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Audited Annual Report Ashmore SICAV

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Audited Annual Report Ashmore SICAV Ashmore SICAV Audited Annual Report for the year ended 31 December 2012 General Information The information represented in this report relates to the period from 1 January 2012 to 31 December 2012. It should not be taken as an indication of the future development of Ashmore SICAV (the “Company”). The Board of Directors may establish different portfolios of assets in one or more Sub-Funds of the Company at any time to meet, in its opinion, the needs of different Shareholders. For the period under review the Company comprised nineteen Sub-Funds, namely Ashmore SICAV Emerging Markets Debt Fund, Ashmore SICAV Emerging Markets Sovereign Debt Fund, Ashmore SICAV Emerging Markets Sovereign Investment Grade Debt Fund, Ashmore SICAV Local Currency Fund, Ashmore SICAV Emerging Markets Local Currency Bond Fund, Ashmore SICAV Emerging Markets Local Markets Currency Fund, Ashmore SICAV Emerging Markets Investment Grade Local Currency Fund, Ashmore SICAV Emerging Markets Inflation Linked Bond Fund, Ashmore SICAV Emerging Markets Total Return Fund, Ashmore SICAV Emerging Markets Total Return Fund II, Ashmore SICAV Emerging Markets Investment Grade Total Return Fund, Ashmore SICAV Emerging Markets Corporate Debt Fund, Ashmore SICAV Emerging Markets Investment Grade Corporate Debt Fund, Ashmore SICAV Emerging Markets Local Currency Corporate Debt Fund, Ashmore SICAV Emerging Markets Asian Corporate Debt Fund, Ashmore SICAV Emerging Markets Global Equity Fund, Ashmore SICAV EM Equity Select Fund, Ashmore SICAV Emerging Markets Global Small-Cap Equity Fund and Ashmore SICAV Emerging Markets Frontier Equity Fund. The report does not constitute an offer or an invitation to purchase Shares of the Sub-Funds referred to herein. Subscriptions are only valid if made on the basis of the current Prospectus and Key Investor Information Document (KIID) supplemented by the latest audited annual report. Should the reference date of the audited annual report date back more than eight months, the subscriber must also be supplied with a semi annual report. The figures stated in this report are historical and not necessarily indicative of future performance. Contents Ashmore SICAV Société d’Investissement à Capital Variable, Luxembourg Page Management and Administration 2 Investment Manager’s Report 3 Directors’ Report 8 Consolidated Statement of Net Assets 10 Consolidated Statement of Operations and Changes in Net Assets 14 Fund Statistics 18 Schedule of Investments Emerging Markets Debt Fund 37 Emerging Markets Sovereign Debt Fund 49 Emerging Markets Sovereign Investment Grade Debt Fund 57 Local Currency Fund 61 Emerging Markets Local Currency Bond Fund 65 Emerging Markets Local Markets Currency Fund 70 Emerging Markets Investment Grade Local Currency Fund 71 Emerging Markets Inflation Linked Bond Fund 75 Emerging Markets Total Return Fund 77 Emerging Markets Total Return Fund II 90 Emerging Markets Investment Grade Total Return Fund 101 Emerging Markets Corporate Debt Fund 107 Emerging Markets Investment Grade Corporate Debt Fund 116 Emerging Markets Local Currency Corporate Debt Fund 120 Emerging Markets Asian Corporate Debt Fund 123 Emerging Markets Global Equity Fund 126 EM Equity Select Fund 130 Emerging Markets Global Small-Cap Equity Fund 132 Emerging Markets Frontier Equity Fund 136 Other Information on Investments 138 Notes to the Consolidated Financial Statements 151 Supplementary Information on Fair Value Measurement 195 Report of the Réviseur d’Entreprises agréé 200 PB 1 Ashmore SICAV Management and Administration Registered Office Legal Advisors 2, rue Albert Borschette Arendt & Medernach L – 1246 Luxembourg 14, rue Erasme Grand-Duchy of Luxembourg L – 2082 Luxembourg Grand-Duchy of Luxembourg Chairman Michael Moody Listing Agent Executive of Ashmore Investment Banque et Caisse d’Epargne de l’Etat Luxembourg Management Limited 1 Place de Metz L – 2954 Luxembourg Directors Grand-Duchy of Luxembourg Steve David (appointed 2 July 2012) Managing Director of Northern Trust Financial Servicing Management Company S.A. Austria Ian Baillie (resigned 2 July 2012) UniCredit Bank Austria AG Managing Director of Northern Trust (Paying & Information Agent) Global Services Limited, Luxembourg Branch Schottengasse 6-8 1010 Wien Claude Kremer Austria Partner, law firm Arendt & Medernach Germany Investment Manager and Principal Sales Agent Deutsche Bank AG Ashmore Investment Management Limited (Paying & Information Agent) 61 Aldwych TSS post-IPO Services London WC2B 4AE Taunusanlage 12 United Kingdom 60325 Frankfurt am Main Germany Sub-Manager Ashmore EMM, L.L.C. Luxembourg 1001 19th Street North Northern Trust Luxembourg 17th Floor Management Company S.A. Arlington 2, rue Albert Borschette Virginia 22209 L – 1246 Luxembourg United States of America Grand-Duchy of Luxembourg Switzerland Custodian and Principal Paying Agent BNP Paribas Securities Services, Northern Trust Global Services Limited, Paris succursale de Zurich Luxembourg Branch (Paying & Information Agent) 2, rue Albert Borschette Selnaustrasse 16 L – 1246 Luxembourg 8002 Zurich Grand-Duchy of Luxembourg Switzerland Management Company United Kingdom Northern Trust Luxembourg Ashmore Investment Management Limited Management Company S.A. 61 Aldwych 2, rue Albert Borschette London WC2B 4AE L – 1246 Luxembourg United Kingdom Grand-Duchy of Luxembourg United States and Canada Auditor Northern Trust Securities, Inc. KPMG Luxembourg S.