BlackRock Frontiers posted another year of strong returns in FY23 (ended 30 September) and has continued to outperform into 2024, with NAV and share price total returns over one, three, five and 10 years to end-January 2024 comfortably beating the average of its peers in the AIC Global Emerging Markets sector. The trust offers a highly differentiated proposition, avoiding the eight largest emerging markets, which between them tend to account for around 90% of GEM investment. Instead, co-managers Sam Vecht, Emily Fletcher and Sudaif Niaz, backed by BlackRock's deep and broad research resources, blend top-down and bottom-up considerations to assess investment opportunities in smaller emerging and frontier markets worldwide. The result is a unique global portfolio that has delivered attractive risk-adjusted returns, backed up by compelling valuations and a higher- than-average dividend yield (currently 4.2%).