institutional investors, funds of funds and family offices in the U.S. In its first month of trading, the fund gained 0.8%, com- pared to 0.5% for the MSCI Frontier Emerging Markets Index. The index finished the year with a 5.6% return, following a gain of 21.2% in 2012, a loss o(17.3% in 2011 and gains of 29.1% in 2010 and 25.9% in