0.5 3.5
Hungary 0.4 0.2
Greece 0.3 0.1
Czech Republic 0.2 0.1
Other 5.0 -
Overview
Strategic Report
Country split Company (%) Benchmark (%)
Latin America 4.8 7.0
Brazil 2.4 4.4
Mexico 0.8 1.6
Portfolio
Argentina 0.4 0.1
Chile 0.2 0.5
Peru 0.1 0.2
Colombia - 0.2
Other 0.9 -
Non-specified 1.5 -
Governance
Cash in underlying investments 0.7 -
Cash plus other net current assets (1.3) -
Total 100.0 100.0
The above analysis has been prepared on a portfolio look-through basis.
Statements
Financial
Benchmark: MSCI Emerging Markets Net Total Return Index in sterling terms.
Information
Corporate
Governance
The Company is committed to high

standards of corporate governance and
applies the principles identified in the UK
Corporate Governance Code and the AIC
Code of Corporate Governance.
All Directors are considered by the Board
to be independent of the Company and
the Manager and free of any material
relationship with the Manager.
Directors’ Report
Overview
The Directors of Aberdeen Emerging Markets Investment iii) Gearing
Strategic Report
Company Limited (“AEMC” or the “Company”) present the report The Directors reserve the right to borrow up to a maximum of
and financial statements for the year ended 31 October 2020. 15% of the NAV of the Company at the time of drawdown.
Investment Policy Business Activities

Objective The Company is a closed-ended investment company
The Company’s investment objective is to achieve consistent incorporated and resident in Guernsey and holds a Premium
returns for shareholders in excess of the MSCI Emerging Listing on the London Stock Exchange.
Portfolio
Markets Net Total Return Index in sterling terms (Bloomberg
ticker: NDUEEGF Index) (the “Benchmark”). Results and Dividends
The Company’s total comprehensive income for the year was a
i) Asset Allocation profit of £26,090,000 (2019: profit of £38,447,000). The
The Investment Manager invests in a portfolio of funds and Company’s revenue return for the year amounted to a profit of
products which give a diversified exposure to developing and £734,000 (2019: profit of £1,109,000).
emerging market economies. The Investment Manager does
not seek to replicate the Benchmark’s geographical The Company declared four interim dividends; each at the rate
Governance
distribution. The Company’s geographic asset allocation is of 5.50p per Ordinary share, in respect of the year ended
derived from the Investment Manager’s analysis of prospects 31 October 2020.
for regions and countries and the underlying opportunities
The Board has declared a first interim dividend of 5.75p per
for investment.
Ordinary share in respect of the year ending 31 October 2021,
The Board does not believe that it should impose prescriptive which will be paid on 26 March 2021 to shareholders on the
limits on the Investment Manager for the geographic register on 26 February 2021.
Statements
Financial
breakdown and distribution by type of fund as this could have
It is anticipated that four interim dividends will continue to be
a negative impact on the Company’s performance and
paid on a quarterly basis in March, June, September and
accordingly the Company does not have any prescribed
December. The Board will put a resolution to shareholders at
investment limits in this regard.
the AGM in respect of its policy to declare four interim
The Investment Manager has discretion to enter into hedging dividends each year.
mechanisms where it believes that this would protect the
Investment Report and Outlook Information
performance of the Company’s investment portfolio in a cost Corporate
The Chairman’s Statement and Investment Manager’s Report
effective manner. To date, the Company has never entered into
incorporate a review of the highlights during the year and the
any such hedging mechanisms.
outlook for the forthcoming year.
ii) Risk Diversification
Key Performance Indicators (“KPIs”)
Individual investments are selected for their potential to
The Company’s success in attaining its objectives is measured
outperform as a result of one or more of the following: the
by reference to the following KPIs:
performance of the region, market or asset class in which they
invest; the skill of the underlying fund manager; and (a) The Company seeks to generate consistent relative returns
additionally, in the case of closed end funds, through the ahead of those generated by its Benchmark.
narrowing of discounts at which their shares trade to net
asset value. (b) The Company seeks to achieve a positive absolute return
over the longer term through its exposure to the emerging
No holding by the Company in any other company will market asset class.
represent, at the time of the investment, more than 15% by
value of the Company’s net assets. The diversification within Performance
investee funds is taken into account when deciding on the size An overview of the Company’s performance is contained in the
of each investment so the Company’s exposure to any one Chairman’s Statement and Investment Manager’s Report.
underlying company should never be excessive.
Directors’ Report Continued
In sterling terms, the Benchmark Index total return increased (ii) Emerging Markets
by 8.2% (2019:10.3%) over the year against an increase of 8.9% The funds selected by the Investment Manager invest in
(2019:14.1%) for the Company’s NAV per Ordinary share. emerging markets. Investing in emerging markets involves
certain risks and special considerations not typically associated
Ongoing Charges with investing in other more established economies or
For the year ended 31 October 2020, the Company’s ongoing securities markets. In particular there may be: (a) the risk of
charges figure, calculated using the Association of Investment nationalisation or expropriation of assets or confiscatory
Companies’ (“AIC”) methodology, was 1.02% (2019: 1.07%). taxation; (b) social, economic and political uncertainty including
war and revolution; (c) dependence on exports and the
Principal Risks, Emerging Risks and Uncertainties
corresponding importance of international trade and
Together with the issues discussed in the Chairman’s
commodities prices; (d) less liquidity of securities markets;
Statement and the Investment Manager’s Report, the Board
(e) currency exchange rate fluctuations; (f) potentially higher
considers that the main risks and uncertainties faced by the
rates of inflation (including hyper-inflation); (g) controls on
Company fall into the following categories:
foreign investment and limitations on repatriation of invested
(i) General Market Risks Associated with the capital and a fund manager’s ability to exchange local
Company’s Investments currencies for pounds sterling; (h) a higher degree of
Changes in economic conditions, interest rates, foreign governmental involvement and control over the economies;
exchange rates and inflationary pressures, industry conditions, (i) government decisions to discontinue support for economic
competition, political and diplomatic events, tax, reform programmes and imposition of centrally planned
environmental and other laws and other factors can economies; (j) differences in auditing and financial reporting
substantially and either adversely or favourably affect the standards which may result in the unavailability of material
value of the securities in which the Company invests and, information about economies and issuers; (k) less extensive
therefore, the Company’s performance and prospects. regulatory oversight of securities markets; (l) longer settlement
periods for securities transactions; (m) less stringent laws
The Company’s investments are subject to normal market regarding the fiduciary duties of officers and directors and
fluctuations and the risks inherent in the purchase, holding or protection of investors; and (n) certain consequences regarding
selling of securities, and there can be no assurance that the maintenance of portfolio securities and cash with
appreciation in the value of those investments will occur. There sub-custodians and securities depositories in
can be no guarantee that any realisation of an investment will be developing markets.
on a basis which necessarily reflects the Company’s valuation of
that investment for the purposes of calculating the NAV. (iii) Other Portfolio Specific Risks
(a) Small cap stocks
The Company’s investments, although not made into The underlying investee funds selected by the Investment
developed economies, are not entirely sheltered from the Manager may have significant investments in smaller to
negative impact of economic slowdowns, decreasing consumer medium sized companies of a less seasoned nature whose
demands and credit shortages in such developed economies securities are traded in an “over-the-counter” market. These
which, amongst other things, affects the demand for the “secondary” securities often involve significantly greater risks
products and services offered by the companies in which the than the securities of larger, better-known companies, due to
Company directly or indirectly invests. shorter operating histories, potentially lower credit ratings and,
if they are not listed companies, a potential lack of liquidity in
A proportion of the Company’s portfolio may be held in cash or
their securities. As a result of lower liquidity and greater share
cash equivalent investments from time to time. Such proportion
price volatility of these “secondary” securities, there may be a
of the Company’s assets will be out of the market and will not
disproportionate effect on the value of the investee funds and,
benefit from positive stock market movements but may give
indirectly, on the value of the Company’s portfolio.
some protection against negative stock market movements.
Overview
(b) Liquidity of the portfolio The investment management of the Company has been
Strategic Report
The fact that a share is traded does not guarantee its liquidity and delegated to the Company’s Investment Manager. The
the Company’s investments may be less liquid than other listed Investment Manager’s investment process takes into account
and publicly traded securities. The Company may invest in the material risks associated with the Company’s portfolio and
securities that are not readily tradable or may accumulate the markets and holdings in which the Company is invested.
investment positions that represent a significant multiple of the The Board monitors the portfolio and the performance of the
normal trading volumes of an investment, which may make it Investment Manager at regular Board meetings.
difficult for the Company to sell its investments. Investors should
Portfolio
not expect that the Company will necessarily be able to realise its (iv) Internal Risks
investments within a period which they would otherwise regard Poor allocation of the Company’s assets to both markets and
as reasonable, and any such realisations that may be achieved investee funds by the Investment Manager, poor governance,
may be at a considerably lower price than prevailing indicative compliance or administration, including poor controls over
market prices. The Company has a borrowing facility in place cyber security, could result in shareholders not making
which may be utilised to assist in the management of liquidity. acceptable returns on their investment in the Company.
The borrowing facility is described later in this Directors’ Report.
Management or mitigation of internal risks
Governance
Liquidity of the portfolio is further discussed in note 17 to the The Board monitors the performance of the Manager and the
financial statements. other key service providers at regular Board meetings. The
Manager provides reports to the Board on compliance matters
(c) Foreign exchange risks and the Administrator provides reports to the Board on
It is not the Company’s present policy to engage in currency compliance and other administrative matters. The Board has
hedging. Accordingly, the movement of exchange rates established various committees to ensure that relevant
between sterling and the other currencies in which the governance matters are addressed by the Board.
Statements
Financial
Company’s investments are denominated or its borrowings are
drawn down may have a material effect, unfavourable or The management or mitigation of internal risks is described in
favourable, on the returns otherwise experienced on the detail in the Corporate Governance Statement on pages 32
investments made by the Company. and 33.
Movements in the foreign exchange rate between sterling and (v) Emerging Risks
the currency applicable to a particular shareholder may have Emerging risks are slow moving trends, innovations and shifts Information
with potential consequence to a specific industry or sector in Corporate
an impact upon that shareholder’s returns in their own
currency of account. the long term. They can include movements in: demographics,
economics, society, technological innovations, national policy
Management or mitigation of the above risks and governance. The most significant risk which emerged
Risk Management or mitigation of risk during the year was the COVID-19 pandemic. The first case of
the virus was identified in Wuhan, China, in December 2019
General market These risks are largely a consequence
and continued to spread worldwide during 2020. The
risks associated of the Company’s investment strategy
consequence of the virus has dramatically impacted public
with the Company’s but the Investment Manager attempts
health and mobility, with a cascading effect on consumerism,
investments to mitigate such risks by maintaining
the global financial markets and the future economic outlook.
Emerging markets an appropriately diversified portfolio
by number of holdings, fund structure, Management or mitigation of emerging risks
Other portfolio geographic focus, investment style A risk management register and associated risk heat map,
specific risks and market capitalisation focus. providing a visual reflection of the Company’s identified and
(a) Small cap stock Liquidity, risk and exposure measures emerging risks have been established to monitor and mitigate
(b) Liquidity of the are produced on a monthly basis risks to the Company, with both a risk pre mitigation and risk
portfolio by the Investment Manager and post mitigation score determined, depending on the impact of
(c) Foreign exchange monitored against internal limits. the risk combined with the probability of the risk occurring.
Borrowings Purchases of Own Shares

The Company is permitted to borrow, at the point of During the year ended 31 October 2020, the Company
drawdown, up to 15% of its net assets. purchased none of its Ordinary shares (2019: 81,937 Ordinary
shares all of which are held in treasury in accordance with its
On 29 March 2018, the Company entered into an unsecured general share buyback authority).
12 month revolving credit facility with The Royal Bank of
Scotland plc, under which loans with a maximum aggregate The Company’s discount management policy is described above.
value of £25 million may be drawn. The facility was renewed
with The Royal Bank of Scotland International Limited (London The Company’s present authority to make market purchases of
Branch) ("RBSI") on 26 March 2020 for a further 12 month its own Ordinary shares will expire at the conclusion of the AGM
period, with a termination date of 26 March 2021. As at at which time a new authority to buy back shares will be sought.
31 October 2020, £12.5 million (2019: £25 million) was drawn The timing of any purchase will be decided by the Board. Any
down at an all-in monthly rate of 0.76925% (2019: 1.26413%). shares bought back by the Company will either be cancelled, or
if the Directors so determine, held in treasury (and may be
Gearing re-sold). Purchases of own shares will only be made at a price
At the year end, the Company’s net gearing figure was 1.6% representing a discount to NAV per Ordinary share.
(2019: 8.0%). The Directors monitor the Company’s gearing on a
regular basis in accordance with the Company’s investment Allotment of Shares and Disapplication of Pre-Emption
policy and under advice from the Investment Manager. Rights
At the forthcoming AGM, an ordinary resolution will be
Market Information proposed to confer an authority on the Directors, in
The NAV per Ordinary share is calculated for each business day substitution for any existing authority, to allot, either as new
and is published through a regulatory information service. Ordinary shares or shares from treasury, up to 5% of the issued
Ordinary share capital of the Company (excluding shares held in
Discount Management Policy treasury) as at the date of the passing of the resolution (up to a
The Board considers it desirable that the Company’s shares do maximum of 2,298,257 Ordinary shares based on the number
not trade at a price which, on average, represents a discount that of Ordinary shares in issue as at the date of this report).
is out of line with the Company’s direct peer group. To assist the
Board in taking action to deal with a material and sustained A further resolution will be proposed as a special resolution to
deviation in the Company’s discount from its peer group, it seeks provide the Directors with the authority to disapply
authority from shareholders annually to buy back shares. Shares pre-emption rights in respect of issuing shares and/or selling
may be repurchased when, in the opinion of the Board and taking shares from treasury under the general authority granted as
into account factors such as market conditions and the discounts described above. Any future issues of Ordinary shares, or sales
of comparable companies, the Company’s discount is higher than of shares from treasury, will only be undertaken at a premium
desired and shares are available to purchase in the market. The to the prevailing NAV per Ordinary share.
Board is of the view that the principal purpose of share
repurchases is to enhance NAV for remaining shareholders, These authorities will expire at the conclusion of the AGM in
although it may also assist in addressing the imbalance between 2022. The Directors consider that the authorities proposed to
the supply of and demand for the Company’s shares and thereby be granted at the AGM are necessary to retain flexibility,
reduce the scale and volatility of the discount at which the shares although they do not, at the present time, have any intention of
trade in relation to the underlying NAV. exercising such authorities.
Ordinary Shares in Issue Significant Shareholders

As at 31 October 2020 the Company had 45,965,159 (2019: As at 31 October 2020, the Company had been notified of the
45,965,159) Ordinary shares in issue (excluding shares held in following significant shareholdings of the issued Ordinary
treasury). The Company also held 8,653,348 Ordinary shares in shares (excluding treasury shares).
treasury (2019: 8,653,348).
Overview
Automatic Exchange of Information
Strategic Report
Holding %
Foreign Account Tax Compliance Act (“FATCA”)
City of London Investment Management FATCA legislation, which was introduced in the United States of
Company Limited 13,260,724 28.8 America, places obligations on foreign financial institutions
Lazard Asset Management LLC 10,331,685 22.5 such as the Company. In Guernsey, local law has been
introduced that gives effect to the FATCA requirements and
Wells Capital Management Inc 9,024,498 19.6
certain reporting obligations are placed on financial institutions
1607 Capital Partners, LLC 5,589,128 12.2 as defined by this act. The Company is registered as a reporting
Portfolio
financial institution and is subject to ongoing reporting
Since the end of the year, the Company has been notified that obligations under the legislation.
Wells Capital Management Inc’s holding has changed to
9,274,498 Ordinary shares (20.2%) and 1607 Capital Partners, The Common Reporting Standard (“CRS”)
LLC’s holding has changed to 5,480,870 Ordinary shares CRS is the result of the drive by the G20 nations to develop a
(11.9%). There have been no other changes notified to the global standard for the automatic exchange of financial account
Company as at the date of this Report. information, developed by the Organisation for Economic
Governance
Cooperation and Development. Guernsey has introduced local
Non-Mainstream Pooled Investments (“NMPIs”) legislation to give effect to CRS. Guernsey financial institutions are
Financial Conduct Authority (“FCA”) rules determine which required to identify, review and report on accounts maintained by
investment products can be promoted to ordinary retail them which are held by account holders resident in jurisdictions
investors. Under of these rules, certain investment products with which Guernsey has agreed to exchange information.
are classified as NMPIs and as a result face restrictions on their
promotion to retail investors. Depositary and Custody Services
Northern Trust (Guernsey) Limited has been appointed to
Statements
Financial
The Company currently conducts its affairs so that its shares provide depositary and custody services to the Company.
can be recommended by Independent Financial Advisers
(“IFAs”) to ordinary retail investors in accordance with the FCA Management
rules in relation to NMPIs and intends to continue to do so for Since 1 June 2016, the Company’s Alternative Investment Fund
the foreseeable future. Manager has been Aberdeen Standard Fund Managers Limited
(“ASFML”), which is a wholly owned subsidiary of Standard Life
The Board has been advised that the Company’s shares are Aberdeen plc and is authorised and regulated by the FCA. ASFML Information
excluded from the FCA’s restrictions which apply to NMPIs Corporate
has been appointed to provide investment management, risk
because they are shares issued by a non-UK company which management and promotional activities to the Company.
would qualify as an investment trust if resident in the UK.
The Company’s portfolio is managed by Aberdeen Asset
Continuation Vote Managers Limited (“AAML”) by way of a group delegation
The Company does not have a fixed life but the Directors agreement in place between ASFML and AAML. Promotional
consider it desirable that shareholders have the opportunity to activities have also been delegated to AAML.
review the future of the Company at appropriate intervals. At the
2018 AGM, a resolution was approved by shareholders that the Further details of the key terms of the agreement and fees
Company should continue in existence in its current form until payable to the Manager can be found in note 6 to the
the AGM to be held in 2023. If the vote to continue is not passed financial statements.
at the 2023 AGM then, within four months of that resolution
failing, the Directors will be required to formulate and put to Alternative Investment Fund Managers
shareholders proposals relating to the future of the Company, Directive (“AIFMD”)
having had regard to, inter alia, prevailing market conditions and The Company appointed ASFML as its Alternative Investment
the applicable law and regulations. If the resolution is passed, the Fund Manager (“AIFM”) with effect from 1 June 2016.
Company will continue in operation and a similar resolution will
An AIFM must ensure that an Annual Report for the Company is
be put to shareholders at every fifth AGM thereafter.
made available to investors for each financial year, provide the
Annual Report to investors on request and make the Annual
Report available to the FCA. The investment funds sourcebook At the AGM held in April 2018, a resolution was approved by
of the FCA details the requirements of the Annual Report. shareholders that the Company will continue in existence in its
current form until the AGM to be held in 2023, at which time a
All the information required by those rules and relevant AIFM further continuation vote will be put to shareholders.
remuneration disclosures are or will be available on the
Company’s website (aberdeenemergingmarkets.co.uk). The Directors believe that the Company has adequate
resources to continue in operational existence for at least
Management Engagement 12 months from the date of approval of this document. In
In accordance with the requirements of the FCA’s Listing Rules, reaching this conclusion, the Directors have considered the
the Management Engagement Committee has reviewed whether liquidity of the Company’s portfolio of investments as well as
to retain ASFML as the Manager of the Company. The its cash position, income and expense flows.
Management Engagement Committee has agreed that, given the
performance of the Company and the specialist knowledge of As at 31 October 2020, the Company held £8.3 million in cash
ASFML, it is in the best interests of shareholders as a whole to and £325.0 million in investments. It is estimated that
continue with ASFML’s appointment as Manager to the Company. approximately 68% of the investments held at the year end
could be realised in one month. The total operating expenses
Company Secretary and Administrators for the year ended 31 October 2020 were £3.1 million, which on
Vistra Fund Services (Guernsey) Limited (“Vistra”) is appointed an annualised basis represented approximately 1.02% of
as Administrator and Secretary to the Company. average net assets during the year. The Company also incurred
£0.2 million of finance costs. At the date of approval of this
PraxisIFM Fund Services (UK) Limited (“PraxisIFM”) is appointed
report, based on the aggregate of investments and cash held,
by Vistra to act as administration agent in the United Kingdom.
the Company has substantial operating expenses cover. The
Further details on the fees payable under these agreements Company’s net assets at 16 February 2021 were £397.6 million.
can be found in note 6 to the financial statements.
The Company has a £25 million revolving loan facility with RBSI,
Payment of Suppliers maturing on 26 March 2021. The Company has commenced
It is the Company’s payment policy to obtain the best terms for discussions with RBSI and the Board expects to renew the facility
all business and therefore there is no consistent policy as to the on similar terms when it matures. As at 31 October 2020, £12.5
terms used. The Company contracts with its suppliers setting million was drawn down from the RBSI facility. The liquidity of the
out the terms on which business will take place and abides by Company’s portfolio, as mentioned above, sufficiently supports
such terms. A high proportion of expenses, including the Company’s ability to repay its borrowings at short notice.
management and administration fees, are paid within the
In light of the COVID-19 pandemic, the Directors have fully
month when invoiced. There were no overdue amounts owing
considered and assessed the Company’s portfolio of
to trade creditors at 31 October 2020.
investments. A prolonged and deep market decline could lead
Settlement of Share Transactions to falling values of the investments or interruptions to
Transactions in the Company’s Ordinary shares are settled by cashflow. However, the Company currently has more than
the CREST share settlement system. sufficient liquidity available to meet any future obligations.
Donations The Directors are satisfied that it is appropriate to adopt the

