Guide To Emerging Markets

Emerging markets are broadly defined as the developing countries across Latin America, Central and Eastern Europe, the Middle East, Africa and Asia.  They do not include the United States, Canada, Western Europe, Japan, Australia and New Zealand.

The scope of the universe differs in emphasis between different asset classes: external debt (sovereign and corporate); local currency and local currency denominated debt; special situations; (incorporating distressed debt and private equity); real estate, corporate debt, and equity.

The themes covered in this guide are:

External Debt

Emerging markets debt is now widely accepted as an asset class within fixed income, and is dominated by long-term institutional investors.

Local Currency

A rapidly growing asset class, currently with low duration relative to dollar denominated debt, though this is expected to increase over time.

External Debt/Local Currency: Blended

A combination of local currency & external debt providing a balance of both whilst also allowing for some tactical asset allocation.

Special Situations

For Ashmore, special situations is a combination of distressed debt, financial restructurings and private equity, all in emerging markets.

Emerging Real Estate

A focused approach to investing in emerging market real estate through dedicated real estate funds.

Corporate Debt

A new asset class focusing on selected opportunities in corporate debt instruments, which also have equity upside and may be hard currency or local currency denominated.

Emerging Equity

Equities tend to be less liquid and significantly more volatile than emerging debt. Their attraction is potentially high returns.

Multi Strategy

Dynamic strategy investing across all Ashmore's investment themes including external debt, local currency, special situations (incorporating distressed debt and private equity), corporate debt and equity.

Ashmore Investment Management Limited ("Ashmore") is authorised and regulated in the UK by the Financial Services Authority.  Past performance is not a reliable indicator of future results.  Market and exchange rate movements may cause the capital value of investments and the income from them to go down as well as up and the investor may not get back the amount originally invested.  Units or shares in the Ashmore fund described herein are not available for sale in any jurisdiction in which such a sale would be prohibited. Accordingly this fund is not available for distribution in any jurisdiction where such fund has not been approved for sale.  The information and any opinions described herein have been compiled in good faith, but no representation or warranty, express or implied, is made as to their accuracy, completeness or correctness. Save to the extent (if any) that exclusion of liability is prohibited by any applicable law or regulation, Ashmore, its officers, employees, representatives and agents expressly advise that they shall not be liable in any respect whatsoever for any loss or damage, whether direct, indirect, consequential or otherwise however arising (whether in negligence or otherwise) out of or in connection with the contents of or any omissions from this description. The information contained herein does not constitute an offer to sell, purchase, subscribe for or otherwise invest in units or shares of any Ashmore fund described herein.  All prospective investors must obtain a copy of the current offering document and most recent annual financial statements, and semi-annual financial statements (if any) if published thereafter relating to the relevant Ashmore fund prior to making any decision to invest in any such fund. The information contained herein does not constitute and may not be relied upon as constituting any form of investment advice and prospective investors are advised to ensure that they obtain appropriate independent professional advice before making any investment in any Ashmore fund referred to herein.

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