Verkaufsprospekt
Verkaufsprospekt
Verkaufsprospekt
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y another index or where another index may reasonably<br />
be considered by the Investment Manager to have become<br />
the industry standard for the relevant exposure. Unitholders<br />
will be advised of any change in the Index in the next<br />
annual or half-yearly report of the Sub-Fund.<br />
Any changes to the investment objective of the Sub-Fund<br />
and any material changes to the investment policy may not<br />
be made without the prior written approval on the basis of<br />
a majority of votes cast at a general meeting of Unitholders<br />
of the Sub-Fund. Any such changes may not be made<br />
without the approval of the Central Bank. In the event of a<br />
change in investment objective and / or a change to the<br />
investment policy, a reasonable notification period will be<br />
provided by the Manager to enable Unitholders to redeem<br />
their Units prior to implementation of such change.<br />
The Sub-Fund will be managed so as to be fully invested,<br />
other than during periods where the Investment Manager<br />
believes that a larger cash position is warranted.<br />
The Sub-Fund’s investments are subject to the investment<br />
restrictions as set out in the section of the Prospectus<br />
headed "Investment Restrictions".<br />
No assurance can be given that the Sub-Fund's investment<br />
objective will be achieved.<br />
The use of FDI may create an exposure risk, however, any<br />
exposure arising as a result of the use of derivatives will<br />
not exceed the Net Asset Value of the Sub-Fund (i.e. the<br />
Sub-Fund will not be leveraged in excess of 100% of its<br />
Net Asset Value).<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 />
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 />
ated 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. In<br />
addition, during such period as the Sub-Fund is registered<br />
in Taiwan the following investment restriction shall also<br />
apply:<br />
The Sub-Fund shall not carry out uncovered<br />
sales of derivatives;<br />
The total value of the Sub-Fund’s open long positions<br />
in derivatives may not exceed 40% of the<br />
net asset value of the Sub-Fund; the total value<br />
of the Sub-Fund’s open short positions in derivatives<br />
may not exceed the total market value in<br />
corresponding securities required to be held by<br />
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 />
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. Unit Class Currency Hedging<br />
In relation to Class A5H, Class A6H, Class Y5H and Class<br />
Y6H Units only, it is the intention of the Manager or its<br />
delegate to hedge the currency exposure between the<br />
respective denominated currencies of Class A5H, Class<br />
A6H, Class Y5H and Class Y6H Units, and US Dollars (the<br />
Base Currency of the Sub-Fund). The Manager or its delegate<br />
will seek to achieve this hedging by using FDI, including<br />
but not limited to currency options and forward currency<br />
exchange contracts as set out, and within the conditions<br />
and limits imposed, by the Central Bank. The conditions<br />
in relation to the use of such hedging strategies are<br />
described in the section of the Prospectus entitled "Operation<br />
of the Fund – Description of Units". Investors’ attention<br />
is also drawn to the risks relating to the adoption of unit<br />
class currency hedging strategies, which are described in<br />
the section of the Prospectus entitled "Risk Factors – Unit<br />
Currency Designation Risk".<br />
6. 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 />
The risk factors specific to the Sub-Fund are set out in<br />
section 5 below and include Emerging Markets Risk, FDI,<br />
Fixed Income Securities, Credit Default Swaps, Political &<br />
Economic Risk: Russia and Volatility Risk. These risk<br />
factors may not be a complete list of all risk factors associ-<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 />
PineBridge Global Emerging Markets Local Currency Bond Fund<br />
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