Fund Update

Website:www.AshmoreGroup.com 

WC2B 4AE

EMEA:

London

E: Ashmore-TA-Lux@ntrs.com

Asia Pacific

Americas

T: +1 212 661 0061

(Source: Northern Trust Lux.) 

Administrator

E:ashmail@ashmoregroup.com

F:+352 27 62 22 333

Registered for Sale:Austria Germany Luxembourg U.K.Norway Switzerland

Next Dealing date:Daily Dealing Fund

$ Price: 111.48

Total Fund Size:

T: +44 20 3077 6060

T: +65 6580 8288

Ashmore Investment Management Limited

61 Aldwych

31 October 2013

Dealing Team

T:+352 27 62 22 279

Investment Manager

All source are Ashmore unless otherwise indicated

Share ClassUnit Prices & Assets:

Northern Trust Luxembourg

US$32,063,412.31

Ashmore SICAV 3 Multi Strategy Fund (SICAV3 MSF)SICAV3 MSF is an open-ended daily dealing UCITS IV Luxembourg registered fund. The fund invests mainly in units of UCITS and/ or other funds principally managed by Ashmore to maximise total returns over an ongoing period out of a dynamic allocation to a broad range of emerging market assets, including external debt, local currency, special situations, corporate high yield and equity.

Performance

Net Returns: 1 Month YTD 1 Year 3 Year 5 YearSinceIncep.

InceptionDate

Inst USD 2.65% -1.13% 3.30% 1.83% - 3.73% 25-Feb-10

China 14.71%Brazil 11.00%Russia 8.57%South Korea 7.63%Mexico 6.68%India 4.49%Taiwan 3.78%Turkey 3.41%South Africa 3.31%Malaysia 3.13%Indonesia 2.93%United Arab Emirates 2.55%Thailand 2.52%Poland 2.37%Hong Kong 2.07%Singapore 1.94%Philippines 1.67%Ukraine 1.65%Peru 1.65%Colombia 1.31%G7 other -5.67%Other Countries 15.06%

(% of NAV)Country Exposure

Total Countries 68

Cash & equivalents (G7) 3.22%

USD 47.13%BRL 6.56%HKD 6.53%KRW 6.39%MXN 3.90%TWD 3.29%RUB 2.99%MYR 2.64%Other Currencies 17.35%

(% of NAV)Currency Exposure

Cash & equivalents (G7) 3.22%

External Debt

Special Sits

Corporate Debt

Local Ccy

Real Estate

Cash & equiv

Exposure By Theme

Equity

G7 Other

Portfolio Review     Both fixed income and equity markets rallied in October as the window for ongoing quantitative easing conditions remained open a little longer. The US economy, already fighting the tightening in financial conditions imposed by the FOMC taper talk in May, suffered another blow as the Government temporarily halted ‘non-essential’ services from 1-17 October due to the inability of Republicans and Democrats to agree on a budget. On the upside, a technical default was avoided, but only with a temporary fix. The debt ceiling will be breached, but will not be enforceable until 7 February 2014, just 3 weeks after the new deadline for a permanent budget.

Overall portfolio performance in October was strong, up by 2.65%. Over the month, the portfolio has increased allocations to local currency and equities and reduced exposure to corporate debt. We expect EM local currency bonds to perform well as volatility declines, allowing for correlations between local bonds and US Treasuries to mean revert towards zero. EM equities are expected to outperform developed markets as the valuation gap is very high when compared to historical levels. The general outlook is for further monetary expansion given the sensitivity of the US economy to higher rates (especially the housing market). This suggests that good returns could be harvested in all asset classes.

Cash and equivalents includes unencumbered bank balances and investments in marketable liquid instruments and securities, encumbered cash backing derivatives and margin balances. Theme breakdown includes local currency cash balances. G7 Other includes investments not categorised above, such as G7 countries and certain hedge related transactions. Duration and Yield Ratings

Emerging Markets carry risks as well as rewards. The risk warning and important information outlined overleaf must be read in conjunction with the latest full prospectus before investing. To the extent permitted by applicable laws and regulations, Ashmore may provide investors holding security interests in this fund with additional historical portfolio information that is not routinely available to other investors in this fund. Ashmore will determine the level of additional information that may be provided. Investors who want to receive such information should make a request to Ashmore and they may be subject to additional confidentiality requirements.

