The Edinburgh Inca Trust has posted a 31.8 per cent increase in its net asset value for the six months to March 31.
This increase outstrips the South American benchmark, the IFC Latin America Investible Index by 5.5 per cent. The index rose by 26.3 per cent in comparison to the trust.
The share price also increased by 68.9 per cent to 19p and the discount narrowed to 21.3 per cent from 38.6 per cent.
The Edinburgh Fund Managers, who manage the trust attribute its outperformance of the benchmark to its asset allocation.
The majority of trading activity within the period was switching between markets. The weighting in Brazil was reduced in January and the cash was used to increase the weighting in Chile.
This reflects the returns witnessed in the individual markets in South America, with markets up in Mexico and Chile by 55 per cent and 41 per cent respectively.