External Debt

Ashmore Emerging Markets Debt Fund

Prior to August 1, 2023 the Ashmore Emerging Markets Debt Fund was known as Ashmore Emerging Markets Investment Grade Income Fund and the strategy of the Fund differed from its current strategy.

Fund share class
Price
USD 8.03
As at 21 Feb 2024
Dealing frequency
Daily
Fund size
USD 18,204,301
As at 31 Jan 2024
Share class
I
Share class currency
USD
FUND UPDATE December 2023
Ashmore Emerging Markets Debt Fund
Fund information
Assets Inception Benchmark Dividend frequency
USD 18.4 million 17 September 2020 JP Morgan EMBI GD1 Monthly
Fund information
Share Class Symbols CUSIP Total Net
Annual fund operating expenses
Class I IGIEX 044820389 1.14% 0.67%
Class C IGCEX 044820397 2.07% 1.67%
Class A IGAEX 044820413 1.51% 0.92%
Ashmore has contractually agreed to waive or reimburse certain fees and expenses until February 28, 2025. The expense limitation arrangement may only be terminated prior to that date by the Board of Trustees.
Fund objective and strategy
The Fund seeks to achieve its objective by investing principally in debt instruments of Sovereigns and Quasi-Sovereigns of EM Countries and EM Supra-Nationals denominated principally in Hard Currencies (i.e., the U.S. dollar or any currency of a nation in the G‑7). The Fund has no restrictions on individual security duration and observes a policy to normally invest at least 80% of its net assets (plus borrowings made for investment purposes) in bonds and other debt instruments of Sovereign or Quasi-Sovereign issuers of Emerging Market Countries and EM Supra-Nationals.
Calendar year performance
Net returns % 2023 2022 2021 2020 2019 2018 2017
Class I 9.04 -15.09 -1.65 -     -     -     -    
Benchmark1 11.09 -17.78 -1.80 -     -     -     -    
Benchmark2 7.57 -14.20 0.08 -     -     -     -    
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. To obtain performance current to the most recent month-end, please call 1-866-876-8294. Periods greater than one year are annualized. Returns are calculated as the movement in net price over the specified performance period, assuming full dividend reinvestment. Changes in rates of exchange between currencies may cause the value of investments to decrease or increase. The information above shows only the performance of the Fund’s Institutional Class Shares. Although Class A and Class C shares would have similar annual returns (because all the Fund’s shares represent interests in the same portfolio of securities), Class A and Class C performance would be lower than Institutional Class performance because of the lower expenses paid by Institutional Class shares of the Fund. The information above does not reflect any sales loads applicable to Class A or Class C shares. The performance shown above would be lower if it reflected sales charges applicable to Class A and Class C shares.
The portfolio holdings are subject to change.
1Change to Primary Benchmark. Effective August 1, 2023, the JP Morgan Emerging Markets Bond Index Global Diversified will replace the JP Morgan CEMBI BD Investment Grade Index as the primary benchmark for Ashmore Emerging Markets Investment Grade Income Fund because Ashmore believes the JP Morgan Emerging Markets Bond Index Global Diversified is a more appropriate broad based securities market index representing the universe of securities in which the Fund may invest.
2JP Morgan CEMBI Broad Diversified consists of an investable universe of corporate bonds and tracks total returns of U.S. dollar-denominated debt instruments issued by corporate entities in Emerging Markets countries. The JPM CEMBI BD IG Index is a sub-index which contains instruments that carry an investment grade rating. You cannot invest directly in an index.
Top 10 country exposure % Fund Benchmark
Mexico 8.6 5.1
Indonesia 6.9 4.9
United Arab Emirates 5.6 4.4
Oman 5.1 3.2
Venezuela 4.7 -  
Dominican Republic 4.3 3.0
Chile 3.9 3.2
Brazil 3.6 3.3
Philippines 3.3 3.3
Peru 3.3 2.7
Total number of countries 42 69
Top currency exposure % Fund Benchmark
United States Dollar 98.9 100.0
Mexican Peso 0.5 -  
Brazilian Real 0.5 -  
Single European Currency 0.2 -  
Total number of currencies 4 4
Credit rating of debt instruments % Fund Benchmark
AAA 0.0 0.0
AA 7.0 6.6
A 6.0 15.9
BBB 33.0 27.7
BB 24.7 22.3
B 15.9 19.1
11.7 8.0
Not rated 1.8 0.3
Fund statistics Fund
30 SEC Day Yield: Unsubsidized 5.67%
30 SEC Day Yield: Subsidized 6.27%
Average life 14.90   
Modified duration 7.60   
Yield to maturity 6.72%
Top exposure by industry % Fund Benchmark
Government 78.3 82.6
Energy 16.6 8.1
Basic materials 2.0 1.8
Industrial 1.9 1.4
Utilities 0.9 2.3
*fx/cds/repo 0.0 -  
Other sectors -   3.9
Total 6 8
Unsubsidized SEC 30 Day Yield: computed under an SEC standardized formula based on net income earned over the past 30 days. It excludes contractual expense reimbursements, resulting in a lower yield.
SEC 30 day yield: computed under an SEC standardized formula based on net income earned over the past 30 days. It is a ‘subsidized’ yield, which means it includes contractual expense reimbursements and it would be lower without those reimbursements.
Average life: Average time to maturity for the portfolio’s securities (expressed in years).
Duration: Weighted average of the portfolio’s sensitivity (in years) to a 1% change in interest rates.
Yield to maturity: Average anticipated rate of return for the portfolio’s positions if held to maturity.
About credit quality: Credit quality ratings are sourced from Standard & Poor's (the "S&P"), Moody's and Fitch's and based on issuers with ratings. Ratings values are based on the middle of three rating agencies S&P, Moody's and Fitch. If only two of the ratings are available then the lower rating of the two will be used. If none of the rating agencies have assigned a rating the Fund will assign a rating of NR (non-rated security). The ratings represent the agencies (S&P, Moody's, Fitch's) opinions as to the quality of the securities they rate. The ratings range from AAA (S&P, Fitch's) or Aaa (Moody's) (extremely strong capacity to meet its financial commitment) to D (S&P, Fitch's) or C (Moody's) (in default). Ratings are relative and subjective and are not absolute standards of quality. The ratings provided relate to the underlying securities within the fund and not the fund itself.
The portfolio holdings will change and the information provided should not be considered as a recommendation to purchase or sell a particular security. There is no assurance that the securities mentioned remain in the Fund’s portfolio or that securities sold have not been repurchased.
Investment considerations: It is possible to lose money on an investment in the Fund. The Fund will be affected by the investment decisions, techniques and risk analyses of the Fund’s Investment Manager and there is no guarantee that the Fund will achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are: Foreign investment and Emerging Markets risk: Foreign investments can be riskier than U.S. investments. Potential risks include adverse political and legal developments affecting issuers located and/or doing business in foreign countries, currency risk that may result from unfavorable exchange rates, liquidity risk if decreased demand for a security makes it difficult to sell at the desired price, and risks that stem from substantially lower trading volume on foreign markets. These risks are generally greater for investments in emerging markets, which are also subject to greater price volatility, and custodial and regulatory risks. Foreign markets: Investments in foreign markets entail special risks such as currency, political, economic, and market risks. The risks of investing in emerging-market countries are greater than the risks generally associated with foreign investments. Frontier market countries generally have smaller economies and even less developed capital markets or legal and political systems than traditional emerging market countries. As a result, the risks of investing in emerging market countries are magnified in frontier market countries, and Bond fund risk: Bond Funds will tend to experience smaller fluctuations in value than stock funds. However, Investors in any bond fund should anticipate fluctuations in price, especially for longer term issues and in environments of rising interest rates. For a full description of these and further risks, investors should refer to the fund’s latest prospectus.
Ashmore Funds are distributed by Ashmore Investment Management (US) Corporation.
This material must be preceded or accompanied by a prospectus. An investor should consider the Fund’s objectives, risks, charges and expenses carefully before investing or sending money. This and other important information can be found in the fund’s prospectus. For more information please visit ashmoregroup.com. Please read the prospectus carefully before investing.
Bloomberg ticker
IGIEX
ISIN
US0448203895
CUSIP
044820389
Dividend frequency
Monthly
Income type
Inc
Share class launch date
Currency hedged
No
Domicile
USA
Financial year end
Fund base currency USD
Fund code
40ACT-USEMDF
Launch price 10.00
Minimum investment 1,000,000
Minimum additional investment 5,000
Annual management charge %
0.65%
Administrator

