06.08.2013 Aufrufe

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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