Preparing for volatility: The debt ceiling and the end of US exceptionalism

The Emerging View

Preparing for volatility: The debt ceiling and the end of US exceptionalism

26 May 2023

By Gustavo Medeiros

The US debt ceiling negotiations brought considerable volatility to market prices. While it is almost impossible to predict exactly how it will be resolved, the most likely outcome is for an eventual deal to either temporarily suspend the debt ceiling or an agreement where the White House is forced to cut expenditures to increase the ceiling, as took place in 2011. The recent widening in US Treasury yields may present an opportunity to add duration exposure on investment grade portfolios, which remains a hiding place in a turbulent scenario for investors. However, the debt ceiling episode is also inviting questions about the status of the US Dollar as a global reserve currency, as well as its expensive valuations. Long-term investors are taking note and have been adding exposure to Emerging Market (EM) local currency bonds, which have outperformed USD-denominated fixed income assets year-to-date.

What is the debt ceiling?

The debt ceiling is a Congressional provision designed to force the Executive to discuss its fiscal policies before being able to issue more debt. Since 2006, Congress has increased the debt ceiling 20 times, suggesting the US has a (forced) discussion on the provision around every ten months. This year, the debt ceiling was reached in January and the US Treasury has since been using special measures (such as delaying payments to social security funds) to keep funding its normal operations (payrolls, suppliers, etc.) and debt repayments. Markets initially expected the US Treasury to run out of money from July to September, but Treasury Secretary Janet Yellen revised the ‘x-date’ down to 1 June due to lower levels of tax receipts in April. More recently, higher interest payments on debt servicing led to a faster depletion of the Treasury General Account (TGA) with the Federal Reserve (Fed) to only USD 88bn as of 15 May. What makes the negotiations significant this time is that the Republican Party has a majority in the House of Representatives, which is tying a debt limit increase to concurrent spending cuts.

Republican deal

A few weeks ago, House Speaker Kevin McCarthy approved a bill with USD 4.3trn of fiscal consolidation over the next ten years to raise the borrowing cap by USD 1.5trn. The Democratic Party will not accept either condition, as the fiscal consolidation is too aggressive and raising the ceiling by USD 1.5trn would most likely require a new debt ceiling negotiation before (or right after) the 2024 Presidential Election. The conditionality echoes the difficult negotiations to lift the debt ceiling in 2011. Back then, the Obama administration was forced to accept a package of USD 917bn – around 5.9% of the 2011 gross domestic product (GDP) – in spending cuts withing 10-years to lift the debt ceiling by USD 900bn.

Democrat alternatives

Whereas President Joe Biden is trying to dissociate a higher debt limit to spending cuts, we expect it will be hard to avoid agreeing to a certain number of cuts. Assuming the 2011 playbook of equal amounts of debt ceiling increase and expenditure cuts, and the average increase in the ceiling since 2017, we see a compromise scenario of USD 1.5trn to USD 2.5trn expenditure cuts over ten years, which would be equivalent to 6% to 10% of GDP. The low end of the spectrum could be an equivalent fiscal consolidation to the 2011 deal.

Scenarios

We believe, there are two possible scenarios on how it will play out. A deal could be reached to increase the debt ceiling, involving fiscal consolidation, or a ‘punt’ to suspend the ceiling until the budget discussion in September 2023. There is also the possibility of Congress failing to reach a compromise with the White House until after the ‘x-date’ when the US Treasury runs out of money before a deal is reached.

A doomsday no-deal scenario is almost unthinkable, as the US would have to implement a gargantuan fiscal consolidation to generate a surplus and repay interest on the debt, or default on its obligations, either way leading to a severe recession. Not even a strong fiscal hawk would be willing to be politically responsible for such an event. Yellen said that calling the ceiling unconstitutional (the 14^th amendment) is not a viable option. Neither are ‘outside of the box’ ideas like minting a USD 1trn coin. Therefore, while going through the ‘x-date’ is possible, that would be likely to generate only temporary government shutdowns and arrears as the Treasury would probably prioritise servicing the debt. The `x-date` is also somewhat uncertain as it depends on fiscal revenues which are not smooth. In an extreme scenario, the Fed could swap defaulted T-Bills for non-defaulted T-Bills as there is no cross-default across bonds in the US, and the debt would eventually be serviced again.

The end game

We believe the above scenarios suggest it is only a matter of time before the Biden administration accepts some degree of fiscal consolidation over the next three months to resolve the debt ceiling impasse. The question is when it will happen and the magnitude of fiscal consolidation. A USD 1.5trn fiscal adjustment over ten years would be equivalent to what Barack Obama agreed to in 2011, while a larger USD 2.5trn (circa 10% of GDP) would likely be a much more meaningful consolidation. On 17 May, markets received a shot of adrenaline when the ‘technocrats’ got involved in the negotiations, raising hopes of an agreement.¹ It remains to be seen if they will be able to convince both the Republicans and the Democrats to find an acceptable compromise, considering the importance of the liberal Republicans and progressive Democrats in the political stability of each party. More recently, markets have been worried about the possibility of going beyond 1 June without a deal, considering the minimum three-day period Congress needs to evaluate (and negotiate) any bills and the next Memorial Day holiday (Monday 29 May).

Lessons from 2011

In 2011, markets traded in a classic risk-off mode going into the debt ceiling negotiations. In our view, the debt ceiling itself had only a small, if any, impact on market direction. Looming large was the prospect of a breakdown in Europe as peripheral countries struggled to refinance their debts, contaminating the European banking system in a negative feedback loop. At the same time, the large Chinese post-global financial crisis fiscal stimulus was getting scaled back, driving commodity prices lower. EM assets were trading at expensive valuations after a decade of extraordinary returns. Hence, the conditions were set for a classic risk-off event. The yield-to-maturity on US high yield bonds widened from 6.61% in mid-May to 7.51% at the end of June, and then soared to 9.5% at the end of September. The MSCI World Index declined 18.5% over the same period and EM currencies depreciated 12.3% from the end of July to mid-September. Not surprisingly, yields on ten-year US Treasuries rallied as the recessionary scenario brought markets to price no rate hikes for a long period of time, as per Figure 1. In fact, the US downgrade by S&P had a very short-lived impact on US Treasury yields, mostly due to the global macro picture. It was not credible that the debt ceiling debacle would lead the US government to default in our view, but it was self-evident that premature fiscal consolidation in a complicated world would lead to a much weaker growth picture.

Fig. 1: 10-year UST yields and debt ceiling events

Source: Bloomberg, Ashmore as of 26 May 2023.

The impact on America’s credit rating and the US Dollar

Ratings agency Fitch has warned that even a temporary default could lead to a downgrade to the US AAA rating. In 2011, S&P downgraded the US credit rating to AA+ two days after the deal to lift the debt ceiling, as higher political risk clearly increased the odds of a US (at least technical) default.

This latest debt ceiling debate is happening against a backdrop where investors are already questioning the status of the USD as the hegemon global reserve currency.² It is therefore likely too, that the demand for US Treasuries from foreign investors including central banks, sovereign wealth funds, pensions, and insurance companies remains low. Indeed, the foreign ownership of US Treasuries have been slowing as foreign ownership of Treasuries declined to 30% of total in December 2022 from 40% in 2019. For example, several central banks have been diversifying their reserves to other currencies as well as precious metals.

The problems in America’s regional banking sector have been generating a significant tightening of credit conditions, which is unlikely to be resolved until interest rates decline further. Institutions have still not adjusted the value of their assets to a much higher interest rate environment, while credit conditions are already the tightest since 2008.³ In fact, several leading indicators have already been signalling a recession for some time, in our opinion.⁴ We think the loss in confidence in the US, a fiscal consolidation, or both, would most likely trigger a deeper market reaction that would accelerate the ongoing economic slowdown. Accepting a severe fiscal consolidation on the current fragile economy will add fears of an incoming economic recession.

On the other hand, if and when the debt ceiling is lifted, the large issuance of Bills and Treasuries purchased by foreign investors could provide a short-term bid for the USD. Should interest rates rise because of an increase in the debt ceiling, the USD would rally first. This could be a tremendous opportunity to diversify away from the ‘greenback’, which currently trades at historically extreme levels as per Figure 1, and has significant external vulnerabilities, summarised by the massive net international liability of the US in Figure 2.

Fig. 2: US net international investment position

Source: Bloomberg, Ashmore, as of 26 May 2023

Current macro conditions

The debt limit debate comes after the most aggressive monetary policy tightening shock since 1980s, with the Fed Fund rates pushed to 5.25% and one year of quantitative tightening. The Biden administration has kept pushing for more fiscal spending (e.g., via the Inflation Reduction Act), which has supported the service sector by a stronger degree than expected so far in 2023.

Despite the service sector running hot, we believe there are plenty of signs that we are in the final innings of a late cycle. The Senior Loan Officer Opinion Survey (SLOOS) showed demand and supply for credit falling off a cliff, suggesting the most aggressive tightening in lending standards in years.⁵ The banking sector crisis is far from over. Not only are banks fighting to retain their retail deposits to remain in business, over the medium term, higher interest rates will likely have a large impact on their loan portfolio, as companies and individuals may not be able to accept much higher interest rates on their debt. Office real estate, retail, and shopping malls in some areas in the US are likely to struggle. Elsewhere, residential real estate is already suffering a steep correction in places like Scandinavia, Australia, and Canada. The manufacturing purchasing managers indices (PMIs) have been mostly below 50 since September 2022. It is rare to see the service sector holding up while manufacturing and construction remains subdued.

Another factor suggesting the US economy is in late cycle is the unemployment rate. In both the 2011 and 2013 debt ceiling episodes, unemployment rate was at 9.0% and 7.5%, respectively. Today, it is at 3.5% as per Figure 3. The yield on ten-year US Treasuries is hovering around 3.3% to 3.8%, close to 2011 levels, but the Fed Funds rate today is 5.25%, much further away from the near zero band it was at in 2011 and 2013.

Fig 3: Unemployment, Fed funds and 10yr UST range 2011 and 2013 vs 2023

Source: Bloomberg, Ashmore as of 26 May 2023.

Fiscal and funding imbalances

US Treasury yields could move a bit higher before they decline. That would be possible if the President (and Congress) agree to increase the debt ceiling or suspend it until September, or if a deal gets agreed with small and mostly backloaded cuts on expenditure. We expect this would mean the ongoing fiscal excesses would have to be financed in the market, in an environment when the Fed is engaged in reducing its balance sheet, which means the US Treasury would need to issue a significant amount of bonds and bills to replenish the TGA, pay the postponed contributions to the various funds it has been skipping since January, and finance the large fiscal deficit. All-in-all, the US Treasury may be issuing between USD 1.0trn and USD 1.5trn in a couple of quarters while the Fed quantitative tightening reduces its Treasury holdings by USD 85bn per month.

