Emerging Markets. The assets comprising the Collateral or, as the case may be, to which the return on any Series of Securities may be linked may originate from an emerging markets country. Investing in securities issued by entities in emerging markets countries or in securities, the return on which is linked to such securities involves certain systemic and other risks and special considerations which include:
Emerging Markets. Emerging markets are less developed countries which may have less stable economic and/or political conditions than larger mature western economies. Emerging market investing is generally characterised by higher levels of risk than investing in fully developed markets. Accounting, corporate governance and financial reporting standards that prevail in certain countries are often not equivalent to those in countries with more developed markets. Tax and legal regimes may be subject to uncertainty and to significant and unpredictable changes and repatriation of investments and profits may be restricted by exchange controls. There may also be less well-developed regulation of markets, issuers and intermediates. Markets may lack liquidity of those in developed countries, leading to difficulty in valuing assets. Instability in such markets has previously led to and may continue to lead to investor losses. Settlement of transactions carried out on such markets may be lengthier and less secure than in developed markets. In some international markets and particularly in developing and emerging markets the marketability of quoted shares may be limited due to foreign investment restrictions, wide dealing spreads, exchange controls, foreign ownership restrictions, the restricted opening of stock exchanges and a narrow range of investors. Trading volume is lower than on more developed stock markets, and equities are less liquid. Volatility of prices can also be greater than in more developed stock markets. The infrastructure for clearing, settlement and registration on the primary and secondary markets of many emerging markets may be undeveloped. Many developing and emerging markets, and the companies quoted on their stock exchanges, are exposed to the risks of political, social and religious instability, expropriation of assets or nationalisation, rapid rates of inflation, high interest rates, currency depreciation and fluctuations and changes in taxation.
Emerging Markets. Investors should be aware that there may be potential risks posed by volatile political, legal and commercial conditions in emerging markets which may affect the value of or result in the loss of investments. The quality and reliability of official data published by governments and their agencies in emerging markets might not be equivalent to that available in developed markets. In addition, the absence of developed securities markets as well as potentially underdeveloped banking and telecommunications systems in such countries may give rise to greater custody, settlement, clearing and registration risks. Foreign investment in issuers in emerging markets may be restricted – sometimes such restrictions may not be published and investors may not be readily made aware of them. In such circumstances, there may be restrictions on repatriation of capital or an investment may have to be scaled down to comply with local foreign ownership restrictions.
Emerging Markets. Equity................................................................ .___
Emerging Markets. Price volatility in emerging markets can be extreme. Price discrepancies can be common and unpredictable movements in the market not uncommon. Additionally, as news about a country becomes available, the financial markets may react with dramatic upswings and/or downswings in prices during a very short period of time. Emerging markets generally lack the level of transparency, liquidity, efficiency, market infrastructure, and regulation found in more developed markets. For example, these markets might not have regulations governing manipulation and xxxxxxx xxxxxxx or other provisions designed to "level the playing field" with respect to the availability of information and the use or misuse thereof in such markets. They may also be affected by political risk. It may be difficult to employ certain risk and legal uncertainty management practices for emerging markets investments.
Emerging Markets. The Company may invest the capital in an Investment domiciled or operating in an emerging markets. Investing in these countries involves considerations and possible risks not typically associated with investing in developed economies. Risks may include instability among some foreign governments, in limited cases the risk of expropriation of assets, changes in governmental administration or economic or monetary policy, currency fluctuations, and changing circumstances in dealings between nations. The application of foreign tax laws (e.g. the imposition of withholding taxes on dividends and/or interest payments) or confiscatory taxation may also affect investment in companies or projects domiciled in these countries. Higher expenses may result from investment in these countries as compared other jurisdictions. Investments in emerging markets could also be affected by other factors, including the lack of uniform accounting, auditing and financial reporting standards and potential difficulties in enforcing contractual obligations. Language is also a risk factor in respect to legal documentation and communications.
Emerging Markets. To the extent that investments in Hedge Funds may be made in the markets of developing countries, the political, regulatory and economic risks inherent in investments in emerging markets are significant and may differ in kind and degree from the risks presented by investments in the world’s major markets. These may include greater price volatility, substantially less liquidity and controls on foreign investment and limitations on the repatriation of invested capital. Illiquid investments Some Hedge Fund Managers may hold “illiquid” or “not readily realisable” investments which are difficult to sell because they are not traded on a regulated exchange or because transactions in them are too infrequent or irregular for a reliable quoted price to be available. There can be no certainty that a market maker will be prepared to deal in them and proper information for determining their current value may not be available. These and other factors mean that there can be no assurance that trading will be profitable. Furthermore, some Hedge Funds themselves may also be open to redemptions and subscriptions and quote prices on an infrequent basis and it may take a considerable amount of time (e.g. 6 months plus) to redeem some or all Hedge Fund investments within a Portfolio. Similarly, in certain instances, 5-10% of proceeds from redemptions are held back until the end of a Fund’s accounting period, which may be up to 12 months from the redemption date. Exchange rate risk You should be aware that some investments may be denominated in a currency other than your base currency. The movement of exchange rates between the currencies may have a separate effect, favourable or unfavourable, on any gain or loss which might otherwise affect the value of your investment. Derivatives Hedge Funds may utilise both exchange traded and over the counter futures, options and other contracts as part of their investment policy. These instruments are highly volatile and expose investors to a high degree of risk. The low initial margin deposits normally required to establish a position in such instruments permit a high degree of leverage, and as a result, depending upon the type of instrument, a relatively small movement in the price of a contract may result in a profit or loss which is high in proportion to the amount of funds actually placed as initial margin. The performance of an over the counter contract is the responsibility only of the individual with whom the trade has been contrac...
