US Investors

Fund details

Name of Fund: Silk Invest New Horizons Frontier Fund

Investment Adviser: Silk Invest Limited

Administration: Ultimus Fund Solutions, LLC

Custodian: US Bank

Auditor: Cohen & Company, Ltd.

Ticker (Institutional): FSNHX

Management Fee: 1.00%

Gross Expense Ratio (Institutional): 3.07%

Net Expense Ratio (Institutional): 2.05%
Net expense ratios are due to a contractual agreement in place until October 31, 2024.

ISIN (Institutional): US90470L7174

CUSIP (Institutional): 90470L717

NAV Calculation: Calculated at the close of trading each day, normally 4pm Eastern time (on days that the NY Stock exchange is open)

Transaction Cut-Off: 4pm Eastern time

Fiscal Year: July 1 to June 30

Investment Objective

The Silk Invest New Horizons Frontier Fund’s goal, also referred to as its investment objective, is capital appreciation.

Principal Investment Strategy

The Fund invests in listed equities across Global Frontier Markets – predominantly in Africa, the Middle East, Frontier Asia and Latin America.

Our investment focus lies in selecting companies with business models that are capable of capitalising on the vast opportunities in frontier markets. Because we believe that shifting demographic trends in these rising economies are the main drivers behind their expansion, Silk Invest’s local analysts identify companies that focus on capturing the long term growth of the newly empowered consumer class.

We also believe that the opportunity within frontier markets belongs to the local entrepreneurs rather than to the globalised companies.

Our well-established local presence in the major frontier markets allows us to benefit from an on the ground perspective when we evaluate the business models of local companies.

Under normal circumstances, the Fund will hold at least 80% of its net assets in securities of issuers located in frontier and emerging markets or whose primary operations or principal trading markets are in frontier markets and depositary receipts (including American Depositary Receipts) of such issuers.

In general, “frontier” market countries are currently considered by the Fund’s adviser, Silk Invest Limited, to be a list of 68 countries spread across 5 continents. A complete list of Silk Invest’s investment universe can be found in the Fund’s prospectus.

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Our fund documentation

Fund prospectus
Statement of additional information
Quarterly Report
Semi Annual Report
Annual Report

Fund Holdings

A Comprehensive Insight into Our Fund’s Holdings report. Navigating Opportunities, Managing Risks, and Driving Informed Investment Decisions.

Broker Check by Fina

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For more information about investing in the Silk Invest New Horizons Frontier Fund, please call us at 888-825-2100

Silk Invest is authorised and regulated by the FCA in the UK and is registered with the SEC in the USA and the CFC in Morocco

The Fund’s investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Fund, and it may be obtained by downloading or calling 888-825-2100. To download, select the Prospectus option located under “Our fund documentation” above. Mutual fund investing involves risk; principal loss is possible.

The Silk Invest New Horizons Frontier Fund is distributed by Ultimus Fund Distributors, LLC. Silk Invest Limited and Ultimus Fund Distributors, LLC are not affiliated.

Legal Notice:

Silk Invest is a federally registered investment adviser under the Investment Advisers Act of 1940. Registration as an investment adviser does not imply a certain level of skill or training. The oral and written communications of an adviser provide you with information about which you determine to hire or retain an adviser.  Silk Invest’s Form ADV can be found at

Neither the information nor any opinion expressed constitutes an offer, or an invitation to make an offer, to buy or sell any securities. This Website is for informational purposes only and does not constitute a complete description of our investment services or performance.  The expressed views and opinions presented on this Website are subject to change without notice. Although information contained herein has been obtained from sources believed to be reliable and are accurate to the best of our knowledge, Silk Invest cannot and does not guarantee the accuracy, validity, timeliness, or completeness of such information made available to you for any particular purpose. Material presented should not be considered as investment advice or a recommendation of any particular security, strategy, or investment product. Past performance is not indicative of future results. No part of this Website or the materials herein may be reproduced in any form, or referred to in any other publication, without express written permission of Silk Invest. We do not take responsibility for links to third party content. By clicking on external links, you will be leaving this Website and you assume total responsibility and risk for your use of the site(s) you are visiting.

