Verdicts genuinely change. Free email alert the moment EFEAX's does — no target price to set, unlike "Alert" above.
Whether this fund clears the published standards, and the filings behind that answer. The screen runs first and nothing on the trading side can override it.
Structure, momentum, positioning and levels. Separate from the Sharia verdict above, which this side never overrides.
Ashmore Emerging Markets Frontier Equity Fund · Ashmore Funds
54 holdings
NON-COMPLIANT At least 31.23% of portfolio weight is in non-compliant holdings — already over the 5% threshold, so the verdict is settled whatever the unmatched 56% turns out to be. Matching more holdings can only raise this share, never lower it.
54 holdings, 22 matched (42% of weight). Portfolio as of 2026-07-31, filed 2026-09-28. Source: SEC Form N-PORT.
11.37% of this portfolio’s income is non-permissible — weighted across holdings, computed over 19% of portfolio weight (12 of 54 holdings). The common approach purifies that proportion of income received — dividends — not of the position’s value. We report the ratio; what to do with it is a question for your own scholar.
Portfolio shares are withheld: coverage is below the floor needed to state one. The holdings themselves are below, because the names are evidence you can check.
| Holding | Status | Weight | Every methodology, and the debt ratio behind it |
|---|---|---|---|
| TLV.RO BANCA TRANSILVANIA SA | NON_COMPLIANT | 5.15% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| BAP CREDICORP LTD | NON_COMPLIANT | 4.35% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| KASPI.KZ JSC | UNSCREENED | 3.73% | no in-house ratios for this holding |
| FIRST ABU DHABI BANK PJSC | UNSCREENED | 3.04% | no in-house ratios for this holding |
| PIRAEUS BANK SA (NEW) | UNSCREENED | 2.94% | no in-house ratios for this holding |
| INTERNATIONAL CONTAINER TERMINAL SERVICES INC | UNSCREENED | 2.83% | no in-house ratios for this holding |
| VIC.VN VINGROUP JSC | COMPLIANT | 2.70% | AAOIFI18.4% Usmani30.3% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic30.3% MSCI Islamic M-Seriesfail FTSE Shariah30.3% |
| NOVA LJUBLJANSKA BANKA DD | UNSCREENED | 2.66% | no in-house ratios for this holding |
| BGEO.L LION FINANCE GROUP PLC | NON_COMPLIANT | 2.64% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| KRKA TOVARNA ZDRAVIL DD | UNSCREENED | 2.43% | no in-house ratios for this holding |
| ABU DHABI ISLAMIC BANK PJSC | UNSCREENED | 2.40% | no in-house ratios for this holding |
| SEARLE CO LTD (THE) | UNSCREENED | 2.35% | no in-house ratios for this holding |
| VCB.VN BANK FOR FOREIGN TRADE OF VIETNAM JSC | NON_COMPLIANT | 2.31% | AAOIFI8.8% Usmani1.8% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic1.8% MSCI Islamic M-Seriesfail FTSE Shariah1.8% |
| COMMERCIAL INTERNATIONAL BANK EGYPT SAE | UNSCREENED | 2.28% | no in-house ratios for this holding |
| QATAR NATIONAL BANK SAQ | UNSCREENED | 2.13% | no in-house ratios for this holding |
| VHM.VN VINHOMES JSC | NON_COMPLIANT | 1.93% | AAOIFI47.8% Usmani18.6% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic18.6% MSCI Islamic M-Seriesfail FTSE Shariah18.6% |
| HALYK BANK JSC | UNSCREENED | 1.89% | no in-house ratios for this holding |
| SODEP MARSA MAROC | UNSCREENED | 1.89% | no in-house ratios for this holding |
| SNP.RO OMV PETROM SA | COMPLIANT | 1.87% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| NATIONAL BANK OF KUWAIT SAK | UNSCREENED | 1.85% | no in-house ratios for this holding |
