Equities

Ashmore Emerging Markets Frontier Equity Fund

Fund share class
Price
USD 11.84
As at 23 May 2024
Dealing frequency
Daily
Fund size
USD 74,672,124
As at 30 Apr 2024
MorningStar ratingTM
Class I rating based on risk-adjusted returns among
721 Diversified Emerging Mkts as of 03/31/2024.
Share class
Institutional
Share class currency
USD
FUND UPDATE March 2024
Ashmore Emerging Markets Frontier Equity Fund
Fund information
Assets Inception Benchmark Dividend frequency
USD 74.9 million 05 November 2013 MSCI FM + Select EM1 Quarterly
Fund information
Share Class Symbols CUSIP Total Net
Annual fund operating expenses
Class I EFEIX 044820736 2.03% 1.52%
Class C EFECX 044820744 3.04% 2.52%
Class A EFEAX 044820751 2.27% 1.77%
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 long-term capital appreciation. Investing primarily in frontier market equity and equity related securities. The fund adopts a disciplined and an index unconstrained approach that has been honed over a decade of investing in frontier markets. The structured investment process is primarily bottom up and fundamentally driven with top down analysis an additional source of performance and risk control. The result is a high conviction stock portfolio of best ideas.
Period returns as of March 31, 2024
Net returns % 1 month 3 months YTD 1 year 3 years 5 years 10 years Since inception
Class I 5.14 12.35 12.35 22.98 7.91 5.94 4.16 4.51
Benchmark1 1.94 3.85 3.85 11.03 3.24 -     -     -    
Secondary Benchmark2 4.15 5.25 5.25 13.97 0.92 3.02 1.79 2.80
Calendar year performance
Net returns % 2023 2022 2021 2020 2019 2018 2017
Class I 10.49 -15.33 24.18 -4.11 14.09 -18.03 29.01
Benchmark1 7.10 -15.31 16.84 -     -     -     -    
Secondary Benchmark2 11.63 -26.34 19.73 1.43 17.99 -16.41 31.86
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.
1The benchmark was changed to the MSCI Frontier + Select Emerging Markets Countries Capped Index Net TR effective 01/01/2020. Prior to this, the benchmark was the MSCI Frontier Markets Index Net TR from inception. Source: MSCI. The MSCI data is comprised of a custom index calculated by MSCI; and as requested by, Ashmore. The MSCI data is for internal use only and may not be redistributed or used in connection with creating or offering any securities, financial products or indices. Neither MSCI nor any other third party involved in or related to compiling, computing or creating the MSCI data (the “MSCI Parties) makes any express or implied warranties or representations with respect to such data or the results to be obtained by the use thereof), and the MSCI Parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to such data. Without limiting any of the foregoing, in no event shall any of the MSCI Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits,) even if notified of the possibility of such damages. The MSCI Frontier + Select Emerging Markets Countries Capped Index is a customised benchmark that is designed to measure equity market performance of constituent companies in each of the MSCI Frontiers Market Index (50%) and emerging markets crossover markets (50%), which are the Philippines, Qatar, United Arab Emirates, Peru, Colombia, Argentina, Egypt, Pakistan and Kuwait, together with a country cap of 15%.You cannot invest directly in an index.
2MSCI Frontier Markets Index captures large and mid cap representation across Frontier Market Countries. You cannot invest directly in an index.
Top 10 country exposure % Fund Benchmark Active
Vietnam 23.9 14.8 9.1
United Arab Emirates 11.9 14.2 -2.3
Kazakhstan 11.3 5.1 6.2
Philippines 9.5 7.8 1.7
Romania 8.3 6.1 2.2
Saudi Arabia 6.4 -   6.4
Qatar 3.9 10.1 -6.2
Kuwait 3.0 10.0 -7.0
Slovenia 3.0 2.8 0.1
Morocco 1.9 5.2 -3.2
Total number of countries 20 29
Sector exposure % Fund Benchmark Active
Financials 41.5 47.5 -6.0
Industrials 10.9 8.7 2.3
Consumer Discretionary 10.1 2.1 8.0
Information Technology 8.5 0.2 8.2
Real Estate 7.6 10.6 -3.0
Energy 6.8 5.3 1.5
Utilities 4.9 3.8 1.1
Communication Services 1.3 7.5 -6.1
Consumer Staples 1.0 4.7 -3.7
Materials -   6.8 -6.8
Total 92.6 100.0
Top 10 issuers % Country Fund Benchmark Active
Kaspi.KZ JSC Kazakhstan 6.6 3.3 3.2
FPT Corp Vietnam 6.4 -   6.4
Banca Transilvania SA Romania 4.2 1.7 2.6
DigiPlus Interactive Corp Philippines 3.6 -   3.6
National Bank of Kuwait SAKP Kuwait 3.0 4.0 -1.0
Halyk Savings Bank of Kazakhstan JSC Kazakhstan 3.0 0.6 2.4
Nova Ljubljanska Banka dd Slovenia 3.0 0.7 2.3
Emaar Properties PJSC United Arab Emirates 2.7 2.4 0.3
Gemadept Corp Vietnam 2.6 -   2.6
Mobile World Investment Corp Vietnam 2.6 -   2.6
Total number of holdings 49 262
Fund statistics Fund
Median market cap $4.9bn
Standard Deviation 13.3%
Cash and equivalents 5.4%
Median Market Capitalization: The middle market capitalization of the sorted list of holdings.
Standard Deviation: A statistical measure of distribution around an average which depicts how widely returns varied over a certain period of time. When a fund has a high standard deviation, the predicted range of performance is wide, implying greater volatility.
All performance statistics shown over rolling 3 years (or 1 year where 3 years of data is not yet available). 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.
The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed end funds, and separate accounts) with at least a 3-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-year, 5-year, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% 3-year rating or 36-59 months of total returns, 60% 5-year rating/40% 3-year rating for 60-119 months of total returns, and 50% 10-year rating/30% 5-year rating/20% 3-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent 3-year period actually has the greatest impact because it is included in all three rating periods. The Morningstar Rating is for the share class specified only; ratings for the other share classes will vary.

