Interim Management Statement


 
TIDMADD 
 
Advance Developing Markets Trust PLC (the "Company") 
 
                    Interim Management Statement 
 
            For the four months ended 30th September 2009 
 
This interim statement covers the period  from 1st June 2009  to 30th 
September 2009. It is the first interim management statement  issued 
by the Company in its financial year to 31st May 2010, as required by 
the UK Listing Authority's Disclosure and Transparency Rule 4.3. 
 
Investment objective and policy 
 
The  Company's  objective  is  to  achieve  consistent  returns for 
shareholders in  excess of  the S&P/IFCI  Emerging Markets  Composite 
Index in  Sterling terms  (the "Benchmark").  Progressive  Developing 
Markets Limited (the "Manager") invests  in a portfolio of funds  and 
products which give diversified exposure to emerging market economies 
and those of the Pacific Rim. The Manager does not seek to  replicate 
the  Benchmark's   geographical   distribution  and   the   Company's 
geographic asset allocation is derived from the Manager's analysis of 
the prospects  for  regions  and  countries  and  of  the  underlying 
opportunities for investment. Individual investments are selected for 
their potential  to outperform  as a  result of  one or  more of  the 
following criteria: the  performance of the  region, market or  asset 
class in which they invest; the skill of the underlying fund manager; 
and, in  the case  of  closed end  funds,  through the  narrowing  of 
discounts at which their shares trade to net asset value. The Manager 
may employ  hedging  mechanisms where  it  believes that  this  would 
protect the performance  of the Company's  investment portfolio in  a 
cost effective manner. 
 
Benchmark 
 
S&P/IFCI Emerging Markets Composite Index (GBP Price Return) 
 
Highlights 
 
Over the 4 month period ended 30th September: 
 
*       Undiluted Net Asset Value per share (ex income) +18.3% 
 
*       Share price +15.8% 
 
*       S&P/IFC Composite Index (sterling adjusted) +19.8% 
 
*       Undiluted NAV per share - ex income 434.7p 
 
*       Undiluted NAV per share - cum income 437.2p 
 
*       Diluted NAV per share - ex income 410.8p 
 
*       Diluted NAV per share - cum income 412.8p 
 
*       Share price 373.0p 
 
*       Net assets, excluding income GBP283.0m 
 
Gearing 
 
Gearing is not used as a tool to enhance performance but short   term 
borrowing is permitted to assist in the management of liquidity.   As 
at  the  30th   September  2009   the  Company   had  borrowings   of 
approximately GBP7.0 million to cover a short term cash requirement. As 
at the date of  this statement it  has been repaid  and there are  no 
current borrowings. 
 
Material transactions and events 
 
On 25th September 2009 the Board  of the Fund announced proposals  to 
re-domicile Advance Developing  Markets Trust plc  ("ADD") through  a 
voluntary winding up of the  Company and a rollover of  shareholders' 
interests into a newly established Guernsey fund, Advance  Developing 
Markets Fund ("ADMF"). 
 
The change of  domicile is  expected to give  the Investment  Manager 
greater flexibility in  investing the portfolio  and by reducing  the 
potential tax burden  created by investing  in certain structures  of 
open ended funds. A circular containing all details relating to these 
proposals was circulated to shareholders on 2nd October. 
 
Shortly after the  end of the  period under review  it was  announced 
that Rassmal Investments LLC, an  investment company based in  Dubai, 
had acquired  the  entire  share capital  of  Progressive  Developing 
Markets  Limited  ("PDML"),  the  Investment  manager  of  ADD.   The 
investment management team of PDML  remains unchanged. The team  will 
continue to manage  the portfolio  of ADD using  the same  investment 
strategy and process as  it has done since  ADD's inception in  1998. 
The Board of ADD has given its consent to the change of ownership. 
 
The Board of Directors is not aware of any other significant   events 
or transactions that have occurred since  1st June 2009 and the  date 
of this interim   management statement  that would  have a   material 
impact on the financial position or performance of the Company. 
 
Top 10 Holdings                     % of NAV 
 
Atlantis China Fund                 7.1% 
Blackrock Latin American IT         5.9% 
Taiwan Fund Inc                     4.8% 
iShares MSCI Brazil                 4.6% 
Edinburgh Dragon Trust              4.6% 
Henderson TR Pacific IT             4.1% 
Latin America Equity Fund           4.0% 
JPMorgan Fleming Russia Fund        4.0% 
Fidelity Korea Fund                 3.6% 
Lazard Emerging World Fund          3.4% 
 
 
Enquiries: 
 
Progressive Developing Markets Limited (investment manager to Advance 
Developing Markets Trust plc) 
Dr Slim Feriani 
Tel:  +44 (0)20 7566 5520 
Email: slim.feriani@pro-asset.com 
 
Arbuthnot Securities Limited (financial adviser and broker to Advance 
Developing Markets Trust plc) 
Alastair Moreton 
Hannah Pearce 
Tel: +44 (0)20 7012 2000 
 
=--END OF MESSAGE--- 
 
 
 
 
This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement.
Adv.Dev.Mkts (LSE:ADD)
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