Institutional Acc USD | Ashmore Group

FUND UPDATE	Aug 2024
Share class: USD Inst
Ashmore SICAV EM Local Currency Bond Fund 2 (SICAV LCBFU)

Fund objective and strategy
SICAV LCBFU is an actively managed open-ended daily dealing UCITS V Luxembourg registered fund. It seeks to access the returns available from Emerging Market transferable debt securities issued by Sovereigns, Quasi-Sovereigns and Supra-Nationals denominated in Local Currencies and in derivative instruments. While the Fund is managed to the reference benchmark, it can differ from the benchmark’s composition and may also hold assets which are not part of the benchmark. The reference benchmark is also used for performance comparison.

Fund statistics	Fund	Benchmark
Yield to maturity	7.36%	6.67%
Average coupon	6.24%	5.39%
Current yield	6.56%	5.62%
Modified duration	5.52	5.18
Average life	7.84	7.52
Distribution yield	-	-

Top 10 EM currency exposure %	Fund	Benchmark
Mexican Peso	11.1	10.0
Malaysian Ringgit	10.3	10.0
Indonesian Rupiah	10.1	10.0
Polish Zloty	9.4	7.8
Brazilian Real	8.6	8.2
South African Rand	8.5	8.6
Thai Baht	7.5	9.5
Czech Koruna	5.8	5.7
Romanian Leu	4.0	3.9
Colombian Peso	3.7	4.2
Total number of currencies	27	19

Breakdown by modified duration %	Fund	Benchmark
0 - 3 years	14.5	29.9
3 - 5 years	32.0	23.8
5 - 7 years	26.4	21.8
7 - 10 years	17.6	16.8
10+ years	7.3	7.7

Performance statistics	Fund	Benchmark
Standard Deviation	10.78%	10.78%
Information Ratio	0.30	-
Beta	0.99	-
Alpha	0.03	-
R-Squared	0.99	-

Top 10 country exposure %	Fund	Benchmark
Mexico	11.1	10.0
Malaysia	10.3	10.0
Indonesia	10.1	10.0
Poland	9.4	7.8
Brazil	8.6	8.2
South Africa	8.3	8.6
Thailand	7.5	9.5
Czech Republic	5.8	5.7
China	5.0	10.0
Romania	4.0	3.9
Total number of countries	24	19

Credit rating %	Fund	Benchmark
AAA	1.7	0.0
AA	7.9	5.7
A	20.5	25.2
BBB	45.2	50.1
BB	21.2	17.4
B	3.0	1.6
	0.0	0.0
Not rated	0.5	0.0
Average credit rating	BBB	BBB
Investment grade	75.3	81.1
Non-investment grade	24.2	18.9

Performance attribution(Bottom 3) %	Asset allocation	Security selection	Currency effect	Total
Thai Baht	0.01	0.01	-0.10	-0.09
Chinese Yuan (onshore)	0.07	0.00	-0.13	-0.06
Czech Koruna	0.01	-0.01	-0.05	-0.05

1. Past performance (actual or simulated) is not a reliable indicator of future results. Periods greater than one year are annualised, dividends reinvested, index gross. The value of an investment in the Fund may fall as well as rise and investors may not get back the amount originally invested. Changes in rates of exchange between currencies may cause the value of investments to decrease or increase. 2. All performance statistics shown over rolling 3 years (or 1 year where 3 years of data is not yet available). Sharpe ratio assumes the US 3-month T-Bill risk free rate. 3. Duration and Yield statistics include all positions with a verified duration and yield figure, subject to the exclusion of defaulted positions. Bond securities with less than 1 year to maturity show yield to maturity on a non-annualised basis. 4. Theme values have been rebased to 100% based on the theme type of the underlying fund instruments. 5. Currency and country exposures may be reduced by active FX hedging (if applicable). 6. Credit ratings are based on issuers with a rating, figures provided are based on the middle of the three rating agencies S&P, Moody's and Fitch. If only two of the ratings are available then the lower rating of the two will be used. Percentages gross to 100%, where applicable. 7. Top 10 holdings do not include derivatives apart from total return swaps and p-notes. 8. For investments in Ashmore managed funds (where applicable), allocation and holdings information is shown on a "look through" basis, whereas attribution information is not shown on a look through basis. 9. Hedged benchmarks are used where applicable. 10. Attribution is reported Gross and shown in USD terms unless otherwise stated. 11. Ongoing Charges Figure (OCF) as at 30.06.2024. 12. A dash (-) represents zero holding. 0.0 and 0.00 represents a fractional holding. 13. Ashmore's Fund yield to maturity (YTM) (for hedged classes this is in USD) the calculation methodology differs from the calculation methodology used for the index. Ashmore's fund YTM assumes zero yield for defaulted securities, whereas JP Morgan uses a yield for defaulted securities, which inflates the index yield to maturity. Additionally, please note that Ashmore's reported YTM for fund and index are calculated on a 'weighted average security yield' basis per market convention, whereas the JP Morgan Index Monitor calculates YTM using the IRR of the underlying index security cashflows. Sources are Ashmore, data provider or administrator where appropriate.

Risk Warning: Emerging Markets (EM) carry risks as well as rewards. The Fund invests in EM, which may be more volatile than more mature markets. The value of your investment could go down as well as up. In extreme circumstances, this could result in a total loss of your investment. EM may suffer from liquidity problems; changes in rates of exchange between currencies may cause the value of your investment to decrease or increase; operational risks of investing are higher than in more developed markets. Neither past experience nor the current situation are necessarily accurate guides to the future. For a full description of these and further risks, you should refer to the latest full prospectus.

