Advance Developing Markets Fund's net asset value per share fell by 8.1% in the year to the end of October. This compares with an 11.4% fall in its benchmark, the MSCI Emerging Markets Net Total Return Index in sterling terms.

Chairman Richard Bonsor said: "The reporting period proved to be highly challenging for investors in emerging markets, with currency weakness a persistent theme as investors reacted to China's slowdown, the expectation of rising US interest rates, a sovereign debt crisis in Greece, geo-political concerns in parts of the Middle East and Ukraine as well as a home-grown political scandal in Brazil.

"Against this backdrop, the twelve months to the end of October 2015 saw the Company's NAV decline by 8.1% compared with an 11.4% fall in the benchmark MSCI Emerging Markets Index. While I am disappointed that the Company's net asset value declined in absolute terms, I take some comfort from the fact that the Investment Manager's investment approach of investing in a combination of discounted closed-end funds and best-of-breed managers of open ended funds outperformed the benchmark by 3.3%."

At 9:49am: (LON:ADMF) Advance Developing Markets Fd Ltd share price was -2.5p at 373p