Verkaufsprospekt
Verkaufsprospekt
Verkaufsprospekt
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ment objective will be achieved.<br />
The Manager will employ a risk management process<br />
which will enable it to accurately measure, monitor and<br />
manage the risks attached to financial derivative positions<br />
and details of this process have been provided to the Central<br />
Bank. The Manager will not utilise FDI which have not<br />
been included in the risk management process until such<br />
time as a revised risk management process has been filed<br />
with the Central Bank.<br />
The Manager will, on request, provide supplementary<br />
information to Unitholders relating to the risk management<br />
methods employed, including the quantitative limits that<br />
are applied and any recent developments in the risk and<br />
yield characteristics of the main categories of investments.<br />
It is not the current intention of the Sub-Fund to use FDI for<br />
investment purposes. Should this intention change the<br />
Prospectus and this Supplement shall be amended accordingly.<br />
A list of the stock exchanges and markets in which the<br />
Sub-Fund is permitted to invest, in accordance with the<br />
requirements of the Central Bank, is contained in Appendix<br />
I to the Prospectus and should be read in conjunction with,<br />
and subject to, the Sub-Fund's investment objective and<br />
investment policy, as detailed above. The Central Bank<br />
does not issue a list of approved markets. With the exception<br />
of permitted investments in unlisted securities, investment<br />
will be restricted to those stock exchanges and markets<br />
listed in Appendix I to the Prospectus.<br />
The risk factors specific to the Sub-Fund are set out in<br />
section 5 below and include Emerging Markets Risk, Political<br />
& Economic Risk: Russia and Volatility Risk. These risk<br />
factors may not be a complete list of all risk factors associated<br />
with an investment in the Sub-Fund.<br />
4. Investment Restrictions<br />
The investment restrictions applying to the Sub-Fund, in<br />
accordance with the Regulations and the Central Bank<br />
Notices, are set out in the main body of the Prospectus.<br />
It is not the current intention of the Sub-Fund to invest in<br />
derivatives. If the Sub-Fund’s investment policy is subsequently<br />
amended to permit the use of derivatives for investment<br />
purposes during such period as the Sub-Fund is<br />
registered in Taiwan, the following investment restrictions<br />
shall also apply:<br />
The Sub-Fund shall not carry out uncovered sales<br />
of derivatives.<br />
The total value of the Sub-Fund’s open long positions<br />
in derivatives may not exceed 40 percent of<br />
the net asset value of the Sub-Fund; the total<br />
value of the Sub-Fund’s open short positions in<br />
derivatives may not exceed the total market value<br />
of the corresponding securities required to be<br />
held by the Sub-Fund;<br />
If the Sub-Fund intends to hold a higher percentage<br />
of its Net Asset Value in derivatives, approval<br />
must be obtained in advance from the Financial<br />
Supervisory Commission.<br />
PineBridge Global Focus Equity Fund<br />
For the avoidance of doubt, at all times the Sub-Fund shall<br />
be managed so as to ensure that the contract value of total<br />
investments in derivatives by the Sub-Fund will be in accordance<br />
with the Regulations and the Central Bank Notices.<br />
5. Additional Risk Factors<br />
The general risk factors set out in the "Risk Factors" section<br />
of the Prospectus apply to the Sub-Fund. In addition,<br />
the following risk factors apply to the Sub-Fund. These risk<br />
factors may not be a complete list of all risk factors associated<br />
with an investment in the Sub-Fund.<br />
Emerging Markets Risk: Investment in the securities of<br />
companies in 'emerging' or 'developing' countries, or investment<br />
in certain securities markets in 'emerging' or<br />
'developing' markets may involve a high degree of risk and<br />
may be considered speculative. Risks include (i) greater<br />
risk of expropriation, confiscatory taxation, nationalization,<br />
and social, political and economic instability; (ii) the small<br />
current size of the markets for securities of 'emerging' or<br />
'developing' market issuers and the currently low or nonexistent<br />
volume of trading, resulting in lack of liquidity and<br />
in price volatility; (iii) certain national policies which may<br />
restrict the Sub-Fund's investment opportunities including<br />
restrictions on investing in issuers or industries deemed<br />
sensitive to relevant national interests; (iv) the absence of<br />
developed legal structures governing private or foreign<br />
investment and private property; (v) the legal infrastructure<br />
and accounting, auditing and reporting standards in<br />
'emerging' or 'developing' markets may not provide the<br />
same degree of shareholder protection or information to<br />
investors as would generally apply internationally; (vi)<br />
potentially a greater risk regarding the ownership and<br />
custody of securities i.e. in certain countries, ownership is<br />
evidenced by entries in the books of a company or its<br />
registrar. In such instances, no certificates representing<br />
ownership of companies will be held by the Trustee or any<br />
of its local correspondents or in an effective central depository<br />
system; and (vii) 'emerging' or 'developing' markets<br />
may experience significant adverse economic developments,<br />
including substantial depreciation in currency exchange<br />
rates or unstable currency fluctuations, increased<br />
interest rates, or reduced economic growth rates than<br />
investments in securities of issuers based in developed<br />
countries.<br />
The economies of 'emerging' or 'developing’ markets in<br />
which the Sub-Fund may invest may differ favourably or<br />
unfavourably from the economies of industrialised countries.<br />
The economies of 'emerging' or 'developing' countries<br />
are generally heavily dependent on international trade<br />
and have been and may continue to be adversely affected<br />
by trade barriers, exchange controls, managed adjustments<br />
in relative currency values and other protectionist<br />
measures imposed or negotiated by the countries with<br />
which they trade. Investments in 'emerging' or 'developing'<br />
markets entail risks which include the possibility of political<br />
or social instability, adverse changes in investment or<br />
exchange control regulations, expropriation and withholding<br />
of dividends at source. In addition, such securities may<br />
trade with less frequency and volume than securities of<br />
companies and governments of developed, stable nations<br />
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