Marketing Information: Ashmore SICAV (société d’investissement à capital variable) is regulated by the Commission de Surveillance du Secteur Financier in Luxembourg. Ashmore Investment Management (Ireland) Limited, 32 Molesworth Street, Dublin 2 which is authorised and regulated by the Central Bank of Ireland is the Management Company and Principal Sales Agent and is responsible for the distribution of shares in the fund and may appoint sub-distributors in accordance with local laws and regulations, including Ashmore Investment Management Limited, 61 Aldwych, London, WC2B 4AE authorised and regulated by the Financial Conduct Authority (FCA) in the UK, where the fund is marketed in the UK under the FCA’s temporary marketing permissions regime, more information regarding this regime may be found on the FCA website and Ashmore Investment Management (US) Corporation, a registered broker-dealer and member of FINRA and SIPC. Representative and paying agent in Switzerland: BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, 8002 Zurich.

Marketing Communications Important Information: You should obtain appropriate independent professional advice and a copy of the current UCITS Key Investor Information Document ("KIID") or PRIIPS Key Investor Information Document ("KID") and full prospectus prior to making a decision to invest. Subscriptions will only be received and shares issued based on the current KIID/KID and full prospectus. Copies of the material contracts are available for inspection, and copies of the Articles of Incorporation of the Fund, the current Prospectus, the KIIDs/KIDs of the Fund, the Country Supplement, the Privacy Notice, the latest periodical reports (which form an integral part of this Prospectus), the Available Share Classes Document, as well as the Fund’s policies for the exercise of the voting rights, may be obtained in English, free of charge during normal office hours at the registered office of the Fund or from the Fund’s local agents, as required by applicable laws and may also be obtained on www.ashmoregroup.com. The KIIDs/KIDs of the fund are available in English and/or in the accepted language of the countries where the fund is registered. The investor complaints handling policy of the Fund, is available in English here. This document does not constitute and may not be relied upon as constituting investment advice or an inducement to invest. The information contained in this marketing document has been compiled in good faith, but no representation or warranty, express or implied, is made as to its accuracy, completeness or correctness. Save to the extent (if any) that exclusion of liability is prohibited by an applicable law or regulation, Ashmore, its officers, employees, representatives and agents expressly advise that they shall not be liable in any respect for any loss or damage, direct, indirect, consequential or otherwise, however arising (through negligence or otherwise) out of or in connection with any content /omissions from this document. Ashmore SICAV shares are not available for sale in jurisdictions that prohibit such a sale. This document is not available for distribution in such jurisdictions. The fund’s shares are not registered under the US Securities Act of 1933 (“1933 Act”) nor is the fund registered as an investment company under the US Investment Company Act of 1940 (“1940 Act”). Offers/sales of fund shares will be made in the US only by private placement, to persons qualifying as “accredited investors” as defined under the 1933 Act and as “qualified purchasers” as defined under the 1940 Act. To the extent permitted by applicable laws and regulations, Ashmore may provide investors in the fund with additional portfolio information not routinely available to other investors in the fund. Ashmore will determine the additional information to be provided. Investors wishing to receive such information should make a request to Ashmore and may be subject to additional confidentiality requirements. Ashmore Investment Management (Ireland) Limited acting as Management Company and Principal Sales Agent may decide to terminate the arrangements made for the marketing of this fund in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU with regard to cross-border distribution of collective investment undertakings.

Fund launch date	14 Oct 2019
Bloomberg ticker	ASEMIDA LX
ISIN	LU2049429512
SEDOL	BK5TY10
Income type	Acc
Share class launch date	14 Oct 2019
Currency hedged	No
Domicile	Luxembourg
Financial year end	31 Dec
Fund base currency	USD
Fund code	SICAV-LCBFU
Launch price	100.00
Minimum investment	1,000,000
Minimum additional investment	5,000
Administrator	Northern Trust Global Services SE T: +352 27 62 22 279 F: +352 27 62 22 333 Email: Ashmore-TA-Luxembourg@ntrs.com
Auditor	KPMG Audit 31, Allée Scheffer L-2520 Luxembourg
Custodian	Northern Trust Global Services SE, is a credit institution authorised in Luxembourg. Address: 10 rue du Château d’Eau, L-3364 Leudelange, Grand Duchy of Luxembourg.
Registrar	Northern Trust Global Services SE

Terms & Conditions - UK and Europe Institutions & Intermediaries

Please read this page before proceeding as it sets out important legal and regulatory information about the material contained in this website (which Ashmore may, without notice, change).

By accessing any page of this website, you agree to be bound by the terms below. If you do not agree to such terms, you should exit the website. This page is designed to prevent unsuitable categories of investor from accessing the website and as such Ashmore cannot be responsible for any misrepresentations you may make in gaining access to the website.

Introduction

Ashmore Investment Management Limited is authorised and regulated by the Financial Conduct Authority. Ashmore Investment Management Limited is incorporated in England and Wales with registered office at 61 Aldwych, London WC2B 4AE, United Kingdom and registered number 3344281.

Ashmore Investment Advisors Limited is authorised and regulated by the Financial Conduct Authority. Ashmore Investment Advisors Limited is incorporated in England and Wales with registered office at 61 Aldwych, London WC2B 4AE, United Kingdom and registered number 08723494.

Ashmore Investment Management (Ireland) Limited, 32 Molesworth Street, Dublin 2, Ireland is authorised and regulated by the Central Bank of Ireland as management company and principle sales agent for the Ashmore SICAV.