Figure 4 highlights the large and increased budget deficit run by the US and highlights that the deficit was mostly funded by a drawdown on the TGA, which by now has been depleted. We think it is highly unusual for the US to run such large fiscal deficits when the unemployment rate is so low. The Congressional Budget Office projects that social security funds will run out of cash within the next ten years as benefit payments, which have already been above revenues for more than a decade, keep increasing.⁶

To be clear, the most likely sequencing, in our view, is brinkmanship followed by last-minute or slightly post-‘x-date’ deal. Yields would initially widen due to fear of issuance and credit risk perception, but then rally because the fiscal consolidation has a negative impact in the economy. We think the USD would initially go up, and then sell-off once interest rates declined.

Figure 4: Budget deficit and budget deficit + issuance (% of GDP)

Fig 4: Budget deficit and budget deficit + issuance (% of GDP)

Source: Bloomberg, Ashmore as of 26 May 2023

Impact on EM

Sovereign and Corporate debt

For investors, the debt ceiling end game suggests investment grade (IG) is still your friend. Staying long IG assets and add duration exposure into the short-term volatility is appealing, in our view. Some investors think IG spreads feels “tight” for this point of the cycle (Figure 5). We believe the right way of looking into the asset class is by examining overall yields, which are still close to the highest levels in ten years as per Figure 6.

Fig. 5: EM sovereign and corporate IG spreads

Source: Bloomberg, JP Morgan, Ashmore as of 26 May 2023.

Fig. 6: EM sovereign and corporate IG yield

Source: Bloomberg, JP Morgan, Ashmore as of 26 May 2023.

Within high yield, a barbell between very distressed countries and sound BB-rated credits is preferable over single-Bs. But we are getting close to the point of rotation from IG to the broader part of the asset class. The ‘last flush’ lower in risk assets should come after a significant deterioration in the labour data (negative payrolls) and the Fed properly pivoting to rate cuts.

Local currency debt

Most foreign exchange risk managers and investors are familiar with the ‘Dollar Smile’ model where the USD outperforms both during US recessions or when the US economy outperforms, and typically underperforms when the US economy expands, but at a relatively slower pace than the rest of the world.

A key question we have been increasingly asking ourselves is: Can the Dollar Smile hypothesis break down? In a scenario where a large, front-loaded and poorly conceived fiscal consolidation is forced on the Democratic Party, investors could sell US assets (bonds and stocks), which would bring the Dollar to sell-off. This is unlikely, but possible as illustrated by the UK budget turmoil last year, particularly if the debt ceiling debacle leads investors to lose confidence in the ability of the US to implement a thoughtful fiscal consolidation.

In this scenario, most EM currencies may not be hit as hard, in our view. Most large EM countries have adopted sensible fiscal policies or corrected their excesses, including Indonesia, India and more recently Brazil. EM local bonds are already outperforming year-to-date, thanks to attractive carry and the fact that most central banks are nearing the end of their hiking cycles.

Nevertheless, this very same positive performance year-to-date – alongside fast money positioning – renders EM local currency debt exposed to a small correction. A global recession could make this correction more pronounced. This is not a reason to panic and sell existing exposures, but an opportunity to add into weakness, in our view, since the recession is likely to be driven by an increase in debt servicing costs in the West driving a deterioration in earnings and balance sheets. In our 2023 Outlook, all scenario analysis we ran pointed towards EM local bonds outperforming USD-denominated debt. Strategic long-term investors are taking note.

Summary and Conclusion

The debt ceiling is bringing volatility to market prices. Whilst it is almost impossible to predict whether we will get a deal this weekend, or exactly how it will evolve, the most likely scenario is for an eventual deal to either temporarily suspend the debt ceiling or an agreement where the Democrats are forced to cut expenditures to increase the ceiling, like 2011. In our view, the recent widening in US Treasury yields is an opportunity to add duration exposure on investment grade portfolios, which remains a good place to hide in a turbulent scenario. However, the debt ceiling episode is also bringing question marks regarding the USD status as a global reserve currency, which are farfetched, but resonates into portfolio considering the Dollar expensive valuation. Long term investors are taking note and have been adding exposure to EM local bonds, which have already outperformed Dollar fixed income assets year-to-date.

1. https://www.politico.com/news/2023/05/17/debt-limit-deal-players-00097527
2. https://www.piie.com/blogs/realtime-economics/who-wins-us-debt-default-china
3. https://www.ashmoregroup.com/en-gb/insights/we-wish-all-central-banks-were-steady-as-bank-negara-malaysia and https://www.ashmoregroup.com/en-gb/insights/this-time-was-not-different-the-fed-hiked-until-something-broke
4. https://www.ashmoregroup.com/en-gb/insights/chinas-gdp-growth-beat-expectations-while-us-data-pointed-to-a-recession
5. https://www.ashmoregroup.com/en-gb/insights/we-wish-all-central-banks-were-steady-as-bank-negara-malaysia
6. https://www.crfb.org/papers/analysis-2023-social-security-trustees-report

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Risk Warnings

Data Protection

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

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

Internet

Links

Terms & Conditions - USA 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).

Introduction

No offer, promotion or solicitation

Exclusion of liability

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).

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.

Risk Warnings

Data Protection

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

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

Internet

Links

Terms & Conditions - APAC 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).

Introduction

No offer, promotion or solicitation

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

Australia

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 such offer or invitation will only be extended to a person in Australia if that person is a wholesale client for the purposes of section 761G of the Corporations Act of Australia (“Wholesale Client”).

The information contained in this website is not available to persons who are not Wholesale Clients. Therefore, by accepting this disclaimer, you represent, warrant and covenant to Ashmore that you are a Wholesale Client.

Ashmore Investment Management Limited (ARBN 145 828 262) is exempt from the requirement to hold an Australian financial services licence under the Corporations Act of Australia in respect of the financial services it provides. Ashmore Investment Management Limited is authorised and regulated by the Financial Conduct Authority under the United Kingdom laws, which differ from Australian laws.

Ashmore Investment Advisors Limited is registered as a foreign company under the Corporations Act of Australia and seeks to rely on an ASIC Class Order exemption from the requirement to hold an Australian financial services licence under the Corporations Act in respect of the financial services it intends to provide. Ashmore Investment Advisors Limited is authorised and regulated by the Financial Conduct Authority under the United Kingdom laws, which differ from Australian laws.

Ashmore Investment Management (Singapore) Pte. Ltd. (ARBN 165 244 904) is exempt from the requirement to hold an Australian financial services licence under the Corporations Act of Australia in respect of the financial services it provides. Ashmore Investment Management (Singapore) Pte. Ltd. is regulated by the Monetary Authority of Singapore under Singaporean laws, which differ from Australian laws.

Hong Kong

This website is not intended to be accessed by and is not targeted towards residents of Hong Kong. However, if you are a “professional investor” as defined under the Hong Kong Securities and Futures Ordinance (Cap. 571) (the SFO) and the Securities and Futures (Professional Investor) Rules (Cap. 571D) (the SFPIR), you may access the website.

Potential investors in any Ashmore fund should note that any subscription for units or shares in an Ashmore fund is subject to the terms of the fund’s offering document, including the jurisdictional statements and any other terms specific to any investor contained therein. Subscriptions for units or shares in an Ashmore fund will only be accepted by investors who are able to comply with the terms of the offering and satisfactorily complete the relevant application form and are able to make the representations and statements contained therein.

By accepting this disclaimer you hereby represent, warrant and certify that you are a “professional investor” under the SFO (Cap.571) and the SFPIR (Cap. 571D) and have confirmed accordingly.

India

The offering documents of the Ashmore funds have not been and will not be registered as a prospectus with the Registrar of Companies in India, and will not be registered and/or approved by the Securities and Exchange Board of India (“SEBI”) or any other legal or regulatory authority in India. Furthermore, no regulatory or governmental authority in India has confirmed the accuracy or determined the adequacy of any information on this website or any offering document of any Ashmore fund.

Any person resident in India, including a resident individual, institution or company, shall be permitted to make any investment in an Ashmore fund only in accordance with and subject to the provisions of the Foreign Exchange Management Act, 1999 of India and the regulations and rules framed thereunder, and as per applicable Indian law. Any person resident in India, being a resident individual, may make any investment in an Ashmore fund only in accordance with the guidelines prescribed by the Reserve Bank of India from time to time. An investment by an Indian mutual fund in any Ashmore fund shall be in compliance with the SEBI (Mutual Fund) Regulations, 1996 and any other rules and regulations prescribed by SEBI from time to time in this regard.

No information on this website or any offering document must be treated as investment advice, or an inducement to invest, by an Ashmore fund or any member of the Ashmore Group to any person resident in India.

South Korea

The information contained in this website under no circumstances is, to be construed as, solicitation for the investment in the Funds or purchase of units or shares of any Funds referred to in this website. If Ashmore makes solicitation for the investment in the Funds in the future, the Fund will comply with the relevant requirements under the applicable laws and regulations of Korea.

Japan

Ashmore is obliged to advise you that the information contained in the website is provided only for information purposes and is not provided for the purpose of soliciting investments from Japanese investors, and that the Ashmore funds are not currently registered or authorised for marketing in Japan and no Ashmore entity is currently licensed to distribute any of the Ashmore funds. As such, please note that if you are resident in Japan, you should not access the website unless you fall under any of “Institutional Investors” as provided in the Financial Instruments and Exchange Act (Act No. 25 of 1948, as amended; “FIEA”) and described below and further represent to such effect by confirming below. You may also be able to obtain information in respect of Ashmore funds via a registered Financial Institution in Japan.

“Institutional Investors” under the FIEA for the above purpose include: the Japanese government, the Bank of Japan, “financial instruments business operators” registered under the FIEA as securities-related business (“Japanese Securities Companies”) and “financial instruments business operators” registered under the FIEA as investment management business (“Japanese Investment Managers”), or certain other financial institutions (banks, trust companies, insurance companies, etc.), as set out in the FIEA, Article 58-2, and the Enforcement Order of the FIEA, Article 17-3, Item 1.

No purchase or subscription of units or shares of the Ashmore funds can be made through this website.

Non U.S. Person Representation

Risk Warnings

Data Protection

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

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

Internet

Links

Terms & Conditions - APAC 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).

Introduction

No offer, promotion or solicitation

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.

Exclusion of liability

Australia

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 such offer or invitation will only be extended to a person in Australia if that person is a wholesale client for the purposes of section 761G of the Corporations Act of Australia (“Wholesale Client”).

Hong Kong

By accepting this disclaimer you hereby represent, warrant and certify that you are a “professional investor” under the SFO (Cap.571) and the SFPIR (Cap. 571D) and have confirmed accordingly.

India

South Korea

Japan

No purchase or subscription of units or shares of the Ashmore funds can be made through this website.

Non U.S. Person Representation

Risk Warnings

Data Protection

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

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

Internet

Links

Terms & Conditions - APAC 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).

Introduction

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

No offer, promotion or solicitation

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.

Exclusion of liability

Australia

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 such offer or invitation will only be extended to a person in Australia if that person is a wholesale client for the purposes of section 761G of the Corporations Act of Australia (“Wholesale Client”).

Ashmore Investment Management Limited (ARBN 145 828 262) is exempt from the requirement to hold an Australian financial services licence under the Corporations Act of Australia in respect of the financial services it provides. Ashmore Investment Management Limited is authorised and regulated by the UK Financial Conduct Authority under the United Kingdom laws, which differ from Australian laws.

