• India Risk Investment in Indian securities can be restricted for foreign investors and foreign entities. Investments in the Indian market carry other risks, as local regulations on foreign investment, foreign ownership limit and limitation on capital may change. The Portfolio's investments are concentrated in India and will be subject to market, political, legal, regulatory, economic, taxation and capital control risks of India. India is undergoing continuous development in its legal and regulatory framework and tax regulations, and there is a risk that investments may be adversely affected by such changes. India has recently enacted changes to the Indian tax regime which may negatively impact the Portfolio.
• Concentration Risk This is a concentrated asset strategy that is likely to exhibit a significantly greater fluctuations in asset values than a broad investment in a wide range of shares of companies.
• Emerging Markets Risk Emerging markets are likely to bear higher risk due to lower liquidity and possible lack of adequate financial, legal, social, political and economic structures, protection and stability as well as uncertain tax positions.
• Equities Risk Equities are subject to market risk, which means that the value of the securities may go up or down in response to the prospects of individual companies, particular sectors and/or general economic conditions.
• Currency Risk Underlying investments of the Portfolio may be denominated in currencies other than the base currency of the Portfolio. Also, a class of shares may be designated in a currency other than the base currency of the Portfolio. The value of the assets of the Portfolio as measured in the Portfolio's base currency will be affected unfavourably by fluctuations in the exchange rates between these currencies and the base currency and by changes in exchange rate controls, independent of the performance of its securities investments.
• Counterparty Risk A party that the Portfolio transacts with may fail to meet its obligations which could cause losses.
• Custodian Risk Insolvency, breaches of duty of care or misconduct of a custodian or sub-custodian responsible for the safekeeping of the Portfolio's assets can result in loss to the Portfolio.
• Derivatives Risk Certain derivatives may result in losses greater than the amount originally invested.
• Exchange Rate Risk Changes in exchange rates may reduce or increase the returns an investor might expect to receive independent of the performance of such assets. If applicable, investment techniques used to attempt to reduce the risk of currency movements (hedging), may not be effective. Hedging also involves additional risks associated with derivatives.
• Liquidity Risk The Portfolio may not always find another party willing to purchase an asset that the Portfolio wants to sell which could impact the Portfolio's ability to meet redemption requests on demand.
• Operational Risk Material losses to the Portfolio may arise as a result of human error, system and/or process failures, inadequate procedures or controls.
• Sustainability Risks An environmental, social or governance event or condition that could cause the value of the portfolio to go down. Examples of sustainability risks include physical environmental risks, climate change transition risks, supply chain disruptions, improper labour practices, lack of board diversity and corruption.

Complete information on the risks of investing in the fund are set out in the fund’s prospectus.