The Company did not make any political or charitable going concern basis in preparing the financial statements and,
donations during the year under review. after due consideration, that the Company is able to continue
in operation for a period of at least 12 months from the date of
Going Concern approval of these financial statements.
The Directors have adopted the going concern basis in
preparing the financial statements. The Board formally COVID-19
considered the Company’s going concern status at the time of The rapid spread of COVID-19 led governments across the
the publication of these financial statements and a summary of globe to implement policies to restrict the gathering,
the assessment is provided below. interaction and/or movement of people. These policies have
inevitably impacted and changed the nature of the operations
Overview
of some aspects of the Company, its key service providers and within one month. However, there are circumstances which
Strategic Report
companies in its investment portfolio. Share prices respond to could lead to a reduction in market liquidity and, therefore, the
assessments of future economic activity as well as their own ability of the Company to realise its investments.
forecast performance, and the COVID-19 pandemic has had a
materially negative impact on the economy and may continue The Directors do not expect there to be any material increase
to do so for an unknown period of time. During the year, stock in the annual ongoing charges of the Company over the Period.
markets have seen unprecedented movements in prices and in The Company’s income from investments and cash realisable
some cases, uncorrelated with underlying valuations. The from the sale of its investments provide substantial cover to
Portfolio
Board and Investment Manager have regular discussions to the Company’s operating expenses, and any other costs likely
assess the impact of emerging risks, including COVID-19 on to be faced by the Company over the Period.
both the investment portfolio and on its ability to maximise
Taking the above into account, the Directors have a reasonable
returns for shareholders.
expectation that the Company will be able to continue in
The market and operational risks associated with the COVID-19 operation and meet its liabilities as they fall due over the Period.
pandemic, and the ongoing economic impact of measures
Auditor
Governance
introduced to combat its spread were discussed and are
KPMG Channel Islands Limited (“KPMG “) was re-appointed as
continually monitored by the Directors. The Investment
auditor of the Company at the AGM held in April 2020. A
Manager, Administrator and other key service providers are
resolution for the re-appointment of KPMG Channel Islands
providing regular updates on operational resilience. The
Limited as auditor of the Company is to be proposed at the
Directors are satisfied that the key service providers have the
forthcoming AGM.
ability to continue to operate efficiently in a remote or virtual
working environment. Annual General Meeting (“AGM”)
Statements
Financial
The AGM will be held on 20 April 2021. Due to the uncertainties
Viability Statement
caused by the COVID-19 pandemic and, in particular, the
The continuation of the Company is subject to the approval of
restrictions on public gatherings and requirements to socially
shareholders every five years, with the next vote due to take
distance, it is likely that the Annual General Meeting will be held
place at the AGM in 2023.
on a functional only basis, satisfying the minimum legal
The Directors have assessed the prospects of the Company requirements. Further details are provided in the Chairman's
over the period from the date of this report up until 31 October Statement. The notice of AGM is included in this document. Information
Corporate
2023 (the “Period”). The Directors believe that the Period, being
Corporate Governance
approximately three years, is an appropriate time horizon over
The Corporate Governance Statement on pages 28 to 33 forms
which to assess the viability of the Company, particularly when
part of this report.
taking into account the long-term nature of the Company’s
investment strategy. Statement of Directors’ Responsibilities
The Statement of Directors’ Responsibilities on page 41 forms
In their evaluation of the prospects of the Company, the
part of this report.
Directors have carried out a robust assessment of the emerging
and principal risks facing the Company, including those that
would threaten its business model, future performance,
solvency or liquidity, as set out on pages 22 and 23 of this report. Helen Green
Developments in emerging markets and portfolio changes are Director
discussed at quarterly Board meetings and the internal control
framework of the Company is subject to formal review on at
least an annual basis. The Company’s portfolio consists of a William Collins
range of funds and other products which provide exposure to Director
emerging markets. Under normal market conditions, the 18 February 2021
majority of the investments held by the Company could be sold
Corporate Governance Statement
This Corporate Governance Statement forms part of the objective. Its role is to guide the overall business strategy for
Directors’ Report. the benefit of shareholders and stakeholders, ensuring that
their interests are its primary consideration. The intention is to
The Board of Aberdeen Emerging Markets Investment create a supportive working environment which allows the
Company Limited (the “Company”) has considered the Investment Manager the opportunity to manage the portfolio
principles and recommendations of the Association of in accordance with the investment policy, through a framework
Investment Companies’ (“AIC”) Code of Corporate Governance of effective controls which enable risks to be assessed and
(“AIC Code”) by reference to the AIC Corporate Governance managed.
Guide for Investment Companies (“AIC Guide”) as issued in
February 2019 and available on the AIC's website (theaic.co.uk). Composition
The AIC Code, as explained by the AIC Guide, addresses all of Mr Hadsley-Chaplin was appointed by the Board on 26 April
the principles set out in the UK Corporate Governance Code, 2012, Mr Collins was appointed by the Board on 14 June 2012,
issued in July 2018 and available on the FRC's website Mrs Green was appointed by the Board on 1 July 2016, Ms de
(frc.org.uk), as well as setting out additional principles and Rochechouart was appointed by the Board on 16 April 2019
recommendations on issues that are of specific relevance to and Mr Hawkins was appointed as a Director of the Company
the Company. with effect from its commencement on 16 September 2009.
All the Directors hold their office in accordance with the
The Board considers that reporting against the principles and Company’s Articles of Incorporation.
recommendations of the AIC Code, and by reference to the AIC
Guide (which incorporates the UK Corporate Governance Mr Hadsley-Chaplin was appointed Chairman of the Board on
Code), will provide better information to shareholders. 10 April 2017.
The Guernsey Financial Services Commission revised its Code All Directors are considered by the Board to be independent at
of Corporate Governance (the “Guernsey Code”) in February the date of this report.
2016. Companies which report under the AIC Code are deemed
to meet the requirements of the Guernsey Code. An insurance policy covering Directors’ and officers’ liabilities is
maintained by the Company.
The Company has complied with the recommendations of the
AIC Code and the relevant provisions of the UK Corporate Board Diversity
Governance Code, except as set out below. The Company’s policy is that the Board should have a broad
range of skills and diversity. The Board performs an annual
The UK Corporate Governance Code includes provisions review of its performance and these factors form part of that
relating to: review process. At the year end, the Board comprised three
male and two female Directors.
- interaction with the workforce (provisions 2, 5 and 6);
- the role and responsibility of the chief executive (provisions The Board has given careful consideration to the
9 and 14); recommendations of the AIC Code and other guidance on
- previous experience of the chairman of a remuneration boardroom diversity. The Board considers these
committee (provision 32); and recommendations when reviewing Board composition.
- executive directors' remuneration (provisions 33 and 36
to 40). Mark Hadsley-Chaplin (Chairman) – United Kingdom resident
- founded RWC Partners Ltd, a London based fund
The Board considers these provisions are not relevant to the management firm in 2000, was CEO until 2006 and Chairman
position of the Company, being an externally managed until 2010. Prior to this he was Vice Chairman of UBS Securities
investment company. The Company has therefore not reported (East Asia) Ltd, based in Singapore and responsible for the
further in respect of these provisions. management and development of the bank’s Asian equity
business worldwide.
The Board
The Board aims to provide effective leadership so the Company Mr Hadsley-Chaplin holds no other public company
has the platform from which it can achieve its investment directorships.
Overview
John Hawkins - United Kingdom resident - is a Fellow of the Directors will not serve beyond the Annual General Meeting
Strategic Report
Institute of Chartered Accountants in England and Wales. He following the ninth anniversary of their appointment. However,
was formerly Executive Vice President and a member of the the Board takes the view that independence of individual
Corporate Office of The Bank of Bermuda Limited. He was with Directors is not necessarily compromised by length of tenure
The Bank of Bermuda for 25 years, of which approximately 15 on the Board and that continuity and experience can add
years were based in Hong Kong. He is also a director of Raffles significantly to the Board’s strength. The Board believes that
Asia Investment Company Limited. recommendation for re-election should be on an individual
basis following a rigorous review which assesses the
Portfolio
William Collins (Senior Independent Director) – Guernsey contribution made by the Director concerned, but also taking
resident - has over 45 years’ experience in banking and into account the need for regular refreshment and diversity.
investment. From September 2007 he was employed by Bank J
Safra Sarasin (formerly Bank Sarasin) in Guernsey as Director - It is the Board’s policy that the Chairman of the Board will not
Private Clients, retiring at the end of 2014. Prior to that he normally serve as a Director beyond the Annual General
worked for Barings in Guernsey for over 18 years. In 1995 he Meeting following the ninth anniversary of his or her
was appointed a director and from 2003 until August 2007 was appointment to the Board. However, this may be extended in
Governance
Managing Director of Baring Asset Management (CI) Ltd. certain circumstances or to facilitate effective succession
planning and the development of a diverse Board. In such a
Mr Collins holds no other public company directorship. situation the reasons for the extension will be fully explained to
shareholders and a timetable for the departure of the
Helen Green - Guernsey resident - is a chartered accountant
Chairman clearly set out.
and has been employed by Saffery Champness, a top 20 firm of
chartered accountants, since 1984. She qualified as a chartered The Role of the Chairman and Senior Independent Director
accountant in 1988 and became a partner in the London office The Chairman is responsible for providing effective leadership
Statements
Financial
in 1998. Since 2000 she has been based in the Guernsey office to the Board, by setting the tone of the Company,
where she is Client Liaison Director responsible for trust and demonstrating objective judgement and promoting a culture of
company administration. Mrs Green serves as a non-executive openness and debate. The Chairman facilitates the effective
director on the boards of a number of companies in various contribution and encourages active engagement by each
jurisdictions. Director. In conjunction with the Company Secretary, the
Chairman ensures that Directors receive accurate, timely and
Mrs Green holds other public company directorships in UK
clear information to assist them with effective decision-making. Information
Mortgages Limited, Landore Resources Limited, CQS Natural Corporate
The Chairman acts upon the results of the Board evaluation
Resources Growth and Income plc and JPMorgan Global Core
process by recognising strengths and addressing any
Real Assets Limited.
weaknesses and also ensures that the Board engages with
Eleonore de Rochechouart - United Kingdom resident - is a major shareholders and that all Directors understand
partner of ResFamiliaris LLP, a wealth management advisory shareholder views.
boutique designed for families looking for a dedicated and
The Senior Independent Director acts as a sounding board for
independent service covering all aspects of their global wealth
the Chairman and acts as an intermediary for other Directors,
including financial and non-financial assets. Prior to joining
when necessary. Working closely with the Nomination
ResFamiliaris in 2010, Ms de Rochechouart spent 20 years in
Committee, the Senior Independent Director takes
the financial services industry as an economist, researcher and
responsibility for an orderly succession process for the
asset allocator in both the traditional and alternative
Chairman, and leads the annual appraisal of the Chairman’s
investment arena.
performance. The Senior Independent Director is also available
Ms de Rochechouart holds no other public company to shareholders to discuss any concerns they may have.
directorships.
Directors’ Shareholdings
Board’s Policy on Tenure At 31 October 2020 and at the date of this report, the Directors
In normal circumstances, it is the Board’s expectation that had the following shareholdings in the Company.
Corporate Governance Statement Continued
Ordinary shares Ordinary shares Ordinary shares

at the date of At 31 October At 31 October
this report 2020 2019
M Hadsley-Chaplin 30,000 30,000 30,000
W Collins 15,000 15,000 15,000
J Hawkins 30,000 20,000 10,000
H Green 1,800 1,800 1,800
E de Rochechouart – – –
A procedure has been adopted for the Directors, in the encouraged to attend industry and other seminars, including
furtherance of their duties, to take independent professional courses run by the AIC, covering issues and developments
advice at the expense of the Company. Directors are relevant to investment companies.
Board Meetings
The actual number of meetings of the Board and Committees for the year under review is given below, together with individual
Directors’ attendance at those meetings. The first number in the table is the meetings attended by the individual Director and the
second number is the number of meetings that Director was eligible to attend.
Management
Nomination Audit Engagement Remuneration
Board Committee Committee Committee Committee
M Hadsley-Chaplin 4/4 1/1 n/a 1/1 1/1
W Collins 4/4 1/1 3/3 1/1 1/1
J Hawkins 4/4 1/1 3/3 1/1 1/1
H Green 4/4 1/1 3/3 1/1 1/1
E de Rochechouart 4/4 1/1 3/3 1/1 1/1
In addition, there were four Board meetings to deal with In line with corporate governance best practice, all of the
matters relating to the loan facility renewal and the approval of Directors, apart from those stepping down, will retire and offer
dividends. themselves for election at the Annual General Meeting of the
Company to be held on 20 April 2021. The Board recommends
Re-election of Directors all the Directors stand for election for the reasons highlighted
The services of each of the Directors are provided under the in the performance evaluation section of this report and as
terms of letters of appointment between each of them and the stated above.
Company. Each Director’s appointment is for an initial three
year period subject to renewal and termination upon three Mr John Hawkins has been a Director of the Company since
months’ notice. 2009 and has given notice to the Board of his intention to step
down at the upcoming Annual General Meeting.
Overview
Conflicts of Interest consider the appointment and remuneration of the Manager.
Strategic Report
As required by law, a Director must avoid a situation where he The Committee also considers the appointment and
or she has an interest that conflicts with the Company’s remuneration of other suppliers of services to the Company.
interests. The Company’s Articles of Incorporation provide the
Directors authority to authorise potential conflicts of interest. Mr Hadsley-Chaplin is Chairman of the Management
The Directors are able to impose limits or conditions when Engagement Committee. The Committee has formal terms of
giving authorisation if they think this is appropriate. The reference and copies of these are available on request from the
procedure observed by the Board in considering dealing with Company Secretary and on the Company’s website.
Portfolio
conflicted matters is as follows:
Nomination Committee
· Any Board member so conflicted must recuse themself from The Company has established a Nomination Committee which
the discussion involving the relevant conflict; at the year end comprised Mr Collins, Mrs Green, Mr Hawkins,
· Only Directors who have no interest in the matter being Ms de Rochechouart and Mr Hadsley-Chaplin. The Committee
considered are able to debate the matter and take the has been established for the purpose of considering the
relevant decision; and composition of the Board as a whole and for identifying and
putting forward candidates for the office of Director of the
Governance
· In taking the decision the Directors must act in a way they
consider, in good faith, will be most likely to promote the Company and meets as and when it is required. The Committee
Company’s success. considers job specifications and assesses whether candidates
have the necessary skills and time available to devote to
The Directors have declared any potential conflicts of interest the job.
to the Company. These are entered into the Company’s register
of potential conflicts, which is reviewed regularly by the Board. Mr Collins is Chairman of the Nomination Committee. The
The Directors are obliged to advise the Company Secretary Nomination Committee has formal terms of reference and
Statements
Financial
as soon as they become aware of any potential conflicts copies of these are available on request from the Company
of interest. Secretary and on the Company’s website.
Board Committees Remuneration Committee