Hong Kong

The Ashmore funds are not authorised by the Hong Kong Securities and Futures Commission for distribution to the public in Hong Kong, and any offer of Ashmore funds is not directed to the public in Hong Kong. The information contained in this website is not provided for the purpose of soliciting investments from investors residing in Hong Kong and no information in this website should be construed as a public offering or unauthorised distribution of the Ashmore funds within Hong Kong, pursuant to applicable Hong Kong law and regulations.

By accepting this disclaimer you have represented, warranted and certified that you are not resident in Hong Kong.

India

Japan

The Ashmore funds have not been and will not be registered or authorized for marketing in Japan and no Ashmore entity is licensed to distribute any of the Ashmore funds in Japan, and any offer of Ashmore funds is not directed to the general public within Japan. The information contained in this website is not provided for the purpose of soliciting investments from investors residing in Japan. If you are resident in Japan, you should not access the website.

By accepting this disclaimer, you have confirmed that you are not resident in Japan.

Non U.S. Person Representation

Risk Warnings

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.

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

Internet

Links

Terms & Conditions - Colombia (all investor types)

Terms & Conditions - Colombia (all investor types)

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).

Introduction

No offer, promotion or solicitation

Exclusion of liability

AIFMD

Non U.S. Person Representation

Risk Warnings

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.

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

Internet

Links

Terms & Conditions - Colombia (all investor types)

Terms & Conditions - Colombia (all investor types)

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).

Introduction

No offer, promotion or solicitation

Exclusion of liability

AIFMD

Non U.S. Person Representation

Risk Warnings

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.

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

Internet

Links

Terms & Conditions - Colombia (all investor types)

Terms & Conditions - Colombia (all investor types)

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).

Introduction

No offer, promotion or solicitation

Exclusion of liability

AIFMD

Non U.S. Person Representation

Risk Warnings

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.

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

Internet

Links

Terms & Conditions - Colombia (all investor types)

Terms & Conditions - Colombia (all investor types)

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).

Introduction

No offer, promotion or solicitation

Exclusion of liability

AIFMD

Non U.S. Person Representation

Risk Warnings

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.

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

Internet

Links

Terms & Conditions - Colombia (all investor types)

Terms & Conditions - Colombia (all investor types)

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).

Introduction

No offer, promotion or solicitation

Exclusion of liability

AIFMD

Non U.S. Person Representation

Risk Warnings

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.

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

Internet

Links

Terms & Conditions - Colombia (all investor types)

Terms & Conditions - Colombia (all investor types)

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).

Introduction

No offer, promotion or solicitation

Exclusion of liability

AIFMD

Non U.S. Person Representation

Risk Warnings

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.

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

Internet

Links

Terms & Conditions - Colombia AIAC (all investor types)

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).

Introduction

No offer, promotion or solicitation

Exclusion of liability

AIFMD

Non U.S. Person Representation

Risk Warnings

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.

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

Internet

Links

Terms & Conditions - Colombia AIAC (all investor types)

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).

Introduction

No offer, promotion or solicitation

Exclusion of liability

AIFMD

Non U.S. Person Representation

Risk Warnings

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.

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

Internet

Links

Terms & Conditions - Colombia AIAC (all investor types)

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).

Introduction

No offer, promotion or solicitation

Exclusion of liability

AIFMD

Non U.S. Person Representation

Risk Warnings

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.

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

Internet

Links

Términos y condiciones – Colombia AIAC (Cualquier tipo de inversionista)

Antes de continuar lea esta página, ya que contiene información legal y regulatoria importante sobre el material contenido en éste sitio web (Ashmore puede, sin previo aviso, modificarlo).

Al acceder al sitio web, usted acepta estar sujeto a los términos señalados a continuación. Si decido no aceptar dichos términos, debe salir del sitio web. Esta página está diseñada para evitar que categorías inadecuadas de inversionistas accedan al sitio web, por lo tanto, Ashmore no se hace responsable de ningún malentendido que pueda generarse al ingresas al sitio web.

Introducción

Ashmore Investment Management Limited es una sociedad autorizada y regulada por “Financial Conduct Authority”; constituida en Inglaterra y Gales con domicilio en 61 Aldwych, Londres WC2B 4AE, Reino Unido y No. De registro 3344281.

Este sitio web contiene información sobre varios fondos administrados por Ashmore Investment Management Limited, Ashmore Investment Advisors Limited y algunas de sus filiales (“Ashmore”). Los diferentes tipos de fondos o inversiones se presentan en distintos niveles y tipos de riesgo.

El acceso a la información contenida en este sitio web puede estar restringido por ley en ciertos países; las personas que acceden a él deben informarse y cumplir con dichas restricciones. La información incluida en este documento no está destinada para que sea publicada ni puesta a disposición de ninguna persona en ninguna jurisdicción donde hacerlo contravenga las leyes o regulaciones aplicables. Al acceder al sitio web, usted está confirmando que conoce las leyes de su propia jurisdicción en relación con la provisión y venta de servicios y productos de gestión de inversiones, garantiza y declara que NO transmitirá ni utilizará la información contenida en este sitio web de tal forma que se constituya una violación de dichas leyes por parte de Ashmore y/o alguna de sus filiales.

Tenga en cuenta que es probable que muchas de las garantías proporcionadas por la estructura regulatoria del Reino Unido no aplique a todas las inversiones en fondo de Ashmore, incluyendo el Plan de Compensación de Servicios Financieros y el Servicio de Defensor al Consumidor Financiero.

No Oferta, Promoción o Solicitud

Las acciones o acciones de cualquier fondo de Ashmore no están disponibles para la venta en ninguna jurisdicción en la que dicha venta esté prohibida y/o donde dicho fondo no haya sido aprobado para la venta. Nada que haga parte del contenido de este sitio web constituye ni forma parte de ninguna oferta para comprar o vender una inversión en jurisdicciones en las que dichas ofertas sean ilegales. Si tiene alguna duda sobre si está permitido o no invertir en fondos de Ashmore y/o sus filiales, comuníquese con su asesor financiero, quien se encargará de analizar la idoneidad de dicha inversión con usted.

Las personas que residen por fuera del Reino Unido, deberán consultar a su asesor de inversiones para saber si requieren algún consentimiento o si necesitan tener en cuenta otras formalidades antes de poder invertir en los productos descritos en este sitio web. Las personas que residan por fuera del Reino Unido, también deberán consultar el documento relacionado con la oferta de fondos ofrecidos por Ashmore para obtener información jurisdiccional especifica.

La suscripción de acciones o unidades de cualquiera de los fondos de Ashmore solo se realizará sobre la base de documentos de oferta actualizados y de toda documentación informativa para el fondo correspondiente.

La información contenida en este sitio web NO constituye ni forma parte de ninguna oferta de venta, compra, suscripción o inversión en participaciones y/o acciones de ningún fondo de Ashmore. Todos los productos o servicios a los que se hace referencia en este sitio están sujetos a los requisitos legales y regulatorios aplicables en la jurisdicción donde reside el inversionista. La información contenida en este sitio web no constituye ninguna forma de inversión, asesoramiento financiero, legal o fiscal; los posibles inversionistas deberán obtener asesoramiento profesional independiente adecuado, antes de realizar cualquier inversión en cualquier fondo de Ashmore.

Exclusión de Responsabilidad

Ashmore ha tomado precauciones razonables para garantizar que toda la información contenida en este sitio web sea precisa, segura y se encuentre actualizada, pero no se brinda garantías (explícitas o implícitas) en cuanto a la confiabilidad, exactitud e integridad de la información. Usted deberá verificar la precisión de dicha información antes de confiar en ella. Salo en los casos en los que la ley o la regulación aplicable prohíban la exclusión de responsabilidad, Ashmore, sus funcionarios, empleados, representantes, afiliados y agentes, NO aceptan responsabilidad alguna por cualquier pérdida o daño, directo, indirecto, consecuente o de otro tipo (incluyendo la pérdida de dinero) que surja de y/o en relación con este sitio web o su contenido o cualquier suscripción posterior a un fondo de Ashmore, que surja como resultado de la negligencia de Ashmore o de cualquier otra forma. Sin embargo, Ashmore no excluye ni restringe ninguna responsabilidad que pueda tener con los clientes en virtud de las normas FSMA 2000 o de “Financial Conduct Authority” (FCA).

Muchos de los productos a los que se hace referencia en este sitio web son “Esquemas de Inversión Colectiva no Regulados” por sus siglas en inglés (“UCIS”), a efectos de la Ley de Mercados y Servicios Financieros del 2000 (“FSMA”), y no son esquemas reconocidos ni autorizados a efectos de la parte 17 del FSMA. La distribución de material promocional relacionado con dichos productos está restringida por la ley y solo puede hacerse legalmente a personas que se encuentren dentro de las excepciones establecidas en la Ley de Mercados y Servicios Financieros del 2000 (Promoción de esquemas de inversión colectiva) (Excepciones) Orden 2005 o las reglas de la FCA. La información proporcionada en esta parte del sitio web solo está destinada y solo pueden acceder inversionistas institucionales y profesionales de inversión que cumplan con los criterios de excepciones pertinentes.

AIFMD

Cada estado miembro del Espacio Económico Europeo, está adoptando legislación que implementa la Directiva Europea sobre Administradores de Fondos de Inversión Alternativa (Directiva 2011/61/UE) (“AIFMD”). Bajo AIFMD, la comercialización de productos constituye AIF (como se define en AIFMD) a cualquier inversionista domiciliado o con una oficina registrada en el Área Económica Europea estará limitada por dichas leyes y no se llevará a cabo dicha comercialización, salvo lo permitido por dichas leyes. En particular, la comercialización de AIF solo se permitirá cuando el AIFM de AIF relevante (como se define en AIFMD) haya cumplido ciertos registros y otras formalidades en los estados miembro relevantes. Los inversionistas deben informarse sobre los países en los que se han completado estos trámites con respecto a cualquier fondo de Ashmore, y para ese propósito, dicha información se establece en cada página de cada fondo relevante en el sitio web.

Representación de Persona no estadounidense

La información contenida en el sitio web no está disponible para personas estadounidenses o personas que actúen en su nombre, los fondos descritos no se ofrecen en Estados Unidos ni a personas estadounidenses. Por lo tanto, al aceptar este descargo de responsabilidad, usted declara, garantiza y asume ante Ashmore que NO es una persona de los EE.UU. (Según se define en el Reglamento S de la Ley de Valores de EE.UU de 1933) o que actúa por cuenta o beneficio de una persona de los EE.UU., y no pondrá la información a disposición de ninguna persona de los EE.UU. Además, acepta que cesará inmediatamente cualquier uso de información para cualquier propósito.

Advertencias de Riesgo

Los fondos de mercados emergentes conllevan riesgos y también recompensas, y siempre se debe tener en cuenta lo siguiente: el valor de las inversiones y los ingresos derivados de ellas pueden disminuir o aumentar, y es posible que no se recupere la cantidad que se invirtió originalmente; el rendimiento pasado no es un indicador confiable de resultados futuros; los mercados emergentes son volátiles y pueden sufrir problemas de liquidez; los cambios en las tasas de cambio entre monedas pueden hacer que el valor o los ingresos de las inversiones disminuyan o aumenten; y los fondos que se especializan en una región o sector en particular son más riesgosos que los que tienen una amplia gama de inversiones. Los documentos de oferta u otra documentación informativa contienen advertencias de riesgo más detalladas relevantes para el fondo Ashmore en particular.

