Investment objective and risk Consideration

The Sub-Fund aims to create returns by utilizing a diversified selection of strategies within “Frontier Markets”, meaning those markets which are small and illiquid and in which information is less available than in other markets.


The Sub-Fund will mainly use traditional transferable securities such as hard currency debt securities and local currency debt securities, as well as foreign exchange instruments.  


The Sub-Fund may use derivatives and, therefore, incur significant risks of loss. The NAV may experience high levels of volatility, depending on the market or financial derivative instrument in which the investment is made.


The specific risks inherent with investing in the Sub-Fund are: market developments, country crisis, global financial crisis and liquidity crisis.  


For detailed information, please refer to “Sub-Fund Details” in Appendix III to the prospectus.  Investors should also refer to “Risks of Investment” in Appendix I to the prospectus.