Net Returns: 2012 2011 2010 2009 2008 2007 2006

Inst USDLightGrey

15.28% -6.74% - - - - -White

Calendar Year Performance

Periods greater than one year are annualised, dividends reinvested. The value of an investment in the Fund may fall as well as rise and investors may not get back the amount originally invested. Changes in rates of exchange between currencies may cause the value of investments to decrease or increase. Past performance is not a reliable indicator of future results. (Source: Ashmore & JP Morgan)

Fund Update

Bloomberg:

$ Inst: ASHSTRI LX

ISIN:

$ Inst: LU0493870082

31 October 2013

SICAV3 MSF

RISK WARNING: The fund invests in Emerging Markets, which may be more volatile than more mature markets, and the value of an investment in the fund could move sharply down or up. In extreme circumstances, this could result in a total loss of the investment. Emerging Markets are volatile and may suffer from liquidity problems; changes in rates of exchange between currencies may cause the value of investments to decrease or increase; the operational risks of investing are higher than in more developed markets. For a full description of these and further risks, investors should refer to the fund’s latest full prospectus.IMPORTANT INFORMATION: Ashmore SICAV3 (société d’investissement à capital variable) is a Luxembourg-domiciled UCITS (Undertaking for Collective Investment in Transferable Securities). The information and any opinions contained in this document have been compiled in good faith, but no representation or warranty, express or implied, is made as to their accuracy, completeness or correctness. Save to the extent (if any) that exclusion of liability is prohibited by any applicable law or regulation, Ashmore, its officers, employees, representatives and agents expressly advise that they shall not be liable in any respect whatsoever for any loss or damage, whether direct, indirect, consequential or otherwise however arising (whether in negligence or otherwise) out of or in connection with the contents of or any omissions from this document. This document does not constitute and may not be relied upon as constituting any form of investment advice or inducement to invest and prospective investors are advised to ensure that they obtain appropriate independent professional advice before making any investment in the fund. All prospective investors must obtain a copy of the current Key Investor Information Document ("KIID") and full prospectus prior to making any decision to invest. Subscriptions will only be received and shares issued on the basis of the current KIID and full prospectus. Copies of the KIID, full prospectus and financial statements can be obtained from Ashmore Investment Management Limited at the address below. Copies of the constitutional documents may be inspected at the offices of the Management Company, Ashmore SICAV3, 2, rue Albert Borschette, L-1246 Luxembourg. Shares in Ashmore SICAV3 are not available for sale in any jurisdiction in which such a sale would be prohibited. Accordingly this document is not available for distribution in any jurisdiction where the sub-fund has not been approved for sale. The Fund is not registered under the United States Securities Act of 1933, nor the United States Investment Company Act of 1940 and therefore may not directly or indirectly be offered or sold in the United States of America or any of its states, territories, possessions or other areas subject to its jurisdiction or to or for the benefit of a United States Person. This document is issued by Ashmore Investment Management Limited (Ashmore), 61 Aldwych, London WC2B 4AE U.K. which is authorised and regulated by the Financial Services Authority in the United Kingdom.

Investment Name Holdings Monthly Performance Investment Description

Ashmore SICAV EM Global Equity Fund

20.02% UCITS IV fund investing mainly in EM equity and equity-related instruments

Ashmore SICAV EM Corporate Debt Fund

18.91% Focuses on the developing EM corporate debt asset class principally investing in both investment grade and below investment grade corporate debt.

Ashmore SICAV EM Local Currency Bond Fund

15.13% UCITS IV fund investing mainly in instruments issued by Sovereigns and Quasi-Sovereigns

Ashmore SICAV EM Global Equity Small Cap Fund

14.24% UCITS IV fund investing mainly in Small-Cap EM equity and equity related instruments.

Ashmore SICAV Emerging Markets Debt Fund 2

10.17% UCITS IV fund with investments in mainly sovereign bonds and US dollar denominated debt.

Ashmore SICAV EM Asia Corporate Debt Fund

9.15%

Ashmore Global Opportunities Limited - USD $

3.79%

Ashmore SICAV EM Inflation Linked Fund

2.68% Diversified global emerging markets inflation linked bond fund. Investments are in inflation linked transferable securities which are debt in nature and other inflation linked instruments issued by sovereigns, quasi-sovereigns and corporates.

Cash and equivalents 3.80% Cash and equivalents includes unencumbered bank balances and investments in marketable liquid instruments and securities, encumbered cash backing derivatives and margin balances.

Ashmore SICAV EM Equity Select Fund

2.08% UCITS IV fund principally investing in EM closed-ended funds and exchange traded funds, but it may also invest in open-ended funds.

Ashmore SICAV Brazil Equity Fund

1.54%

*Leverage 1.93%

Holdings of less than 1.5% not shown. (Source: Ashmore & Northern Trust Company, Guernsey) . (E) indicates estimate. *Weighted average strategic leverage of underlying funds.

Investment Theme DescriptionsEquity Focuses primarily on liquidity and top-down macro country selection in publicly

traded equities and may be complemented by a portion of equity special situations.

External Debt A highly diversified portfolio of emerging market debt assets with a primary focus on dollar denominated debt.

Special Situations Bottom-up, value and event-driven strategy. Investments are mainly in corporate restructurings through distressed debt, private and public equity and equity linked securities.

Corporate Debt Corporate debt investment theme focusing on the developing corporate debt asset class in emerging markets.

Local Currency Takes advantage of the rapidly expanding local currency and local currency denominated debt market with low correlations to other asset classes.