The Sub-Fund's objective is to seek capital appreciation by investing in a range of diversified transferable securities and/or other liquid financial assets. The Sub-Fund aims to be mainly invested in investment grade short term bonds and similar debt instruments issued by Emerging Market corporate entities, sovereigns and quasi-sovereigns. The Sub-Fund will seek to achieve its objectives through securities denominated in US dollars and other Hard Currency currencies. Investment Grade securities have a rating of BBB- or above or equivalent rating from a rating agency registered in the EU. The Sub-Fund shall seek to maintain a weighted average portfolio duration of between 1 and 3 years and an Investment Grade weighted average portfolio rating. The Sub-Fund may not invest in investments denominated in any currencies other than Hard Currency currencies. The Sub-Fund may, on an ancillary basis, hold cash and invest in Money Market Instruments including in money market UCITS or UCIs denominated in US$ or other currencies. Investments made in UCITS and/or UCI may not in aggregate exceed 10% of the net assets of the Sub-Fund. The Sub-Fund may also be invested in financial instruments whose value derives from the value and characteristics of one or more underlying assets (derivatives) and engage in certain techniques for hedging purposes and efficient management of assets including total return swaps, repurchase and reverse repurchase agreements, subject to the limits in the prospectus. The Sub-Fund primarily uses an active, macro top-down approach to investment management, combined with bottom-up stock selection. Considering the recommended holding period of 5 years being compatible with a medium to long-term investment horizon, the performance of the Sub-Fund depends on the medium to long-term performance of the aforementioned investments. The Sub-Fund is actively managed by Ashmore Investment Management Limited (""The Investment Manager"") and references JP Morgan Corporate Emerging Market Bond Index Broad Diversified Investment Grade 1 to 3 Maturity (the "Benchmark") as part of its investment process for the purpose of comparing its performance against that of the Benchmark. The Investment Manager has full discretion over the composition of the portfolio of the Sub-Fund.