This fund tracks the performance of the MSCI Emerging Markets Index. As compared to the FTSE All World Emerging index, which is the index followed by the majority of the peer group, this index does not include countries such as South Korea, which it considers developed. Tracking is achieved by full physical replication, buying all the stocks in the index. We like this fund as it has tracked its benchmark extremely well and consistently, as well as using an optimisation process during the rebalance to determine the preferable entry/exit point over a window of up to 10-days. This has resulted in the fund actually outperforming the index since 2012, when fees were cut to 0.27%.