The Northern Trust Company (“Northern Trust”)

Auditor

KPMG LLP

Custodian

The Northern Trust Company (the “Custodian”),
PO Box 4766,
Chicago,
IL 60680-4767

Registrar

The Northern Trust Company (the “Transfer Agent”),
PO Box 4766,
Chicago,
IL 60680-4767

Fund Share Class Documents
Click any of the documents below to view and download
Quarterly Fund Card
Quarterly Investment Report
Fund Documents
Click any of the documents below to view and download
Portfolio Holdings
Fiscal Year Q3 Holdings
Fiscal Year Q1 Holdings
Statement of Additional Information
Semi Annual Report
Prospectus
Annual Report & Accounts
2023 8937 Ashmore Emerging Markets Debt Fund
40 Act - Range Documents
Click any of the documents below to view and download
40 Act - Estimated 2023 Capital Gain Distributions - 31 October 2023
40 Act - 2022 Section 19 Notice
Ashmore 163(j) Interest Dividend 2022
Dividend Schedule 2023
Application form - I Shares
Application form - A and C Shares
40 Act - Monthly Summary
40 Act - Financial statements Documents
Click any of the documents below to view and download
Semi Annual Report and Accounts (30.04.2011)
Annual Report and Accounts (31.10.2011)
Semi Annual Report and Accounts (30.04.2012)
Annual Report and Accounts (31.10.2012)
Semi Annual Report and Accounts (30.04.2013)
Annual Report and Accounts (31.10.2013)
Semi Annual Report and Accounts (30.04.2014)
Annual Report and Accounts (31.10.2014)
Semi Annual Report and Accounts (30.04.2015)
Annual Report and Accounts (31.10.2015)
Semi Annual Report and Accounts (30.04.2016)
Annual Report and Accounts (31.10.2016)
Semi Annual Report and Accounts (30.04.2017)
Annual Report and Accounts (31.10.2017)
Semi Annual Report and Accounts (30.04.2018)
Annual Report and Accounts (31.10.2018)
Semi Annual Report and Accounts (30.04.2019)
Annual Report and Accounts (31.10.2019)
Annual Report and Accounts (31.10.2020)
Semi Annual Report and Accounts (30.04.2021)
Annual Report and Accounts (31.10.2021)
Semi Annual Report and Accounts (30.04.2022)
Semi Annual Report and Accounts (30.04.2020)

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

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

Foreign Markets: Investments in foreign markets entail special risks such as currency, political, economic, and market risks. The risks of investing in emerging-market countries are greater than the risks generally associated with foreign investments. Frontier market countries generally have smaller economies and even less developed capital markets or legal and political systems than traditional emerging market countries. As a result, the risks of investing in emerging market countries are magnified in frontier market countries.

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

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

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

Ashmore Investment Management (US) Corp., a broker-dealer registered with the Securities and Exchange Commission, is the principal underwriter and distributor of the Funds' shares.

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