The Company has established an Audit Committee, a The Company has established a Remuneration Committee,
Management Engagement Committee, a Nomination Committee which at the year end comprised Mr Collins, Mr Hadsley-
and a Remuneration Committee. Other committees of the Board Chaplin, Mr Hawkins, Ms E de Rochechouart and Mrs Green. Information
The Committee meets at least on an annual basis to consider Corporate
may be formed from time to time to deal with specific matters.
the remuneration of the Directors. The Committee reviews the
Audit Committee remuneration of the Directors and Chairman against the fees
A report on pages 37 and 38 provides details of the role, paid to the directors of other investment companies of a similar
composition and meetings of the Audit Committee together size and nature, as well as taking into account other
with a description of the work of the Committee in discharging comparable data.
its responsibilities.
Mr Collins is the Chairman of the Remuneration Committee.
Mrs Green is the Chairman of the Audit Committee. The Audit The Remuneration Committee has formal terms of reference
Committee has formal terms of reference and copies of these and copies of these are available on request from the Company
are available on request from the Company Secretary and on Secretary and on the Company’s website.
the Company’s website.
Performance Evaluation
Management Engagement Committee A formal annual performance appraisal process is performed
The Company has established a Management Engagement on the Board, the committees, and the individual Directors. The
Committee which at the year end comprised all the appraisal is performed internally and the Board considers that
independent Directors, namely, Mr Hadsley-Chaplin, Mr Collins, this is appropriate given the nature and size of the Company. A
Mr Hawkins, Ms de Rochechouart and Mrs Green. The programme consisting of open and closed end questions is
Committee meets formally at least on an annual basis to used as the basis for the appraisals. The results are reviewed
Corporate Governance Statement Continued
by the Chairman and are then discussed with the Board so that consideration of the quality and cost of services offered,
any necessary action can be considered and undertaken. A including the financial control systems in operation in so far
separate appraisal of the Chairman is carried out under the as they relate to the affairs of the Company.
supervision of the Senior Independent Director and the results
are reviewed and reported back to the Chairman. The results of Financial Aspects of Internal Control
the performance appraisal carried out in the financial year The Directors are responsible for the internal financial control
ended 31 October 2020 demonstrated that the structure of the systems of the Company and for reviewing their effectiveness.
Board and the diverse experience of the Directors are These aim to ensure the maintenance of proper accounting
appropriate to meet the Company’s requirements. records, the reliability of the financial information upon which
business decisions are made and which is used for publication
The Directors are aware that the Board should have an and that the assets of the Company are safeguarded. As stated
appropriate balance of skills, experience, independence and above, the Board has contractually delegated to external
knowledge. The annual performance evaluation report covers agencies the services the Company requires, but it is fully
this issue and the Board understands the requirement for this informed of the internal control framework established by the
balance to be maintained. Manager, the Administrator and the UK Administration Agent to
provide reasonable assurance on the effectiveness of internal
Internal Controls financial controls.
The AIC Code requires the Board to review the effectiveness of
the Company’s system of internal controls. The Board The key procedures include monthly production of
recognises its ultimate responsibility for the Company’s system management accounts and NAV calculations, monitoring of
of internal controls and for monitoring its effectiveness and performance monthly and at regular Board meetings, review
has applied the Financial Reporting Council’s (“FRC”) guidance by the Directors of the valuation of securities, segregation of
on internal controls. The system of internal controls is designed the administrative function from that of securities and cash
to manage rather than eliminate the risk of failure to achieve custody and of both from investment management,
business objectives. It can provide only reasonable assurance maintenance of appropriate insurance and adherence to
against material misstatement or loss. The Board has physical and computer security procedures. In addition, the
undertaken a review of the aspects covered by the guidance Board keeps under its own direct control all material payments
and has identified risk management controls in the key areas of out of the Company other than for investment purposes.
business objectives, accounting, compliance, operations and
secretarial as being matters of particular importance upon The Statement of Directors’ Responsibilities in respect of the
which it requires reports. The Board believes that the existing financial statements is on page 41 and a statement of going
arrangements, set out below, represent an appropriate concern is on page 26. The Independent Auditor’s Report is on
framework to meet the internal control requirements. Through pages 44 to 46.
these procedures the Directors have kept under review the
Other Aspects of Internal Control
effectiveness of the internal control system throughout the
The Board holds at least four regular meetings each year, plus
year and up to the date of this report.
ad hoc meetings and committee meetings as required.
The Board uses a risk assessment matrix to consider the main Between these meetings there is regular contact with the
risks and controls for the Company. The matrix is reviewed and Manager, the Administrator, the UK Administration Agent and
updated on a frequent basis by the Board. the external Auditor.
The Board has contractually delegated to external agencies, The Company Secretary reports in writing to the Board on
including the Manager, the management of the investment operational and compliance issues prior to each meeting, and
portfolio, the custodial services (which include the otherwise as necessary.
safeguarding of the assets), the registration services and
Upon joining the Board, any new Directors receive an induction
the accounting and company secretarial requirements.
and other relevant training is available to Directors on an
Each of these contracts was entered into after full and proper
ongoing basis.
Overview
Directors receive and consider monthly reports from the UK Exercise of Voting Powers
Strategic Report
Administration Agent, giving full details of all holdings in the The Company is committed to exercise diligently its rights as a
portfolio and of all transactions and of all aspects of the shareholder and usually votes on relevant decisions of its
financial position of the Company. The Administrator and UK holdings. In making a voting decision all relevant factors are
Administration Agent report separately in writing to the Board taken into account, including the performance of the investee
concerning risks and internal control matters within the scope company, its corporate governance where this bears
of their services, including internal financial control procedures meaningfully upon the responsiveness of its management to
and secretarial matters. Additional ad hoc reports are received shareholders’ needs and the readiness of its management to
Portfolio
as required and Directors have access at all times to the advice address any areas where improvements might be expected to
and services of the Company Secretary, which is responsible to strengthen its share price or otherwise create real benefit for
the Board for ensuring that Board procedures are followed and shareholders. Further information regarding the activities of
that applicable rules and regulations are complied with. the Company in pursuing these issues may be found in the
Investment Manager’s report.
This contact with the Manager, Administrator, UK Administration
Agent and the external Auditor enables the Board to monitor the UK Stewardship Code and Proxy Voting as an
Governance
Company’s progress towards its objectives and encompasses an Institutional Shareholder
analysis of the risks involved. These matters are assessed on an Responsibility for actively monitoring the activities of portfolio
ongoing basis through the year. companies has been delegated by the Board to the Manager
and in turn to the Investment Manager.
There are no significant findings to report from the review of
internal controls during the year. Further information on stewardship and ESG matters may be
found on the Company's website.
Principal Risks
Statements
Financial
The Directors confirm that they have carried out a robust Environmental, Social and Corporate Governance
assessment of the principal risks facing the Company, including (“ESG“) Policy
those that would threaten its business model, future The Company is a closed-ended investment company and
performance, solvency or liquidity. The principal risks and how therefore has no staff, premises, manufacturing or other
they are being managed are set out in the Directors’ Report. operations. However, ESG factors are taken into consideration
by the Investment Manager in its research process in order to
Shareholder Relations assess the risks and opportunities presented by any Information
The Board encourages all shareholders to attend the AGM and Corporate
investment. This includes the way in which any third-party fund
seeks to provide at least 20 working days’ notice of that
manager incorporates ESG issues into its decision-making and
meeting. The Notice of Meeting sets out the business of the
the rigour with which it is applied, as well as the degree to
AGM and any item not of an entirely routine nature is explained
which ESG issues are formally embedded in the process before
in the Directors’ Report. Separate resolutions are proposed for
and after investment and the approach to reporting on these
each substantive issue.
aspects to investors. Once invested, the Investment Manager
The Board welcomes feedback from the Company’s continues to engage on a regular basis with the underlying fund
shareholders. The Board receives shareholder feedback managers on these issues and encourage the adoption of
directly and via the Company’s Manager and Broker through current best ESG practices.
their programme of meetings with shareholders.
With respect to closed end fund investments, additional
All Directors are available to shareholders if they have concerns consideration is given to a range of factors specific to that
over issues they feel have not been dealt with through the structure. This is done with the intention of encouraging closed
normal mode of communication with the Chairman. end funds to be managed responsibly to the long term benefit
of clients. The Investment Manager pursues a constructive
approach to encourage improvements to the benefit of all
shareholders. To reinforce its messages, the team votes
actively at all shareholder meetings.
Promoting the Success of the Company
This section of the Annual Report covers the Board’s The Company’s investment objective is to achieve consistent
considerations and activities in discharging their duties in returns for shareholders in excess of the Benchmark. The
promoting the success of the Company for the benefit of its majority of the Company’s investments are in quoted
members as a whole. securities. A high percentage of securities are listed on the
London or New York Stock Exchanges. The Company also holds
This statement includes consideration of the likely unquoted investments, which are predominantly in
consequences of the decisions of the Board in the longer term, open-ended funds. The payment of quarterly dividends from a
how the Board has taken wider stakeholders’ needs into combination of capital and income and use of gearing, all
account and the impact of the Company’s operations on capture the benefits of the closed end fund structure. To these
the environment. collective points, at the end of the year the portfolio was
invested in 30 funds, with 92.0% exposure to equities, 9.2% to
The Board, together with the Investment Manager, sets an
fixed income, cash and other net assets of -1.2% and the
overall investment strategy and reviews this on an ongoing
Company’s dividend yield was 3.6% per annum. The Manager
basis. In order to ensure good governance of the Company, the
believes this is an attractive profile in the circumstances and
Board has set various limits on the investments in the portfolio,
one that should hold broad appeal.
including the size of individual holdings, investments in
exchange traded funds, and the level of gearing. These limits The Board maintains open dialogue between shareholders, the
and guidelines are regularly monitored. Investment Manager and other service providers. The
Investment Manager along with the Company’s corporate
The Board is ultimately responsible for all stakeholder
broker regularly meets with the Company’s shareholders to
engagement. As an externally managed investment company,
provide Company updates and to foster regular dialogue.
the Company does not have any employees; rather it employs
Feedback from meetings between the Investment Manager
external suppliers to fulfil a range of functions, including
and shareholders is communicated with the Board. The
investment management, secretarial, administration,
Chairman and other members of the Board are available to
promotional activities, corporate brokering, depositary and
support these meetings and to address shareholder questions
banking services, etc. All these service providers who are
and consult major shareholders at least on an annual basis.
stakeholders in the Company themselves help the Board to
fulfil its responsibility to engage with the shareholders and The Board encourages shareholders to attend and participate
other stakeholders. in the Company’s Annual General Meeting (“AGM”) in normal
circumstances and the Investment Manager attends, providing
The Board has identified the major stakeholders in the
a presentation on the Company’s performance during the year,
Company’s business. On an ongoing basis the Board
challenges and outlook for the future. The Company values any
monitors both potential and actual impacts of the decisions
feedback and questions it may receive from Shareholders
it makes in respect of the Company upon those major
ahead of and during the AGM.
stakeholders identified.
The Company’s Annual and Interim Report are made available
Shareholders: The Board’s principal concern is the interests of
on the Company’s website and also circulated to shareholders,
the Company’s shareholders and potential investors. As a
providing an in depth understanding of the Company’s
public company listed on the London Stock Exchange, the
financial position and portfolio. This information is
Company is subject to the Listing Rules and the Disclosure
supplemented by the daily calculation and publication of the
Guidance and Transparency Rules. The Listing Rules include a
NAV per share and a monthly factsheet and portfolio data,
listing principle that a listed company must ensure that it treats
which are announced via a Regulatory Information Service feed
all shareholders of the same class of shares that are in the
and are also available on the Company’s website.
same position equally in respect of the rights attaching to such
shares. With the assistance of regular discussions with and the In addition, the Board oversees the maintenance and integrity
formal advice of the Company’s legal counsel, secretary and of the corporate and financial information included on the
corporate broker; the Board abides by the Listing Rules at Company’s website. The Company has engaged Aberdeen
all times. Standard Fund Managers Limited (“ASFML”) for the provision of
Overview
promotional activities to ensure that information and news The Board monitors the Company’s investment performance in
Strategic Report
about the company is regularly available for existing and relation to its objectives, investment policy and strategy. The
potential shareholders. Board regularly assesses the experience and resources of the
investment management team and the commitment of the
For more information on shareholder engagement please see Manager; to promote the Company and foster shareholder
the Corporate Governance section of this report which contains relations and to ensure that the Company’s objective is met. The
further information on shareholder engagement. Board receives and reviews regular reports and presentations
from the Manager. An open and active relationship is maintained
At the AGM held by the Company on 21 April 2020, shareholder
Portfolio
with the Investment Manager at Board meetings and additional
proxies representing 37.84% and 37.37% of the issued capital
meetings when needed. During the volatile market environment
voted against the re-election of Mrs Green and Mr Hawkins
caused by the global pandemic this financial year, the Board held
respectively. The vast majority of these shares were voted by
additional meetings with the Investment Manager.
one institution. The Board notes the reasons why the shares
were voted in this way, but supports the democratic process Suppliers: As an externally managed investment company, the
which saw substantial support from shareholders with proxies Company conducts all its business through its key service
representing 62.16% and 62.63% voting in favour of each of Mrs
Governance
providers. On an annual basis, the Board reviews the continuing
Green and Mr Hawkins' re-elections to the Board respectively. appointment of each service provider to ensure re-appointment
is in the best interests of the Company’s shareholders. The
Manager: The most significant service provider for the
Board has strong working relationships with the Manager,
Company’s long-term success is ASFML, which has been engaged
Broker, Company Secretary, Administrator and Depositary and
as the Company’s Manager. The Manager is responsible for the
receives reports on the performance of the key service
management of the Company’s portfolio in accordance with the
providers by the Manager and Company Secretary. Separately,
Company’s investment policy and the terms of the Management
Statements
Financial
the Auditor is invited to attend the Audit Committee meeting at
Agreement. The Manager has also been appointed as the
least twice per year. The Audit Committee Chair maintains
Company’s AIFM in accordance with the Alternative Investment
regular contact with the Audit partner to ensure the audit
Fund Managers Directive (AIFMD), for the purpose of providing
process is undertaken effectively. During the year under review,
investment advisory services to the Company. The portfolio is
the Board sought and received reassurance that all key service
managed by Aberdeen Standard Investments’ Closed End Fund
providers had appropriate business continuity plans in place. All
Strategies (“CEFS”) team, which is amongst the most experienced
key service providers have maintained a high standard of
of any operating globally with a similar strategy. The team’s Information
service and demonstrated operational resilience whilst working Corporate
members have in excess of 40 years’ experience of investing in
remotely during the restrictions caused by the COVID-19
emerging markets with a focus on conducting in depth manager
pandemic. Further detail of the Company’s key service
research and the analysis of discounts on closed end funds.
providers can be found on page 58 and 59 of this Report.
While the team is based in London, its members travel
frequently to emerging markets to meet with existing managers Regulators: The Company and its appointed professional
and identify new prospects. Being part of a global asset suppliers keep abreast of the rules, regulations and guidance
management business, the team has the ability to draw on the affecting the investment company sector. The Board, Company
expertise of the wider Aberdeen Standard Investments group. Secretary and AIFM are responsible for ensuring that various
The Investment Manager has placed trust in the investee regulatory and statutory obligations are met. During the year
companies to respond appropriately to operational challenges under review, the Board considered emergency legislation
and to ensure that high standards of corporate governance and brought in to help companies engage effectively with
regard for shareholders are at the forefront of managerial shareholders during periods of COVID-19 enforced social
decision making. distancing. These include the ability to conduct virtual AGM’s
and extend publication of accounts where necessary.
Promoting the Success of the Company Continued
Wider community and the Environment: The Manager, as

steward of the Company’s assets, engages with the investee
companies to ensure high standards of governance. The
investment strategy of the Company is predicated upon
improving standards of shareholder governance in emerging
market funds and the commitment of investee companies to
act in the interests of all stakeholders. In making investment
decisions, ASFML takes into account the ESG policies of
potential investee funds as part of its investment process.
In summary, the Directors are cognisant of their duties to make

decisions taking into account the long term consequences of all
the Company’s key stakeholders and reflect the Board’s belief
that the long term sustainable success of the Company is linked
directly to its key stakeholders.
For and on behalf of the Board
William Collins
Director
18 February 2021
Report of the Audit Committee
Overview
Role, Composition and Meetings consists of investments in either quoted investment companies
Strategic Report
The Board has established an Audit Committee, which at the or open ended funds with observable independent values. The
year end comprised Mrs Green, Mr Collins, Ms de Rochechouart estimates, assumptions and judgements required to be made
and Mr Hawkins. As a minimum, the Audit Committee meets on by management in determining the valuation of investments
a bi-annual basis and its main functions include, inter alia, and method of accounting are described in more detail in
reviewing and monitoring internal financial control systems and notes 3(a) and 18 to the financial statements.
risk management systems on which the Company is reliant,
The Audit Committee reviewed the portfolio valuation as at
considering annual and interim financial statements and reports
Portfolio
31 October 2020. The Audit Committee obtained confirmation
from the auditor, making recommendations to the Board in
from the Administrator, UK Administration Agent and the
relation to the appointment and remuneration of the Company’s
Manager that the Company’s accounting policies on valuation
auditor and monitoring and reviewing annually the auditor’s
of investments had been followed. The Audit Committee made
independence, objectivity, effectiveness and qualifications and,
enquiries of the Administrator, UK Administration Agent and
where relevant, compliance with corporate governance changes.
the Manager with regards to the procedures that are in place to
The Committee is responsible for the development and
ensure that the portfolio is valued correctly.
implementation of a policy on the supply of any non-audit
Governance
services provided by the auditor. The Board has also requested The Audit Committee agreed the approach to the audit of the
that the Audit Committee advise it on whether it believes that valuation of investments with the external auditor prior to the
the Annual Report and Financial Statements taken as a whole is commencement of the audit. The results of the audit in this
fair, balanced and understandable and provides the information area were reported by the external auditor and there were no
necessary for shareholders to assess the Company’s position significant disagreements between management and the
and performance, business model and strategy. external auditor’s conclusions.
Statements
Financial
Mrs Green is the Chairman of the Audit Committee and has Effectiveness of External Audit
recent and relevant financial experience. The Audit Committee The Audit Committee reviews the effectiveness of the
as a whole has competence relevant to the investment Company’s external audit. The Audit Committee received a
company sector. presentation of the audit plan from the external auditor prior
to the commencement of the audit and a presentation of the
During the year ended 31 October 2020, there were three
results of the audit following completion of the main audit
meetings of the Audit Committee. The Company’s external
testing. The Audit Committee performed a review of the
auditor also attends the meetings at the Committee’s request
Information
Corporate
external auditor following the presentation of the results of the
and reports on its work procedures and its findings in relation
audit. The review included a discussion of the audit process
to the Company’s statutory audit. The Company’s external
and the ability of the external auditor to fulfil its role. The
auditor attended all of the Audit Committee meetings during
factors considered by the Audit Committee included the
the year ended 31 October 2020.
external auditor’s resources, independence, the performance
Financial Statements and Significant Accounting of the team employed to conduct the audit, audit planning,
Matters communication and scope of the audit.
The Audit Committee considered the following significant
accounting issues in relation to the Company’s financial
Audit Tenure
KPMG Channel Islands Limited (“KPMG”) has been the
statements for the year ended 31 October 2020.
Company’s external auditor since 2009 and the audit of the
Valuation of Investments Company’s accounts for the year ended 31 October 2020 will
The Company, as an investment company, invests virtually all be the eleventh year that KPMG has acted as auditor. Following
of its assets into funds invested in developing and emerging professional guidelines, the audit partner rotates after five
markets. As at 31 October 2020, investments represented years. The current audit partner is in his fifth year of
approximately 101.2% of its net assets. The valuation of appointment and a suitable successor has been appointed. The
investments is therefore the most significant factor in relation Company is committed to the highest standards of corporate
to the accuracy of the financial statements. The portfolio governance and, in accordance with best practice for
Report of the Audit Committee Continued
premium-segment listed companies, in 2019 the Audit

Committee decided to put the audit out to tender during the
year. The Audit Committee identified three suitably
experienced audit firms, including KPMG. The three firms were
asked to provide detailed written proposals to the Audit
Committee and two of the firms were then interviewed by the
Committee. Following the interviews, and having given full
consideration to the proposed fees, auditor independence and
quality of the audit teams, the Audit Committee concluded that
it would be in the best interests of the Company for KPMG to be
re-appointed as auditor.
The Audit Committee has agreed that the re-appointment of

KPMG as auditor should be recommended to the Board and
put to shareholders for approval at the Annual General
Meeting.
Provision of Non-Audit Services

The Audit Committee has put a policy in place for the supply of
any non-audit services provided by the external auditor. Such
services are considered on a case-by-case basis and may only
be provided to the Company if the provision of such services is
at a reasonable and competitive cost and does not constitute a
conflict of interest or potential conflict of interest which would
prevent the auditor from remaining objective and independent.
During the year ended 31 October 2020 there were no
non-audit services provided, other than interim review and
reporting on the Company’s half year financial statements. The
fee payable to the Auditor for this additional service amounted
to £16,000 (2019: £15,000).
Helen Green
Audit Committee Chairman
18 February 2021
Directors’ Remuneration Report
Overview
This Directors’ Remuneration Report has been prepared on a There were no changes to the Directors’ Remuneration Policy
Strategic Report
voluntary basis in accordance with UK regulations governing during the year nor are there any proposals for changes in the
the disclosure and approval of Directors’ remuneration, and foreseeable future. The Remuneration Policy is reviewed by the
comprises three parts: Remuneration Committee on an annual basis and it is the
Committee’s intention that this Remuneration Policy will apply
1. a Remuneration Policy which the Board has decided will be for the three year period ending 31 October 2022.
subject to a binding shareholder vote every three years (or
sooner if varied during this interval). At the AGM held on 21 Implementation Report
Portfolio
April 2020, a resolution to approve the Directors’ Directors’ Emoluments for the Year
Remuneration Policy covering the three year period to 31 Fees payable with effect from 1 July 2018 have been at a rate of
October 2022 was passed. £38,000 per annum for the Chairman, £33,000 per annum for
the Audit Committee Chairman and £28,000 per annum for the
2. an Implementation Report which is subject to an advisory other Directors.
vote on the level of remuneration paid during the year; and
During the year ended 31 October 2020, there were no
3. an Annual Statement. additional fees paid to the Directors. All fees are at a fixed rate
Governance
and there is no variable remuneration.
A Remuneration Committee has been formed which comprises
Mr Collins (Chairman), Mr Hadsley-Chaplin, Ms de The following emoluments in the form of fees were payable in
Rochechouart, Mr Hawkins and Mrs Green. The Directors’ the year ended 31 October 2020 to the Directors who served
Remuneration Policy and level of Directors’ Remuneration are during the year:
determined by the Remuneration Committee.
Fees Fees
Remuneration Policy
Statements
Financial
2020 2019 %
The Board’s policy is that the remuneration of non-executive
£’000 £’000 Change
Directors should be fair and should reflect the experience,
work involved, responsibilities and potential liabilities of the M Hadsley-Chaplin (Chair-
Board as a whole. The non-executive Directors’ fees are man) 38.0 38.0 –
determined within the limits set out in the Company’s Articles H Green 33.0 33.0 –
of Incorporation and Directors are not eligible for bonuses,
J Hawkins 28.0 28.0 – Information
pension benefits, share benefits, share options, long-term Corporate
incentive schemes or other benefits. W Collins 28.0 28.0 –
The Company’s Articles of Incorporation currently limit the E de Rochechouart

28.0 15.2 –*
maximum amount payable in aggregate to the Directors to (appointed 16 April 2019)
£200,000 per annum and this may only be changed by the 155.0 142.2 –
passing of an ordinary resolution of the Company.
*Directorship for part of 2019. No change in fee.
No services have been provided by, or fees paid to, advisers in respect
Statement of Voting at the AGM
of remuneration policy during the year ended 31 October 2020.
At the Company’s last AGM, held on 21 April 2020, shareholders
No shareholder views have been sought in setting the approved the Directors’ Remuneration Report in respect of the
Remuneration Policy although any comments received from year ended 31 October 2019. 99.99% of proxy votes were in
shareholders are considered. favour of the resolution and 0.01% of proxy votes were against.
At the Company’s AGM held on 21 April 2020, shareholders
Directors’ Service Contracts approved the Directors’ Remuneration Policy in respect of the
The Directors do not have service contracts. The Directors have three years ending 31 October 2022. 99.9% of proxy votes were
appointment letters subject to termination upon three months’ in favour of the resolution and 0.1% of proxy votes were against.
notice. The Directors are subject to re-election by shareholders.
Directors’ Remuneration Report Continued
A resolution to approve the Directors’ Remuneration Report

(excluding the Directors’ Remuneration Policy) in respect of the
year ended 31 October 2020 will be proposed at the AGM.
Spend on Pay
As the Company has no employees, the Directors do not
consider it appropriate to present a table comparing
remuneration paid to employees with distributions to
shareholders. The total fees paid to Directors are shown above.
Annual Statement
The Board confirms that the above Directors’ Remuneration
Report summarises, as applicable, for the year ended
31 October 2020:
· the major decisions on Directors’ remuneration;

