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 Emerging Market transferable debt securities issued by sovereigns, quasi-sovereigns and supra nationals denominated in local currencies and in financial derivative instruments. The Sub-Fund shall invest not more than 15% of its net assets in non - benchmark countries. The Sub-Fund shall not invest more than 25% of its net assets in any single local currency and not more than 10% of its net assets in securities in a single emerging market country above the relevant benchmark weight. The Sub-Fund"s exposure to net Emerging Markets local currency shall be 95% of its net assets. The Sub-Sub-Fund will maintain a minimum average credit rating of two notches below the benchmark. 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. 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 Government Bond Index Emerging Market Global Diversified (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.