Emerging Markets. Emerging markets are markets in countries with moderate to low per capita national income, according to the World Bank’s definition. This applies, for example, to some Asian countries. Experience has shown that political changes in emergingmarket countries affect the capital markets more profoundly than is the case in industrialised countries. Economic policy measures such as nationalisation, govern- ment intervention in industry and trade, or limits on ownership rights may dramatically change the corporate earnings outlook for foreign investors in emerging markets. The influences of higher interest rates or a high inflation rate can have much more serious consequences for economic development than would be the case in more mature markets. The dependence on price trends of commodities also represents an additional risk. Natural disasters or armed conflicts can occur anywhere. Such incidents usually result in considerable market volatility. In mature markets, setbacks are digested relatively rapidly. In contrast, financial conditions in emerging markets are generally more profoundly affected and over a longer period of time. Currency fluctuations may be sudden and extreme, producing a disproportionate impact on the value of investments, which are usually denominated in or linked to the movements of local currency. Foreign exchange regulations in some countries may also impose restrictions on the exchange and transfer of invested funds. The settlement of stock market transactions in emerging markets may not meet the norms of the estab- lished financial centres. Due to the lack of clear, standard- ised regulations for settling or clearing, delays in booking or failed trades with corresponding losses may occur. The reform of regulatory supervision and legislation in emerging markets may not always keep pace with devel- opments in mature markets. Independent supervision of business practices, stock market dealings and issuers may not be as developed as in more mature markets. Insufficient transparency means a greater likelihood of marketdistorting influences. Moreover, not all coun tries have a mature legal system with transparent stand- ards and precedents. Investors in such instances may have no guarantee that they will be able to assert their rights before local courts. Where the Client requests the Bank to purchase for the Client’s Account financial instruments which are available in various emerging markets, such as bank certificates of deposit and debt...
Emerging Markets. PIMCO Tax-Efficient Equity 0.10 0.15 0.25 0.10 0.30 0.40 ------------------------------------------------------------------------------------------------------------------ NFJ Equity Income 0.10 0.15 0.25 n/a n/a n/a ------------------------------------------------------------------------------------------------------------------ NFJ Value 0.10 0.15 0.25 n/a n/a n/a ------------------------------------------------------------------------------------------------------------------ NFJ Value 25 0.10 0.15 0.25 n/a n/a n/a ------------------------------------------------------------------------------------------------------------------ PIMCO Global Innovation 0.15 0.25 0.40 0.15 0.45 0.60 ------------------------------------------------------------------------------------------------------------------ PIMCO Growth & Income 0.10 0.15 0.25 0.10 0.40 0.50 ------------------------------------------------------------------------------------------------------------------ PIMCO Select Value 0.10 0.15 0.25 0.10 0.40 0.50 ------------------------------------------------------------------------------------------------------------------ PIMCO Healthcare Innovation 0.10 0.15 0.25 0.10 0.40 0.50 ------------------------------------------------------------------------------------------------------------------ PIMCO International Growth 0.15 0.35 0.50 0.15 0.55 0.70 ------------------------------------------------------------------------------------------------------------------ PIMCO Emerging Countries 0.15 0.35 0.50 0.15 0.55 0.70 ------------------------------------------------------------------------------------------------------------------ PIMCO Pacific Rim 0.15 0.35 0.50 0.15 0.55 0.70 ------------------------------------------------------------------------------------------------------------------ PIMCO Latin America 0.15 0.35 0.50 0.15 0.55 0.70 ------------------------------------------------------------------------------------------------------------------ PIMCO Worldwide Growth 0.15 0.25 0.40 0.15 0.45 0.60 ------------------------------------------------------------------------------------------------------------------ PIMCO Global Health Care 0.15 0.25 0.40 0.15 0.45 0.60 ------------------------------------------------------------------------------------------------------------------ PIMCO Large-Cap Growth 0.10 0.15 0.25 0.10 0.30 0.40 ------------------------------------------------------------------------------------------------------------------ ------------...
Emerging Markets. Fidelity Emerging Markets Fidelity Emerging Markets Discovery Fidelity Total Emerging Markets Spartan® Emerging Markets Index – Advantage Class SPECIALTY / SELECT FUNDS Fidelity Global Commodity Stock Fidelity International Real Estate Fidelity Real Estate Income Fidelity Real Estate Investment Fidelity Select Air Transportation Fidelity Select Automotive Fidelity Select Banking Fidelity Select Biotechnology Fidelity Select Brokerage and Investment Fidelity Select Chemicals Fidelity Select Communications Equipment Fidelity Select Computers Fidelity Select Construction and Housing Fidelity Select Consumer Discretionary Fidelity Select Consumer Finance Fidelity Select Consumer Staples Fidelity Select Defense and Aerospace Fidelity Select Electronics Fidelity Select Energy Fidelity Select Energy Service Fidelity Select Environment and Alternative Energy Fidelity Select Financial Services Fidelity Select Gold Fidelity Select Health Care Fidelity Select Industrial Equipment Fidelity Select Industrials Fidelity Select Insurance Fidelity Select IT Services Fidelity Select Leisure Fidelity Select Materials Fidelity Select Medical Delivery Fidelity Select Medical Equipment and Systems Fidelity Select Multimedia Fidelity Select Natural Gas Fidelity Select Natural Resources Fidelity Select Pharmaceuticals Fidelity Select Retailing Fidelity Select Software and Computer Services Fidelity Select Technology Fidelity Select Telecommunications Fidelity Select Transportation Fidelity Select Utilities Fidelity Select Wireless Fidelity Telecom and Utilities Spartan® Real Estate Index – Advantage Class