This website contains information about a number of different funds managed by Ashmore Investment Management Limited, Ashmore Investment Advisors Limited and certain of their affiliates ("Ashmore"). Different types of fund or investment present different levels and types of risk.

Access to the information contained in this website in certain countries may be restricted by law and persons who access it are required to inform themselves of, and to comply with, any such restrictions. The information included herein is not intended to be published or made available to any person in any jurisdiction where doing so would contravene any applicable laws or regulations. By accessing this website you confirm that you are aware of the laws in your own jurisdiction relating to the provision and sale of investment management services and products and you warrant and represent that you will not pass on or utilise the information contained in this website in a manner that could constitute a breach of such laws by Ashmore or any other person.

Many of the protections provided by the United Kingdom regulatory structure may not apply to investments in Ashmore funds, including access to the Financial Services Compensation Scheme and the Financial Ombudsman Service.

No offer, promotion or solicitation

Units or shares in any Ashmore fund are not available for sale in any jurisdiction in which such a sale would be prohibited and/or where such fund has not been approved for sale. Nothing contained in this website constitutes or forms part of any offer to sell or buy an investment, or any solicitation of such an offer in any jurisdiction in which such offer or solicitation would be unlawful. If you are in any doubt as to whether you are permitted to invest in Ashmore funds, please contact your financial adviser who will discuss the suitability of such an investment with you.

Persons resident outside the United Kingdom should consult their professional advisers as to whether they require any consents or need to observe any other formalities before they can invest in the products described in this website. Persons resident outside of the United Kingdom should also refer to the offering document of the relevant Ashmore fund for further specific jurisdictional information.

Subscriptions for shares or units in any of the Ashmore funds will only be made on the basis of the current offering document and other formative documentation for the relevant Ashmore fund.

The information contained in this website does not constitute or form part of any offer to sell, purchase, subscribe for or otherwise invest in units or shares of any Ashmore fund. Any products or services referred to in this website are subject to the legal and regulatory requirements applicable in the jurisdiction where the investor is resident. The information contained in this website does not constitute any form of investment, financial, legal or tax advice and prospective investors should obtain appropriate independent professional advice before making any investment in any Ashmore fund.

Exclusion of liability

Ashmore has taken reasonable care to ensure that all the information contained in this website is accurate, secure and up to date, but no representations or warranties (express or implied) are given as to the reliability, accuracy and completeness of the information. You should check the accuracy of such information before relying on it in any way. Save to the extent that exclusion of liability is prohibited by law or regulation, Ashmore, its officers, employees, representatives, affiliates and agents accept no liability in any respect for any loss or damage, whether direct, indirect, consequential or otherwise (including loss of profit) arising out of or in connection with this website or its contents or any subsequent subscription into an Ashmore fund and whether arising as a result of Ashmore's negligence or otherwise. However, Ashmore does not exclude or restrict any liability it may have to clients under the FSMA 2000 or Financial Conduct Authority rules.

Many of the products referred to in this website are ‘Unregulated Collective Investment Schemes’ ("UCIS") for the purposes of the Financial Services and Markets Act 2000 ("FSMA"), and are neither recognised nor authorised schemes for the purposes of Part 17 of FSMA. Distribution of promotional materials relating to such UCIS products is restricted by law and may only be lawfully made to persons falling within the exemptions set out in the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2005 or the rules of the FCA. The information provided in this part of the website is only intended for and may only be accessed by institutional investors and investment professionals who satisfy the relevant exemption criteria.

There are significant risks associated with investment in the Ashmore funds outlined in this website. Investment in Unregulated Collective Investment Schemes (UCIS) described on this website is intended for sophisticated investors who can understand and accept the risks associated with such an investment including a substantial or complete loss of their investment.

AIFMD

Each member state of the European Economic Area is adopting or has adopted legislation implementing the European Directive on Alternative Investment Fund Managers (Directive 2011/61/EU) (“AIFMD”). Under AIFMD, marketing of products that constitute AIFs (as defined in AIFMD) to any investor domiciled or with a registered office in the European Economic Area will be restricted by such laws and no such marketing shall take place except as permitted by such laws. In particular, marketing of AIFs will only be permitted where the relevant AIF’s AIFM (as defined in AIFMD) has complied with certain registration and other formalities in relevant member states. Investors should inform themselves as to the countries where these formalities have been completed in respect of any relevant Ashmore fund, and for that purpose such information is set out on each relevant fund page on this website.

Non U.S. Person Representation

The following information contained in this website is not available to U.S. persons or persons acting on their behalf, and the funds described therein are not being offered in the United States or to U.S. persons. Therefore, by accepting this disclaimer, you represent, warrant and covenant to Ashmore that you are not a U.S. Person (as defined in Regulation S under the U.S. Securities Act of 1933, as amended) or acting for the account or benefit of a U.S. Person; and you will not make the information available to any such U.S. Person. You further covenant that you will immediately cease any use of the information for any purpose if any of the foregoing representations is no longer true.

Risk Warnings

Emerging market funds carry risks as well as rewards and you should always bear the following in mind: the value of investments and the income from them may go down as well as up and you may not get back the amount you originally invested; past performance is not a reliable indicator of future results; emerging markets are volatile and may suffer from liquidity problems; changes in rates of exchange between currencies may cause the value of or income from investments to decrease or increase; and funds which specialise in a particular region or sector are more risky than those which hold a very broad spread of investments. The offering documents or other formative documentation contain more detailed risk warnings relevant to the particular Ashmore fund.