As of 03/31/2024, the Ashmore Emerging Markets Frontier Equity Fund Class I in the Diversified Emerging Mkts category received a rating of 5 stars among 721 funds for the 3-year period and 5 stars among 657 funds for the 5-year period and 5 stars among 425 funds for the 10-year period, based on risk-adjusted returns. Past performance is no guarantee of future results.

© 2024 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
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 Equity Securities (stock) Risk: equity securities are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this fund will fluctuate as the value of the securities in the portfolio changes. 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.
Morningstar Overall RatingTM
Fund launch date
Bloomberg ticker
EFEIX
ISIN
US0448207367
CUSIP
044820736
Dividend frequency
Quarterly
Share class launch date
Currency hedged
No
Domicile
USA
Financial year end
Fund base currency USD
Fund code
40ACT-USFEF
Minimum investment 1,000,000
Minimum additional investment 5,000
Annual management charge %
1.50%
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 (“Northern Trust”)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
Monthly Fund Card
Quarterly Fund Card
Quarterly Investment Report
Fund Documents
Click any of the documents below to view and download
2018 8937 Ashmore Emerging Markets Frontier Equity Fund
Portfolio Holdings
Quarterly fund card (Retail)
Fiscal Year Q3 Holdings
Fiscal Year Q1 Holdings
Statement of Additional Information
Semi Annual Report
Prospectus
Annual Report & Accounts
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
Theme Documents - Frontier Markets Documents
Click any of the documents below to view and download
Strategy overview - Frontier Markets
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.

Frontier Markets Risk: Frontier market countries are emerging market countries, but generally have smaller economies or less mature capital markets than more developed emerging markets, and, as a result, the risks of investing in emerging market countries are magnified in frontier countries. The markets of frontier countries typically have low trading volumes and the potential for extreme price volatility and illiquidity.

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

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.