· any substantial changes relating to Directors’ remuneration;
and
· the context in which the changes occurred and decisions
have been taken.
William Collins
Remuneration Committee Chairman
18 February 2021
Statement of Directors’ Responsibilities
Overview
In Respect of the Annual Report and Accounts The Directors are responsible for the maintenance and
Strategic Report
The Directors are responsible for preparing the Annual Report integrity of the corporate and financial information included on
and Accounts in accordance with applicable law and the Company’s website, but not for the content of any
regulations. information included on the website that has been prepared or
issued by third parties. Legislation in Guernsey governing the
Guernsey company law requires the Directors to prepare preparation and dissemination of financial statements may
financial statements for each financial year. The Directors have differ from legislation in other jurisdictions.
elected to prepare the financial statements in accordance with
Portfolio
International Financial Reporting Standards as issued by the Disclosure of Information to the Auditor
IASB and applicable law. The Directors who held office at the date of approval of this
Directors’ Report confirm that, so far as they are each aware,
Under company law the Directors must not approve the there is no relevant audit information of which the Company’s
financial statements unless they are satisfied that they give a auditor is unaware; and each Director has taken all the steps
true and fair view of the state of affairs of the Company and of that they ought to have taken as a Director to make themselves
its profit or loss for that period. In preparing these financial aware of any relevant audit information and to establish that
Governance
statements, the directors are required to: the Company’s auditor is aware of that information.
· select suitable accounting policies and then apply them Responsibility Statement of the Directors in Respect of
consistently; the Annual Report
· make judgements and estimates that are reasonable, We confirm that to the best of our knowledge:
relevant and reliable;
· state whether applicable accounting standards have been · the financial statements, prepared in accordance with the
followed, subject to any material departures disclosed and applicable set of accounting standards, give a true and fair
Statements
Financial
explained in the financial statements; view of the assets, liabilities, financial position and profit or
· assess the Company’s ability to continue as a going concern, loss of the Company; and
disclosing, as applicable, matters related to going concern; · the Management Report (comprising the Chairman’s
and Statement, the Investment Manager’s Report and the
· use the going concern basis of accounting unless they either Governance reports including the Directors’ Report) includes
intend to liquidate the Company or to cease operations, or a fair review of the development and performance of the
have no realistic alternative but to do so. business and the position of the Company, together with a Information
Corporate
description of the principal risks and uncertainties that
The Directors are responsible for keeping proper accounting it faces.
records that are sufficient to show and explain the Company’s
transactions and disclose with reasonable accuracy at any time The Board considers that the Annual Report and Accounts,
the financial position of the Company and enable them to taken as a whole, is fair, balanced and understandable and
ensure that its financial statements comply with the Companies provides the information necessary for shareholders to assess
(Guernsey) Law, 2008. They are responsible for such internal the Company’s position and performance, business model and
control as they determine is necessary to enable the strategy.
preparation of financial statements that are free from material
Helen Green
misstatement, whether due to fraud or error, and have general
Director
responsibility for taking such steps as are reasonably open to
them to safeguard the assets of the Company and to prevent William Collins
and detect fraud and other irregularities. Director
18 February 2021
Depositary Report
Northern Trust (Guernsey) Limited (the “Depositary”) has been Basis of Depositary review
appointed to provide depositary services to Aberdeen The Depositary conducts such reviews as it, in its reasonable
Emerging Markets Investment Company Limited (the discretion, considers necessary in order to comply with its
“Company”) with effect from 1 August 2014 in accordance with obligations and to ensure that, in all material respects, the
the requirements of Article 36 and Articles 21(7), (8) and (9) of Company has been managed (i) in accordance with the
the Directive 2011/61/EU of the European Parliament and of the limitations imposed on its investment and borrowing powers
Council of 8 June 2011 on Alternative Investment Fund by the provisions of its constitutional documentation and the
Managers and amending Directives 2003/41/EC and 2009/65/ appropriate regulations and (ii) otherwise in accordance with
EC and Regulations (EC) No. 1060/2009 and (EU) No. 1095/2010 the constitutional documentation and the appropriate
(the “AIFM Directive”). regulations. Such reviews vary based on the type of Company,
the assets in which a Company invests and the processes used,
We have enquired into the conduct of Aberdeen Standard Fund or experts required, in order to value such assets.
Managers Limited (the “AIFM”), for the year ended 31 October
2020, in our capacity as Depositary to the Company. Review
In our view, the Company has been managed during the year, in
This report including the review provided below has been all material respects:
prepared for and solely for the Shareholders in the Company.
We do not, in giving this report, accept or assume responsibility (i) in accordance with the limitations imposed on the
for any other purpose or to any other person to whom this investment and borrowing powers of the Company by the
report is shown. constitutional document; and by the AIFMD legislation; and
Our obligations as Depositary are stipulated in the relevant (ii) otherwise in accordance with the provisions of the
provisions of the AIFM Directive and the relevant sections of constitutional document and the AIFMD legislation.
Commission Delegated Regulation (EU) No 231/2013 collectively
(the “AIFMD legislation”). For and on behalf of
Northern Trust (Guernsey) Limited
Amongst these obligations is the requirement to enquire into
the conduct of the AIFM and the Company and their delegates
in each annual accounting period.
Our report shall state whether, in our view, the Company has
been managed in that period in accordance with the
constitutional documents, the scheme particulars and the
AIFMD legislation. It is the overall responsibility of the AIFM to
comply with these provisions. If the AIFM or their delegates
have not so complied, we as the Depositary will state why this
is the case and outline the steps which we have taken to rectify
the situation.
The Depositary and its affiliates are or may be involved in other

financial and professional activities which may on occasion
cause a conflict of interest with its roles with respect to the
Company. The Depositary will take reasonable care to ensure
that the performance of its duties will not be impaired by any
such involvement and that any conflicts which may arise will be
resolved fairly and any transactions between the Depositary
and its affiliates and the Company shall be carried out as if
effected on normal commercial terms negotiated at arm’s
length and in the best interests of Shareholders.
43 Annual Report 2020 Aberdeen Emerging Markets Investment Company Limited 43
Financial
Statements
During the financial year, the Company’s
net asset value (“NAV”) per share total
return was 8.9% while the MSCI Emerging
Markets Net Total Return Index in sterling
terms (the “Benchmark”) returned 8.2%.
The Ordinary share price total return was
12.2%, as the discount to NAV at which the
Company’s ordinary shares trade narrowed
to 13.4% from 15.4% at the start of the
financial year.
Independent Auditor's Report

Independent Auditor’s Report to the Members of Aberdeen Basis for Opinion
Emerging Markets Investment Company Limited We conducted our audit in accordance with International
Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our
Our Opinion is Unmodified
responsibilities are described below. We have fulfilled our
We have audited the financial statements of Aberdeen
ethical responsibilities under, and are independent of the
Emerging Markets Investment Company Limited (the
Company in accordance with, UK ethical requirements
“Company”), which comprise the Statement of Financial
including FRC Ethical Standards, as applied to listed entities. We
Position as at 31 October 2020, the Statements of
believe that the audit evidence we have obtained is a sufficient
Comprehensive Income, Changes in Equity and Cash Flows for
and appropriate basis for our opinion.
the year then ended, and notes, comprising significant
accounting policies and other explanatory information. Key Audit Matters: Our Assessment of the Risks of
Material Misstatement
In our opinion, the accompanying financial statements:
Key audit matters are those matters that, in our professional
· give a true and fair view of the financial position of the judgment, were of most significance in the audit of the financial
Company as at 31 October 2020, and of the Company’s statements and include the most significant assessed risks of
financial performance and cash flows for the year then ended; material misstatement (whether or not due to fraud) identified
· are prepared in accordance with International Financial by us, including those which had the greatest effect on: the
Reporting Standards; and overall audit strategy; the allocation of resources in the audit;
· comply with the Companies (Guernsey) Law, 2008. and directing the efforts of the engagement team. These
matters were addressed in the context of our audit of the
financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these
matters. In arriving at our audit opinion above, the key audit
matter was as follows (unchanged from 2019):
b The risk Our response

Valuation of Basis: Our audit procedures included:
Investments As at 31 October 2020 the Company had
(Investments at fair invested in closed and open-ended Internal Controls:
value through profit or investment funds (together, the Assessing the design and implementation of the control over the
loss) £324,975,000; “Investments”) which represented the valuation of Investments.
(2019: £328,713,000) majority of net assets.
Challenging managements’ assumptions and inputs including
Refer to the Report of The Company’s listed or quoted use of KPMG Specialists:
the Audit Committee Investments, which represents 88% of Our valuation specialist independently priced Investments with a
on page 37, notes 2(g), Investments, are valued based on prices value of £285,350,000 to a third party pricing source.
3(a) accounting policies obtained from third party pricing
For holdings in unlisted funds with a value of £39,625,000, we:
and note 18 disclosures providers.
· reviewed the valuation technique applied for appropriateness
The Company’s holdings in unlisted
· confirmed the net asset value directly with the underlying funds’
funds, which represents 12% of
administrators or investment manager
Investments and are not quoted or
· obtained the latest audited financial statements of the
traded on a recognised stock exchange or
underlying funds in order to consider: the nature of the
other trading facility are valued at the
Investments held by the underlying funds; the financial reporting
net asset values provided by the
standards applied in the preparation of the underlying funds’
underlying funds’ administrators.
financial statements; any modifications to audit reports; and
Risk: any other disclosures that may be relevant to their valuation
The valuation of the Company’s
Assessing disclosures:
Investments, given that it represents the
We also considered the Company’s disclosures (see note 2(g)) in
majority of the Company’s net assets, is a
relation to the use of estimates and judgments regarding the
significant area of our audit, with those
valuation of Investments and the Company's investment valuation
which are unlisted being subject to
policies adopted in note 3(a) and fair value disclosures in note 18 in
estimation risk.
compliance with IFRS.
Overview
Our Application of Materiality and an Overview of the In connection with our audit of the financial statements, our
Scope of Our Audit responsibility is to read the other information and, in doing so,
Materiality for the financial statements as a whole was set at consider whether the other information is materially
£6,141,000, determined with reference to a benchmark of net inconsistent with the financial statements or our knowledge
assets of £320,970,000, of which it represents approximately obtained in the audit, or otherwise appears to be materially
2% (2019: 2%). misstated. If, based on the work we have performed, we
Strategic Report
conclude that there is a material misstatement of this other
We reported to the Audit Committee any corrected or information, we are required to report that fact. We have
uncorrected identified misstatements exceeding £307,000, in nothing to report in this regard.
addition to other identified misstatements that warranted
reporting on qualitative grounds. Disclosures of Emerging and Principal Risks and Longer
Term Viability
Our audit of the Company was undertaken to the materiality Based on the knowledge we acquired during our financial
level specified above, which has informed our identification of statements audit, we have nothing material to add or draw
Portfolio
significant risks of material misstatement and the associated attention to in relation to:
audit procedures performed in those areas as detailed above.
· the directors’ confirmation within the Viability Statement
We Have Nothing to Report on Going Concern (page 27) that they have carried out a robust assessment of
The directors have prepared the financial statements on the the emerging and principal risks facing the Company,
going concern basis as they do not intend to liquidate the including those that would threaten its business model,
Company or to cease its operations, and as they have future performance, solvency or liquidity;
Governance
concluded that the Company’s financial position means that · the Principal Risks disclosures describing these risks and
this is realistic. They have also concluded that there are no explaining how they are being managed or mitigated;
material uncertainties that could have cast significant doubt · the directors’ explanation in the Viability Statement (page 27)
over its ability to continue as a going concern for at least a year as to how they have assessed the prospects of the Company,
from the date of approval of the financial statements (“the over what period they have done so and why they consider
going concern period”). that period to be appropriate, and their statement as to
whether they have a reasonable expectation that the
In our evaluation of the directors’ conclusions, we considered
Statements
Financial
Company will be able to continue in operation and meet its
the inherent risks to the Company’s activities including where
liabilities as they fall due over the period of their assessment,
relevant the impact of the COVID-19 pandemic and the
including any related disclosures drawing attention to any
requirements of the applicable financial reporting framework.
necessary qualifications or assumptions.
We analysed how those risks might affect the Company’s
financial resources or ability to continue operations over the Corporate Governance Disclosures
going concern period, including challenging the underlying data We are required to report to you if:
and key assumptions used to make the assessment, and Information
Corporate
evaluated the directors’ plans for future actions in relation to · we have identified material inconsistencies between the
their going concern assessment. knowledge we acquired during our financial statements audit
and the directors’ statement that they consider that the
Based on this work, we are required to report to you if we have Annual report and financial statements taken as a whole is
anything material to add or draw attention to in relation to the fair, balanced and understandable and provides the
directors’ statement in note 2(b) to the financial statements on information necessary for shareholders to assess the
the use of the going concern basis of accounting with no Company’s position and performance, business model and
material uncertainties that may cast significant doubt over the strategy; or
Company’s use of that basis for a period of at least twelve · the section of the Annual report describing the work of the
months from the date of approval of the financial statements. Audit Committee does not appropriately address matters
We have nothing to report in these respects. communicated by us to the Audit Committee.
Other Information We are required to report to you if the Corporate Governance

The directors are responsible for the other information. The Statement does not properly disclose a departure from the
other information comprises the information included in the provisions of the UK Corporate Governance Code specified by
annual report but does not include the financial statements the Listing Rules for our review.
and our auditor's report thereon. Our opinion on the financial
statements does not cover the other information and we do We have nothing to report to you in these respects.
not express an audit opinion or any form of assurance
conclusion thereon.
Independent Auditor's Report Continued

We have nothing to report on other matters on which The purpose of this report and restrictions on its use by
we are required to report by exception persons other than the Company's members as a body
We have nothing to report in respect of the following matters This report is made solely to the Company’s members, as a
where the Companies (Guernsey) Law, 2008 requires us to body, in accordance with section 262 of the Companies
report to you if, in our opinion: (Guernsey) Law, 2008 and, in respect of any further matters on
which we have agreed to report, on terms we have agreed with
· the Company has not kept proper accounting records; or the Company. Our audit work has been undertaken so that we
· the financial statements are not in agreement with the might state to the Company’s members those matters we are
accounting records; or required to state to them in an auditor’s report and for no
· we have not received all the information and explanations, other purpose. To the fullest extent permitted by law, we do
which to the best of our knowledge and belief are necessary not accept or assume responsibility to anyone other than the
for the purpose of our audit. Company and the Company’s members, as a body, for our
audit work, for this report, or for the opinions we have formed.
Respective Responsibilities
Directors’ responsibilities
As explained more fully in their statement set out on page 41,
the directors are responsible for: the preparation of the
financial statements including being satisfied that they give a
true and fair view; such internal control as they determine is Barry Ryan
necessary to enable the preparation of financial statements For and on behalf of KPMG Channel Islands Limited
that are free from material misstatement, whether due to fraud Chartered Accountants and Recognised Auditors
or error; assessing the Company’s ability to continue as a going Guernsey
concern, disclosing, as applicable, matters related to going 18 February 2021
concern; and using the going concern basis of accounting
unless they either intend to liquidate the Company or to cease
operations, or have no realistic alternative but to do so.
Auditor’s responsibilities
Our objectives are to obtain reasonable assurance about
whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to
issue our opinion in an auditor’s report. Reasonable assurance
is a high level of assurance, but does not guarantee that an
audit conducted in accordance with ISAs (UK) will always detect
a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if,
individually or in aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis
of the financial statements.
A fuller description of our responsibilities is provided on the

FRC’s website at www.frc.org.uk/auditorsresponsibilities.
Statement of Comprehensive Income
Overview
Year ended 31 October 2020 Year ended 31 October 2019
Revenue Capital Total Revenue Capital Total
Note £’000 £’000 £’000 £’000 £’000 £’000
Gains on investments at fair value through profit
Strategic Report
4 – 25,522 25,522 – 37,730 37,730
or loss
Losses on currency movements – (166) (166) – (392) (392)
Net investment gains – 25,356 25,356 – 37,338 37,338
Investment income 5 4,187 – 4,187 4,861 – 4,861
4,187 25,356 29,543 4,861 37,338 42,199
Portfolio
Investment management fees 6 (2,216) – (2,216) (2,331) – (2,331)
Other expenses 6 (842) – (842) (883) – (883)
Operating profit before finance costs
1,129 25,356 26,485 1,647 37,338 38,985
and taxation
Finance costs 9 (212) – (212) (315) – (315)
Operating profit before taxation 917 25,356 26,273 1,332 37,338 38,670
Governance
Withholding tax expense (183) – (183) (223) – (223)
Total profit and comprehensive income for the
734 25,356 26,090 1,109 37,338 38,447
year
b b b b b b
Earnings per Ordinary share 10 1.60p 55.16p 56.76p 2.41p 81.17p 83.58p
Statements
Financial
The Total column of this statement represents the Company’s Statement of Comprehensive Income, prepared under IFRS. The
revenue and capital columns, including the revenue and capital earnings per Ordinary share data, are supplementary information
prepared under guidance published by the Association of Investment Companies.
All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or
discontinued during the year.
Information
Corporate
The notes on pages 51 to 69 form part of these financial statements.
Statement of Financial Position
As at As at
31 October 2020 31 October 2019
Note £’000 £’000
Non-current assets b b
Investments at fair value through profit or loss 4 324,975 328,713
Current assets b b
Cash and cash equivalents 8,315 1,190
Sales for future settlement 924 72
Other receivables 367 350
9,606 1,612
Total assets 334,581 330,325
Current liabilities b b
Purchases for future settlement – (104)
Other payables (1,111) (344)
Bank loan payable 9 (12,500) (25,000)
Total liabilities (13,611) (25,448)
Net assets 320,970 304,877
Equity b b
Share capital 12 149,616 149,616
Capital reserve 13 176,563 161,204
Revenue reserve (5,209) (5,943)
Total equity 320,970 304,877
b b b
Net assets per Ordinary share 14 698.29p 663.28p
Approved by the Board of Directors and authorised for issue on 18 February 2021 and signed on its behalf by:
Helen Green
Director
William Collins
Director
Incorporated in Guernsey: Company registration number 50900

Statement of Changes in Equity
Overview
For the year ended 31 October 2020
Share Capital Revenue
capital reserve reserve Total
Note £’000 £’000 £’000 £’000
Balance at 1 November 2019 149,616 161,204 (5,943) 304,877
Strategic Report
Profit for the year – 25,356 734 26,090
Dividends paid 11 – (9,997) – (9,997)
Balance at 31 October 2020 149,616 176,563 (5,209) 320,970
For the year ended 31 October 2019
Portfolio
Share Capital Revenue
capital reserve reserve Total
Note £’000 £’000 £’000 £’000
Balance at 1 November 2018 150,082 132,546 (6,072) 276,556
Profit for the year – 37,338 1,109 38,447
Dividends paid 11 – (8,680) (980) (9,660)
Governance
Purchase of own Ordinary shares 12 (466) – – (466)
Balance at 31 October 2019 149,616 161,204 (5,943) 304,877
The capital reserve at 31 October 2020 is split between realised gains of £85,726,000 and unrealised gains of £90,837,000 (2019:
realised gains of £91,515,000 and unrealised gains of £69,689,000).
The revenue reserve and realised element of the capital reserve represents the amount of the Company's retained reserves.
Statements
Financial
Information
Corporate
Statement of Cash Flows
Year ended 31 Year ended 31

October 2020 October 2019
Note £’000 £’000
Operating activities b b b
Cash inflow from investment income b 4,184 4,830
Cash outflow from management expenses b (2,305) (3,243)
Cash inflow from disposal of investments* b 93,513 110,609
Cash outflow from purchase of investments* b (65,209) (105,959)
Cash outflow from withholding tax b (183) (223)
Net cash flow from operating activities 15 30,000 6,014
Financing activities b b b
(Repayment of)/drawdown from bank borrowings 9 (12,500) 5,000
Borrowing commitment fee and interest charges b (212) (343)
Dividend paid 11 (9,997) (9,660)
Share buybacks 12 – (466)
Net cash flow used in financing activities b (22,709) (5,469)
Net increase in cash and cash equivalents b 7,291 545
Effect of foreign exchange b (166) (392)
Cash and cash equivalents at start of the year b 1,190 1,037
Cash and cash equivalents at end of the year b 8,315 1,190
*Receipts from the disposal and purchase of investments have been classified as components of cash flow from operating activities because they form part of the Company’s
operating activities.