Data Protection

Any information that may be provided by you to Ashmore through the website will be held in confidence by Ashmore and will not be disclosed to third parties, other than to the Ashmore funds and any person who provides professional, legal accounting advice or other services to Ashmore or the Ashmore funds, who will use such information in the course of providing advice or other services to you and for the purposes that we specify. All such companies are required to maintain the confidentiality of such information to the extent they receive it.

We may also disclose your personal information to fulfil your instructions, to protect our rights and interests, or pursuant to your express consent.

Notwithstanding anything to the contrary contained herein, we may disclose your personal information or any portions thereof (a) as required by, or to comply with, applicable law, regulation, court process or other statutory requirement; and (b) at the request of any regulatory, supervisory or governmental authorities.

Your details may be used by Ashmore and the Ashmore funds to send you information on other products and services that we offer. If you prefer not to receive such information, please advise us by email to ashmail@ashmoregroup.com.

Further information on how your personal information is used is contained in our Cookie Policy and our Privacy Policy.

You are entitled to a copy of the information we hold about you by writing to us and requesting it. There is a fee for this service.

Telephone calls may be recorded for compliance, training or investment purposes.

Intellectual Property Rights

This website contains various materials including text, photographs and other images, which are protected by copyright and/or other intellectual property rights. All copyright (and any other intellectual property rights) in this website and these materials is either owned by Ashmore or an Ashmore group company or is used by us under licence.

This website also contains various trade marks. All “ASHMORE” trade marks included on this website belong to Ashmore.

You are permitted to browse any part of this website and to reproduce pages of this website by printing-off or downloading to a hard disk such pages but in each case only for non-commercial and personal use. You do not have the right to use the materials contained in this website (or any copyright or other intellectual property rights within these materials) in any other way or for any other purpose except with our prior written consent.

Internet

Errors, omissions, interruptions and delays of services may occur at any time on the internet as it is not a totally reliable or secure medium of communication. Ashmore accepts no liability for the consistency, security and confidentiality of any information sent over the internet and any transmissions over the internet are entirely at the user's risk.

Links

When leaving this website via a link to another website you may lose any regulatory protection provided under the FSMA 2000. Ashmore does not endorse or approve any material on other websites and accepts no responsibility for such material, services or products offered by such sites. No third party is permitted to link any other website to this website without Ashmore's prior written consent.

Terms & Conditions - UK and Europe Institutions & Intermediaries

Please read this page before proceeding as it sets out important legal and regulatory information about the material contained in this website (which Ashmore may, without notice, change).

By accessing any page of this website, you agree to be bound by the terms below. If you do not agree to such terms, you should exit the website. This page is designed to prevent unsuitable categories of investor from accessing the website and as such Ashmore cannot be responsible for any misrepresentations you may make in gaining access to the website.

Introduction

Ashmore Investment Management Limited is authorised and regulated by the Financial Conduct Authority. Ashmore Investment Management Limited is incorporated in England and Wales with registered office at 61 Aldwych, London WC2B 4AE, United Kingdom and registered number 3344281.

Ashmore Investment Advisors Limited is authorised and regulated by the Financial Conduct Authority. Ashmore Investment Advisors Limited is incorporated in England and Wales with registered office at 61 Aldwych, London WC2B 4AE, United Kingdom and registered number 08723494.

Ashmore Investment Management (Ireland) Limited, 32 Molesworth Street, Dublin 2, Ireland is authorised and regulated by the Central Bank of Ireland as management company and principle sales agent for the Ashmore SICAV.

This website contains information about a number of different funds managed by Ashmore Investment Management Limited, Ashmore Investment Advisors Limited and certain of their affiliates ("Ashmore"). Different types of fund or investment present different levels and types of risk.

Access to the information contained in this website in certain countries may be restricted by law and persons who access it are required to inform themselves of, and to comply with, any such restrictions. The information included herein is not intended to be published or made available to any person in any jurisdiction where doing so would contravene any applicable laws or regulations. By accessing this website you confirm that you are aware of the laws in your own jurisdiction relating to the provision and sale of investment management services and products and you warrant and represent that you will not pass on or utilise the information contained in this website in a manner that could constitute a breach of such laws by Ashmore or any other person.

Many of the protections provided by the United Kingdom regulatory structure may not apply to investments in Ashmore funds, including access to the Financial Services Compensation Scheme and the Financial Ombudsman Service.

No offer, promotion or solicitation

Units or shares in any Ashmore fund are not available for sale in any jurisdiction in which such a sale would be prohibited and/or where such fund has not been approved for sale. Nothing contained in this website constitutes or forms part of any offer to sell or buy an investment, or any solicitation of such an offer in any jurisdiction in which such offer or solicitation would be unlawful. If you are in any doubt as to whether you are permitted to invest in Ashmore funds, please contact your financial adviser who will discuss the suitability of such an investment with you.

Persons resident outside the United Kingdom should consult their professional advisers as to whether they require any consents or need to observe any other formalities before they can invest in the products described in this website. Persons resident outside of the United Kingdom should also refer to the offering document of the relevant Ashmore fund for further specific jurisdictional information.

Subscriptions for shares or units in any of the Ashmore funds will only be made on the basis of the current offering document and other formative documentation for the relevant Ashmore fund.

The information contained in this website does not constitute or form part of any offer to sell, purchase, subscribe for or otherwise invest in units or shares of any Ashmore fund. Any products or services referred to in this website are subject to the legal and regulatory requirements applicable in the jurisdiction where the investor is resident. The information contained in this website does not constitute any form of investment, financial, legal or tax advice and prospective investors should obtain appropriate independent professional advice before making any investment in any Ashmore fund.