Protección de Datos

Ashmore mantendrá la confidencialidad de toda la información que pueda proporcionarle a través del sitio web y no se divulgará a terceros, excepto a los fondos de Ashmore, la persona que brinde asesoramiento profesional, legal de contabilidad u otros servicios, que utilizarán dicha información en el curso de proporcionarle asesoramiento u otros servicios y para los fines que especifiquemos. Todas las compañías están obligadas a mantener la confidencialidad de dicha información en la medida en que la reciban.

También podemos divulgar su información personal para cumplir con sus instrucciones, para proteger nuestros derechos e intereses, o de conformidad con su consentimiento expreso.

Sin perjuicio de cualquier disposición en contrario contenida en este documento, podemos divulgar su información personal o cualquier parte de la misma (a) según lo requiera o cumpla con la ley, regulación, proceso judicial u otro requisito legal aplicable; y (b) a solicitud de cualquier autoridad regulatoria, supervisora o gubernamental.

Ashmore y los fondos de Ashmore pueden utilizar sus datos para enviarle información sobre otros productos y servicios que ofrecemos. Si prefiere no recibir dicha información, avísenos por correo electrónico a ashmail@ashmoregroup.com.

En nuestra Política de cookies y nuestra Política de privacidad se incluye más información sobre cómo se utiliza su información personal.

Tiene derecho a una copia de la información que tenemos sobre usted al escribirnos y solicitarla. Hay un costo por este servicio. Las llamadas telefónicas pueden registrarse para fines de cumplimiento, capacitación o inversión.

Derechos de propiedad intelectual

Este sitio web contiene diversos materiales, incluyendo textos, fotografías y otras imágenes, que están protegidos por derechos de autor y/u otros derechos de propiedad intelectual. Todos los derechos de autor (y cualquier otro derecho de propiedad intelectual) en este sitio web y estos materiales son propiedad de Ashmore o de una empresa del grupo Ashmore o los utilizamos bajo licencia.

Este sitio web también contiene varias marcas registradas. Todas las marcas comerciales "ASHMORE" incluidas en este sitio web pertenecen a Ashmore.

Se le permite navegar por cualquier parte de este sitio web y reproducir páginas de este sitio web imprimiendo o descargando en un disco duro dichas páginas, pero en cada caso solo para uso no comercial y personal. No tiene derecho a usar los materiales contenidos en este sitio web (o cualquier derecho de autor u otros derechos de propiedad intelectual dentro de estos materiales) de ninguna otra manera o para cualquier otro propósito, excepto con nuestro consentimiento previo por escrito.

Internet

Los errores, omisiones, interrupciones y demoras de los servicios pueden ocurrir en cualquier momento en Internet, ya que no es un medio de comunicación totalmente confiable o seguro. Ashmore no acepta ninguna responsabilidad por la coherencia, seguridad y confidencialidad de cualquier información enviada a través de Internet y las transmisiones a través de Internet son totalmente a riesgo del usuario.

Links

Al abandonar este sitio web a través de un enlace a otro sitio web, es posible que pierda cualquier protección reglamentaria proporcionada por la FSMA 2000. Ashmore no respalda ni aprueba ningún material en otros sitios web y no acepta responsabilidad por dicho material, servicios o productos ofrecidos por dichos sitios. Ningún tercero puede vincular ningún otro sitio web a este sitio web sin el consentimiento previo por escrito de Ashmore.

Términos y condiciones – Colombia AIAC (Cualquier tipo de inversionista)

Antes de continuar lea esta página, ya que contiene información legal y regulatoria importante sobre el material contenido en éste sitio web (Ashmore puede, sin previo aviso, modificarlo).

Introducción

No Oferta, Promoción o Solicitud

Exclusión de Responsabilidad

AIFMD

Representación de Persona no estadounidense

Advertencias de Riesgo

Protección de Datos

También podemos divulgar su información personal para cumplir con sus instrucciones, para proteger nuestros derechos e intereses, o de conformidad con su consentimiento expreso.

En nuestra Política de cookies y nuestra Política de privacidad se incluye más información sobre cómo se utiliza su información personal.

Derechos de propiedad intelectual

Este sitio web también contiene varias marcas registradas. Todas las marcas comerciales "ASHMORE" incluidas en este sitio web pertenecen a Ashmore.

Internet

Links

Términos y condiciones – Colombia AIAC (Cualquier tipo de inversionista)

Antes de continuar lea esta página, ya que contiene información legal y regulatoria importante sobre el material contenido en éste sitio web (Ashmore puede, sin previo aviso, modificarlo).

Introducción

No Oferta, Promoción o Solicitud

Exclusión de Responsabilidad

AIFMD

Representación de Persona no estadounidense

Advertencias de Riesgo

Protección de Datos

También podemos divulgar su información personal para cumplir con sus instrucciones, para proteger nuestros derechos e intereses, o de conformidad con su consentimiento expreso.

En nuestra Política de cookies y nuestra Política de privacidad se incluye más información sobre cómo se utiliza su información personal.

Derechos de propiedad intelectual

Este sitio web también contiene varias marcas registradas. Todas las marcas comerciales "ASHMORE" incluidas en este sitio web pertenecen a Ashmore.

Internet

Links

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).

Introduction

No offer, promotion or solicitation

Exclusion of liability

AIFMD

Non U.S. Person Representation

Risk Warnings

Data Protection

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

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

Internet

Links

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).

Introduction

No offer, promotion or solicitation

Exclusion of liability

AIFMD

Non U.S. Person Representation

Risk Warnings

Data Protection

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

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

Internet

Links

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).

Introduction

No offer, promotion or solicitation

Exclusion of liability

AIFMD

Non U.S. Person Representation

Risk Warnings

Data Protection

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

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

Internet

Links

Terms & Conditions - India

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).

Introduction

Ashmore Investment Management India LLP (AIMI) is a limited liability partnership based in Mumbai, India with its registered office at 507A, Kakad Chambers, Dr. Annie Besant Road, Worli, Mumbai 400 018, India.

AIMI is an Investment Advisor registered with Securities and Exchange Board of India (SEBI), SEBI Bhawan, Plot No. C4-A, G Block, Bandra Kurla Complex, Bandra East, Mumbai 400 051 vide registration no. INA000006846 dated 3 January 2017 (registration as non-individual and valid till suspended or cancelled by SEBI) under the SEBI (Investment Advisers) Regulations, 2013.

Ashmore Investment Management Limited is authorised and regulated by the Financial Conduct Authority ("FCA"). 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 FCA. 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.

This website contains information about a number of different funds managed by AIMI and certain of its affiliates ("Ashmore"). Different types of fund or investment present different levels and types of risk.

No offer, promotion or solicitation

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 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

Non U.S. Person Representation

Risk Warnings

Data Protection

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

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

Internet

Links

When leaving this website via a link to another website you may lose any regulatory protection provided. 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 - India

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).

Introduction

No offer, promotion or solicitation

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.

Exclusion of liability

Non U.S. Person Representation

Risk Warnings

Data Protection

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

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

Internet

Links

Terms & Conditions - India

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).

Introduction

No offer, promotion or solicitation

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.

Exclusion of liability

Non U.S. Person Representation

Risk Warnings

Data Protection

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

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

Internet

Links

Terms & Conditions - Indonesia

Terms & Conditions - Indonesia

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).

Introduction

PT Ashmore Asset Management Indonesia is an investment management company domiciled in Jakarta and has an operational licence from the Indonesian Financial Services Authority (OJK) with registered office 18 Parc SCBD Tower E, 8th Floor, JL, Jend.Sudirman Kav 52-53, Jakarta 12190 and has been registered with the Company Registration under No. AHU-0014438.AH.01.09.

This website contains information about a number of different funds managed by PT Ashmore Asset Management Indonesia and certain affiliates of the Ashmore Group ("Ashmore"). Different types of fund or investment present different levels and types of risk.

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 advice and prospective investors should obtain appropriate independent professional advice before making any investment in any Ashmore fund.

Exclusion of liability

Non U.S. Person Representation

Risk Warnings

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.

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

Internet

Links

Terms & Conditions - Indonesia

Terms & Conditions - Indonesia

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).

Introduction

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 advice and prospective investors should obtain appropriate independent professional advice before making any investment in any Ashmore fund.

Exclusion of liability

Non U.S. Person Representation

Risk Warnings

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.

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

Internet

Links

Terms & Conditions - Indonesia Retail

Terms & Conditions - Indonesia 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).

Introduction

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 advice and prospective investors should obtain appropriate independent professional advice before making any investment in any Ashmore fund.

Exclusion of liability

Non U.S. Person Representation

Risk Warnings

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.

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

Internet

Links

Syarat dan Ketentuan - Indonesia

Syarat dan Ketentuan - Indonesia

Pengguna disarankan untuk membaca halaman ini dengan seksama sebelum melanjutkan karena halaman ini menjelaskan informasi hukum dan peraturan penting mengenai materi yang dimuat dalam situs web ini (yang dapat diubah oleh Ashmore, tanpa pemberitahuan).

Dengan mengakses situs web ini, maka penggunasetuju dianggap telah membaca, mengerti, dan menyetujui semua isi di dalam Syarat dan Ketentuan ini. Jika pengguna tidak menyetujui salah satu, Sebagian, atau seluruh isi dari Syarat dan Ketentuan ini, maka pengguna tidak diperkenankan untuk mengakses situs web ini.

Halaman ini dirancang untuk mencegah kategori investor yang tidak sesuai untuk mengakses situs web ini dan dengan demikian, Ashmore tidak bertanggung jawab atas misrepresentasi yang mungkin dilakukan pengguna dalam mengakses situs web ini.

Pendahuluan

PT Ashmore Asset Management Indonesia Tbk adalah perusahaan manajer investasi yang berkedudukan di Jakarta dan memiliki izin usaha dari Otoritas Jasa Keuangan (OJK) dengan alamat kantor terdaftar 18 Parc SCBD Tower E, Lantai 8, Jalan Jend. Sudirman Kav 52-53, Jakarta 12190 dan telah didaftarkan pada Daftar Perusahaan dengan No.

Ashmore Investment Management Limited memiliki izin dan diatur oleh Financial Conduct Authority ("FCA"). Ashmore Investment Management Limited didirikan di Inggris dan Wales dengan kantor terdaftar di 61 Aldwych, London WC2B 4AE, Inggris Raya dengan nomor registrasi 3344281.

Ashmore Investment Advisors Limited memiliki izin dan diatur oleh FCA. Ashmore Investment Advisors Limited didirikan di Inggris dan Wales dengan kantor terdaftar di 61 Aldwych, London WC2B 4AE, Inggris Raya dan nomor registrasi 08723494.