Notes to the Financial Statements
Overview
For the Year Ended 31 October 2020
1. Reporting entity
Aberdeen Emerging Markets Investment Company Limited (the “Company”) is a closed-ended investment company,
registered in Guernsey on 16 September 2009. The Company’s registered office is 11 New Street, St Peter Port, Guernsey,
GY1 2PF. The Company’s Ordinary shares have a premium listing on the London Stock Exchange and commenced trading on
10 November 2009. The Company changed its name to Aberdeen Emerging Markets Investment Company Limited on 14
Strategic Report
April 2016. The financial statements of the Company are presented for the year ended 31 October 2020.
The Company invests in a portfolio of funds and products which give diversified exposure to developing and emerging
markets economies with the objective of achieving consistent returns for shareholders in excess of the MSCI Emerging
Markets Net Total Return Index in sterling terms.
Manager
The investment activities of the Company were managed by Aberdeen Standard Fund Managers Limited (“ASFML”) during
Portfolio
the year ended 31 October 2020.
Non-mainstream pooled investments (“NMPIs”)

The Company currently conducts its affairs so that the shares issued by the Company can be recommended by Independent
Financial Advisers to ordinary retail investors in accordance with the Financial Conduct Authority’s rules in relation to NMPIs
and intends to continue to do so for the foreseeable future.
Governance
2. Basis of preparation
(a) Statement of compliance
The financial statements, which give a true and fair view, have been prepared in accordance with International Financial
Reporting Standards (“IFRS”) as issued by the IASB and are in compliance with the Companies (Guernsey) Law, 2008.
There were no significant changes in the accounting policies of the Company in the year to 31 October 2020.
Where presentational guidance set out in the Statement of Recommended Practice (“SORP”) for Investment Companies
Statements
Financial
issued by the Association of Investment Companies (“AIC”) in October 2019 is consistent with the requirements of IFRS,
the Directors have prepared the financial statements on a basis compliant with the recommendations of the SORP.
The “Total” column of the Statement of Comprehensive Income is the profit or loss account of the Company. The
“Capital” and “Revenue” columns provide supplementary information prepared under guidance published by the AIC.
The financial statements were approved and authorised for issue by the Board on 18 February 2021.
Information
Corporate
This report will be sent to shareholders and copies will be made available to the public at the Company’s registered
office. It will also be made available on the Company’s website: aberdeenemergingmarkets.co.uk.
(b) Going concern

The Directors have adopted the going concern basis in preparing the financial statements. The Board formally
considered the Company’s going concern status and the impact of the COVID-19 pandemic at the time of the
publication of these financial statements and a summary of the assessment is provided below.
At the AGM held in April 2018, a resolution was approved by shareholders that the Company will continue in existence
in its current form until the AGM to be held in 2023, at which time a further continuation vote will be put to
shareholders.
The Directors believe that the Company has adequate resources to continue in operational existence for at least 12
months from the date of approval of this document. In reaching this conclusion, the Directors have considered the
liquidity of the Company’s portfolio of investments as well as its cash position, income and expense flows.
As at 31 October 2020, the Company held £8.3 million in cash and £325.0 million in investments. It is estimated that
approximately 68% of the investments held at the year end could be realised in one month. The total operating
expenses for the year ended 31 October 2020 were £3.1 million, which on an annualised basis represented
Notes to the Financial Statements Continued

approximately 1.02% of average net assets during the year. The Company also incurred £0.2 million of finance costs. At
the date of approval of this report, based on the aggregate of investments and cash held, the Company has substantial
operating expenses cover.
The Company has a £25 million revolving loan facility with RBSI, maturing on 26 March 2021. The Company has
commenced discussions with RBSI and the Board expects to renew the facility on similar terms when it matures. As at
31 October 2020, £12.5 million was drawn down from the RBSI facility. The liquidity of the Company’s portfolio, as
mentioned above, sufficiently supports the Company’s ability to repay its borrowings at short notice.
In light of the COVID-19 pandemic, the Directors have fully considered and assessed the Company’s portfolio of
investments. A prolonged and deep market decline could lead to falling values of the investments or interruptions to
cashflow. However, the Company currently has more than sufficient liquidity available to meet any future obligations.
The Directors are satisfied that it is appropriate to adopt the going concern basis in preparing the financial statements
and, after due consideration, that the Company is able to continue in operation for a period of at least 12 months from
the date of approval of these financial statements.
COVID-19
The rapid spread of COVID-19 led governments across the globe to implement policies to restrict the gathering,
interaction and/or movement of people. These policies have inevitably impacted and changed the nature of the
operations of some aspects of the Company, its key service providers and companies in its investment portfolio. The
operational requirements of the Company have been stress tested during the COVID-19 pandemic. The continued
operational success of the Company and its key service providers have been enabled by the increased use of online
communication and remote working.
Share prices respond to assessments of future economic activity as well as their own forecast performance, and the
COVID-19 pandemic has had a material impact on the economy and may continue to do so for an unknown period of
time. During the year, stock markets have seen unprecedented movements in prices and in some cases, uncorrelated
with underlying valuations. The Board and Manager have regular discussions to assess the impact of emerging risks,
including COVID-19 on both the investment portfolio and on its ability to maximise returns for shareholders.
The market and operational risks associated with the COVID-19 pandemic, and the ongoing economic impact of
measures introduced to combat its spread were discussed and are continually monitored by the Directors. The
Manager, Administrator and other key service providers provide regular updates on operational resilience. The
Directors are satisfied that the key service providers have the ability to continue to operate efficiently in a remote or
virtual working environment.
(c) Basis of measurement

The financial statements have been prepared on the historical cost basis except for investments held at fair value
through profit or loss which are measured at fair value.
(d) Functional and presentation currency

The Company’s investments are denominated in multiple currencies. However, the Company’s Ordinary shares are
issued in GBP sterling and the majority of its investors are UK based. Therefore, the financial statements are presented
in sterling, which is the Company’s functional currency. All financial information presented in sterling has been
rounded to the nearest thousand pounds.
(e) Capital reserve

Profits achieved by selling investments and changes in fair value arising upon the revaluation of investments that
remain in the portfolio are all charged to profit or loss in the capital column of the Statement of Comprehensive Income
and allocated to the capital reserve. The capital reserve attributable to realised profits is also used to fund dividend
distributions.
(f) Revenue reserve

The balance of all items allocated to the revenue column of the Statement of Comprehensive Income in each year is
transferred to the Company’s revenue reserve. The revenue reserve is also used to fund dividend distributions.
Overview
(g) Use of estimates, assumptions and judgements
The preparation of the financial statements in conformity with IFRS requires management to make judgements,
estimates and assumptions that affect the application of accounting policies and the reported amounts of assets,
liabilities, income and expenses. Actual results may differ from these estimates.
Use of estimates and assumptions
Strategic Report
Estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are
recognised in the period in which the estimates are revised and in future periods affected.
Information about significant areas of estimation uncertainty and critical judgements in applying accounting policies
that have the most significant effect on the amounts recognised in the financial statements are described below.
Classification and valuation of investments

Investments are designated as fair value through profit or loss on initial recognition and are subsequently measured at
Portfolio
fair value. The valuation of such investments requires estimates and assumptions made by the management of the
Company depending on the nature of the investments as described in notes 3 (a) and 18 and fair value may not
represent actual realisable value for those investments.
Allocation of investments to fair value hierarchy

IFRS requires the Company to measure fair value using the following fair value hierarchy that reflects the significance of
the inputs used in making the measurements. IFRS establishes a fair value hierarchy that prioritises the inputs to
Governance
valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in
active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs
(Level 3 measurements).The three levels of fair value hierarchy under IFRS are as follows:
Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2 – inputs other than quoted prices included within level 1 that are observable for the asset or liability, either
directly (that is, as prices) or indirectly (that is, derived from prices); and
Statements
Financial
Level 3 – inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined
on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose,
the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement
uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level Information
3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires Corporate
judgement, considering factors specific to the asset or liability.
Use of judgements
The determination of what constitutes ‘observable’ requires significant judgement by the Company. The Company
considers observable data to be that market data that is readily available, regularly distributed or updated, reliable and
verifiable, not proprietary and provided by independent sources that are actively involved in the relevant market.
3. Significant accounting policies

(a) Investments
As the Company’s business is investing in financial assets with a view to profiting from their total return in the form of
increases in fair value, financial assets are designated as fair value through profit or loss on initial recognition. These
investments are recognised on the trade date of their acquisition at which the Company becomes a party to the
contractual provisions of the instrument. At this time, the best evidence of the fair value of the financial assets is the
transaction price. Transaction costs that are directly attributable to the acquisition or issue of the financial assets are
charged to profit or loss in the Statement of Comprehensive Income as a capital item. Subsequent to initial recognition,
investments designated as fair value through profit or loss are measured at fair value with changes in their fair value
recognised in profit or loss in the Statement of Comprehensive Income and determined by reference to:

i) investments quoted or dealt on recognised stock exchanges in an active market are valued by reference to their
market bid prices;
ii) investments other than those in i) above which are dealt on a trading facility in an active market are valued by
reference to broker bid price quotations, if available, for those investments;
iii) investments in underlying funds, which are not quoted or dealt on a recognised stock exchange or other trading
facility or in an active market, are valued at the net asset values provided by such entities or their administrators. These
values may be unaudited or may themselves be estimates and may not be produced in a timely manner. If such
information is not provided, or is insufficiently timely, the Investment Manager uses appropriate valuation techniques
to estimate the value of investments. In determining fair value of such investments, the Investment Manager takes into
consideration the relevant issues, which may include the impact of suspension, redemptions, liquidation proceedings
and other significant factors. Any such valuations are assessed and approved by the Directors. The estimates may
differ from actual realisable values;
iv) investments which are in liquidation are valued at the estimate of their remaining realisable value; and
v) any other investments are valued at the directors’ best estimate of fair value.
Transfers between levels of the fair value hierarchy are recognised as at the end of the reporting period during which
the change has occurred.
Investments are derecognised on the trade date of their disposal, which is the point where the Company transfers
substantially all the risks and rewards of the ownership of the financial asset. Gains or losses are recognised in profit or
loss in the capital column of the Statement of Comprehensive Income. The Company uses the weighted average cost
method to determine realised gains and losses on disposal of investments.
(b) Foreign currency

Transactions in foreign currencies are translated into sterling at the exchange rate at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated into sterling at
the spot exchange rate at that date. Non-monetary assets and liabilities denominated in foreign currencies that are
measured at fair value through profit or loss are retranslated into sterling at the exchange rate at the date that the fair
value was determined. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign
currency are translated into sterling using the exchange rate at the date of the transaction.
Foreign currency differences arising on retranslation are recognised in profit or loss and, depending on the nature of
the gain or loss, are allocated to the revenue or capital column of the Statement of Comprehensive Income. Foreign
currency differences on retranslation of financial instruments designated as fair value through profit or loss are shown
in the “Losses on currency movements” line.
(c) Income from investments

Dividend income is recognised when the right to receive it is established and is reflected in the Statement of
Comprehensive Income as Investment income in the revenue column. For quoted equity securities this is usually on the
basis of ex-dividend dates. For unquoted investments this is usually on the entitlement date confirmed by the relevant
holding. Income from bonds is accounted for using the effective interest rate method.
Special dividends and distributions described as capital distributions are assessed on their individual merits and may
be credited to the capital reserve if considered to be closely linked to reconstructions of the investee company or other
capital transactions. Bank interest receivable is accounted for on a time apportionment basis and is based on the
prevailing variable interest rates for the Company’s bank accounts.
(d) Treasury shares

Where the Company purchases its own share capital, the consideration paid, which includes any directly attributable
costs, is recognised as a deduction from equity shareholders’ funds through the Company’s reserves. When such
shares are subsequently sold or re-issued to the market any consideration received, net of any directly attributable
incremental transaction costs, is recognised as an increase in equity shareholders’ funds through the share capital
account. Shares held in treasury are excluded from calculations when determining NAV per share.
Overview
(e) Cash and cash equivalents
Cash comprises cash and demand deposits. Cash equivalents, which include bank overdrafts, are short term, highly
liquid investments that are readily convertible to known amounts of cash, are subject to insignificant risks of changes in
value, and are held for the purpose of meeting short-term cash commitments rather than for investment or other
purposes.
Strategic Report
(f) Investment management fees and finance costs
Investment management fees and finance costs are charged to the Statement of Comprehensive Income as a revenue
item and are accrued monthly in arrears. Finance costs include interest payable and direct loan costs. Performance-
related fees, if any, are payable directly by reference to the capital performance of the Company and are therefore
charged to profit or loss in the Statement of Comprehensive Income as a capital item.
(g) Financial liabilities

Financial liabilities (including bank loans) are classified according to the substance of the contractual arrangements
Portfolio
entered into. Financial liabilities held at fair value through profit or loss are measured initially at fair value, with
transaction costs recognised in profit or loss in the Statement of Comprehensive Income.
(h) Taxation
The Company has exempt status under the Income Tax (Exempt Bodies) (Guernsey) Ordinance 1989 and is charged an
annual exemption fee of £1,200 (2019: £1,200).
Governance
Dividend and interest income received by the Company may be subject to withholding tax imposed in the country of
origin. The tax charges shown in profit or loss in the Statement of Comprehensive Income relate to overseas
withholding tax on dividend income.
(i) Operating segments

IFRS 8, ‘Operating segments’ requires a ‘management approach’, under which segment information is presented on the
same basis as that used for internal reporting purposes. The Board, as a whole, has been determined as constituting
Statements
Financial
the chief operating decision maker of the Company. The Board has considered the requirements of the standard and is
of the view that the Company is engaged in a single segment of business, which is investing in a portfolio of funds and
products which give exposure to developing and emerging market economies. The key measure of performance used
by the Board is the NAV of the Company (which is calculated under IFRS). Therefore no reconciliation is required
between the measure of profit or loss used by the Board and that contained in the financial statements.
Further information on the Company’s operating segment is provided in note 19.

Information
Corporate
(j) Offsetting
Financial assets and liabilities are offset and the net amount presented in the Statement of Financial Position when,
and only when, the Company has a legal right to set off the recognised amounts and it intends to either settle on a net
basis or to realise the asset and settle the liability simultaneously.
Income and expenses are only presented on a net basis when permitted under IFRS.
(k) Structured entities

A structured entity is an entity that has been designed so that voting or similar rights are not the dominant factor in
deciding who controls the entity, such as when any voting rights relate to administrative tasks only and the relevant
activities are directed by means of contractual arrangements. A structured entity often has some or all of the following
features or attributes; (a) restricted activities, (b) a narrow and well-defined objective, such as to provide investment
opportunities for investors by passing on risks and rewards associated with the assets of the structured entity to
investors, (c) insufficient equity to permit the structured entity to finance its activities without subordinated financial
support and (d) financing in the form of multiple contractually linked instruments to investors that create concentrations
of credit or other risks.

The Company holds shares, units or partnership interests in the funds or investment products presented in the
Company’s portfolio. The Company does not consider its investments in listed funds to be structured entities but does
consider its investments in unlisted funds to be investments in structured entities because the voting rights in such
entities are limited to administrative tasks and are not the dominant factor in deciding who controls those entities.
Changes in fair value of investments, including structured entities, are included in profit or loss in the Statement of
Comprehensive Income.
(l) Dividend payable

Final dividends payable to equity shareholders are recognised in the financial statements when they have been
approved by shareholders and become a liability of the Company. Interim dividends payable are recognised in the
period in which they are paid. The capital and revenue reserve may be used to fund dividend distributions.
(m) New standards and interpretations effective in the current financial year
There are a number of new standards, interpretations or amendments, which became effective during the year for
financial periods beginning 1 January 2019 that had no material impact on the Company.
At the date of approval of these financial statements, the following interpretations became effective during the year:
· IFRS 16 – Leases (effective 1 January 2019) specifies accounting for leases and removes the distinction between
operating and finance leases. This standard is not applicable to the Company as it has no leases.
· IFRIC 23 (effective for periods beginning on or after 1 January 2019), clarifies the accounting for uncertainties in
income taxes. An entity is required to use judgement to determine whether each tax treatment should be considered
independently or whether some tax treatments should be considered together. The decision should be based on
which approach provides better predictions of the resolution of the uncertainty. An entity has to consider whether it
is probable that the relevant authority will accept each tax treatment, or group of tax treatments, that it used or plans
to use in its income tax filing.
The Board have assessed new but not yet effective standards applicable to the Company and have concluded that they
will not have a material impact to the Company.
4. Investments at fair value through profit or loss and classification of financial instruments
2020 2019
£’000 £’000
Quoted and listed closed end fund investments 159,968 157,004
Open ended fund and limited liability partnership investments 165,007 171,709
Total fair value investments at 31 October 324,975 328,713
Investments held at fair value through profit or loss
Opening book cost 259,025 246,718
Opening investment holding gains 69,688 48,883
Opening fair value 328,713 295,601
Analysis of transactions made during the year
Purchases at cost 65,105 106,064
Sales proceeds received (94,365) (110,682)
Gains on investments 25,522 37,730
Closing fair value 324,975 328,713
Closing book cost 234,136 259,025
Closing investment holding gains 90,839 69,688
Closing fair value 324,975 328,713
Overview
The company received £94,365,000 (2019: £110,682,000) from investments sold during the year. The book cost of these
investments when they were purchased was £89,994,000 (2019: £93,757,000). These investments have been revalued over
time and until they were sold any unrealised gains/losses were included in the fair value of the investments.
The table below sets out the classifications of the carrying amounts of the Company’s financial assets and financial liabilities
into categories of financial instruments.
Strategic Report
Financial instruments as at 31 October 2020
Held at Loans and Other financial

fair value receivables liabilities Total
£’000 £’000 £’000 £’000
Investments at fair value through profit or loss 324,975 – – 324,975
Cash and cash equivalents – 8,315 – 8,315
Portfolio
Sales for future settlement and other receivables – 1,291 – 1,291
Purchases for future settlement and other payables – – (1,111) (1,111)
Bank loan payable – – (12,500) (12,500)
Total 324,975 9,606 (13,611) 320,970
Governance
Financial instruments as at 31 October 2019
Held at Loans and Other financial

fair value receivables liabilities Total
£’000 £’000 £’000 £’000
Investments at fair value through profit or loss 328,713 – – 328,713
Cash and cash equivalents – 1,190 – 1,190
Statements
Financial
Sales for future settlement and other receivables – 422 – 422
Purchases for future settlement and other payables – – (448) (448)
Bank loan payable – – (25,000) (25,000)
Total 328,713 1,612 (25,448) 304,877
Information
5. Investment income Corporate
2020 2019
£’000 £’000
Dividends from UK Investments 3,168 2,585
Dividends from Overseas Investments 1,018 2,270
Other income 1 6
Total Investment income 4,187 4,861

6. Investment Management fee and other expenses
2020 2019
£’000 £’000
Management fee 2,216 2,331
Administration fees 200 200
Depositary and custody service fees 157 150
Registration fees 36 33
Directors’ fees 155 142
Auditor’s fees:
Audit services 40 39
Non-audit services 16 15
Promotional fees 94 158
Broker fees 52 57
Miscellaneous expenses 92 89
Total other expenses 842 883
Total Investment Management fee and other expenses 3,058 3,214
Management fee
Management services are provided by Aberdeen Standard Fund Managers Limited (“ASFML”). The management fee is
payable monthly in arrears (and pro rata for part of any month during which the management agreement is in force) at an
annualised rate of 0.8% of net assets, reduced by the proportion of the Company’s net assets invested in funds which are
managed by Aberdeen Standard Investments (“Aberdeen Standard Funds”), other than the investments in Aberdeen
Standard SICAV I - China A Share Equity Fund and Aberdeen Standard SICAV I - Frontier Markets Bond Fund, which are held in
share classes not subject to management charges at a fund level and the Manager is therefore entitled to a fee on the value
of those investments.
The Management Agreement is terminable by either party on not less than six months’ written notice at any time, subject to
earlier termination in certain circumstances including certain breaches or the insolvency of either party.
Promotional fee
The Company has agreed to pay a fee to ASFML for the provision of promotional activities at an annual rate of £123,400 with
effect from 1 July 2020 (2019: £104,000 with effect from 1 July 2019).
Company Secretary and Administrator fees

Vistra Fund Services (Guernsey) Limited (“Vistra”) is appointed as Administrator and Secretary to the Company. Vistra is
appointed under a contract subject to ninety days’ written notice and receives a fee at a rate of £40,000 per annum plus
certain additional fees (during the year ended 31 October 2020, Vistra’s fee for ad hoc meetings held amounted to £8,250
(2019: £11,000)). Vistra also receives the fees payable to the UK Administration Agent.
UK Administration agent fees

PraxisIFM Fund Services (UK) Limited (“PraxisIFM”) is appointed by Vistra to act as administration agent in the United
Kingdom. PraxisIFM is appointed under a contract subject to not less than ninety days’ notice. The UK Administration Agent
receives from the Administrator a monthly fee equal to one twelfth of 0.1% of NAV subject to a maximum fee for the year
ended 31 October 2020 of £151,736 (2019: £148,653) per annum. The maximum fee is increased annually, in November, by
the change in the UK Retail Price Index (all items) over the preceding 12 months.
Overview
Depositary services and custodian fees
Northern Trust (Guernsey) Limited, receives fees for Depositary services calculated at the rate of 2.95 basis points per
annum subject to a minimum annual fee of £20,000, effective 1 August 2018. Northern Trust (Guernsey) Limited also
receives a fee for custody services. It receives an asset based fee equal to between 1.00 basis points and 60.00 basis points
of the value of the assets of the Company. Transaction based fees are also payable of between £10 and £140 per transaction.
The variable fees are dependent on the countries in which the individual holdings are registered.
Strategic Report
7. Directors’ fees
The Director’s fees payable for the year were £155,000 (2019: £142,200). There were no other emoluments.
8. Transaction charges
2020 2019
£’000 £’000
Portfolio
Transaction costs on purchases of investments 106 58
Transaction costs on sales of investments 56 29
Total transaction costs included in gains on investments 162 87
9. Bank loan payable and finance costs

On 29 March 2018, the Company entered into an unsecured 12 month revolving credit facility with The Royal Bank of
Governance
Scotland plc, under which loans with a maximum aggregate value of £25 million may be drawn. The facility was renewed
with The Royal Bank of Scotland International Limited (London Branch) ("RBSI") on 26 March 2020 for a further 12 month
period, with a termination date of 26 March 2021. As at 31 October 2020, £12.5 million (2019: £25 million) was drawn down at
an all-in monthly rate of 0.76925% (2019: 1.26413%).
2020 2019
£’000 £’000
Statements
Financial
Interest payable 184 303
Facility arrangement fees and other charges 28 12
Total finance costs 212 315
At 31 October 2020, interest payable of £nil (2019: £nil) was accrued in the Statement of Financial Position.
Information
10. Earnings per Ordinary share Corporate
Earnings per Ordinary share is based on the total comprehensive income for the year ended 31 October 2020, being a profit
of £26,090,000 (2019: profit of £38,447,000) attributable to the weighted average of 45,965,159 (2019: 46,000,304) Ordinary
shares in issue (excluding shares held in treasury) during the year ended 31 October 2020.
Supplementary information is provided as follows: revenue per share is based on the net revenue profit of £734,000 (2019:
profit of £1,109,000) and capital earnings per share is based on the net capital profit of £25,356,000 (2019: profit of
£37,338,000) attributable to the above Ordinary shares.

