Important Risk Warning
Investors should note that all investments involve risks (including the possibility of loss of the capital invested). Past performance is not necessarily a guide to future performance, and no representation or warranty, express or implied, is made regarding future performance. The value of investments and the return from them can go down as well as up and investors may not get back the amount originally invested and may lose all of their investment. There may be other significant risks associated with the characteristics of a particular product and investors should read the offering documents for details and relevant risk factors.
What are the key risks?
Investment involves risks. Please refer to the offering document for details including the risk factors.
1 - Investment risk
- The Sub-Fund’s investment portfolio may fall in value due to any of the key risk factors below and therefore your investment in the Sub-Fund may suffer losses. There is no guarantee of the repayment of principal.
2 - Currency risk
- Underlying investments of the Sub-Fund may be denominated in currencies other than the base currency of the Sub-Fund. Also, a class of shares may be designated in a currency other than the base currency of the Sub-Fund. The net asset value of the Sub-Fund may be affected unfavorably by fluctuations in the exchange rates between these currencies and the base currency and by changes in exchange rate controls.
3 - Equity market risk
- The Sub-Fund’s investment in equity securities is subject to general market risks, whose value may fluctuate due to various factors, such as changes in investment sentiment, political and economic conditions and issuer-specific factors.
4 - Risk associated with micro-capitalisation / small-capitalisation companies
- The stock of micro-capitalisation / small-capitalisation companies may have lower liquidity and their prices are more volatile to adverse economic developments than those of larger capitalisation companies in general.
5 - Concentration risk
- The Sub-Fund’s investments are concentrated in Japan small-and-micro-cap equity securities and may be concentrated in a specific industry sector. The value of the Sub-Fund may be more volatile than that of a fund having a more diverse portfolio of investments.
- The value of the Sub-Fund may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting the Japanese market.
6 - Risks relating to hedging and the hedged share classes
- There can be no assurance that any currency hedging strategy employed by the Sub-Fund will fully and effectively eliminate the currency exposure of the Sub-Fund.
- Hedging strategies may preclude investors from benefiting from an increase in the value of the Sub-Fund’s base currency.
- Any expenses arising from such hedging transactions will be borne by the Sub-Fund or the relevant currency hedged class.
7 - Risks associated with usage of financial derivative instruments (“FDIs”)
- Risks associated with FDIs include counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk. The leverage element/component of an FDI can result in a loss significantly greater than the amount invested in the FDI by the Sub-Fund. Exposure to FDIs may lead to a high risk of significant loss by the Sub-Fund.
- There can be no assurance that the use of FDIs for hedging purposes will fully and effectively eliminate the risk exposure of the Sub-Fund. The use of FDIs and hedging strategies may be ineffective and the Sub-Fund may suffer substantial losses.
Overview
Key Facts
Performance
Source: SMD-AM, as at previous month end.
The line chart shows cumulative performance and the table shows annualised performance.
| Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on, NAV-To-NAV for the stated period, with dividend reinvested. Where no past performance is shown there was insufficient data available in that month/year to provide performance. These figures show by how much respective classes increased or decreased in value for the stated period. Performance data has been calculated in the currency denomination of the class including ongoing charges and excluding subscription fee and redemption fee you might have to pay. |
NAV / Historical prices
Source: SMD-AM.
| Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on, NAV-To-NAV for the stated period, with dividend reinvested. Where no past performance is shown there was insufficient data available in that month/year to provide performance. These figures show by how much respective classes increased or decreased in value for the stated period. Performance data has been calculated in the currency denomination of the class including ongoing charges and excluding subscription fee and redemption fee you might have to pay. |
Fund Manager
ARES Capital
Sub-Investment Manager Team
Boris OKULIAR, Chris MATHEWSON, Brian ABDELHADI, Kapil SINGH (CFA)
Industry Experience -
Time in ARES -
Invest with us
If you have any account or dealing enquiries, please contact BBH using the following contact details:
Brown Brothers Harriman (Luxembourg) S.C.A.
80, route d’Esch, L-1470 Luxembourg
T: +352 474 066 226
F: +352 474 066 401
E: Lux.BBH.Transfer.Agent@BBH.com
Source: SMDAM
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PERFORMANCE AND RISK WARNING
Investment involves risk, including the possible loss of principal amount invested. Past performance is not necessarily a guide to future performance, and no representation or warranty, express or implied, is made regarding future performance. The value of investments and the return from them can go down as well as up and investors may not get back the amount originally invested and may lose all of their investment. There may be other significant risks associated with the characteristics of a particular product and investors should read the offering documents for details and relevant risk factors.
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