Ashmore Investment Management (Ireland) Limited, 32 Molesworth Street, Dublin 2, Irlandia memiliki izin dan diatur oleh Bank Sentral Irlandia sebagai perusahaan manajemen dan agen penjual utama untuk Ashmore SICAV.

Situs web ini berisi informasi mengenai sejumlah reksa dana yang dikelola oleh PT Ashmore Asset Management Indonesia Tbk dan afiliasi dari Ashmore Group ("Ashmore"). Setiap reksa dana atau investasi memiliki tingkat dan jenis risiko yang berbeda.

Beberapa perlindungan yang diberikan oleh hukum yang berlaku di Inggris mungkin tidak berlaku untuk para investor di reksa dana Ashmore, termasuk akses ke Skema Kompensasi Jasa Keuangan dan Layanan Ombudsman Keuangan.

Unit atau saham dalam produk Ashmore tidak djual di yurisdiksi yang melarang dan/atau tidak menyetujui penjualan tersebut. Informasi yang dimuat dalam situs web ini bukan merupakan ajakan atau penawaran untuk menjual, membeli, atau menjual produk investasi di yurisdiksi di mana ajakan atau penawaran dianggap melanggar hukum. Jika penggguna ragu dan belum mengetahui apakah pengguna diperbolehkan untuk berinvestasi di produk Ashmore, silahkan hubungi penasihat keuangan professional untuk mendiskusikan kesesuaian investasi tersebut.

Pengguna yang berada di luar Britania Raya wajib berkonsultasi dengan penasihat keuangan profesional untuk mengetahui apakah pengguna perlu mendapatkan persetujuan atau izin untuk berinvestasi di produk-produk yang dideskripsikan di situs web ini. Pengguna yang berada di luar Britania Raya juga dapat merujuk ke prospektus atau dokumen penawaran produk Ashmore untuk informasi lebih lanjut.

Subscription untuk unit atau saham dalam produk Ashmore hanya dapat dilakukan melalui dokumen penawaran dan dokumen pendukung lainnya untuk produk Ashmore.

Informasi yang dimuat dalam situs web ini bukan merupakan penawaran untuk menjual, membeli, melakukan subscription, atau berinvestasi di produk Ashmore Setiap produk atau layanan yang dimaksud dalam situs web ini tunduk pada hukum dan peraturan di yurisdiksi negara investor. Informasi yang dimuat dalam situs web ini bukan merupakan saran atau rekomendasi investasi, para calon investor disarankan untuk mendapatkan rekomendasi profesional sebelum melakukan investasi di produk Ashmore.

Pengecualian tanggung jawab

Ashmore telah melakukan upaya yang wajar untuk memastikan bahwa semua informasi yang dimuat dalam situs web ini akurat, aman, dan terkini, tetapi tidak ada pernyataan atau jaminan (tersurat maupun tersirat) yang diberikan mengenai ketepatan, keakuratan, dan kelengkapan informasi. Pengguna harus memeriksa keakuratan informasi tersebut sebelum mengandalkannya dengan cara apa pun. Kecuali jika pengecualian tanggung jawab dilarang oleh hukum atau peraturan, Ashmore, pejabat, karyawan, perwakilan, afiliasi, dan agennya tidak bertanggung jawab dalam hal apa pun atas kerugian atau kerusakan, baik langsung, tidak langsung, konsekuensial, atau lainnya (termasuk hilangnya keuntungan) yang timbul dari atau sehubungan dengan situs web ini atau isinya atau langganan berikutnya ke dalam produk Ashmore dan baik yang timbul sebagai akibat dari kelalaian Ashmore atau sebaliknya. Namun, Ashmore tidak mengecualikan atau membatasi tanggung jawab yang mungkin dimilikinya terhadap klien berdasarkan peraturan FSMA 2000 atau peraturan FCA.

Banyak produk yang disebutkan dalam situs web ini adalah 'Skema Investasi Kolektif yang Tidak Diatur' ("UCIS") untuk tujuan Financial Services and Markets Act 2000 ("FSMA"), dan bukan merupakan skema yang diakui atau disahkan untuk tujuan Bagian 17 FSMA. Distribusi materi promosi yang berkaitan dengan produk UCIS tersebut dibatasi oleh hukum dan hanya dapat dilakukan secara sah kepada orang-orang yang termasuk dalam pengecualian yang ditetapkan dalam Financial Services and Markets Act 2000 (Promosi Skema Investasi Kolektif) (Pengecualian) Order 2005 atau peraturan FCA. Informasi yang disediakan di bagian situs web ini hanya ditujukan untuk dan hanya dapat diakses oleh investor institusional dan profesional dalam bidang investasi yang memenuhi kriteria pengecualian yang relevan.

Terdapat risiko yang signifikan terkait dengan investasi dalam produk Ashmore yang diuraikan dalam situs web ini. Investasi dalam UCISyang dijelaskan di situs web ini ditujukan untuk investor yang berpengalaman yang dapat memahami dan menerima risiko yang terkait dengan investasi tersebut, termasuk kerugian substansial atau menyeluruh atas investasi mereka.

Representasi Individual Non Warga Negara Amerika Serikat

Informasi yang dimuat dalam situs web ini tidak berlaku bagi individual yang merupakan warga negara Amerika Serikat atau individual dari negara lain yang bertindak atas nama warga nehara Amerika Seikat. Selanjutnya, produk dijelaskan di dalamnya tidak ditawarkan di Amerika Serikat atau kepada warga negara Amerika Serikat. Oleh karena itu, melalui penafsiran ini, pengguna menyatakan, menjamin,danberjanji kepada Ashmore bahwa pengguna bukan warga negara Amerika Srikat (sebagaimana didefinisikan dalam Peraturan S di bawah U.S. Securities Act of 1933, sebagaimana telah diubah) atau bertindak untuk akun atau manfaat untuk warga negara Amerika Serikat ; dan pengguna tidak akan membuat informasi ini tersedia untuk warga negara Amerika Serikat. Pengguna selanjutnya berjanji bahwa pengguna akan segera menghentikan penggunaan informasi tersebut untuk tujuan apa pun jika salah satu pernyataan di atas tidak lagi benar.

Peringatan Risiko

Reksa dana pasar negara berkembang memiliki risiko dan keuntungan sehingga pengguna harus selalu mengingat hal-hal berikut ini: nilai investasi dan pendapatan dari investasi tersebut dapat turun maupun naik dan pengguna mungkin tidak akan mendapatkan kembali jumlah yang pengguna investasikan; kinerja masa lalu bukan merupakan indikator yang dapat diandalkan untuk hasil di masa depan; pasar negara berkembang bersifat fluktuatif dan dapat mengalami masalah likuiditas; perubahan nilai tukar antar mata uang dapat menyebabkan nilai atau pendapatan dari investasi berkurang atau bertambah; dan reksa dana dengan spesialiasi pada suatu wilayah atau sektor tertentu lebih berisiko dibandingkan dengan reksa dana yang memiliki sebaran investasi yang t luas. Dokumen penawaran atau dokumen pendukung lainnya akan memuat peringatan risiko yang lebih rinci yang relevan dengan reksa dana Ashmore tertentu.

Perlindungan Data

Setiap informasi yang pengguna berikan kepada Ashmore melalui situs web akan dijaga kerahasiaannya oleh Ashmore dan tidak akan diungkapkan kepada pihak ketiga, selain kepadaAshmore dan siapa pun yang memberikan nasihat profesional, nasihat akuntansi hukum, atau layanan lain kepada Ashmore atau produk Ashmore, yang akan menggunakan informasi tersebut dalam proses memberikan nasihat atau layanan lain untuk tujuan yang kami tentukan. Semua perusahaan tersebut diwajibkan untuk menjaga kerahasiaan informasi tersebut sejauh yang mereka terima.

Kami juga dapat mengungkapkan informasi pribadi pengguna untuk memenuhi instruksi pengguna, untuk melindungi hak dan kepentingan kami, atau sesuai dengan persetujuan tertulis dari pengguna..

Terlepas dari segala hal yang bertentangan yang terkandung di sini, kami dapat mengungkapkan informasi pribadi pengguna apabila (a) diwajibkan oleh, atau untuk mematuhi, hukum yang berlaku, peraturan, proses pengadilan, atau persyaratan hukum lainnya; dan (b) atas permintaan dari pihak berwenang pengatur, pengawas, atau pemerintah.

Data pengguna dapat digunakan oleh Ashmore untuk mengirimkan informasi tentang produk dan layanan lain yang kami tawarkan. Jika pengguna memilih untuk tidak menerima informasi tersebut, mohon beritahukan kepada kami melalui email ke ashmail@ashmoregroup.com

Informasi lebih lanjut tentang bagaimana informasi pribadi pengguna digunakan terdapat dalam Kebijakan Cookie dan Kebijakan Privasi kami.

Pengguna berhak mendapatkan salinan informasi yang kami miliki tentang pengguna, dengan menulis surat kepada kami dan memintanya. Layanan ini akan dikenakan biaya.

Panggilan telepon dapat direkam untuk tujuan kepatuhan, pelatihan, atau investasi.

Hak Kekayaan Intelektual

Situs web ini memuat berbagai materi termasuk teks, foto, dan gambar lainnya, yang dilindungi oleh hak cipta dan/atau hak kekayaan intelektual lainnya. Semua hak cipta (dan hak kekayaan intelektual lainnya) dalam situs web ini dan materi ini dimiliki oleh Ashmore atau perusahaan grup Ashmore atau digunakan oleh kami berdasarkan lisensi.

Situs web ini juga berisi berbagai merek dagang. Semua merek dagang "ASHMORE" yang disertakan di situs web ini adalah milik Ashmore.

Pengguna diizinkan untuk menelusuri bagian mana pun dari situs web ini dan mereproduksi halaman-halaman situs web ini dengan mencetak atau mengunduh halaman-halaman tersebut ke dalam hard disk, tetapi dalam setiap kasus hanya untuk penggunaan non-komersial dan pribadi. Anda tidak memiliki hak untuk menggunakan materi yang terkandung dalam situs web ini (atau hak cipta atau hak kekayaan intelektual lainnya dalam materi ini) dengan cara lain atau untuk tujuan lain kecuali dengan persetujuan tertulis dari kami.

Internet

Kesalahan, kelalaian, gangguan, dan penundaan layanan dapat terjadi kapan saja di internet karena internet bukanlah media komunikasi yang sepenuhnya dapat diandalkan atau aman. Ashmore tidak bertanggung jawab atas konsistensi, keamanan, dan kerahasiaan informasi apa pun yang dikirim melalui internet dan transmisi data melalui internet sepenuhnya merupakan risiko pengguna.

Tautan

Ketika meninggalkan situs web ini melalui tautan ke situs web lain, pengguna mungkin kehilangan perlindungan peraturan yang disediakan di bawah FSMA 2000. Ashmore tidak mendukung atau menyetujui materi di situs web lain dan tidak bertanggung jawab atas materi, layanan, atau produk yang ditawarkan oleh situs tersebut. Tidak ada pihak ketiga yang diizinkan untuk menautkan situs web lain ke situs web ini tanpa persetujuan tertulis dari Ashmore.