| HPG.VN HOA PHAT GROUP JSC | NON_COMPLIANT | 1.82% | AAOIFI55.0% Usmani35.7% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic35.7% MSCI Islamic M-Seriesfail FTSE Shariah35.7% |
| GEMADEPT GROUP CORP | UNSCREENED | 1.82% | no in-house ratios for this holding |
| BDO UNIBANK INC | UNSCREENED | 1.78% | no in-house ratios for this holding |
| GTRHF GUARANTY TRUST HOLDING COMPANY PLC | NON_COMPLIANT | 1.78% | AAOIFI0.7% Usmani0.2% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic0.2% MSCI Islamic M-Seriesfail FTSE Shariah0.2% |
| FPT DIGITAL RETAIL JSC | UNSCREENED | 1.78% | no in-house ratios for this holding |
| VPB.VN VIETNAM PROSPERITY JSC BANK | NON_COMPLIANT | 1.76% | AAOIFI118.6% Usmani20.8% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic20.8% MSCI Islamic M-Seriesfail FTSE Shariah20.8% |
| ATTIJARIWAFA BANK SA | UNSCREENED | 1.76% | no in-house ratios for this holding |
| MWG.VN MOBILE WORLD INVESTMENT CORP | NON_COMPLIANT | 1.69% | AAOIFI28.2% Usmani35.7% Dow Jones Islamicfail S&P Shariahpass MSCI Islamic35.7% MSCI Islamic M-Seriesfail FTSE Shariah35.7% |
| ADNOC LOGISTICS & SERVICES PLC | UNSCREENED | 1.65% | no in-house ratios for this holding |
| National Investment Fund Of The Republic Of Uzbekistan Joint Stock Co. (The) | UNSCREENED | 1.59% | no in-house ratios for this holding |
| ABU DHABI ISLAMIC BANK EGYPT | UNSCREENED | 1.56% | no in-house ratios for this holding |
| ARION.IC ARION BANKI HF | NON_COMPLIANT | 1.45% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| QATAR GAS TRANSPORT COMPANY LTD (NAKILAT) | UNSCREENED | 1.43% | no in-house ratios for this holding |
| DOHA BANK QSC | UNSCREENED | 1.36% | no in-house ratios for this holding |
| KARO KAROOOOO LTD | COMPLIANT | 1.23% | AAOIFI13.8% Usmani6.2% Dow Jones Islamic1.2% S&P Shariah1.4% MSCI Islamic6.2% MSCI Islamic M-Series1.4% FTSE Shariah6.2% |
| TGS TRANSPORTADORA DE GAS DEL SUR SA | NON_COMPLIANT | 1.23% | AAOIFI25.8% Usmani31.7% Dow Jones Islamic11.6% S&P Shariah13.7% MSCI Islamic31.5% MSCI Islamic M-Series13.7% FTSE Shariah31.5% |
| GBK.KW GULF BANK KSCP | NON_COMPLIANT | 1.20% | AAOIFI53.5% Usmani10.2% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic10.2% MSCI Islamic M-Seriesfail FTSE Shariah10.2% |
| NAM LONG INVESTMENT CORP | UNSCREENED | 1.18% | no in-house ratios for this holding |
| 3918.HK NAGACORP LTD | NON_COMPLIANT | 1.13% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| EAST PIPES INTEGRATED COMPANY FOR INDUSTRY | UNSCREENED | 1.11% | no in-house ratios for this holding |
| LOMA NEGRA COMPANIA INDUSTRIAL ARGENTINA SA | UNSCREENED | 1.09% | no in-house ratios for this holding |
| INTEGRATED HOLDING CO KSCP | UNSCREENED | 1.07% | no in-house ratios for this holding |
| HBM HUDBAY MINERALS INC | COMPLIANT | 0.99% | AAOIFI5.7% Usmani16.2% Dow Jones Islamic17.1% S&P Shariah22.3% MSCI Islamic16.2% MSCI Islamic M-Series22.3% FTSE Shariah16.2% |
| CCJ CAMECO CORP | COMPLIANT | 0.99% | AAOIFI— Usmani— Dow Jones Islamic— S&P Shariah— MSCI Islamic— MSCI Islamic M-Series— FTSE Shariah— |
| ALDAR PROPERTIES PJSC | UNSCREENED | 0.97% | no in-house ratios for this holding |
| ACB.VN ASIA COMMERCIAL BANK JSB | NON_COMPLIANT | 0.97% | AAOIFI127.0% Usmani16.3% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic16.3% MSCI Islamic M-Seriesfail FTSE Shariah16.3% |