Exclusion of liability

Ashmore has taken reasonable care to ensure that all the information contained in this website is accurate, secure and up to date, but no representations or warranties (express or implied) are given as to the reliability, accuracy and completeness of the information. You should check the accuracy of such information before relying on it in any way. Save to the extent that exclusion of liability is prohibited by law or regulation, Ashmore, its officers, employees, representatives, affiliates and agents accept no liability in any respect for any loss or damage, whether direct, indirect, consequential or otherwise (including loss of profit) arising out of or in connection with this website or its contents or any subsequent subscription into an Ashmore fund and whether arising as a result of Ashmore's negligence or otherwise. However, Ashmore does not exclude or restrict any liability it may have to clients under the FSMA 2000 or Financial Conduct Authority rules.

Many of the products referred to in this website are ‘Unregulated Collective Investment Schemes’ ("UCIS") for the purposes of the Financial Services and Markets Act 2000 ("FSMA"), and are neither recognised nor authorised schemes for the purposes of Part 17 of FSMA. Distribution of promotional materials relating to such UCIS products is restricted by law and may only be lawfully made to persons falling within the exemptions set out in the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2005 or the rules of the FCA. The information provided in this part of the website is only intended for and may only be accessed by institutional investors and investment professionals who satisfy the relevant exemption criteria.

There are significant risks associated with investment in the Ashmore funds outlined in this website. Investment in Unregulated Collective Investment Schemes (UCIS) described on this website is intended for sophisticated investors who can understand and accept the risks associated with such an investment including a substantial or complete loss of their investment.

AIFMD

Each member state of the European Economic Area is adopting or has adopted legislation implementing the European Directive on Alternative Investment Fund Managers (Directive 2011/61/EU) (“AIFMD”). Under AIFMD, marketing of products that constitute AIFs (as defined in AIFMD) to any investor domiciled or with a registered office in the European Economic Area will be restricted by such laws and no such marketing shall take place except as permitted by such laws. In particular, marketing of AIFs will only be permitted where the relevant AIF’s AIFM (as defined in AIFMD) has complied with certain registration and other formalities in relevant member states. Investors should inform themselves as to the countries where these formalities have been completed in respect of any relevant Ashmore fund, and for that purpose such information is set out on each relevant fund page on this website.

Non U.S. Person Representation

The following information contained in this website is not available to U.S. persons or persons acting on their behalf, and the funds described therein are not being offered in the United States or to U.S. persons. Therefore, by accepting this disclaimer, you represent, warrant and covenant to Ashmore that you are not a U.S. Person (as defined in Regulation S under the U.S. Securities Act of 1933, as amended) or acting for the account or benefit of a U.S. Person; and you will not make the information available to any such U.S. Person. You further covenant that you will immediately cease any use of the information for any purpose if any of the foregoing representations is no longer true.

Risk Warnings

Emerging market funds carry risks as well as rewards and you should always bear the following in mind: the value of investments and the income from them may go down as well as up and you may not get back the amount you originally invested; past performance is not a reliable indicator of future results; emerging markets are volatile and may suffer from liquidity problems; changes in rates of exchange between currencies may cause the value of or income from investments to decrease or increase; and funds which specialise in a particular region or sector are more risky than those which hold a very broad spread of investments. The offering documents or other formative documentation contain more detailed risk warnings relevant to the particular Ashmore fund.

Data Protection

Any information that may be provided by you to Ashmore through the website will be held in confidence by Ashmore and will not be disclosed to third parties, other than to the Ashmore funds and any person who provides professional, legal accounting advice or other services to Ashmore or the Ashmore funds, who will use such information in the course of providing advice or other services to you and for the purposes that we specify. All such companies are required to maintain the confidentiality of such information to the extent they receive it.

We may also disclose your personal information to fulfil your instructions, to protect our rights and interests, or pursuant to your express consent.

Notwithstanding anything to the contrary contained herein, we may disclose your personal information or any portions thereof (a) as required by, or to comply with, applicable law, regulation, court process or other statutory requirement; and (b) at the request of any regulatory, supervisory or governmental authorities.

Your details may be used by Ashmore and the Ashmore funds to send you information on other products and services that we offer. If you prefer not to receive such information, please advise us by email to ashmail@ashmoregroup.com.

Further information on how your personal information is used is contained in our Cookie Policy and our Privacy Policy.

You are entitled to a copy of the information we hold about you by writing to us and requesting it. There is a fee for this service.

Telephone calls may be recorded for compliance, training or investment purposes.

Intellectual Property Rights

This website contains various materials including text, photographs and other images, which are protected by copyright and/or other intellectual property rights. All copyright (and any other intellectual property rights) in this website and these materials is either owned by Ashmore or an Ashmore group company or is used by us under licence.

This website also contains various trade marks. All “ASHMORE” trade marks included on this website belong to Ashmore.

You are permitted to browse any part of this website and to reproduce pages of this website by printing-off or downloading to a hard disk such pages but in each case only for non-commercial and personal use. You do not have the right to use the materials contained in this website (or any copyright or other intellectual property rights within these materials) in any other way or for any other purpose except with our prior written consent.

Internet

Errors, omissions, interruptions and delays of services may occur at any time on the internet as it is not a totally reliable or secure medium of communication. Ashmore accepts no liability for the consistency, security and confidentiality of any information sent over the internet and any transmissions over the internet are entirely at the user's risk.

