Baring Emerging Markets Debt Local Currency Fund (USD) A M-Inc
Last NAV
(Last Update : 2017/06/23)
1-Month return
Fund House Baring Asset Management (Asia) Limited
Fund Type Fixed Income Funds
Fund Size
Sector General
Geographic Allocation Emerging Markets
Fund Investment Objective & Strategy
The objective of the Fund is to maximise total return by investing in local currency-denominated emerging market debt securities.
Key Risks
Emerging market investment risk:The Fund may invest in securities of issuers domiciled in emerging markets. Investing in these markets may involve additional risks than investing in more developed markets. These include liquidity risk (see point 7 below), the possibility of a lower standard of corporate governance,increased political risk and the likelihood of a high degree of volatility.Risk associated with lower-grade securities:The Fund may invest in lower-rated securities, which are considered speculative and involve greater risk of loss of principal and income, including the possibility of default or bankruptcy of the issuers of such securities, especially during periods of economic uncertainty or change. Such securities generally tend to reflect short-term corporate and market developments to a greater extent than higher grade securities which respond primarily to fluctuations in the general level of interest rates. There are fewer investors in lower-grade securities and it may be harder to buy and sell such securities at an optimum time and hence investment in these securities may be more susceptible to liquidity risk (see point 7 below).Risk associated with asset and mortgaged backed securities:The Fund may invest in asset and mortgage-backed securities. The value and quality of these securities depend on the value and the quality of the underlying assets against which such securities are backed by a loan, lease or other receivables. Issuers of asset and mortgage-backed securities may have limited ability to enforce the security interest in the underlying assets, and credit enhancements provided to support the securities, if any, may be inadequate to protect investors in the event of default.Changes in interest rates may have a significant effect on these investments. The return on holdings of mortgage-backed securities can reduce if the owners of the underlying mortgages repay their mortgages sooner than anticipated when interest rates go down. Investment in mortgage-backed securities may be subject to extension risk and prepayment risk, which are both a type of interest rate risk.Interest rate risk:The fixed income securities in which the Fund may invest are interest rate sensitive, which means that their value will fluctuate as interest rate fluctuate. An increase in interest rates will generally reduce the value of the fixed income securities.Credit risk:There can be no assurance that the issuers or guarantor, if any, of securities or other instruments in which the Fund may invest will not be subject to credit difficulties, leading to either the downgrading of such securities or instruments, or to the loss of some or all of the sums invested in such securities or instruments or payments due on such securities or instruments.Risks associated with derivative instruments:The Fund may have exposure to derivatives for investment purposes. Given the leverage effect embedded in derivatives, such investments may result in higher volatility or even a total loss in the Fund’s assets within a short period of time. Investment in derivatives may expose the Fund to substantial counterparty (see point 8 below), liquidity (see point 7 below) and volatility risks.Liquidity risk:Market liquidity in the emerging markets may be lower than the more developed markets.Accumulation and disposal of securities or financial derivative instruments may be time consuming and may need to be conducted at unfavourable prices. The Fund may also encounter difficulties in disposing of securities or financial derivative instruments at their fair market price. In addition,asset and mortgage-backed securities may be less liquid than other securities and investment in these instruments may be more susceptible to liquidity risk.Counterparty risk:The Fund may have credit exposure to counterparties by virtue of positions in derivative instruments as well as certain other securities that may be held by the Fund. To the extent that a counterparty defaults on its obligation and the Fund is delayed or prevented from exercising its rights with respect to the investments in its portfolio, it may experience a decline in the value of its position, lose income and incur costs associated with asserting its rights.The Fund may also be exposed to credit risk on parties with whom it trades securities and derivative instruments, and may also bear the risk of settlement default.Investment risk:The Fund is an investment fund and is not in the nature of a bank deposit. There is no guarantee of repayment of principal. Investment in the Fund is subject to fluctuations in value and you may suffer a loss.
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