11. Dividends paid
Dividends paid during the year ended 31 October 2020
Pence per Capital Revenue
Ordinary reserve reserve
Dividend type (in respect of the year) – Pay date share £’000 £’000
Fourth interim (2019) - paid 20 December 2019 5.25 2,413 –
First interim (2020) - paid 27 March 2020 5.50 2,528 –
Second interim (2020) - paid 26 June 2020 5.50 2,528 –
Third interim (2020) - paid 25 September 2020 5.50 2,528 –
Total dividends 21.75 9,997 –
On 1 October 2020, the Board declared a fourth interim dividend in respect of the year of 5.50p per Ordinary share, payable
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The Board declares a first interim dividend for the financial year ending 31 October 2021, of 5.75p per Ordinary share, which
will be paid on 26 March 2021 to shareholders on the register on 26 February 2021.
Dividends paid during the year ended 31 October 2019

Pence per Capital Revenue
Ordinary reserve reserve
Dividend type (in respect of the year) – Pay date share £’000 £’000
Fourth interim (2018) - paid 21 December 2018 5.25 1,437 980*
First interim (2019) - paid 29 March 2019 5.25 2,417 –
Second interim (2019) - paid 28 June 2019 5.25 2,413 –
Third interim (2019) - paid 27 September 2019 5.25 2,413 –
Total dividends 21.00 8,680 980
* The revenue reserve element of the fourth interim dividend paid for the year ended 31 October 2018 was partly funded from the revenue profit for the year ended
31 October 2018.
12. Share capital

Ordinary shares of Allotted, Ordinary shares with
For the year ended 1 p nominal value issued and voting rights (excluding Treasury
31 October 2020 Authorised £’000 fully paid treasury shares) shares
Opening number of shares Unlimited 546 54,618,507 45,965,159 8,653,348
Purchase of own shares – – – – –
Closing number of shares Unlimited 546 54,618,507 45,965,159 8,653,348
Ordinary shares of Allotted, Ordinary shares with

For the year ended 1 p nominal value issued and voting rights (excluding Treasury
31 October 2019 Authorised £’000 fully paid treasury shares) shares
Opening number of shares Unlimited 546 54,618,507 46,047,096 8,571,411
Purchase of own shares – – – (81,937) 81,937
Closing number of shares Unlimited 546 54,618,507 45,965,159 8,653,348
Purchases of own shares

There were no Ordinary shares purchased during the year (2019: 81,937 at an aggregate cost to the Company of £466,000 all
of which are held in treasury).
Overview
Share capital account
The aggregate balance (including share premium) standing to the credit of the share capital account as at 31 October 2020
was £149,616,000 (2019: £149,616,000).
Ordinary shares
Voting rights
Strategic Report
Holders of Ordinary shares are entitled to attend, speak and vote at general meetings of the Company. Each Ordinary share
(excluding shares in treasury) carries one vote. Treasury shares do not carry voting rights.
At its financial year end, the Company had 202 registered shareholders. At 31 October 2020, the Company was notified of 4
shareholders who each held more than 10% of the issued share capital and their holdings were 28.8% (2019: 29.8%), 22.5%
(2019: 16.1%), 19.6% (2019: 14.3%) and 12.2% (2019: 11.7%) respectively.
Dividends
Portfolio
The holders of Ordinary shares are entitled to such dividend as may be declared by the Company from time to time. Shares
held in treasury do not receive dividends.
Capital entitlement
On a winding up, the Ordinary shares (excluding treasury shares) shall rank pari passu for the nominal capital paid up
thereon and in respect of any surplus. Shares held in treasury have no capital entitlement on a winding up of the Company.
Governance
13. Capital reserve
2020 2019
£’000 £’000
Realised gains on investments and other capital reserve movements
Opening balance 91,515 83,663
Statements
Financial
Dividends paid from capital reserves (9,997) (8,680)
Gains from disposal of investments* 15,107 19,216
Losses from disposal of investments* (10,733) (2,292)
Foreign exchange losses (166) (392)
Balance at 31 October 85,726 91,515
Investments held
Information
Corporate
Opening balance 69,689 48,883
Movement in unrealised gain on revaluation of investments held* 38,149 31,218
Movement in unrealised loss on revaluation of investments held* (17,001) (10,412)
Balance at 31 October 90,837 69,689
Capital reserve balance at 31 October 176,563 161,204
* Net gains on investments held at fair value through profit or loss figure for the year ended 31 October 2020 totalled £25,522,000 (2019: £37,730,000).

14. Net asset value (“NAV”) per Ordinary share
The NAV per Ordinary share is based on net assets of £320,970,000 (2019: £304,877,000) divided by 45,965,159 (2019:
45,965,159) Ordinary shares in issue (excluding shares held in treasury) at the year end.
The table below is a reconciliation between the NAV per Ordinary share as announced on the London Stock Exchange and
the NAV per Ordinary share disclosed in these financial statements.
As at As at
NAV per NAV per
Net assets Ordinary Net assets Ordinary
(£’millions) share (p) (£’millions) share (p)
NAV as published on 2 November 2020 and
1 November 2019 respectively 321.2 698.72 304.5 662.42
Revaluation adjustments – delayed prices (0.2) (0.43) 0.4 0.86
NAV as disclosed in these Financial Statements 321.0 698.29 304.9 663.28
15. Reconciliation of operating profit to net cash flow from operating activities
2020 2019
£’000 £’000
Operating profit before finance costs and taxation 26,485 38,985
Less: Tax deducted at source on income from investments (183) (223)
Add: Realisation of investments at book cost 89,994 93,757
Less: Purchase of investments (65,105) (106,063)
Less: Adjustment for unrealised gains (21,151) (20,806)
Effect of foreign exchange 166 392
Increase in trade receivables (869) (125)
Increase in trade payables 663 97
Net cash flow from operating activities 30,000 6,014
Overview
16. Related party disclosures
Manager
Management fees payable are shown in the Statement of Comprehensive Income and note 6. As at 31 October 2020,
management fees of £951,000 (2019: £199,000) were accrued in the Statement of Financial Position. Total management fees
for the year were £2,216,000 (2019: £2,331,000).
Strategic Report
Details of promotional fees payable can be found in note 6. The balance outstanding at the financial year end was £61,000
(2019: £51,000).
Investments held by the Company which are managed by the Standard Life Aberdeen Group
As at 31 October 2020, the Company held the following investments managed by the Standard Life Aberdeen Group;
As at As at
Portfolio
£’000 £’000
Aberdeen Standard SICAV I – China A Share Equity Fund 16,688 14,929
Aberdeen Standard SICAV I - Frontier Markets Bond Fund 13,457 7,571
Aberdeen Asian Income Fund Limited 11,414 6,187
Aberdeen New India Investment Trust PLC 9,061 3,592
Governance
Asia Dragon Trust PLC 5,282 4,099
Total 55,902 36,378
Directors
Total fees for the Directors in the year ended 31 October 2020 were £155,000 (2019: £142,200). There were no outstanding
fees due to the Directors at the year end (2019: £nil). Details of Directors’ share holdings in the Company can be found on
Statements
Financial
page 39.
17. Financial instruments – risk profile

Risk Management Framework
The Company has established procedures to enable it to manage its financial risks. The main financial risks faced from its
financial instruments are market risk, liquidity risk and credit risk, which are discussed as follows.
Information
Market risk Corporate
i) Risks associated with emerging markets
Investment in certain developing and emerging securities markets may involve a greater degree of risk than that associated
with investment in more developed securities markets. In particular, in certain countries in which the Company is proposing
to invest:
· liquidity and settlement risks may be greater;

· accounting standards may not provide the same degree of shareholder protection as would generally apply internationally;
· national policies may restrict the investment opportunities available to foreign investors, including restrictions on
investing in issuers or industries deemed sensitive to relevant national interests;
· the fiscal and monetary systems remain relatively undeveloped and this may affect the stability of the economic and
financial markets of those countries;
· substantial limitations may exist with respect to the Company’s ability to repatriate investment income, capital or the
proceeds of sales of securities by foreign investors; and
· assets may be subject to increased political and/or regulatory risk.

The day to day management of the market risks is the responsibility of the Investment Manager, who analyses markets
within a framework of quality, value, growth and change. The Board believes the Investment Manager utilises its proven
research and management selection experience to ensure that these risks are minimised, as far as is possible. The
investment policy employed by the Investment Manager ensures that diversification within investee funds is taken into
account when deciding on the size of each investment so the Company’s exposure to any one underlying company should
never be excessive. The Company’s market positions are monitored by the Board in the monthly portfolio valuations and at
Board meetings.
ii) Currency risk

As stated under i) above, the Company invests in emerging markets. It is therefore exposed to currency risks which affect
both the performance of its investee funds and also the value of the Company’s holdings against the Company’s functional
currency, sterling. The Company holds US dollars and occasionally other foreign currencies for brief periods in its account
with the custodian, but only at times when it expects soon to invest that currency into portfolio holdings.
It is not the Company’s policy to hedge against foreign currency movements, nor does the Company use financial
instruments to mitigate the currency exposure in the period between the time that income is included in the financial
statements and its receipt. Movements in exchange rates are likely to affect directly and indirectly the value of the
Company’s investments.
Currency price risk sensitivity

The effect of a 1% appreciation/depreciation in the exchange rate of the US dollar over sterling would have resulted in an
increase/decrease of £1,526,000 (2019: £1,780,000) in the Company’s investments held at fair value through profit or loss at
the Statement of Financial Position date. This analysis assumes that all other variables remain constant.
iii) Interest rate risk

With the exception of cash, no significant interest rate risks arise in respect of any current asset. The Company, generally,
does not hold significant cash balances, with short-term borrowings being used when required. All cash held as a current
asset is sterling or US dollar and is held at the variable interest rates of the custodian.
On 29 March 2018, the Company entered into an unsecured 12 month revolving credit facility with The Royal Bank of
Scotland plc, under which loans with a maximum aggregate value of £25 million may be drawn. The facility was renewed
with The Royal Bank of Scotland International Limited (London Branch) (“RBSI”) on 26 March 2020 for a further 12 month
period, with a termination date of 26 March 2021. As at 31 October 2020, £12.5 million (2019: £25 million) was drawn down at
an all-in monthly variable rate of 0.76925% (2019: 1.26413%).
Movements in interest rates are likely to indirectly affect the value of the Company’s investments.
Interest rate risk sensitivity

Movements in interest rates are likely to directly affect bank loan interest payments and commitment fees and are likely to
indirectly affect the value of the Company’s investments. Both of which are not likely to affect the Company’s net assets to a
material extent. However, it is not possible to give an accurate assessment of how significant changes in interest rates would
affect the prices of equity investments held by the Company.
Overview
Quantitative analysis
A breakdown of the pricing denominations of the funds in which the Company is invested is shown below.
The Company’s financial assets and liabilities at 31 October comprised:
As at 31 October 2020 As at 31 October 2019
Strategic Report
Cash flow Non Cash flow No
Interest interest Interest interest
rate risk rate risk Total % of net rate risk rate risk Total % of net
£’000 £’000 £’000 assets £’000 £’000 £’000 assets
Non-current asset investments
at fair value:
EUR denominated – 8,335 8,335 2.6 – 13,958 13,958 4.6
Portfolio
GBP denominated – 164,017 164,017 51.1 – 136,738 136,738 44.8
USD denominated – 152,623 152,623 47.5 – 178,017 178,017 58.4
Cash and cash equivalents
Floating rate – GBP 6,697 – 6,697 2.1 873 – 873 0.3
Floating rate – USD 1,618 – 1,618 0.5 317 – 317 0.1
Governance
Short term receivables – 1,291 1,291 0.4 – 422 422 0.1
Short term payables (12,500) (1,111) (13,611) (4.2) (25,000) (448) (25,448) (8.3)
b (4,185) 325,155 320,970 100.0 (23,810) 328,687 304,877 100.0
iv) Other price risks

The principal price risk for the Company is the price volatility on the investment portfolio. The Investment Manager attempts
Statements
Financial
to diversify the price risk by spreading the Company’s investments across a number of geographical regions and economic
sectors. The Board meets regularly to review the Investment Manager’s performance and the asset allocation.
Market price risk sensitivity

The effect on the portfolio of a 10% increase or decrease in market prices would have resulted in an increase or decrease of
£32,497,000 (2019: £32,871,000) in the investments designated as fair value through profit or loss at the Statement of
Financial Position date, equivalent to 10.1% (2019: 11%) of the net assets attributable to equity holders. This analysis assumes Information
that all other variables remain constant. Corporate
Market concentration
At 31 October 2020, the largest five country concentrations on a look through basis were as follows:
2020 2019
% of net % of net
Country assets assets
China 38.2 29.6
Korea 13.7 10.7
Taiwan 8.1 8.8
India 4.8 7.4
Russia 4.3 6.5

Liquidity risks
A large portion of the Company’s investments are in closed ended, quoted securities. A high percentage of securities are
listed on the London or New York Stock Exchanges and are considered to be readily realisable by comparison with most
emerging market securities. The Company also holds unquoted investments, which are predominantly in open-ended funds.
Some delay may be encountered in obtaining liquidity in respect of these securities; the Company may utilise its borrowing
powers on a short-term basis to avoid delays in reinvestment of the proceeds of redemptions. As at 31 October 2020, the
Company held shares in Tarpon All Equities Cayman (Series B) L.P. (“Tarpon”). Tarpon holds side pockets within private equity
structures which were valued at £1.1 million at 31 October 2020 (2019: £1.8 million).
The Investment Manager has estimated the percentages of the portfolio that could be liquidated within various timescales,
assuming one third of daily trading volumes. The results are shown below.
2020 2019
Liquidation Period (%) (%)
One month 68 75
Three months 84 88
One year 91 92
The analysis above supports the Company’s ability to repay borrowings, considering the Company is permitted to borrow, at
the point of borrowing, up to 15% of its net assets compared to the Company’s ability to realise an estimated 68% of its
portfolio within one month.
The Company had £nil (2019: £104,000) purchase transactions and £924,000 (2019: £72,000) sales transactions awaiting
settlement at the year end.
The liquidity of the underlying holdings in the funds in which the Company is invested may have an impact on the ability of
the Company to realise its holdings in those funds.
Credit risks
The Company’s principal direct credit risk is the risk of default on cash held at the custodian. Cash at bank at 31 October
2020 included £8,315,000 (2019: £1,190,000) held by the custodian, Northern Trust (Guernsey) Limited. The Company
monitors the credit quality of the custodian. Interest is based on the prevailing money market rates.
Credit risk arising on transactions with brokers relates to transactions awaiting settlement. Risk relating to unsettled
transactions is considered to be low as trading is almost always done on a delivery versus payment basis. When investments
are made in open-ended funds, the Investment Manager performs due diligence on those funds before making
any investment.
All of the assets of the Company are held by the custodian or through the custodian’s nominated sub custodians. Bankruptcy
or insolvency of the Company’s custodian, Northern Trust (Guernsey) Limited, or its sub custodians may cause the Company’s
rights with respect to securities held by them to be delayed or limited. The latest credit ratings at the time of approval of this
document for Northern Trust (Guernsey) Limited’s parent company, The Northern Trust Company, were as follows:
Standard & Poor’s Moody’s Fitch Ratings

Individual rating - - BBB
Short-term deposit/debt A-1+ P-1 F1+
Long-term deposit/debt AA- Aa2 AA
The funds in which the Company is invested may be exposed to credit risk.
Overview
Capital management
The Company considers that its capital consists of its net assets.
The Company’s authorised share capital consists of an unlimited number of Ordinary shares of £0.01 par value. At 31
October 2020, there were 45,965,159 (2019: 45,965,159) Ordinary shares in issue (excluding shares held in treasury).
The Manager and the Company’s broker monitor the demand for the Company’s shares and the Directors review the
Strategic Report
position at Board meetings. Details on the Company’s policies for issuing further shares and buying back shares can be
found in the Directors’ Report.
The Company entered into an unsecured revolving credit facility with RBSI on 29 March 2018, under which loans with a
maximum aggregate value of £25 million may be drawn. On 30 March 2020, the Board announced the renewal of the loan
facility for a further year to 26 March 2021. As at 31 October 2020, £12.5 million was drawn down from RBSI (2019:
£25 million).
Portfolio
Restrictions imposed by RBSI in connection with the loan facility include the following covenants:
· Consolidated net tangible assets are not less than £175 million.
· Consolidated gross borrowings expressed as a percentage of the investment portfolio value shall not exceed 15%.
· Consolidated gross borrowings expressed as a percentage of the adjusted investment portfolio value shall not
exceed 22.5%.
· The Borrower’s portfolio must contain a minimum of 20 eligible Investments of which a minimum of 5 shall be of a
Governance
closed-ended structure.
The Company does not have any externally imposed capital requirements other than disclosed above.
Operational risk
Operational risk is the risk of direct or indirect loss arising from a wide variety of causes associated with the processes,
technology and infrastructure supporting the Company’s activities with financial instruments either internally within the
Statements
Financial
Company or externally at the Company’s service providers, and from external factors other than credit, market and liquidity
risks such as those arising from legal and regulatory requirements and generally accepted standards of investment
management behaviour.
The Company’s objective is to manage operational risk so as to balance limiting of financial losses and damage to its
reputation with achieving its investment objective of generating returns to investors.
The primary responsibility for the development and implementation of controls over operational risk rests with the Board of Information
Directors. This responsibility is supported by the development of overall standards for the management of operational risk, Corporate
which encompasses the controls and processes at the service providers and the establishment of service levels with the
service providers, in the following areas:
· requirements for appropriate segregation of duties between various functions, roles and responsibilities;
· requirements for the reconciliation and monitoring of transactions;
· compliance with regulatory and other legal requirements;
· documentation of controls and procedures;
· requirements for the periodic assessment of operational risk faced, and the adequacy of controls and procedures to
address the risks identified;
· contingency plans;
· ethical business standards;
· insurance; and
· risk mitigation.
The Directors’ assessment over the adequacy of the controls and processes in place at the service providers with respect to
operational risk is carried out via regular discussions with the main service providers to the Company and a review of their
internal controls documents prepared under industry recognised guidance, if available.

18. Valuation of financial instruments
The Company’s financial assets and liabilities held at fair value through profit or loss are valued at fair value in accordance
with the provisions of IFRS as described in note 2 (g).
The classification of the Company’s investments held at fair value is detailed in the table below:

£’000 £’000
Level 1 277,526 275,888
Level 2 45,320 51,046
Level 3 2,129 1,779
Total 324,975 328,713
The Company recognises transfers between levels of fair value hierarchy at the date the change occurred.
There were three investments transferred between levels during the year (2019: no investments were transferred between
levels). Weiss Korea Opportunity Fund Limited moved from level 2 to level 1 and Gulf Investment Fund PLC moved from level
1 to level 2. Komodo Fund entered into liquidation and was therefore transfered from level 2 to level 3.
Level 1 classification basis

Investments, whose values are based on quoted market prices in active markets, and therefore classified within level 1,
include listed equities in active markets. The Company does not adjust the quoted price for these instruments.

Investments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer
quotations or alternative pricing sources supported by observable inputs are classified within level 2. These include monthly
priced investment funds. The underlying net asset values of the open ended funds included under level 2 are prepared using
industry accepted standards and the funds have a history of accepting and redeeming funds on a regular basis at net asset
value. The net asset values of regularly traded open ended funds are considered to be reasonable estimates of the fair
values of those investments and such investments are therefore classified within level 2 if they do not meet the criteria for
inclusion in level 1.

Investments classified within level 3 have significant unobservable inputs, as they trade infrequently. The level 3 figure
consists of a private equity investment held in a side pocket of Tarpon and an investment in Komodo Fund. Tarpon is stated
at fair value which is estimated in good faith by the directors following consultation with the Investment Manager with a view
to establishing the probable realisable value of this investment. The fair value of Tarpon and its side pocket has been based
on an unadjusted net asset value provided by the administrator of that fund. Komodo Fund is valued at the unadjusted net
asset values provided by the administrator of that fund.
The movement on the level 3 classified investments during the year is shown below:
2020 2019
£’000 £’000
Opening balance 1,779 999
Additions during the year – –
Disposals during the year (5,592) –
Profit or loss on disposals during the year 1,837 –
Transfer of investment from level 2 to level 3 6,852 –
Valuation adjustments* (2,747) 780
Closing balance at 31 October 2,129 1,779
* Total gains/(losses) included in profit or loss on assets held at year end.

