The Advance Frontier Markets Fund is a £87m London Listed Investment trust.

[http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=232655]

It is effectively a fund of funds that investments is what could be seen as high risk markets.

85% if the fund is made up of 20 investments:-

VinaCapital Vietnam Opportunity Fund
Sustainable Capital Nigeria Fund
Sustainable Capital Africa Consumer Fund
PineBridge Sub-Saharan Fund
Africa Emerging Markets Fund
BofAML Fondul Proprietatea Romania
Ashmore Middle East Equity Fund
Africa Opportunity Fund
Advance Copernico Argentina Equity Fund
PXP Vietnam Fund
SCM Vietnam Fund
SCM Africa Fund
Sturgeon Central Asia Equity Fund
iShares MSCI Frontier 100 ETF
Qatar Investment Fund PLC
EFG Hermes – Saudi Arabia Equity Fund
MENA Alchemy Fund
Picic Growth Fund Pakistan
DB MSCI Bangladesh
MSCI Pakistan
Avaron Emerging Europe Fund Estonia

Very interesting to see who are the major shareholders in The Advance Frontier Markets Fund are:-

Lazard Asset Management LLC who own 15.93%
Universities Superannuation Scheme Limited who own 9.81%
South Yorkshire Pensions Authority who own 7.32%
Wells Capital Management, Inc. who own 5.07%
1607 Capital Partners, LLC who own 5.04%
MAM Funds plc who own 4.99%
British Airways Pension Investment Management Limited who own 3.88%
Investec Asset Management Limited who own 3.69%