Past performance does not guarantee future results. The principal value of an investment and investment return will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted and may be obtained by calling 888-825-2100. Investment performance reflects contractual fee waivers in effect. In the absence of such waiver, total returns would be reduced.

Principal Risk Factors.

The main risks of investing in the Fund are:

Market Risks: The Fund’s investments are subject to market risk, which may cause the value of the Fund’s investments to decline. If the value of the Fund’s investments goes down, the share price of the Fund will go down, and you may lose money. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market.

Equity Securities Risks: Common stocks and other equity securities held by the Fund will fluctuate in value based on the earnings of the company and on general industry and market conditions, leading to fluctuations in the Fund’s share price.

Stock Selection Risk: The stocks selected for the Fund may decline in value or not increase in value when the stock market in general is rising.

Foreign Securities Risks: Investments in securities of foreign companies involve additional risks, including less liquidity, currency-rate fluctuations, political and economic instability and differences in financial reporting standards and securities market regulation.

Depositary Receipts Risks: The risks of depositary receipts (including American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”)) include many of the risks associated with investing directly in foreign securities, such as currency-rate fluctuations and political and economic instability.

Frontier Markets Risks: Investments in frontier markets can involve risks in addition to and greater than those generally associated with investing in more developed foreign markets. Frontier market countries generally have smaller economies or less developed capital markets than traditional emerging markets and, as a result, the risks of investing in emerging markets countries are magnified in frontier market countries. Frontier market economies can be subject to greater social, economic, regulatory, and political uncertainties, including the repatriation of investment income, and return of capital on the proceeds of sales of securities by foreign investors.

Emerging Markets Risks: Emerging market countries may have relatively unstable governments, weaker economies and less developed legal systems with fewer securities holder rights. Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default. Emerging market securities also tend to be less liquid.

Valuation Risks: The sale price the Fund could receive for any particular portfolio investment may differ from the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair value methodology.

Financial Services Sector Risks: To the extent that the Fund invests a significant portion of its assets in the financial services sector, the Fund will be sensitive to changes in, and its performance will depend to a greater extent on, the overall condition of the financial services sector. Companies in the financial services sector may be subject to extensive government regulation that affects the scope of their activities, the prices they can charge and the amount of capital they must maintain.

Currency Risks: The value of the Fund’s foreign holdings as measured in U.S. dollars may be affected unfavourably by changes in foreign currency exchange rates. The Fund may also incur costs in connection with conversions between various currencies.

Small- and Medium-Capitalisation Company Risks: Small-capitalisation and medium-capitalisation companies are often more volatile and less liquid than investments in larger companies. The frequency and volume of trading in securities of medium-capitalisation and small-capitalisation companies may be substantially less than is typical of larger companies.

P-Note Risks: P-Notes are issued by banks or broker-dealers and are designed to offer a return linked to the performance of an underlying security or market. The risks of P-Notes include many of the risks associated investing directly in foreign securities. Additionally, P-Notes may be subject to counter-party risk, which is the risk that the broker-dealer or bank that issues the notes will not fulfill its contractual obligations under the notes.

Management Risks: The Fund is subject to management risk as an actively-managed investment portfolio and depends on the decisions of the portfolio manager to produce the desired results.

Liquidity Risks: From time to time, the trading market for a particular security or type of security in which the Fund invests may become less liquid or even illiquid. The Fund may not be able to sell certain securities when Silk considers it desirable to do so and/or may have to sell the security at a lower price. Market prices for such securities may be volatile.

Cybersecurity Risks: Despite the various protections utilised by the Fund and its service providers, systems, networks, or devices utilised by the Fund potentially can be breached. The Fund and its shareholders could be negatively impacted as a result of a cybersecurity breach.

Concentration: The Fund will not invest 25% or more of its total assets in a particular industry, except that if, at the time of investment, an industry represents 20% or more of the Fund’s benchmark index, the Fund may invest up to 35% of its total assets in securities of companies in that industry. This limitation is not applicable to investments in obligations issued or guaranteed by the U.S. government, its agencies and instrumentalities or repurchase agreements with respect thereto.

The Fund is not offered for sale in countries other than the United States and its territories.


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