APQ increased book value by 4.6% to US$100mln or 128.11c per share over 2017.
With a dividend of 5p, total returns were 9.9%.
“The outlook for emerging market [EM] currencies and local markets has generally continued to brighten over the course of 2017 and growth figures for the year should come in around 4.5%,” said Wayne Bulpitt, APQ’s chairman.
“Next year's growth forecast is just shy of 5%.
“This should also lead to a small widening of the positive difference of emerging market versus developed market growth, which should also add support to EM currencies.”
Against that there will be elections in several key emerging markets - Mexico and Brazil being the major ones, he said, while there is the risk that the US Federal Reserve will tighten monetary policy faster than expected.
Even so, the policies enacted by central banks in Japan and Europe are still very accommodating, said Bulpitt.
“Given the positive growth outlook for emerging markets (expected to grow around 5%), we believe keeping our allocation to EM credit in place will deliver positive returns,”
“The outlook for 2018 for emerging market equities looks very strong, with multiple levers of growth all pointing in the same direction.
“For the first time since the global financial crisis we are experiencing synchronised growth across all the major developed and emerging economies and we believe this will continue in 2018. “