à r.l. (Placing Agent) 9, Allée Scheffer 50 S La Salle St., Ste. 12 L – 2520 Luxembourg Chicago, IL 60603-1006 Grand-Duchy of Luxembourg United States of America 2 3 Ashmore SICAV Investment Manager’s Report SUB-FUND PERFORMANCE Net Asset Value as at % Increase/(decrease) in the period NAV Share Class 31 December 2012 (gross of dividends) Emerging Markets Debt Fund Retail Class Shares (EUR) Income 168.23 22.44% Retail Class Shares (US$) Income 109.13 22.91% Retail Class Shares (GBP) Income 125.32 22.89% Retail Class Shares (NOK) Income 120.13 24.41% Retail Class Shares (AUD) Income13 103.38 3.38% Institutional Class Shares (EUR) Income 37.99 23.06% Institutional Class Shares (US$) Income 121.57 23.65% Institutional Class Shares (GBP) Income 124.12 23.65% Institutional Class Shares (NOK) Income 124.03 25.13% Institutional Class Shares (CHF) Income7 114.92 14.92% Emerging Markets Sovereign Debt Fund Retail Class Shares (GBP) Income 119.20 17.73% Institutional Class Shares (US$) Income 122.40 18.38% Institutional Class Shares (GBP) Income8 110.37 10.37% Emerging Markets Sovereign Investment Grade Debt Fund Institutional Class Shares (US$) Income 125.18 16.47% Local Currency Fund Retail Class Shares (EUR) Income 103.65 11.70% Retail Class Shares (US$) Income 114.69 12.28% Retail Class Shares (GBP) Income 110.46 12.18% Retail Class Shares (CHF) Income6 103.31 3.31% Institutional Class Shares (EUR) Income 101.52 12.25% Institutional Class Shares (US$) Income 100.27 12.89% Institutional Class Shares (GBP) Income 101.21 12.68% Institutional Class Shares (CHF) Income 98.33 11.80% Emerging Markets Local Currency Bond Fund Retail Class Shares (EUR) Income 106.83 17.10% Retail Class Shares (US$) Income 105.49 17.82% Retail Class Shares (GBP) Income 105.38 17.70% Institutional Class Shares (EUR) Income 114.22 17.79% Institutional Class Shares (US$) Income 123.13 18.50% Institutional Class Shares (GBP) Income 118.73 18.36% Institutional Class Shares (CHF) Income 104.40 17.47% Emerging Markets Local Markets Currency Fund Retail Class Shares (GBP) Income3 100.01 0.01% Institutional Class Shares (US$) Income 104.38 7.85% Emerging Markets Investment Grade Local Currency Fund Institutional Class Shares (EUR) Income19 100.11 0.11% Institutional Class Shares (US$) Income 103.19 18.76% Emerging Markets Inflation Linked Bond Fund Institutional Class Shares (US$) Income 108.90 24.05% Emerging Markets Total Return Fund Retail Class Shares (GBP) Income3 110.43 10.43% Institutional Class Shares (US$) Income 109.03 21.64% Institutional Class Shares (GBP) Income 120.35 21.55% Emerging Markets Total Return Fund II Institutional Class Shares (US$) Income15 100.95 0.95% Emerging Markets Investment Grade Total Return Fund Institutional Class Shares (EUR) Income17 100.53 0.53% Institutional Class Shares (US$) Income12 102.43 2.43% As per the Company’s revised prospectus dated October 2012, all active Institutional II share classes have been renamed to Institutional share classes. 1 launched on 3 January 2012 5 launched on 22 March 2012 9 launched on 17 July 2012 13 launched on 23 November 2012 17 launched on 18 December 2012 2 launched on 23 February 2012 6 launched on 3 April 2012 10 terminated on 31 August 2012 14 launched on 29 November 2012 18 launched on 19 December 2012 3 launched on 8 March 2012 7 launched on 10 April 2012 11 terminated on 13 September 2012 15 launched on 5 December 2012 19 launched on 20 December 2012 4 launched on 16 March 2012 8 launched on 3 May 2012 12 launched on 5 November 2012 16 launched on 11 December 2012 20 terminated on 27 December 2012 2 3 Ashmore SICAV Investment Manager’s Report continued SUB-FUND PERFORMANCE continued Net Asset Value as at % Increase/(decrease) in the period NAV Share Class 31 December 2012 (gross of dividends) Emerging Markets Corporate Debt Fund Retail Class Shares (EUR) Income 104.83 21.71% Retail Class Shares (US$) Income 104.64 21.99% Retail Class Shares (GBP) Income 107.51 22.12% Retail Class Shares (CHF) Income 102.75 21.38% Institutional Class Shares (EUR) Income 120.08 22.42% Institutional Class Shares (US$) Income 122.14 22.78% Institutional
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