BB40 Genesis Maly.Pf

 
TIDMBB40 
 
GENESIS MALAYSIA MAJU FUND LIMITED (the "Company") 
 
 
Interim Management Statement (unaudited) 
 
19th May 2009 
 
This statement has been prepared to provide additional information to Shareholders as a body to meet the relevant 
requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any party 
for any purpose other than as stated above. 
 
Genesis Malaysia Maju Fund Limited was incorporated with limited liability in Guernsey under the Companies Laws on 24 
January 1990 with registered number 21934 as a closed-ended investment company which has the ability to issue additional 
shares. The Fund's shares are listed on the London Stock Exchange. 
 
 
Investment Objective 
 
The investment objective of the Company is to seek long-term capital growth by investment in a professionally managed 
portfolio consisting primarily of securities (principally equity securities) in small to medium sized companies in 
Malaysia. 
 
The Company has appointed Genesis Asset Managers, LLP to act as Investment Manager with responsibility for providing 
advice on the Company's investment portfolio, in accordance with the Company's investment objective and policy, subject 
to the overall supervision of the directors. 
 
 
Performance Summary 
 
In the first quarter of 2009 the emerging markets equity asset class achieved its first positive quarterly return for 
more than a year, and saw dramatic rises in April. The Kuala Lumpur Composite Index rose 9.5% in the first four months 
of the year. 
 
The Fund's Net Asset Value per share rose from US$35.58 at the end of December 2008, to US$41.94 on the 30th April; a 
gain of 17.9% over the four-month period. The strong relative performance of the Fund so far in 2009 is partly a result 
of the recovery in smaller companies in Malaysia, which  mirrors the performance of smaller companies elsewhere in 
emerging markets. 
 
 
 
Market Update 
 
In economic terms it may be rather early to say that a recovery is underway but it seems things have stabilised and 
there has been some rebuilding of inventory. Fortunately the Malaysian economy is diversified and some areas continue to 
perform well, including plantations, niche manufacturers and, surprisingly, banks (delinquency has risen only modestly, 
although admittedly this is a lagging indicator and may rise further). An example of a good niche player is synthetic 
glove manufacturer Hartalega, which reported a 44% increase in earnings for last year and give an upbeat outlook. The 
recent sharp recovery in its share price is fully deserved. 
 
 
Prime Minister Najib took over as planned in early April. His cabinet represents a slight shift towards reform and we 
were impressed to see the appointment of the hard-working Mustapha Mohamed as Trade Minister. Some key initiatives have 
been taken by the new administration during its first few weeks in power: some political detainees have been released, 
financial sector ownership has been further liberalised and 27 services sub-sectors have seen their equity conditions 
scrapped. The urgent to-do list includes helping the economy recover and reducing corruption in government contracts: 
the government's sense of urgency to get the economy moving is having a positive effect on construction companies, 
helped by recent construction awards which make clear that the government has effectively liberalised the ownership 
requirements of the winning firms. 
 
 
It is notable that risk appetite has increased in recent weeks, and brokers are once again recommending some of the 
smaller names in the Fund's portfolio. This is a global trend, but in Malaysia the political shift also means the 
operating environment has become slightly more supportive of entrepreneurial activity. 
 
Reorganisation 
 
At its meeting in Kuala Lumpur in March the Board of Genesis Malaysia Maju Fund Ltd ("Fund") instructed Genesis Asset 
Managers, LLP ("Manager") to examine in detail the practicality of reorganising the Fund's structure.  The purpose of 
this reorganisation is to create increased liquidity for shareholders. The Board stressed that this decision did not 
result from any failing by the Manager or poor investment performance.  The current conditions in the market for 
specialised closed ended funds do not provide a sufficiently deep pool of potential investors to allow either a ready 
exit for existing shareholders or opportunities for investors wishing to increase their interest to acquire shares and 
so a reorganization of the Fund needs to be undertaken to provide liquidity. The Board wishes the Manager to examine in 
particular a proposal to wind up the existing Guernsey investment company and transfer the assets of eligible electing 
shareholders in Maju in specie into a newly formed open ended umbrella fund resident and listed in Dublin. 
 
 
For further information contact: 
 
HSBC Securities Services (Guernsey) Limited 
as Company Secretary 
 
Miss Alison Bilham 
Direct Tel: +44 (0) 1481 707213 
Fax: +44 (0) 1481 726275 
Email: alison.bilham@gg.hsbc.com 
 

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