Links

When leaving this website via a link to another website you may lose any regulatory protection provided under the FSMA 2000. Ashmore does not endorse or approve any material on other websites and accepts no responsibility for such material, services or products offered by such sites. No third party is permitted to link any other website to this website without Ashmore's prior written consent.

Terms & Conditions - UK and Europe Retail

Please read this page before proceeding as it sets out important legal and regulatory information about the material contained in this website (which Ashmore may, without notice, change).

By accessing any page of this website, you agree to be bound by the terms below. If you do not agree to such terms, you should exit the website. This page is designed to prevent unsuitable categories of investor from accessing the website and as such Ashmore cannot be responsible for any misrepresentations you may make in gaining access to the website.

Introduction

Ashmore Investment Management Limited is authorised and regulated by the Financial Conduct Authority. Ashmore Investment Management Limited is incorporated in England and Wales with registered office at 61 Aldwych, London WC2B 4AE, United Kingdom and registered number 3344281.

Ashmore Investment Advisors Limited is authorised and regulated by the Financial Conduct Authority. Ashmore Investment Advisors Limited is incorporated in England and Wales with registered office at 61 Aldwych, London WC2B 4AE, United Kingdom and registered number 08723494.

Ashmore Investment Management (Ireland) Limited, 32 Molesworth Street, Dublin 2, Ireland is authorised and regulated by the Central Bank of Ireland as management company and principle sales agent for the Ashmore SICAV.

Ashmore SICAV (société d’investissement à capital variable) are Luxembourg-domiciled funds recognised in the UK under Section 264 of the Financial Services and Markets Act 2000. Management company: Ashmore Investment Management (Ireland) Limited, 32 Molesworth Street, Dublin 2, Ireland is authorised and regulated by the Central Bank of Ireland.

This website contains information about a number of different funds managed by Ashmore Investment Management Limited, Ashmore Investment Advisors Limited and certain of their affiliates ("Ashmore"). Different types of fund or investment present different levels and types of risk.

Access to the information contained in this website in certain countries may be restricted by law and persons who access it are required to inform themselves of, and to comply with, any such restrictions. The information included herein is not intended to be published or made available to any person in any jurisdiction where doing so would contravene any applicable laws or regulations. By accessing this website you confirm that you are aware of the laws in your own jurisdiction relating to the provision and sale of investment management services and products and you warrant and represent that you will not pass on or utilise the information contained in this website in a manner that could constitute a breach of such laws by Ashmore or any other person.

Many of the protections provided by the United Kingdom regulatory structure may not apply to investments in Ashmore funds, including access to the Financial Services Compensation Scheme and the Financial Ombudsman Service.

No offer, promotion or solicitation

Units or shares in any Ashmore fund are not available for sale in any jurisdiction in which such a sale would be prohibited and/or where such fund has not been approved for sale. Nothing contained in this website constitutes or forms part of any offer to sell or buy an investment, or any solicitation of such an offer in any jurisdiction in which such offer or solicitation would be unlawful. If you are in any doubt as to whether you are permitted to invest in Ashmore funds, please contact your financial adviser who will discuss the suitability of such an investment with you.

Persons resident outside the United Kingdom should consult their professional advisers as to whether they require any consents or need to observe any other formalities before they can invest in the products described in this website. Persons resident outside of the United Kingdom should also refer to the offering document of the relevant Ashmore fund for further specific jurisdictional information.

Subscriptions for shares or units in any of the Ashmore funds will only be made on the basis of the current offering document and other formative documentation for the relevant Ashmore fund.

The information contained in this website does not constitute or form part of any offer to sell, purchase, subscribe for or otherwise invest in units or shares of any Ashmore fund. Any products or services referred to in this website are subject to the legal and regulatory requirements applicable in the jurisdiction where the investor is resident. The information contained in this website does not constitute any form of investment, financial, legal or tax advice and prospective investors should obtain appropriate independent professional advice before making any investment in any Ashmore fund.

Exclusion of liability

Ashmore has taken reasonable care to ensure that all the information contained in this website is accurate, secure and up to date, but no representations or warranties (express or implied) are given as to the reliability, accuracy and completeness of the information. You should check the accuracy of such information before relying on it in any way. Save to the extent that exclusion of liability is prohibited by law or regulation, Ashmore, its officers, employees, representatives, affiliates and agents accept no liability in any respect for any loss or damage, whether direct, indirect, consequential or otherwise (including loss of profit) arising out of or in connection with this website or its contents or any subsequent subscription into an Ashmore fund and whether arising as a result of Ashmore's negligence or otherwise. However, Ashmore does not exclude or restrict any liability it may have to clients under the FSMA 2000 or Financial Conduct Authority rules.

AIFMD

Each member state of the European Economic Area is adopting or has adopted legislation implementing the European Directive on Alternative Investment Fund Managers (Directive 2011/61/EU) (“AIFMD”). Under AIFMD, marketing of products that constitute AIFs (as defined in AIFMD) to any investor domiciled or with a registered office in the European Economic Area will be restricted by such laws and no such marketing shall take place except as permitted by such laws. In particular, marketing of AIFs will only be permitted where the relevant AIF’s AIFM (as defined in AIFMD) has complied with certain registration and other formalities in relevant member states. Investors should inform themselves as to the countries where these formalities have been completed in respect of any relevant Ashmore fund, and for that purpose such information is set out on each relevant fund page on this website.

