The Fund invests in a diversified portfolio of securities of issuers located in or with a significant exposure to the emerging markets of Europe.

The Fund is subject to risks, such as investment, equities and equity-related securities, liquidity, counterparty, currency risks, and the risks of investing in small and mid-capitalisation companies and convertible bonds.

The Fund’s investment may be concentrated in emerging Europe and the Fund may be subject to higher volatility risk and the sovereign debt risk of certain countries within the Eurozone. Investing in emerging markets of Europe, Russia and frontier markets may involve increased and special considerations, including liquidity, currency/currency control, political and economic uncertainties, legal and taxation, settlement, custody and volatility risks. Investing in companies organized in or who principally do business in Russia pose special risks, including economic and political unrest, lack of transparent and reliable legal system. The standard of corporate governance and investor protection in Russia may not be equivalent to that provided in other jurisdictions.

The Fund may invest in derivatives for investment or efficient portfolio management purposes which may involve counterparty/credit, liquidity, valuation, volatility and over-the-counter transaction risks. Exposure to derivatives may lead to a high risk of significant loss by the Fund.

Dividends may be paid out of unrealised capital gains at the discretion of the Manager which would effectively represent paying dividend out of capital. This amounts to a return or withdrawal of part of an investor’s original investment or any capital gains attributable to that original investment. Payment of dividends may result in an immediate reduction of the net asset value of the Fund per unit.

Investors may suffer substantial loss of their investments in the Fund.