The net asset value (NAV) of Advance Frontier Markets Fund (AFMF) rose 9.7 per cent in the six months to December 31st, a financial update from the company has shown.

The company stated that AFMF's NAV benefitted from strong performance from a number of its larger holdings, notably those focussed on Africa, including Sustainable Capital Nigeria Fund - where the NAV was up 41.1% - the Duet Africa Opportunities Fund - where the NAV was up 25.1% - and the Africa Emerging Markets Fund - where the NAV was up 22.4%.

Grant Wilson, Chairman of AFMF, commented: "The second half of 2012 was encouraging with improved sentiment towards frontier markets. AFMF's NAV rose by 9.7% in US dollar terms helped by solid gains in a number of the investment manager's favoured markets.

"The share price rose by a more modest 5.0% as the discount to net asset value per share that the company's shares trade at widened in the second half of 2012."

"In the second half of 2012 the markets in which AFMF is invested started to deliver on their potential. I remain convinced that frontier markets offer a combination of strong growth, high yield and reasonable valuations and believe that the next few years, in the absence of any untoward external events, should prove beneficial for our investors."

MF

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