Non U.S. Person Representation

The following information contained in this website is not available to U.S. persons or persons acting on their behalf, and the funds described therein are not being offered in the United States or to U.S. persons. Therefore, by accepting this disclaimer, you represent, warrant and covenant to Ashmore that you are not a U.S. Person (as defined in Regulation S under the U.S. Securities Act of 1933, as amended) or acting for the account or benefit of a U.S. Person; and you will not make the information available to any such U.S. Person. You further covenant that you will immediately cease any use of the information for any purpose if any of the foregoing representations is no longer true.

Risk Warnings

Emerging market funds carry risks as well as rewards and you should always bear the following in mind: the value of investments and the income from them may go down as well as up and you may not get back the amount you originally invested; past performance is not a reliable indicator of future results; emerging markets are volatile and may suffer from liquidity problems; changes in rates of exchange between currencies may cause the value of or income from investments to decrease or increase; and funds which specialise in a particular region or sector are more risky than those which hold a very broad spread of investments. The offering documents or other formative documentation contain more detailed risk warnings relevant to the particular Ashmore fund.

Data Protection

Any information that may be provided by you to Ashmore through the website will be held in confidence by Ashmore and will not be disclosed to third parties, other than to the Ashmore funds and any person who provides professional, legal accounting advice or other services to Ashmore or the Ashmore funds, who will use such information in the course of providing advice or other services to you and for the purposes that we specify. All such companies are required to maintain the confidentiality of such information to the extent they receive it.

We may also disclose your personal information to fulfil your instructions, to protect our rights and interests, or pursuant to your express consent.

Notwithstanding anything to the contrary contained herein, we may disclose your personal information or any portions thereof (a) as required by, or to comply with, applicable law, regulation, court process or other statutory requirement; and (b) at the request of any regulatory, supervisory or governmental authorities.

Your details may be used by Ashmore and the Ashmore funds to send you information on other products and services that we offer. If you prefer not to receive such information, please advise us by email to ashmail@ashmoregroup.com.

Further information on how your personal information is used is contained in our Cookie Policy and our Privacy Policy.

You are entitled to a copy of the information we hold about you by writing to us and requesting it. There is a fee for this service.

Telephone calls may be recorded for compliance, training or investment purposes.

Intellectual Property Rights

This website contains various materials including text, photographs and other images, which are protected by copyright and/or other intellectual property rights. All copyright (and any other intellectual property rights) in this website and these materials is either owned by Ashmore or an Ashmore group company or is used by us under licence.

This website also contains various trade marks. All “ASHMORE” trade marks included on this website belong to Ashmore.

You are permitted to browse any part of this website and to reproduce pages of this website by printing-off or downloading to a hard disk such pages but in each case only for non-commercial and personal use. You do not have the right to use the materials contained in this website (or any copyright or other intellectual property rights within these materials) in any other way or for any other purpose except with our prior written consent.

Internet

Errors, omissions, interruptions and delays of services may occur at any time on the internet as it is not a totally reliable or secure medium of communication. Ashmore accepts no liability for the consistency, security and confidentiality of any information sent over the internet and any transmissions over the internet are entirely at the user's risk.

Links

When leaving this website via a link to another website you may lose any regulatory protection provided under the FSMA 2000. Ashmore does not endorse or approve any material on other websites and accepts no responsibility for such material, services or products offered by such sites. No third party is permitted to link any other website to this website without Ashmore's prior written consent.

Terms & Conditions - USA Institutions & Intermediaries

Please read this page before proceeding as it sets out important legal and regulatory information about the material contained in this website (which Ashmore may, without notice, change).

By accessing any page of this website, you agree to be bound by the terms below. If you do not agree to such terms, you should exit the website. This page is designed to prevent unsuitable categories of investor from accessing the website and as such Ashmore cannot be responsible for any misrepresentations you may make in gaining access to the website.

Introduction

Ashmore Investment Management Limited is authorised and regulated by the Financial Conduct Authority. Ashmore Investment Management Limited is incorporated in England and Wales with registered office at 61 Aldwych, London WC2B 4AE, United Kingdom and registered number 3344281.

Ashmore Investment Advisors Limited is authorised and regulated by the Financial Conduct Authority. Ashmore Investment Advisors Limited is incorporated in England and Wales with registered office at 61 Aldwych, London WC2B 4AE, United Kingdom and registered number 08723494.

Ashmore Investment Management (Ireland) Limited, 32 Molesworth Street, Dublin 2, Ireland is authorised and regulated by the Central Bank of Ireland as management company and principle sales agent for the Ashmore SICAV.

This website contains information about a number of different funds managed by Ashmore Investment Management Limited, Ashmore Investment Advisors Limited and certain of their affiliates ("Ashmore"). Different types of fund or investment present different levels and types of risk.

Access to the information contained in this website in certain countries may be restricted by law and persons who access it are required to inform themselves of, and to comply with, any such restrictions. The information included herein is not intended to be published or made available to any person in any jurisdiction where doing so would contravene any applicable laws or regulations. By accessing this website you confirm that you are aware of the laws in your own jurisdiction relating to the provision and sale of investment management services and products and you warrant and represent that you will not pass on or utilise the information contained in this website in a manner that could constitute a breach of such laws by Ashmore or any other person.

Many of the protections provided by the United Kingdom regulatory structure may not apply to investments in Ashmore funds, including access to the Financial Services Compensation Scheme and the Financial Ombudsman Service.

No offer, promotion or solicitation

Units or shares in any Ashmore fund are not available for sale in any jurisdiction in which such a sale would be prohibited and/or where such fund has not been approved for sale. Nothing contained in this website constitutes or forms part of any offer to sell or buy an investment, or any solicitation of such an offer in any jurisdiction in which such offer or solicitation would be unlawful. If you are in any doubt as to whether you are permitted to invest in Ashmore funds, please contact your financial adviser who will discuss the suitability of such an investment with you.