Syarat dan Ketentuan - Indonesia

Syarat dan Ketentuan - Indonesia

Pendahuluan

Subscription untuk unit atau saham dalam produk Ashmore hanya dapat dilakukan melalui dokumen penawaran dan dokumen pendukung lainnya untuk produk Ashmore.

Pengecualian tanggung jawab

Representasi Individual Non Warga Negara Amerika Serikat

Peringatan Risiko

Perlindungan Data

Kami juga dapat mengungkapkan informasi pribadi pengguna untuk memenuhi instruksi pengguna, untuk melindungi hak dan kepentingan kami, atau sesuai dengan persetujuan tertulis dari pengguna..

Informasi lebih lanjut tentang bagaimana informasi pribadi pengguna digunakan terdapat dalam Kebijakan Cookie dan Kebijakan Privasi kami.

Pengguna berhak mendapatkan salinan informasi yang kami miliki tentang pengguna, dengan menulis surat kepada kami dan memintanya. Layanan ini akan dikenakan biaya.

Panggilan telepon dapat direkam untuk tujuan kepatuhan, pelatihan, atau investasi.

Hak Kekayaan Intelektual

Situs web ini juga berisi berbagai merek dagang. Semua merek dagang "ASHMORE" yang disertakan di situs web ini adalah milik Ashmore.

Internet

Tautan

Terms & Conditions - Indonesia Retail

Syarat & Ketentuan – Ritel Indonesia

Pendahuluan

Subscription untuk unit atau saham dalam produk Ashmore hanya dapat dilakukan melalui dokumen penawaran dan dokumen pendukung lainnya untuk produk Ashmore.

Pengecualian tanggung jawab

Representasi Individual Non Warga Negara Amerika Serikat

Banyak produk yang disebutkan dalam situs web yang merupakan 'Skema Investasi Kolektif yang Tidak Diatur' ("UCIS") untuk tujuan Financial Services and Markets Act 2000 ("FSMA"), dan bukan merupakan skema yang diakui atau disahkan untuk tujuan Bagian 17 FSMA. Distribusi materi promosi yang berkaitan dengan produk UCIS tersebut dibatasi oleh hukum dan hanya dapat dilakukan secara sah kepada orang-orang yang termasuk dalam pengecualian yang ditetapkan dalam Financial Services and Markets Act 2000 (Promosi Skema Investasi Kolektif) (Pengecualian) Order 2005 atau peraturan FCA. Informasi yang disediakan di bagian situs web ini hanya ditujukan untuk dan hanya dapat diakses oleh investor institusional dan ahli investasi profesional yang memenuhi kriteria pengecualian yang relevan.

Terdapat risiko yang signifikan terkait dengan investasi dalam dana Ashmore yang diuraikan dalam situs web ini. Investasi dalam Skema Investasi Kolektif yang Tidak Diatur (UCIS) yang dijelaskan di situs web ini ditujukan untuk investor yang telah berpengalaman dan dapat memahami serta menerima risiko terkait dengan investasi seperti kerugian substantial atau menyeluruh atas investasi mereka.

Peringatan Risiko

Perlindungan Data

Kami juga dapat mengungkapkan informasi pribadi pengguna untuk memenuhi instruksi pengguna, untuk melindungi hak dan kepentingan kami, atau sesuai dengan persetujuan tertulis dari pengguna..

Informasi lebih lanjut tentang bagaimana informasi pribadi pengguna digunakan terdapat dalam Kebijakan Cookie dan Kebijakan Privasi kami.

Pengguna berhak mendapatkan salinan informasi yang kami miliki tentang pengguna, dengan menulis surat kepada kami dan memintanya. Layanan ini akan dikenakan biaya.

Panggilan telepon dapat direkam untuk tujuan kepatuhan, pelatihan, atau investasi.

Hak Kekayaan Intelektual

Situs web ini juga berisi berbagai merek dagang. Semua merek dagang "ASHMORE" yang disertakan di situs web ini adalah milik Ashmore.

Internet

Tautan

Terms & Conditions - RoW 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).

Introduction

No offer, promotion or solicitation

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

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 Financial Conduct Authority. 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.

Canada

The information contained in the website is not provided for the purpose of soliciting investments from Canadian investors and that the shares or units in Ashmore funds have not nor will they be qualified for sale to the public under applicable Canadian securities laws. Any placement of shares or units in Ashmore funds in Canada is being made only on a private placement basis and Canadian investors will only be eligible to purchase units or shares in Ashmore funds if they are located and resident in the Provinces of Ontario, British Columbia, Alberta, Quebec or Nova Scotia and are eligible for the private placement and registration exemptions for the relevant province. Furthermore, units or shares in Ashmore funds cannot be purchased by and may not be transferred to or otherwise held by any Canadian investors if such investors would, as a result of such purchase, transfer or otherwise hold units or shares with a value of less than CAD 1,000,000.

Potential investors in any Ashmore fund should note that any subscription for units or shares in an Ashmore fund is subject to the terms of the fund’s offering document including the jurisdictional statements and any other terms specific to any investor contained therein. Subscriptions for units or shares in an Ashmore fund will only be accepted by investors who are able to comply with the terms of the offering and satisfactorily complete the relevant application form and are able to make the representations and statements contained therein.

By accepting this disclaimer you have confirmed accordingly.

Non U.S. Person Representation

Risk Warnings

Data Protection

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

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

Internet

Links

Terms & Conditions - RoW 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).

Introduction

No offer, promotion or solicitation

Exclusion of liability

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 Financial Conduct Authority. 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.

Canada

By accepting this disclaimer you have confirmed accordingly.

Non U.S. Person Representation

Risk Warnings

Data Protection

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

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

Internet

Links

Terms & Conditions - RoW 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).

Introduction

No offer, promotion or solicitation

Exclusion of liability

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 Financial Conduct Authority. 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.

Canada

By accepting this disclaimer you have confirmed accordingly.

Non U.S. Person Representation

Risk Warnings

Data Protection

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

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

Internet

Links

الأحكام والشروط الخاصة بالمؤسسات والمستثمرين المحترفين

إن شركة أشمور للاستثمار السعودية هي من الشركات المرخصة والمنظمة من قبل هيئة السوق المالية السعودية بموجب الترخيص رقم 14174-22، ويقع مقرّها القانوني في الطابق الثالث، برج ب، أبراج العليا, شارع العليا العام، الرياض، المملكة العربية السعودية.

أما شركة أشمور لإدارة الاستثمارات المحدودة (Ashmore Investment Management Limited)، التي تُعرف أيضاً باسم "شركة أشمور إنفستمنت مانجمنت ليمتد"، فهي شركة مرخصة ومنظمة من قبل هيئة مراقبة السلوكيات المالية (البريطانية). وقد أُنشئت هذه الشركة في إنجلترا وويلز، ويقع مقرّها القانوني في 61 ألدويتش، لندن WC2B 4AE، المملكة المتحدة، وتم تسجيلها تحت رقم 3344281.

وشركة أشمور إنفستمنت أدفايزرس ليمتد (Ashmore Investment Advisors Limited) هي أيضاً شركة مرخصة ومنظمة من قبل هيئة مراقبة السلوكيات المالية (البريطانية). وقد أُنشئت هذه الأخيرة في إنجلترا وويلز، ويقع مقرّها القانوني في 61 ألدويتش، لندن WC2B 4AE، المملكة المتحدة، وتم تسجيلها تحت رقم 08723494.

وقد يتضمّن هذا الموقع الإلكتروني معلومات حول عدد من الصناديق المختلفة التي تديرها شركة أشمور إنفستمنت مانجمنت ليمتد وشركة أشمور إنفستمنت أدفايزرس ليمتد وبعض شركاتهما الفرعية ("شركة أشمور"). وتجدر الإشارة إلى أن الأنواع المختلفة من الصناديق أو الاستثمارات تشتمل على مستويات وأنواع مختلفة من المخاطر.

هذا وقد يضع القانون أو النظام في بلدان معينة قيوداً على إمكانية الدخول إلى المعلومات التي يحتوي عليها هذا الموقع الإلكتروني ويُطلب من الأشخاص الذين يدخلون إليها الاطّلاع على أحكام أي من هذه القيود والامتثال لها. ولا يُراد نشر أو توفير المعلومات الواردة في هذا الموقع لأي شخص في أي ولاية قضائية حيث قد يخالف ذلك أي قوانين أو أنظمة أو لوائح معمول بها. ومن خلال دخولك إلى هذا الموقع الإلكتروني، تؤكّد أنك مطّلع على القوانين أو الأنظمة في الولاية القضائية التي تخضع لها في ما يتعلق بتوفير وبيع خدمات ومنتجات إدارة الاستثمار، وتضمن وتقرّ بأنك لن تنقل أو تستخدم المعلومات التي يحتوي عليها هذا الموقع بطريقة قد تشكّل إخلالاً بهذه القوانين أو الأنظمة من جانب شركة أشمور أو أي شخص آخر.

ويجوز ألا ينطبق العديد من إجراءات الحماية التي توفرها الهيكلية التنظيمية للمملكة المتحدة على الاستثمارات في صناديق شركة أشمور، بما في ذلك إمكانية الاستفادة من برنامج تعويضات الخدمات المالية (Financial Services Compensation Scheme) وخدمة المظالم المالية (Financial Ombudsman Service).

لا وجود لأي عرض أو ترويج أو استدراج لأي عرض

ليست الوحدات أو الأسهم في أي من صناديق شركة أشمور متاحة للبيع في أي ولاية قضائية حيث يجوز منع بيعها و/أو حيث لم يحصل الصندوق على الموافقة المطلوبة لإجراء عملية البيع. لا يشكّل أي شيء يشتمل عليه هذا الموقع الإلكتروني أو يكوّن جزءاً من أي عرض لبيع أو شراء استثمار، أو أي استدراج لذلك العرض في أي ولاية قضائية حيث قد يُعتبر العرض أو استدراجه غير قانوني. وإذا اختلط عليك الأمر لجهة السماح، أو عدم السماح، لك بالاستثمار في صناديق شركة أشمور، يُرجى منك الاتصال بمستشارك المالي الذي سيناقش معك مدى ملاءمة ذلك الاستثمار.

في هذا الإطار، من واجب الأشخاص المقيمين في المملكة العربية السعودية أو في مكان آخر خارج المملكة المتحدة مراجعة مستشاريهم المهنيين للاستفسار عن أي موافقات قد تكون مطلوبة أو أي معاملات أخرى قد يتعيّن عليهم التقيّد بها قبل أن يتمكّنوا من الاستثمار في المنتجات الوارد وصفها في هذا الموقع الإلكتروني. كما ينبغي أن يراجع الأشخاص المقيمون خارج المملكة المتحدة مستند الطرح لصندوق شركة أشمور ذات الصلة للحصول على مزيد من المعلومات القضائية المحددة بغية الاطّلاع على أي موافقات قد تكون مطلوبة أو أي معاملات أخرى قد يتعيّن عليهم التقيّد بها قبل أن يتمكّنوا من الاستثمار في المنتجات الوارد وصفها في هذا الموقع الإلكتروني. وينبغي أن يراجع الأشخاص المقيمون خارج المملكة المتحدة مستند الطرح لصندوق شركة أشمور ذات الصلة للحصول على مزيد من المعلومات القضائية المحددة.

