Metage Special Emerg - Final Results

RNS Number:3081L
Metage Special Emerging Markets Fnd
26 May 2000

          
Preliminary announcement of audited results for the years ended December 31,
1999 and December 31, 1998

Capital                                       December 31,      December 31,
                                                     1999              1998
                                                 US$000's          US$000's
Investments at market value:
     Long positions                                52,279            29,338
     Short positions                               (3,555)             (712)

Net Current (Liabilities) /Assets                 (12,547)           (9,513)

Net Asset Value                                    36,177            19,113
Number of shares outstanding                    1,631,650         1,616,650
Net Asset Value per Share (US$)                     22.17             11.82


Profit And Loss                               December 31,      December 31,
                                                     1999              1998
                                                 US$000's          US$000's

Dividends(net of withholding tax)                     190               900
Interest income                                        78                93
Other income                                            -                14
Investment, management and administrative expenses (1,358)             (724)
Interest expense                                     (708)             (451)
Net realised gain on sale of investments and
     foreign currencies                             9,042            (8,901)
Change in unrealised appreciation or depreciation
     of investments                                 9,598            (2,683)

Earnings on ordinary activities attributable
     to shareholders                               18,640           (11,752)

Earnings per share (US$)*                           10.39             (7.27)

*The earnings per share has been based on the average number of shares in issue
throughout the year ended December 31, 1999 of 1,620,400 (December 31, 1998 -
1,616,650)

The Net Asset Value of the Fund increased by 87.56% over the year, as compared
with an increase of 63.70% on the benchmark, giving an overperformance of
23.86%. The benchmark used to measure the performance of the Fund is Morgan
Stanley Capital International Emerging Markets Free Index (MSCI EMF).

The directors have not declared a dividend for the year ended December 31, 1999
(1998: nil)

The report and accounts for the year ended December 31, 1999 will be sent to
shareholders by the end of June 2000 and additional copies are available to
shareholders from the office of the Company Secretary, 6 Front Street, P.O. Box
HM 1020, Hamilton HM DX Bermuda.

BY ORDER OF THE BOARD
LINDA M SUTHERLAND
SECRETARY


END

FR SEWFIMSSSEII

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