JPMorgan Emerging Markets (JMG) aims to maximise total returns by investing in emerging market equities with a long-term, low turnover approach. The manager, Austin Forey, has been in place since 1994 and so has vast experience in the region. His portfolio is concentrated in consumer names, financials and technology, selected on a bottom-up basis rather than for sector or country reasons. The trust has been a consistent outperformer in rising and falling markets, beating its benchmark index in NAV total return terms in seven of the past ten years. It has also generated steady dividend growth and aims to grow its dividend each year in lie with earnings; the yield is 1.5%. The trust’s shares are trading around 12% below NAV, and the board has been active in buying back shares to try and bring this below 10%.