وسيحصل الاكتتاب في الأسهم أو الوحدات في أي من صناديق شركة أشمور فقط على أساس مستند الطرح الحالي والوثائق التأسيسية الأخرى لصندوق شركة أشمور المعني.

ولا تشكّل أو تكوّن المعلومات الواردة في هذا الموقع الإلكتروني جزءاً من أي عرض لبيع أو شراء أو الاكتتاب أو الاستثمار في وحدات أو أسهم في أي من صناديق شركة أشمور. وتخضع أي منتجات أو خدمات يُشار إليها في هذا الموقع الإلكتروني للشروط والمتطلبات القانونية والتنظيمية النافذة في الولاية القضائية حيث يقيم المستثمر. كما لا تشكّل المعلومات التي يحتوي عليها هذا الموقع أي شكل من أشكال الاستثمار أو المشورة المالية أو القانونية أو الضريبية، ويتعين على المستثمرين المحتملين الحصول على المشورة المهنية المستقلة والمناسبة قبل القيام بأي استثمار في أي من صناديق شركة أشمور.

استثناء المسؤولية

لقد اتخذت شركة أشمور إجراءات العناية المعقولة لتضمن أن المعلومات كافة الواردة في هذا الموقع الإلكتروني دقيقة وآمنة ومحدّثة، غير أنها لا تدلي بأي إقرارات أو تعطي أي ضمانات (صريحة أو ضمنية) لجهة مصداقية ودقة واكتمال تلك المعلومات. لذا يتعين عليك التحقق من دقة تلك المعلومات قبل الاعتماد عليها بأي شكل من الأشكال. وما لم يحظر القانون أو النظام استثناء المسؤولية، لا تقبل شركة أشمور ومسؤولوها وموظفوها وممثلوها وشركاتها الفرعية ووكلاؤها بتحمل أي مسؤولية بأي وجه من الوجوه عن أي خسارة أو ضرر، سواء أكان مباشراً أو غير مباشر أو استتباعياً، أو ضرراً يشمل خسارة في الأرباح ويكون ناشئاً (عن) أو مرتبطاً بهذا الموقع أو محتواه أو أي اكتتاب لاحق في أحد صناديق شركة أشمور وسواء أكان ناتجاً عن إهمال شركة أشمور أو غير ذلك. غير أن شركة أشمور لا تستثني أو تقيّد أي مسؤولية قد تترتب عليها تجاه العملاء بموجب قانون الخدمات والأسواق المالية الإنجليزي لعام 2000 أو قواعد هيئة مراقبة السلوكيات المالية.

يجوز أن تشكّل المنتجات المشار إليها في هذا الموقع الإلكتروني "خطط استثمار جماعي غير منظم" ("UCIS") لأغراض قانون الخدمات والأسواق المالية الإنجليزي لعام 2000 ("قانون الخدمات والأسواق المالية")، وهي خطط غير معترف أو مسموح بها لأغراض الجزء 17 من قانون الخدمات والأسواق المالية. ويُعتبر توزيع المواد الترويجية المتعلقة بمنتجات خطط الاستثمار الجماعي غير المنظم مقيّداً بموجب القانون ويجوز القيام به بصورة قانونية فقط للأشخاص الذين يندرجون ضمن قائمة الإعفاءات التي ينص عليها قانون الخدمات والأسواق المالية لعام 2000 (ترويج خطط الاستثمار الجماعي) (الإعفاءات)، نظام 2005 (Order 2005) أو قواعد هيئة مراقبة السلوكيات المالية. وتجدر الإشارة إلى أن المعلومات التي يشتمل عليها هذا القسم من الموقع الإلكتروني معدّة، ويُمنح حق الوصول إليها، فقط للمستثمرين من المؤسسات والمحترفين في مجال الاستثمارات الذين يستوفون معايير الإعفاء ذات الصلة.

ويجوز أن تنطوي عملية الاستثمار في صناديق شركة أشمور على مخاطر كبيرة يوجزها هذا الموقع. ويستهدف الاستثمار في خطط الاستثمار الجماعي غير المنظم الوارد وصفها في هذا الموقع الإلكتروني المستثمرين المتمرّسين الذين بوسعهم إدراك والقبول بالمخاطر المرتبطة بذلك الاستثمار بما فيها خسارة استثمارهم بالكامل أو خسارة الجزء الأكبر منه.

عدم جواز تمثيل شخص أمريكي

لا تتوفر المعلومات الواردة في هذا الموقع الإلكتروني لأشخاص أمريكيين أو أشخاص ينوبون عنهم، ولا يتم طرح أسهم الصناديق الوارد وصفها في الموقع عينه في الولايات المتحدة أو لأشخاص أمريكيين. لذلك، تضمن وتقرّ وتتعهد لشركة أشمور، من خلال موافقتك على إخلاء المسؤولية هذا، بأنك من الأشخاص غير الأمريكيين (كما يحدّد النظام (S) من قانون الأوراق المالية الأمريكي لعام 1933، حسبما جرى تعديله) وبأنك لا تعمل لحساب أو لصالح شخص أمريكي ولن توفر المعلومات لأي شخص أمريكي. كما تتعهد بأنك ستتوقف فوراً عن أي استخدام للمعلومات لأي غرض في حال لم يعد أي من الإقرارات أعلاه حقيقياً.

التحذيرات بشأن المخاطر

تنطوي صناديق الأسواق الناشئة على مخاطر وأرباح في الوقت عينه ويتعين عليك أن تضع دائماً في اعتبارك ما يلي: من الممكن أن تنخفض أو ترتفع قيمة الاستثمارات والدخل الذي تولّده وقد لا تتمكّن من استرداد المبلغ الذي استثمرته في البداية. ولا يشكّل الأداء السابق مؤشراً يمكن الاعتماد عليه لتحقيق النتائج عينها في المستقبل. كما تُعتبر الأسواق الناشئة من الأسواق المتقلبة وقد تعاني من مشاكل في السيولة. ومن ناحية أخرى، قد تؤدي التغييرات في أسعار الصرف بين العملات إلى انخفاض أو ارتفاع قيمة الاستثمارات أو الدخل الذي تولّده. كما تُعتبر الصناديق التي تختص بمنطقة أو قطاع محدّد أكثر خطورة من الصناديق التي تشتمل على مجموعة واسعة جداً من الاستثمارات. هذا وتحتوي مستندات الطرح أو الوثائق التأسيسية الأخرى على تحذيرات أكثر تفصيلاً بشأن المخاطر المتعلقة بكل صندوق من صناديق شركة أشمور.

حماية البيانات
ستحافظ شركة أشمور على سرية أي معلومات قد توفرها لها من خلال الموقع الإلكتروني ولن يتم الإفصاح عنها لأطراف ثالثة غير صناديق شركة أشمور وأي شخص يقدّم المشورة المهنية أو المشورة بشأن المحاسبة القانونية أو خدمات أخرى إلى شركة أشمور أو صناديقها، وسيستخدم تلك المعلومات في سياق تقديم مشورته أو الخدمات الأخرى إليك وللأغراض التي نحددها. ويُطلب من الشركات كافة الحفاظ على سرية تلك المعلومات بالقدر الذي تحصل فيه عليها.

ويجوز لنا أيضاً أن نفصح عن معلوماتك الشخصية لتنفيذ تعليماتك، أو لحماية حقوقنا ومصالحنا، أو عملاً بموافقتك الصريحة.

وعلى الرغم من أي شيء مخالف يرد ضمن هذه الأحكام والشروط، يجوز أن نفصح عن معلوماتك الشخصية أو أي أجزاء منها (أ) حسبما يفرض القانون أو النظام أو اللائحة المعمول بها، أو إجراء المحكمة أو أي شرط قانوني آخر، أو بهدف الامتثال لها، و(ب) بطلب من أي هيئات أو سلطات تنظيمية أو رقابية أو حكومية.

ويجوز أن تستخدم شركة أشمور وصناديقها التفاصيل الخاصة بك لإرسال معلومات إليك عما نعرضه من منتجات وخدمات أخرى. وإذا كنت تفضل عدم استلام تلك المعلومات، يُرجى منك إبلاغنا بذلك بالبريد الإلكتروني على ashmail@ashmoregroup.com.

وترد معلومات إضافية حول كيفية استخدام معلوماتك الشخصية في سياسة ملفات تعريف الارتباط وسياسة الخصوصية اللتين نعتمدهما.

ويحق لك الحصول على نسخة عن المعلومات التي نحتفظ بها عنك بطلبها عبر مراسلتنا خطياً. ويُدفع رسم مقابل هذه الخدمة.

كما يجوز تسجيل المكالمات الهاتفية لأغراض الامتثال أو التدريب أو الاستثمار.

حقوق الملكية الفكرية

يحتوي هذا الموقع الإلكتروني على مواد مختلفة تشمل النصوص والصور وغيرها من الرسوم التي تحميها حقوق الطبع والنشر و/أو حقوق الملكية الفكرية الأخرى. وتملك شركة أشمور أو شركة ضمن مجموعة شركات أشمور حقوق الطبع والنشر كافة (وأي حقوق أخرى للملكية الفكرية) في هذا الموقع الإلكتروني وهذه المواد أو تُستخدم من قبلنا بموجب ترخيص.

كما يشتمل هذا الموقع الإلكتروني على علامات تجارية متنوعة. وتخص العلامات التجارية كافة بعنوان "أشمور" التي يشتمل عليها هذا الموقع الإلكتروني شركة أشمور.

ويُسمح لك بتصفح أي قسم من هذا الموقع الإلكتروني وبنسخ صفحات منه من خلال طبع أو تنزيل تلك الصفحات على قرص ثابت. ولكن يحصل ذلك في كل حالة فقط لغرض الاستخدام الشخصي وغير التجاري. ولا يحق لك استخدام المواد التي يحتوي عليها هذا الموقع الإلكتروني (أو أي حقوق طبع ونشر أو حقوق أخرى للملكية الفكرية ضمن تلك المواد) بأي طريقة أخرى أو لأي غرض آخر إلا بعد الحصول على موافقتنا الخطية المسبقة.

الإنترنت

قد تحصل الأخطاء والإغفالات وتوقف الخدمات والتأخير فيها في أي وقت على شبكة الإنترنت بما أنها لا تشكّل وسيلة اتصال مضمونة تماماً أو يمكن الاعتماد عليها بشكل كامل. ولا تقبل شركة أشمور بتحمل أي مسؤولية عن تطابق وأمن وسرية أي معلومات تُرسَل عبر شبكة الإنترنت وتُعتبر أي عمليات بث وانتقال عبر الإنترنت على مسؤولية المستخدم الكاملة.

الروابط

عند ترك هذا الموقع الإلكتروني عبر أحد الروابط للانتقال إلى موقع آخر، قد تفقد أي حماية نظامية ينص عليها قانون الخدمات والأسواق المالية الإنجليزي لعام 2000. ولا تصادق شركة أشمور أو توافق على أي مادة في مواقع إلكترونية أخرى ولا تتحمل أي مسؤولية عن المواد أو الخدمات أو المنتجات التي تعرضها تلك المواقع. ولا يُسمح لأي طرف ثالث بربط أي موقع إلكتروني آخر بهذا الموقع بدون الحصول على الموافقة الخطية المسبقة لشركة أشمور.

