The Foreign and Colonial Investment Trust returned 8.72 per cent during the period covered by the results, compared with 10.8 per cent for the average trust in the sector, according to data from FE Trustnet.
Simon Fraser, chairman of the Foreign and Colonial Investment Trust said emerging markets was the area of strongest performance during the six-months covered by these results, returning 18.9 per cent.
The trust has 12 per cent of its capital invested in emerging markets.
The returns from the European equity segment of the portfolio were, at 12.7 per cent, the next best performer, though in line with the return achieved by the index.
Mr Fraser believes the improved political outlook for the Eurozone will help to deliver strong equity returns in the coming year.
He said he believes the UK to be an “outlier”, with outlook for the economy and stock market uncertain.
Mr Fraser also said the trust would pay an interim dividend of 2.5p in August, and the intention is to pay dividend that is higher this year than was last year's.
If this is achieved it would be the 47th consecutive year of dividend growth from Foreign and Colonial.
Over the past 10 years, the Foreign and Colonial Investment trust has returned 161 per cent, compared with 121 per cent for the average trust in the AIC Global sector in the same time period.
US equities are the largest geographic exposure in the trust. The trust trades at a discount to net assets of 6.3 per cent.