Persons resident outside the United Kingdom should consult their professional advisers as to whether they require any consents or need to observe any other formalities before they can invest in the products described in this website. Persons resident outside of the United Kingdom should also refer to the offering document of the relevant Ashmore fund for further specific jurisdictional information.

Subscriptions for shares or units in any of the Ashmore funds will only be made on the basis of the current offering document and other formative documentation for the relevant Ashmore fund.

The information contained in this website does not constitute or form part of any offer to sell, purchase, subscribe for or otherwise invest in units or shares of any Ashmore fund. Any products or services referred to in this website are subject to the legal and regulatory requirements applicable in the jurisdiction where the investor is resident. The information contained in this website does not constitute any form of investment, financial, legal or tax advice and prospective investors should obtain appropriate independent professional advice before making any investment in any Ashmore fund.

Exclusion of liability

Ashmore has taken reasonable care to ensure that all the information contained in this website is accurate, secure and up to date, but no representations or warranties (express or implied) are given as to the reliability, accuracy and completeness of the information. You should check the accuracy of such information before relying on it in any way. Save to the extent that exclusion of liability is prohibited by law or regulation, Ashmore, its officers, employees, representatives, affiliates and agents accept no liability in any respect for any loss or damage, whether direct, indirect, consequential or otherwise (including loss of profit) arising out of or in connection with this website or its contents or any subsequent subscription into an Ashmore fund and whether arising as a result of Ashmore's negligence or otherwise. However, Ashmore does not exclude or restrict any liability it may have to clients under the FSMA 2000 or Financial Conduct Authority rules.

Many of the products referred to in this website are ‘Unregulated Collective Investment Schemes’ ("UCIS") for the purposes of the Financial Services and Markets Act 2000 ("FSMA"), and are neither recognised nor authorised schemes for the purposes of Part 17 of FSMA. Distribution of promotional materials relating to such UCIS products is restricted by law and may only be lawfully made to persons falling within the exemptions set out in the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2005 or the rules of the FCA. The information provided in this part of the website is only intended for and may only be accessed by institutional investors and investment professionals who satisfy the relevant exemption criteria.

There are significant risks associated with investment in the Ashmore funds outlined in this website. Investment in Unregulated Collective Investment Schemes (UCIS) described on this website is intended for sophisticated investors who can understand and accept the risks associated with such an investment including a substantial or complete loss of their investment.

Ashmore's U.S. Mutual Funds are registered with the U.S. Securities and Exchange Commission (SEC) under the Investment Company Act of 1940 ("1940 Act Funds") and are investments for U.S. investors only.

Please read this page before proceeding as it sets out important legal and regulatory information about the material contained in this website (which Ashmore may, without notice, change).

By accessing any page of this website, you agree to be bound by the terms below. If you do not agree to such terms, you should exit the website. This page is designed to prevent unsuitable categories of investor from accessing the website and as such Ashmore cannot be responsible for any misrepresentations you may make in gaining access to the website.

Before investing you should carefully consider the Funds' investment objectives, risk, charges, and expenses. This and other information is in the prospectus, a copy of which may be obtained from: Ashmore Investment Management (U.S.) Corp, 475 Fifth Avenue, 15th Floor, New York, NY 10017, or by calling Northern Trust, the transfer agent, at 1-866-876-8294. Please read the prospectus carefully before you invest.

This should not be considered a solicitation to buy or an offer to sell shares of any investment in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.

INVESTMENT CONSIDERATIONS: There can be no guarantee that any strategy will be successful. All investing involves risk, including the potential loss of principal. Certain risks related to an investment in the Funds are summarized below:

Foreign Investment & Emerging Markets Risk: Foreign investments can be riskier than U.S. investments. Potential risks include currency risk that may result from unfavorable exchange rates, liquidity risk if decreased demand for a security makes it difficult to sell at the desired price, and risks that stem from substantially lower trading volume on foreign markets. These risks are generally greater for investments in emerging markets, which are also subject to greater price volatility, and custodial and regulatory risks.

Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this fund will fluctuate as the value of the securities in the portfolio changes.

Bond Funds will tend to experience smaller fluctuations in value than stock funds. However, investors in any bond fund should anticipate fluctuations in price, especially for longer-term issues and in environments of rising interest rates. Interest rate risk is the risk that the values of the debt securities and other instruments in a fund’s portfolio will decline because of increases in interest rates, which can adversely affect the fund’s performance.

Small Cap: Small-capitalization funds typically carry additional risks since smaller companies generally have a higher risk of failure. Their stocks are subject to a greater degree of volatility, trade in lower volume and may be less liquid.

Non-Diversified Risk: The fund is non-diversified, so it may be more exposed to the risks associated with individual issuers than a diversified fund.

Derivatives Risk: Investments in derivatives can be volatile. Potential risks include currency risk, leverage risk (the risk that small market movements may result in large changes in the value of an investment), liquidity risk, index risk, pricing risk, and counterparty risk (the risk that the counterparty may be unwilling or unable to honor its obligations).

The Ashmore funds which are not 1940 Act Funds are not available for distribution to or investment by United States investors. The units/shares of the Ashmore funds will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), and are not directly or indirectly offered or sold in the United States or any of its territories or possessions or areas subject to its jurisdiction, or to or for the benefit of a natural person resident in the United States or any other U.S. Person (as defined in Regulation S under the Securities Act).