الأحكام والشروط الخاصة بالوسطاء والمستشارين الماليين

ومن خلال الدخول إلى أي صفحة من صفحات هذا الموقع الإلكتروني، توافق على الالتزام بالأحكام الواردة أدناه. وإذا لم توافق على تلك الأحكام، يتعيّن عليك أن تخرج من الموقع. فهذه الصفحة صُممت لمنع الفئات غير الملائمة من المستثمرين من الدخول إلى الموقع وبالتالي لا يمكن أن تتحمل شركة أشمور مسؤولية أي تحريفات أو تضليل قد تقوم به أثناء وصولك إلى الموقع الإلكتروني.

المقدّمة

وشركة أشمور إنفستمنت أدفايزرس ليمتد (Ashmore Investment Advisors Limited) هي أيضاً شركة مرخصة ومنظمة من قبل هيئة مراقبة السلوكيات المالية (البريطانية). وقد أُنشئت هذه الأخيرة في إنجلترا وويلز، ويقع مقرّها القانوني في 61 ألدويتش، لندن WC2B 4AE، المملكة المتحدة، وتم تسجيلها تحت رقم 08723494.

الأحكام والشروط الخاصة بالمستثمرين الأفراد

يُرجى قراءة هذه الصفحة قبل المتابعة بما أنها تعرض معلومات قانونية وتنظيمية مهمة حول المواد التي يحتوي عليها هذا الموقع الإلكتروني (والتي يجوز أن تعمد شركة أشمور إلى تغييرها بدون توجيه إشعار مسبق).

ومن خلال الدخول إلى أي صفحة من صفحات هذا الموقع الإلكتروني، توافق على الالتزام بالأحكام الواردة أدناه. وإذا لم توافق على تلك الأحكام، يتعيّن عليك أن تخرج من الموقع. فهذه الصفحة صُممت لمنع الفئات غير الملائمة من المستثمرين من الدخول إلى الموقع وبالتالي لا يمكن أن تتحمل شركة أشمور مسؤولية أي تحريفات أو تضليل قد تقوم به أثناء وصولك إلى الموقع الإلكتروني.

إن شركة أشمور للاستثمار السعودية هي من الشركات المرخصة والمنظمة من قبل هيئة السوق المالية السعودية بموجب الترخيص رقم 14174-22، ويقع مقرّها القانوني في الطابق الثالث، برج ب، أبراج العليا, شارع العليا العام، الرياض، المملكة العربية السعودية.

أما شركة أشمور لإدارة الاستثمارات المحدودة (Ashmore Investment Management Limited)، التي تُعرف أيضاً باسم "شركة أشمور إنفستمنت مانجمنت ليمتد"، فهي شركة مرخصة ومنظمة من قبل هيئة مراقبة السلوكيات المالية (البريطانية). وقد أُنشئت هذه الشركة في إنجلترا وويلز، ويقع مقرّها القانوني في 61 ألدويتش، لندن WC2B 4AE، المملكة المتحدة، وتم تسجيلها تحت رقم 3344281.

وشركة أشمور إنفستمنت أدفايزرس ليمتد (Ashmore Investment Advisors Limited) هي أيضاً شركة مرخصة ومنظمة من قبل هيئة مراقبة السلوكيات المالية (البريطانية). وقد أُنشئت هذه الأخيرة في إنجلترا وويلز، ويقع مقرّها القانوني في 61 ألدويتش، لندن WC2B 4AE، المملكة المتحدة، وتم تسجيلها تحت رقم 08723494.

وقد يتضمّن هذا الموقع الإلكتروني معلومات حول عدد من الصناديق المختلفة التي تديرها شركة أشمور إنفستمنت مانجمنت ليمتد وشركة أشمور إنفستمنت أدفايزرس ليمتد وبعض شركاتهما الفرعية ("شركة أشمور"). وتجدر الإشارة إلى أن الأنواع المختلفة من الصناديق أو الاستثمارات تشتمل على مستويات وأنواع مختلفة من المخاطر.

هذا وقد يضع القانون أو النظام في بلدان معينة قيوداً على إمكانية الدخول إلى المعلومات التي يحتوي عليها هذا الموقع الإلكتروني ويُطلب من الأشخاص الذين يدخلون إليها الاطّلاع على أحكام أي من هذه القيود والامتثال لها. ولا يُراد نشر أو توفير المعلومات الواردة في هذا الموقع لأي شخص في أي ولاية قضائية حيث قد يخالف ذلك أي قوانين أو أنظمة أو لوائح معمول بها. ومن خلال دخولك إلى هذا الموقع الإلكتروني، تؤكّد أنك مطّلع على القوانين أو الأنظمة في الولاية القضائية التي تخضع لها في ما يتعلق بتوفير وبيع خدمات ومنتجات إدارة الاستثمار، وتضمن وتقرّ بأنك لن تنقل أو تستخدم المعلومات التي يحتوي عليها هذا الموقع بطريقة قد تشكّل إخلالاً بهذه القوانين أو الأنظمة من جانب شركة أشمور أو أي شخص آخر.

ويجوز ألا ينطبق العديد من إجراءات الحماية التي توفرها الهيكلية التنظيمية للمملكة المتحدة على الاستثمارات في صناديق شركة أشمور، بما في ذلك إمكانية الاستفادة من برنامج تعويضات الخدمات المالية (Financial Services Compensation Scheme) وخدمة المظالم المالية (Financial Ombudsman Service).

لا وجود لأي عرض أو ترويج أو استدراج لأي عرض

استثناء المسؤولية

عدم جواز تمثيل شخص أمريكي

التحذيرات بشأن المخاطر

حقوق الملكية الفكرية

الإنترنت

الروابط

Terms & Conditions - Saudi Arabia - Institutions Professional Investors

Terms & Conditions - Saudi Arabia - Institutions Professional Investors

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).

Introduction

Ashmore Investment Saudi Arabia is licensed and regulated by the Saudi Arabian Capital Market Authority under licence no. 14174-22 with its registered office at Third floor, tower B, Olaya towers, Olaya Main Street Riyadh, Kingdom of Saudi Arabia.

This website may contain information about a number of different funds managed by Ashmore Investment Saudi Arabia and certain of its affiliates ("Ashmore"). Different types of fund or investment present different levels and types of risk.

No offer, promotion or solicitation

Persons resident in the Kingdom of Saudi Arabia or otherwise 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.

Exclusion of liability

Products referred to in this website may be ‘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 may be 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.

Non U.S. Person Representation

The 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

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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.

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Intellectual Property Rights

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

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Terms & Conditions - Saudi Arabia - Intermediaries Financial Advisors

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).

Introduction

No offer, promotion or solicitation

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.

Exclusion of liability

Non U.S. Person Representation

Risk Warnings

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.

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

Internet

Links

Terms & Conditions - Saudi Arabia - Individual Investors

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).

Introduction

No offer, promotion or solicitation

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.

Exclusion of liability

Non U.S. Person Representation

Risk Warnings

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.

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

Internet

Links

Terms & Conditions - South Africa 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).

The information contained in this website is directed only at Professional Investors who are resident in South Africa. We define “Professional Investors” as those who have the appropriate expertise and knowledge e.g. asset managers, distributors and financial intermediaries. The information contained in this website is not directed at you if Ashmore is prohibited by any law of any jurisdiction from making the information on this site available to you and is not intended for any use that would be contrary to local law or regulation. None of the services, investments or funds referred to in this site are available for sale or use in any jurisdiction where such activity is prohibited. This website should not be accessed by any person in the United States or in any other jurisdiction where doing so would result in contravention of local law or regulation.

The sub-funds below are approved under section 65 of the Collective Investment Schemes Control Act 45 of 2002:

Ashmore Emerging Markets Equity Fund
Ashmore Emerging Markets Equity ESG Fund
Ashmore Emerging Markets Frontier Equity Fund
Ashmore Emerging Markets Global Small-Cap Equity Fund

The South African Representative Office for Ashmore SICAV is Prescient Management Company (RF) (Pty) Ltd.

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 Management Limited is authorised and regulated in South Africa by the Financial Sector Conduct Authority, under FSP No. 45547.

No offer, promotion or solicitation

Exclusion of liability

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 Financial Conduct Authority. 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.

Non U.S. Person Representation

Risk Warnings

Collective Investment Schemes in Securities (CIS) should be considered as medium to long-term investments. The value may go up as well as down and past performance is not necessarily a guide to future performance. CISs are traded at the ruling price and can engage in scrip lending and borrowing. A schedule of fees, charges and maximum commissions is available on request from the Manager. A CIS may be closed to new investors in order for it to be managed more efficiently in accordance with its mandate. Performance has been calculated using net NAV to NAV numbers with income reinvested. There is no guarantee in respect of capital or returns in a portfolio.

Data Protection

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

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

Internet

Links

Terms & Conditions - South Africa 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).

The sub-funds below are approved under section 65 of the Collective Investment Schemes Control Act 45 of 2002:

Ashmore Emerging Markets Equity Fund
Ashmore Emerging Markets Equity ESG Fund
Ashmore Emerging Markets Frontier Equity Fund
Ashmore Emerging Markets Global Small-Cap Equity Fund

The South African Representative Office for Ashmore SICAV is Prescient Management Company (RF) (Pty) Ltd.

Introduction

No offer, promotion or solicitation

Exclusion of liability

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 Financial Conduct Authority. 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.

Non U.S. Person Representation

Risk Warnings

Data Protection

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

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

Internet

Links

Terms & Conditions – South Africa 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).

The information contained in this website is directed only at persons who are resident in South Africa. The information contained in this website is not directed at you if Ashmore is prohibited by any law of any jurisdiction from making the information on this site available to you and is not intended for any use that would be contrary to local law or regulation. None of the services, investments or funds referred to in this site are available for sale or use in any jurisdiction where such activity is prohibited. This website should not be accessed by any person in the United States or in any other jurisdiction where doing so would result in contravention of local law or regulation.

The sub-funds below are approved under section 65 of the Collective Investment Schemes Control Act 45 of 2002:

Ashmore Emerging Markets Equity Fund
Ashmore Emerging Markets Equity ESG Fund
Ashmore Emerging Markets Frontier Equity Fund
Ashmore Emerging Markets Global Small-Cap Equity Fund

The South African Representative Office for Ashmore SICAV is Prescient Management Company (RF) (Pty) Ltd.

Introduction

No offer, promotion or solicitation

Exclusion of liability

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 Financial Conduct Authority. 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.

Non U.S. Person Representation

Risk Warnings

Data Protection

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

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

Internet

Links

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Iran launched an unprecedented strike against Israel

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Iran launched an unprecedented strike against Israel

Preparing for volatility: The debt ceiling and the end of US exceptionalism

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The impact on America’s credit rating and the US Dollar

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Fiscal and funding imbalances

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الأحكام والشروط الخاصة بالمؤسسات والمستثمرين المحترفين

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