Overview
Level 3 classified investments sensitivity analysis
If the fair value of level 3 classified investments changed by 5%, the impact on the Company's net assets attributable to
equity holders would be 0.02% (2019: 0.03%). As at 31 October 2020, the Company's net assets attributable to equity holders
would be adversely affected by a maximum of 0.3% (2019: 0.6%) if level 3 classified investments were written off to £nil.
Structured entities
The Company invests in a portfolio of funds and products which give diversified exposure to developing and emerging
Strategic Report
market economies. The Company does not consider its investments in listed funds to be structured entities but does
consider its investments in unlisted funds to be investments in structured entities because the voting rights in such entities
are limited to administrative tasks and are not the dominant factor in deciding who controls those entities.
The investments in structured entities are subject to the terms and conditions of offering documents and/or constitutional
documents. These investments are subject to market price and other risks arising from their underlying portfolios. Investee
funds are managed by portfolio managers who are compensated by the respective funds for their services. Such
compensation generally may consist of an asset based fee and/or a performance based fee.
Portfolio
The investments in structured entities are financial assets which are designated as fair value through profit or loss in the
Company’s financial statements. During the year ended 31 December 2020, the Fund did not provide financial support to
unconsolidated structured entities and has no intention of providing financial or other support.
The Fund did not hold interests in unconsolidated structured entities at 31 December 2020.
The exposure to investments in investee funds and products at fair value by strategy employed is disclosed in the
following table.
2020
Governance
Number of Fair value Weighted average Investment % of total
investee range fair value at fair value net assets of
Strategy funds £’000 £’000 £’000 underlying funds
Equity long-only 9 1,059 – 35,730 19,088 100,754 31.0%
2019
Statements
Financial
Number of Fair value Weighted average Investment % of total
investee range fair value at fair value net assets of
Strategy funds £’000 £’000 £’000 underlying funds
Equity long-only 10 1,779 – 29,514 15,678 97,954 32.1%
Equity long-only
Portfolio managers implementing equity long-only strategies generally take long positions in equity related instruments
such as Ordinary shares, preferred shares, convertible bonds, Depositary receipts, exchange traded funds and market Information
access products such as index futures with the expectation that the asset will rise in value. Corporate
19. Operating segments

The Board of Directors is responsible for ensuring that the Company’s objective and investment strategy is followed. The
day-to-day implementation of the investment strategy has been delegated to the Investment Manager but the Board retains
responsibility for the overall direction of the Company. The Board reviews the investment decisions of the Investment
Manager at regular Board meetings to ensure compliance with the investment strategy and to assess the achievement of the
Company’s objective. The Investment Manager has been given full authority to make investment decisions on behalf of the
Company in accordance with the investment strategy and analyses markets within a framework of quality, value, growth and
change. The investment policy employed by the Investment Manager ensures that diversification within investee funds is
taken into account when deciding on the size of each investment so the Company’s exposure to any one underlying company
should never be excessive. The Company’s positions are monitored as a whole by the Board in monthly portfolio valuations
and at Board meetings. Any significant change to the Company’s investment strategy requires shareholder approval.
The Company has a diversified portfolio of investments and no single investment accounted for more than 11.1% (2019: 9.7%) of
the Company’s net assets at the Company’s year end. The Investment Manager aims to identify funds which it considers are
likely to deliver consistent capital growth over the longer term. The largest income from an individual investment is a Romanian
investment (Fondul Proprietatea) which accounted for 15% (2019: 14%) of the total investment income receivable in the year.
20. Post balance sheet events
On 18 December 2020, the Company paid a fourth interim dividend in respect of the year ended 31 October 2020 of 5.50p
per Ordinary share, to shareholders on the register on 27 November 2020. The total payment amounted to £2,528,000 and
will be accounted for in the financial year ending 31 October 2021.
Corporate
Information
Aberdeen Standard Investments’ Closed
End Fund Strategies (“CEFS”) team is
amongst the most experienced of any
operating globally with a similar strategy.
The team’s members have in excess of
40 years’ experience of investing in
emerging markets with a focus on
conducting in depth manager research
and the analysis of discounts on closed
end funds.
Alternative Performance Measures (“APMs”)

(unaudited)
Overview
Discount
The amount, expressed as a percentage, by which the share price is less than the NAV per Ordinary share.
As at 31 As at 31
October October
Page 2020 2019
Strategic Report
NAV per Ordinary share (pence) a 48 698.29 663.28
Ordinary share price (pence) b 2 605.00 561.00
Discount 1-(b÷a) 13.4% 15.4%
Gearing
A way to magnify income and capital returns, but which can also magnify losses. The revolving loan facility with RBSI is a common
Portfolio
method of gearing.
As at 31 As at 31
October October
Page 2020 2019
Total assets less cash/cash equivalents (£’000) a n/a 326,266 329,135
Net assets (£’000) b 48 320,970 304,877
Governance
Gearing (net) (a÷b)-1 1.6% 8.0%
Leverage
Under the Alternative Investment Fund Managers Directive (“AIFMD”), leverage is any method by which the exposure of an Alter-
native Investment Fund (“AIF”) is increased through borrowing of cash or securities or leverage embedded in derivative positions.
Under AIFMD, leverage is broadly similar to gearing, but is expressed as a ratio between the assets (excluding borrowings) and the
Statements
Financial
net assets (after taking account of borrowing). Under the gross method, exposure represents the sum of the Company’s posi-
tions after deduction of cash balances, without taking account of any hedging or netting arrangements. Under the commitment
method, exposure is calculated without the deduction of cash balances and after certain hedging and netting positions are offset
against each other.
Further details on the Company’s leverage is provided on page 77.
Information
Corporate
Alternative Performance Measures (“APMs”)

(unaudited) Continued
Ongoing charges
A measure, expressed as a percentage of average NAV, of the regular, recurring annual costs of running an investment company.
As at 31 As at 31
October October
Page 2020 2019
Average NAV a n/a 299,662,000 300,880,000
Annualised expenses* b n/a 3,058,000 3,214,000
Ongoing charges b÷a 2 1.02% 1.07%
*100% of the Company’s portfolio is held in other funds. The Company’s ongoing charges figure does not reflect any costs of the underlying funds as the underlying information is
not readily available.
Total return
A measure of performance that includes both income and capital returns. This takes into account capital gains and reinvestment
of dividends paid out by the Company into its Ordinary shares on the ex-dividend date.
Ordinary
Year ended 31 October 2020 Page share price NAV
Opening at 1 November 2019 (pence) a 2 561.00 663.28
Closing at 31 October 2020 (pence) b 2 605.00 698.29
Share price/NAV movement (b ÷ a) - 1 c n/a 7.8% 5.3%
Dividend reinvestment d n/a 4.4% 3.6%
Total return (c+d) 12.2% 8.9%
n/a = not applicable
Ordinary
Year end 31 October 2019 share price NAV
Opening at 1 November 2018 (pence) a 515.0 600.6
Closing at 31 October 2019 (pence) b 561.0 663.3
Share price/NAV movement (b ÷ a) - 1 c 8.9% 10.4%
Dividend reinvestment d 4.3% 3.7%
Total return (c+d) 13.2% 14.1%
Information about the Investment Manager
Overview
Aberdeen Asset Managers Limited operating globally with a similar strategy. The team’s members
The Company’s Investment Manager is Aberdeen Asset have in excess of 40 years’ experience of investing in emerging
Managers Limited, a wholly-owned subsidiary of Standard Life markets with a focus on conducting in depth manager research
Aberdeen plc. Assets under the management of the group’s and the analysis of discounts on closed end funds. Average
investment division, Aberdeen Standard Investments, were tenure on the team is in excess of 10 years. While the team is
£511.8 billion as at 30 June 2020, managed for a range of clients based in London, its members travel frequently to emerging
Strategic Report
including 23 UK-listed closed end investment companies. markets to meet with existing managers and identify new
prospects. Being part of a global asset management business,
Investment Team the team has the ability to draw on the expertise of the wider
Aberdeen Standard Investments’ Closed End Fund Strategies Aberdeen Standard Investments group.
(“CEFS”) team is amongst the most experienced of any
Portfolio
Andrew Lister Bernard Moody Omar Ene
Governance
Senior Investment Manager Senior Investment Manager Investment Analyst
Years in team: 20 Years in team: 14 Years in team: 1
Years’ experience in Years’ experience in Years' experience in
emerging markets: 20 emerging markets: 21 emerging markets: 1
Investment Strategy and Process

The CEFS team seeks to achieve the Company’s objective by allocating to talented managers (‘Manager Selection’) who buy well
Statements
Financial
managed companies in markets that are themselves attractive (‘Asset Allocation’). Closed end funds are utilised to gain exposure
to managers and markets at a discount to their intrinsic value (‘Discount Opportunities’). The team is actively contrarian, meaning
that it will often allocate to out of favour markets and funds that, as a result, are trading at attractive valuation levels.
The team’s investment process includes three pillars:
• Identifying best of breed managers through extensive travel Information

Corporate
Manager and networks Talented
• 400 - 500 manager meetings conducted per annum by CEFS team
selection • Focus on People, Process, Portfolio, Performance managers
• Actively negotiate the best fee structure possible
• Identifying the most attractive markets

Asset • Input from ASI's global strategy team and underlying managers Attractive
allocation • Quantitative model referenced for objectivity markets
• Contrarian mind-set
• Identifying attractive opportunities in the global universe of

Discount closed end funds Discounted
• Target investment in discounted assets with a catalyst for re-rating
opportunities • Active engagement with boards, managers shareholders, brokers valuation
• Capture the advantages of semi-permanent capital structure
Investor Information
Alternative Investment Fund Managers Directive (“AIFMD”) For questions about an investment held through the
and Pre-Investment Disclosure Document (“PIDD”) Aberdeen Standard Investments Children’s Plan, Investment
The Company has appointed Aberdeen Standard Fund Trust Share Plan or Investment Trust Individual Savings
Managers Limited as its alternative investment fund manager Account (“ISA”), please telephone the Manager’s Customer
and Northern Trust (Guernsey) Limited as its Depositary Services Department on 0808 500 0040, email inv.trusts@
under the AIFMD. aberdeenstandard.com or write to:
The AIFMD requires Aberdeen Standard Fund Managers Aberdeen Standard Investment Trusts
Limited, as the Company’s AIFM, to make available to investors PO Box 11020
certain information prior to such investors’ investment in the Chelmsford
Company. Details of the leverage and risk policies which the Essex CM99 2DB
Company is required to have in place under the AIFMD are
published in the Company’s PIDD which can be found on its Dividend Tax Allowance
website: aberdeenemergingmarkets.co.uk. The annual tax-free personal allowance for dividend income
for UK investors is £2,000 for the 2020/21 tax year. Above this
Investor Warning: Be alert to share fraud and boiler amount, individuals pay tax on their dividend income at a
room scams rate dependent on their income tax bracket and personal
Aberdeen Standard Investments has been contacted by circumstances. The Company provides registered
investors informing us that they have received telephone calls shareholders with a confirmation of dividends paid and this
and emails from people who have offered to buy their should be included with any other dividend income received
investment company shares, purporting to work for Aberdeen when calculating and reporting to HMRC total dividend
Standard Investments or for third party firms. Aberdeen income received. It is the shareholder’s responsibility to
Standard Investments has also been notified of emails include all dividend income when calculating any tax liability.
claiming that certain investment companies under our
management have issued claims in the courts against How to Invest
individuals. These may be scams which attempt to gain your Investors can buy and sell shares in the Company directly
personal information with which to commit identity fraud or through a stockbroker or indirectly through a lawyer,
could be ‘boiler room’ scams where a payment from you is accountant or other professional adviser. Alternatively, for
required to release the supposed payment for your shares. retail clients, shares can be bought directly through the
These callers/senders do not work for Aberdeen Standard Aberdeen Standard Investments Children’s Plan, Investment
Investments and any third party making such offers/claims Trust Share Plan or Investment Trust Individual Savings
has no link with Aberdeen Standard Investments. Account (“ISA”) or through the many broker platforms which
offer the opportunity to acquire shares in
Aberdeen Standard Investments does not ‘cold-call’ investors investment companies.
in this way. If you have any doubt over the veracity of a caller,
do not offer any personal information, end the call and Aberdeen Standard Investments Children’s Plan
contact our Customer Services Department. Aberdeen Standard Investments operates an Investment
Plan for Children (the “Children’s Plan”) which covers a
The Financial Conduct Authority provides advice with respect
number of investment companies under its management,
to share fraud and boiler room scams at: fca.org.uk/
including the Company. Anyone can invest in the Children’s
consumers/scams.
Plan (subject to the eligibility criteria as stated within the
terms and conditions),including parents, grandparents and
Shareholder Enquiries
family friends. All investments are free of dealing charges on
For queries regarding shareholdings, lost certificates,
the initial purchase of shares, although investors will suffer
dividend payments, registered details and related matters,
the bid-offer spread,which can, on some occasions, be a
shareholders holding their shares directly in the Company
significant amount. Lump sum investments start at £150 per
are advised to contact the Registrars (see Company
company, while regular savers may invest from £30 per
Information). Changes of address must be notified to the
month. Investors only pay Government Stamp Duty
Registrars in writing.
(currently 0.5%) on entry where applicable. Selling costs are
Any general queries about the Company should be directed to £10 + VAT. There is no restriction on how long an investor
the Company Secretary in writing (see Company Information) need invest in the Children’s Plan, and regular savers can
or by email to: CEF.CoSec@aberdeenstandard.com. stop or suspend participation by instructing Aberdeen
Standard Investments in writing at any time.
Overview
Aberdeen Standard Investments Share Plan Keeping You Informed
Aberdeen Standard Investments operates an Investment Further information about the Company may be found on its
Trust Share Plan (the “Plan”) through which shares in the dedicated website: aberdeenemergingmarkets.co.uk. This
Company can be purchased. There are no dealing charges on provides access to information on the Company’s share price
the initial purchase of shares, although investors will suffer performance, capital structure, London Stock Exchange
the bid-offer spread, which can, on some occasions, be a announcements, current and historic Annual and Half-Yearly
Strategic Report
significant amount. Lump sum investments start at £250, Reports, and the latest monthly factsheet on the Company
while regular savers may invest from £100 per month. issued by the Manager.
Investors only pay Government Stamp Duty (currently 0.5%)
on entry where applicable. Selling costs are £10 + VAT. There The Company’s Ordinary share price appears under the
is no restriction on how long an investor need invest in a heading ‘Investment Companies’ in the Financial Times.
Plan, and regular savers can stop or suspend participation by
Twitter:
instructing Aberdeen Standard Investments in writing at
twitter.com/AberdeenTrusts
Portfolio
any time.
LinkedIn:
Aberdeen Standard Investments ISA linkedin.com/company/aberdeen-standard-investment-trusts
Aberdeen Standard Investments operates an Investment
Trust ISA (“ISA”) through which an investment may be made Details are also available at: invtrusts.co.uk.
of up to £20,000 in the 2020/21 tax year.
Key Information Document (“KID”)
There are no brokerage or initial charges for the ISA, The KID relating to the Company and published by the
Governance
although investors will suffer the bid-offer spread, which can Manager can be found on the Company’s website.
be a significant amount. Investors only pay Government
Stamp Duty (currently 0.5%) on purchases where applicable. Literature Request Service
Selling costs are £15 + VAT. The annual ISA administration For literature and application forms for Aberdeen Standard
charge is £24 + VAT, calculated annually and applied on 31 Investments’ investment trust products, please contact us
March (or the last business day in March) and collected soon through invtrusts.co.uk.
thereafter either by direct debit or, if there is no valid direct
Statements
Financial
debit mandate in place, from the available cash in the ISA Or telephone: 0808 500 4000
prior to the distribution or reinvestment of any income, or,
Or write to:
where there is insufficient cash in the ISA, from the sale of
Aberdeen Standard Investment
investments held in the ISA. Under current
Trusts PO Box 11020
legislation,investments in ISAs can grow free of Capital
Chelmsford
Gains Tax.
Essex CM99 2DB
Information
ISA Transfer Corporate
Terms and Conditions
Investors can choose to transfer previous tax year
Terms and conditions for Aberdeen Standard Investments
investments to Aberdeen Standard Investments, which can
managed savings products can also be found under the
be invested in the Company while retaining their ISA wrapper.
Literature section of the Manager’s website at:
The minimum lump sum for an ISA transfer is £1,000 and is
invtrusts.co.uk.
subject to a minimum per company of £250.
Online Dealing
Nominee Accounts and Voting Rights
There are a number of online dealing platforms for private
All investments in the Aberdeen Standard Investments
investors that offer share dealing, ISAs and other means to
Children’s Plan, Investment Trust Share Plan and Investment
invest in the Company. Real-time execution-only stockbroking
Trust ISA are held in nominee accounts and investors are
services allow you to trade online, manage your portfolio and
provided with the equivalent of full voting and other rights of
buy UK listed shares. These sites do not give advice. Some
share ownership.
comparison websites also look at dealing rates and terms.
Investor Information Continued

Discretionary Private Client Stockbrokers
If you have a large sum to invest, you may wish to contact a
discretionary private client stockbroker. They can manage
your entire portfolio of shares and will advise you on your
investments. To find a private client stockbroker visit The
Personal Investment Management & Financial Advice
Association at: pimfa.co.uk.
Financial Advisers
To find an adviser who recommends on investment
companies, visit: unbiased.co.uk.
Regulation of Stockbrokers
Before approaching a stockbroker, always check that they are
regulated by the Financial Conduct Authority:
Tel: 0800 111 6768
Website: fca.org.uk/firms/financial-services-register
Email: consumer.queries@fca.org.uk
Note
Please remember that past performance is not a guide to the
future. Stock market and currency movements may cause the
value of shares and the income from them to fall as well as
rise and investors may not get back the amount they
originally invested.
As with all equity investments, the value of investment

companies purchased will immediately be reduced by the
difference between the buying and selling prices of the
shares, the market maker’s spread.
Investors should further bear in mind that the value of any

tax relief will depend on the individual circumstances of the
investor and that tax rates and reliefs, as well as the tax
treatment of ISAs, may be changed by future legislation.
The information on pages 73 to 76 has been approved for the

purposes of Section 21 of the Financial Services and Markets Act
2000 (as amended by the Financial Services Act 2012) by Aberdeen
Asset Managers Limited which is authorised and regulated by the
Financial Conduct Authority in the United Kingdom.
AIFMD Disclosures (unaudited)
Overview
Aberdeen Standard Fund Managers Limited (“ASFML“) and the Company are required to make certain disclosures available to
investors in accordance with the Alternative Investment Fund Managers Directive (“AIFMD”). Those disclosures that are required
to be made pre-investment are included within a pre-investment disclosure document (“PIDD”) which may be found on the
Company’s website. There have been no material changes to the disclosures contained within the PIDD since its most recent
update in February 2020.
The periodic disclosures as required under the AIFMD to investors are made below:
Strategic Report
· information on the investment strategy, geographic and sector investment focus and principal stock exposures is included in
the Investment Manager’s Report on pages 8 to 15;
· none of the Company’s assets are subject to special arrangements arising from their illiquid nature;
· the Investment Manager’s Report on pages 8 to 15, note 17 to the financial statements and the PIDD, together set out the risk
profile and risk management systems in place. There have been no changes to the risk management systems in place in the
period under review and no breaches of any of the risk limits set, with no breach expected;
Portfolio
· there are no new arrangements for managing the liquidity of the Company or any material changes to the liquidity management
systems and procedures employed by ASFML;
· all authorised Alternative Investment Fund Managers are required to comply with the AIFMD Remuneration Code. In
accordance with the Remuneration Code, the AIFM’s remuneration policy is available from the Company’s Manager, Aberdeen
Standard Fund Managers Limited, on request and the remuneration disclosures in respect of the AIFM’s relevant reporting
period for the year ended 31 December 2020 will be made available on the Company’s website.
Governance
Leverage
The table below sets out the current maximum permitted limit and actual level of leverage for the Company:
Gross Commitment
Method Method
Maximum level of leverage 1.15:1 1.15:1
Actual level at 31 October 2020 1.02:1 1.02:1
Statements
Financial
There have been no breaches of the maximum level during the period and no changes to the maximum level of leverage
employed by the Company. There have been no changes to the circumstances in which the Company may be required to post
assets as collateral and no guarantees granted under the leveraging arrangement. Changes to the information contained either
within this Annual Report or the PIDD in relation to any special arrangements in place; the maximum level of leverage which
ASFML may employ on behalf of the Company; the right of use of collateral or any guarantee granted under any leveraging
arrangement; or any change to the position in relation to any discharge of liability by the Depositary will be notified via a Information
regulatory news service without undue delay in accordance with the AIFMD. Corporate
The information on this page has been approved for the purposes of Section 21 of the Financial Services and Markets Act 2000 (as
amended by the Financial Services Act 2012) by Aberdeen Standard Fund Managers Limited which is authorised and regulated by the
Financial Conduct Authority in the United Kingdom.
Glossary of Terms and Definitions

Aberdeen Standard Aberdeen Standard Investments is the brand of Standard Life Aberdeen plc.
Investments or "ASI"
AIC The Association of Investment Companies
Alternative Investment An investment vehicle under AIFMD. Under AIFMD (see below) the Company is classified as an AIF.
Fund or “AIF”
Alternative Investment The Alternative Investment Fund Managers Directive. The AIFMD is European legislation which
Fund Managers created a European-wide framework for regulating managers of ‘alternative investment funds’
Directive or “AIFMD” (“AIFs”). It is designed to regulate any fund which is not a UCITS fund and which is managed and/
or marketed in the EU. The Company has been designated as an AIF.
Annual General Meeting A meeting held once a year which shareholders can attend and where they can vote on
or “AGM” resolutions to be put forward at the meeting and ask directors questions about the company in
which they are invested.
Benchmark Index A basket of stocks which is considered to replicate a particular stock market or sector.
Discount The amount, expressed as a percentage, by which the share price is less than the net asset value
per share.
Depositary Certain AIFs must appoint depositaries under the requirements of AIFMD. A depositary’s duties
include, inter alia, safekeeping of the Company’s assets and cash monitoring. Under AIFMD the
Depositary is appointed under a strict liability regime. Northern Trust (Guernsey) Limited has
been appointed to provide depository services to the Company.
Dividend Income receivable from an investment in shares.
Ex-dividend date The date from which you are not entitled to receive a dividend which has been declared and is
due to be paid to shareholders.
Financial Conduct The independent body that regulates the financial services industry in the UK.
Authority or “FCA”
Gearing A way to magnify income and capital returns, but which can also magnify losses. A bank loan is a
common method of gearing.
Investment company A company formed to invest in a diversified portfolio of assets.
Investment Manager Aberdeen Asset Managers Limited is a wholly owned subsidiary of Standard Life Aberdeen plc
or “AAML” and acts as the Company’s investment manager. It is authorised and regulated by the FCA.
Key Information The Packaged Retail and Insurance-based Investment Products (“PRIIPS”) Regulation requires
Document or “KID” the Manager, as the Company’s PRIIP ‘manufacturer’, to prepare a Key Information Document
in respect of the Company. This KID must be made available by the Manager to retail investors
prior to them making any investment decision and is available via the Company’s website. The
Company is not responsible for the information contained in the KID and investors should note
that the procedures for calculating the risks, costs and potential returns are prescribed by law.
The figures in the KID may not reflect the expected returns for the Company and anticipated
performance returns cannot be guaranteed.
Leverage An alternative word for “Gearing”.
Under AIFMD, leverage is any method by which the exposure of an AIF is increased through
borrowing of cash or securities or leverage embedded in derivative positions.
Under AIFMD, leverage is broadly similar to gearing, but is expressed as a ratio between the
assets (excluding borrowings) and the net assets (after taking account of borrowing). Under
the gross method, exposure represents the sum of the Company’s positions after deduction
of cash balances, without taking account of any hedging or netting arrangements. Under the
commitment method, exposure is calculated without the deduction of cash balances and after
certain hedging and netting positions are offset against each other.
Overview
Liquidity The extent to which investments can be sold at short notice.
Manager, “AIFM” Aberdeen Standard Fund Managers Limited is a wholly owned subsidiary of Standard Life
or “ASFML” Aberdeen plc and acts as the Alternative Investment Fund Manager for the Company. It is
authorised and regulated by the FCA.
Net assets An investment company’s assets less its liabilities
Strategic Report
Net asset value (“NAV”) Net assets divided by the number of Ordinary shares in issue (excluding any shares held in
per Ordinary share treasury)
Ongoing charges A measure, expressed as a percentage of average net assets, of the regular, recurring annual
costs of running an investment company.
Ordinary shares The Company’s ordinary shares in issue.
Portfolio A collection of different investments held in order to deliver returns to shareholders and to
Portfolio
spread risk.
Premium The amount, expressed as a percentage, by which the share price is more than the net asset
value per share.
Share buyback A purchase of a company’s own shares. Shares can either be bought back for cancellation or held
in treasury.
Share price The price of a share as determined by a relevant stock market.
Governance
Standard Life The Standard Life Aberdeen plc group of companies.
Aberdeen Group
Total return A measure of performance that takes into account both income and capital returns.
Tracking error A measure, expressed as a percentage, of how closely a portfolio follows an index over a period
of time.
Statements
Financial
Treasury shares A company’s own shares which are available to be sold by it to raise funds.
Value at risk A statistical technique used to measure and quantify the level of financial risk within a portfolio
over a specific time frame.
Volatility A measure of how much a share moves up and down in price over a period of time.
Information
Corporate
Notice of Annual General Meeting

NOTICE IS HEREBY GIVEN that the Annual General Meeting of the Company will be held at 11 New Street, St Peter Port, Guernsey,
GY1 2PF at 12 noon on 20 April 2021 for the purpose of considering and, if thought fit, passing the following resolutions:
Ordinary Resolutions
1. To receive and adopt the financial statements for the year ended 31 October 2020, with the reports of the Directors and
auditor thereon.
2. To approve the Directors’ Remuneration Report (excluding the Directors’ Remuneration Policy) included in the Annual Report
for the year ended 31 October 2020.
3. To approve a dividend policy to declare four interim dividends each year and to authorise the Directors to declare such
dividends subject to compliance with applicable law.
4. To re-elect Mr Hadsley-Chaplin as a Director of the Company.
5. To re-elect Mr Collins as a Director of the Company.
6. To re-elect Mrs Green as a Director of the Company.
7. To re-elect Ms de Rochechouart as a Director of the Company.
8. To re-appoint KPMG Channel Islands Limited as auditor of the Company to hold office until the conclusion of the next AGM of
the Company at which audited accounts are laid before the Company.
9. To authorise the Directors to determine the remuneration of the auditor for the year ended 31 October 2021.
10. THAT the Company be and is hereby authorised in accordance with section 315 of the Companies (Guernsey) Law, 2008 to
make market purchases (within the meaning of section 316 of the Companies (Guernsey) Law, 2008 of its shares,
provided that:
a) the maximum number of Ordinary shares hereby authorised to be acquired is 14.99% of the issued Ordinary share capital
of the Company (excluding treasury shares) as at the date of this AGM;
b) the minimum price (exclusive of expenses) which may be paid for a share is £0.01;
c) the maximum price to be paid per share shall be the higher of: (a) 105% of the average of the closing market value of the
shares for the five business days immediately preceding the date of the relevant purchase; (b) the price of the last
independent trade; and (c) the highest current independent bid on the trading venues where the purchase is carried out;
d) the authority hereby conferred shall expire at the earlier of the conclusion of the AGM of the Company to be held in 2022
and the date being 18 months from the date of this resolution, unless previously renewed, varied or revoked by the
Company in general meeting; and
e) the Company may make a contract to purchase its shares under the authority hereby conferred prior to the expiry of such
authority, which contract will or may be executed wholly or partly after the expiry of such authority, and may purchase its
shares in pursuance of any such contract
11. THAT the Directors be and are hereby generally and unconditionally authorised pursuant to Article 5 of the Articles of
Incorporation of the Company to allot and issue up to 2,298,257 shares or, if less, the number of shares representing 5% of the
issued Ordinary share capital of the Company as at the date of the passing of this resolution. This authority shall expire at the
conclusion of the AGM of the Company to be held in 2022 (unless renewed, varied or revoked by the Company prior to or on
such date) save that the Company may before such expiry make any offer or agreement which would or might require shares
to be allotted or issued after such expiry and the Directors may allot and issue shares in pursuance of any such offer or
agreement as if the authority conferred hereby had not expired.
Overview
Special Resolution
12. THAT the shareholders hereby waive, with respect to any allotment and issue of shares pursuant to the authority granted by
Resolution 11, any and all rights of pre-emption or similar rights which they may have, whether under the Articles of
Incorporation of the Company (including, without limitation, Article 6.2(a)) or otherwise. This waiver will expire at the
conclusion of the AGM in 2022.
By order of the Board
Strategic Report
Vistra Fund Services (Guernsey) Limited (in the capacity as Company Secretary)
Registered Office:
11 New Street
St Peter Port
Guernsey GY1 2PF
Portfolio
18 February 2021
This year, due to the uncertainties caused by the COVID-19 pandemic and, in particular, the restrictions on public gatherings and
requirements to socially distance, it is likely that the Annual General Meeting will be held on a functional only basis, satisfying the
minimum legal requirements. Further details are provided in the Chairman's Statement.
Governance
Statements
Financial
Information
Corporate
Notice of Annual General Meeting Continued

Notes: any adjournment(s) thereof by using the procedures
ɅA shareholder entitled to attend and vote may appoint a described in the CREST Manual. CREST personal members
proxy to attend, speak and vote instead of him/her. A or other CREST sponsored members, and those CREST
shareholder may appoint more than one proxy in relation members who have appointed a voting service provider(s),
to the AGM provided that each proxy is appointed to should refer to their CREST sponsor or voting service
exercise the rights attached to a different share or shares provider(s), who will be able to take the appropriate action
held by the shareholder. A proxy need not be a shareholder on their behalf.
of the Company. ɅIn order for a proxy appointment or instruction made using
ɅTo appoint more than one proxy to vote in relation to the CREST service to be valid, the appropriate CREST
different shares within your holding you may photocopy message (a “CREST Proxy Instruction”) must be properly
the Form of Proxy. Please indicate the proxy holder’s name authenticated in accordance with Euroclear UK & Ireland
and the number of shares in relation to which they are Limited’s specifications and must contain the information
authorised to act as your proxy (which, in aggregate, should required for such instructions, as described in the CREST
not exceed the number of shares held by you). Please also Manual. The message, regardless of whether it constitutes
indicate if the proxy instruction is one of multiple the appointment of a proxy or an amendment to the
instructions being given. All Forms of Proxy must be signed instruction given to a previously appointed proxy must, in
and should be returned together in the same envelope. order to be valid, be transmitted so as to be received by the
ɅForms of Proxy duly completed, together with any power of Company’s Registrar (CREST ID is RA10) by the latest time(s)
attorney or other authority (if any) under which it is signed for receipt of proxy appointments specified in the notice of
or a notarially certified copy of such power or authority the meeting. For this purpose, the time of receipt will be
must be deposited with the Company’s registrar, Link Asset taken to be the time (as determined by the timestamp
Services at PXS 1, Link Group, Central Square, 29 Wellington applied to the message by the CREST Application Host)
Street, Leeds, LS1 4DL, not later than 12 noon on 15 April from which the Company’s agent is liable to retrieve the
2021 or not less than 48 hours (excluding non-working message by enquiry to CREST in the manner prescribed by
days) before the time appointed for the holding of any CREST. After this time any change of instructions to proxies
adjourned AGM or, in the case or a poll taken more than 48 appointed through CREST should be communicated to the
hours after it was demanded, 24 hours before the time appointee through other means.
appointed for the taking of a poll, or in the case of a poll ɅCREST members and, where applicable, their CREST
taken not more than 48 hours after it was demanded, the sponsors or voting service providers should note that
time at which the poll was demanded. Euroclear UK & Ireland Limited does not make available
ɅA Form of Proxy is included for use by shareholders to special procedures in CREST for any particular messages.
complete, sign and return. Completion and return of the Normal system timings and limitations will therefore apply
Form of Proxy will not prevent a shareholder from in relation to the input of CREST Proxy Instructions. It is the
subsequently attending the AGM or any adjournments and responsibility of the CREST member concerned to take, (or,
voting in person if he/she so wishes. if the CREST member is a CREST personal member or
ɅEntitlement to attend and vote at the AGM (or any sponsored member or has appointed a voting service
adjournment thereof) and the number of votes which may provider(s), to procure that his CREST sponsor or voting
be cast thereat will be determined by reference to the service provider(s) take(s)) such action as shall be necessary
Company’s register of shareholders as at close of business to ensure that a message is transmitted by means of the
on 15 April 2021. CREST system by any particular time. In this connection,
ɅTo allow effective continuation of the meeting, if it is CREST members and, where applicable, their CREST
apparent to the Chairman that no shareholders will be sponsor’s or voting service providers are referred, in
present in person or by proxy, other than by proxy in the particular, to those sections of the CREST Manual
Chairman’s favour, the Chairman may appoint a substitute concerning practical limitations of the CREST systems and
to act as proxy in his stead for any shareholder provided timings.
that such substitute proxy shall vote on the same basis as ɅThe Company may treat as invalid a CREST Proxy
the Chairman. Instruction in the circumstances set out in Regulation
ɅCREST members who wish to appoint a proxy or proxies 35(5)(a) of the Uncertificated Securities Regulations 2001.
through the CREST electronic proxy appointment service
may do so for the AGM to be held on the above date and
Form of Proxy
Overview
Aberdeen Emerging Markets Investment Company Limited
I/We of (BLOCK CAPITALS PLEASE)
being (a) member(s) of Aberdeen Emerging Markets Investment Company Limited (the “Company”) appoint the Chairman of the
meeting or (see note 1)
of
as my/our proxy to attend and vote for me/us and on my/our behalf at the AGM of the Company to be held at 11 New Street, St
Strategic Report
Peter Port, Guernsey, GY1 2PF on 20 April 2021 at 12 noon and at any adjournment thereof.
Please indicate with an “X” in the spaces provided how you wish your votes to be cast on the resolutions specified.
Resolution For Against Withheld

1. To receive and adopt the financial statements for the year ended 31 October 2020, with the
reports of the Directors and auditor thereon.
Portfolio
2. To approve the Directors’ Remuneration Report (excluding the Directors’ Remuneration
Policy) for the year ended 31 October 2020.
3. To approve a dividend policy to declare four interim dividends each year and to authorise the
Directors to declare such dividends.
4. To re-elect Mr Hadsley-Chaplin as a Director.
5. To re-elect Mr Collins as a Director.
Governance
6. To re-elect Mrs Green as a Director.
7. To re-elect Ms de Rochechouart as a Director.
8. To re-appoint KPMG Channel Islands Limited as auditor to the Company.
9. To authorise the Directors to determine the remuneration of the auditor for the forthcoming
financial year.
10. To give the Company the authority to purchase its own shares.
Statements
Financial
11. To give the Company the authority to allot new shares.
12. To waive shareholders’ rights of pre-emption or similar rights which they may have under the
Company’s Articles of Incorporation or otherwise.
Subject to any voting instructions so given the proxy will vote, or may abstain from voting, on any resolution as he may think fit.
Signature Dated this day of 2021 Information
Corporate
Form of Proxy Continued

Notes
ɅIf you so desire you may delete the words “Chairman of the meeting” and insert the name of your own choice of proxy, who
need not be a member of the Company. Please initial such alteration.
ɅThe Form of Proxy must be lodged at the Company’s Registrars, Link Asset Services, not less than 48 hours (excluding
non-working days) before the time fixed for the meeting. In default the proxy cannot be treated as valid.
ɅAlternatively, in the case of CREST members, voting may be effected by using the CREST electronic proxy appointment
service. CREST members who wish to utilise the CREST service may do so by following the procedures described in the
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appointed a voting service provider, should refer to their CREST sponsor or voting service provider, who will be able to take
the appropriate action on their behalf. In order for a proxy appointment made by means of CREST to be valid, the
appropriate CREST message must be transmitted so as to be received by the Company’s agent, Link Asset Services (whose
&5(67Ζ'LV5$E\WKHVSHFLILHGODWHVWWLPHIRUUHFHLSWRISUR[\DSSRLQWPHQWV)RUbWKLVSXUSRVHWKHWLPHRIUHFHLSWZLOOEH
taken to be the time (as determined by the timestamp applied to the message by the CREST Applications Host) from which
the Company’s agent is able to retrieve the message by enquiry to CREST in the manner prescribed.
ɅA corporation must execute the proxy under its common seal or under the hand of an officer or attorney duly authorised.
ɅIf this Form of Proxy is executed under a power of attorney or other authority, such power of attorney or other authority or
a notarially certified copy thereof must be lodged with the Registrars with the Form of Proxy.
ɅIn the case of joint holders the vote of the senior shall be accepted to the exclusion of the other joint holders, seniority being
determined by the order in which the names stand in the register in respect of the joint holding.
Your completed and signed Form of Proxy should be posted, in the enclosed reply paid envelope, to the Company’s Registrars,
Link Asset Services, PXS 1, Link Group, Central Square, 29 Wellington Street, Leeds, LS1 4DL, so as to arrive before 12 noon on
15 April 2021.
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Company Information
Overview
Directors UK Administration Agent
Mark Hadsley-Chaplin (Chairman) PraxisIFM Fund Services (UK) Limited
William Collins 1st Floor, Senator House
Helen Green 85 Queen Victoria Street
John Hawkins London EC4V 4AB
Eleonore de Rochechouart
Strategic Report
Registrars
Registered Office Link Asset Services
11 New Street Longue Hougue House
St Peter Port St Sampson
Guernsey GY1 2PF Guernsey GY2 4JN
Company Secretary and Administrator Depositary Services and Custodian

Vistra Fund Services (Guernsey) Limited Northern Trust (Guernsey) Limited
Portfolio
11 New Street Trafalgar Court
St Peter Port Les Banques
Guernsey GY1 2PF St Peter Port
Guernsey GY1 3DA
Alternative Investment Fund Manager
Aberdeen Standard Fund Managers Limited Financial Adviser and Stockbroker
Bow Bells House Shore Capital Markets Limited
Governance
1 Bread Street Cassini House
London EC4M 9HH 57-58 St James’s Street
London SW1A 1LD
Investment Manager
Aberdeen Asset Managers Limited Advisers as to Guernsey law
Bow Bells House Mourant
1 Bread Street Royal Chambers
Statements
Financial
London EC4M 9HH St Julian's Avenue
St Peter Port, GY1 4HP
Customer Services Department,
Children’s Plan, Share Plan and ISA Enquiries Independent Auditor
Aberdeen Standard Investment Trusts KPMG Channel Islands Limited
PO Box 11020 Glategny Court
Chelmsford Glategny Esplanade Information
Corporate
Essex CM99 2DB St Peter Port
Guernsey GY1 1WR
Freephone: 0808 500 0040
(open Monday to Friday, 9.00 a.m. – 5.00 p.m., excluding United States Internal Revenue Service FATCA Registration
public holidays in England and Wales) Number (“GIIN”)
Email: inv.trusts@aberdeenstandard.com WLL8YJ.99999.SL.831
Company Registration Number Legal Entity Identifier (“LEI”)

Incorporated in Guernsey Number 50900 213800RIA1NX8DP4P938
Website
aberdeenemergingmarkets.co.uk
Visit us online
aberdeenemergingmarkets.co.uk

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Aberdeen Emerging Markets

Investment Company Limited

If you have sold or otherwise transferred all your Ordinary

Visit our Website

Investment Company Limited Financial Calendar

company with its Ordinary

exposure to some of the best Corporate Governance Statement 28

Asia, Eastern Europe, Africa Depositary Report 42

and Latin America.” Financial Statements

Corporate Information (unaudited)

1.6% 1.60p 22.0p

Ongoing charges ratio (‘OCR’)4 Discount 4

NAV per Ordinary share Ordinary share price–mid market

that over the year to 31

return of 8.2% from the

Overview exposure to Russia and Columbia, detracted from an asset

The year under review was dominated by the global impact of

Share Buy Backs Compliance with US Executive Order 13959

Chairman’s Statement Continued

Further information will be included on the Company’s website

The Notice of the Meeting is contained on pages 80 to 82.

Investment Manager’s Report

Investment Manager’s Report Continued

Chart 2. Market performance during the year to 31 October 2020.

-50% -40% -30% -20% -10% 0% 10% 20% 30% 40%

Investment Manager’s Report Continued

The Company participated in several accretive corporate Outlook

Investment Manager’s Report Continued

The Company’s NAV total return for the

Country split Company (%) Benchmark (%)

The above analysis has been prepared on a portfolio look-through basis.

The Company is committed to high

Investment Policy Business Activities

Directors’ Report Continued

Directors’ Report Continued

Borrowings Purchases of Own Shares

Ordinary Shares in Issue Significant Shareholders

Directors’ Report Continued

Donations The Directors are satisfied that it is appropriate to adopt the

Corporate Governance Statement

Corporate Governance Statement Continued

Ordinary shares Ordinary shares Ordinary shares

Board Committees Remuneration Committee

Corporate Governance Statement Continued

Promoting the Success of the Company

Promoting the Success of the Company Continued

Wider community and the Environment: The Manager, as

In summary, the Directors are cognisant of their duties to make

For and on behalf of the Board

Report of the Audit Committee

Report of the Audit Committee Continued

premium-segment listed companies, in 2019 the Audit

The Audit Committee has agreed that the re-appointment of

Provision of Non-Audit Services

Directors’ Remuneration Report

The Company’s Articles of Incorporation currently limit the E de Rochechouart

Directors’ Remuneration Report Continued

A resolution to approve the Directors’ Remuneration Report

· the major decisions on Directors’ remuneration;

Statement of Directors’ Responsibilities