| VNM.VN VIETNAM DAIRY PRODUCTS JSC | COMPLIANT | 0.97% | AAOIFI7.4% Usmani17.7% Dow Jones Islamicpass S&P Shariahpass MSCI Islamic17.7% MSCI Islamic M-Seriespass FTSE Shariah17.7% |
| EMIRATESNBD.AE EMIRATES NBD BANK PJSC | NON_COMPLIANT | 0.97% | AAOIFI46.9% Usmani7.8% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic7.8% MSCI Islamic M-Seriesfail FTSE Shariah7.8% |
| PARKIN COMPANY PJSC | UNSCREENED | 0.93% | no in-house ratios for this holding |
| PXMFF PHILEX MINING CORP | NON_COMPLIANT | 0.85% | AAOIFI33.5% Usmani34.5% Dow Jones Islamic75.3% S&P Shariah103.5% MSCI Islamic34.5% MSCI Islamic M-Series103.5% FTSE Shariah34.5% |
| PHUNHUAN JEWELRY JSC | UNSCREENED | 0.70% | no in-house ratios for this holding |
| RASAN INFORMATION TECHNOLOGY COMPANY | UNSCREENED | 0.67% | no in-house ratios for this holding |
| CENTURY PACIFIC FOOD INC | UNSCREENED | 0.52% | no in-house ratios for this holding |
| IMEXPHARM CORP | UNSCREENED | 0.41% | no in-house ratios for this holding |
The published standards disagree about this fund by 3 points of portfolio weight — 7.8% of it passes AAOIFI, 5.1% passes Dow Jones Islamic. Which number is yours depends on which standard you follow.
These bars are the financial-ratio result under each standard — debt, receivables and interest income. They do not screen what the business does, so a holding can pass every ratio here and still be questionable or non-compliant on activity. The blended verdict above accounts for both.
ratios pass on 7.8% ratios fail on 30.0% 58.0% not rated under AAOIFI
ratios pass on 5.6% ratios fail on 32.2% 58.0% not rated under Usmani
ratios pass on 5.1% ratios fail on 32.7% 58.0% not rated under Dow Jones Islamic
ratios pass on 6.8% ratios fail on 31.0% 58.0% not rated under S&P Shariah
ratios pass on 5.6% ratios fail on 32.2% 58.0% not rated under MSCI Islamic
ratios pass on 5.1% ratios fail on 32.7% 58.0% not rated under MSCI Islamic M-Series
ratios pass on 5.6% ratios fail on 32.2% 58.0% not rated under FTSE Shariah
22 of 54 listed holdings carry our own per-methodology verdicts (40% of weight). The rest hold a provider verdict with no methodology breakdown, and are counted as rated by none. Of those, 15 (22% of weight) also carry the underlying debt ratio; the rest show a verdict without the figure behind it.
| Non-compliant holding | Weight |
|---|---|
| TLV.RO BANCA TRANSILVANIA SA | 5.15% |
| BAP CREDICORP LTD | 4.35% |
| BGEO.L LION FINANCE GROUP PLC | 2.64% |
| VCB.VN BANK FOR FOREIGN TRADE OF VIETNAM JSC | 2.31% |
| VHM.VN VINHOMES JSC | 1.93% |
| HPG.VN HOA PHAT GROUP JSC | 1.82% |
| GTRHF GUARANTY TRUST HOLDING COMPANY PLC | 1.78% |
| VPB.VN VIETNAM PROSPERITY JSC BANK | 1.76% |
| MWG.VN MOBILE WORLD INVESTMENT CORP | 1.69% |
| ARION.IC ARION BANKI HF | 1.45% |
Whether the technical picture shows an edge right now. Separate from the Sharia verdict, which this side never overrides.
Ashmore Emerging Markets Frontier Equity Fund (EFEAX) is currently considered not halal (non-compliant), per our own look-through to its filed holdings. See its filed holdings and the weight breakdown below for the reasoning.
HTR reads the fund's filed holdings and screens each one, then reports the result by weight. A holding it cannot cover far enough is reported as unrated rather than counted as a pass.
| Holding | Weight | Verdict |
|---|---|---|
| TLV.ROBANCA TRANSILVANIA SA | 5.15% | Non-compliant |
| BAPCREDICORP LTD | 4.35% | Non-compliant |
| KASPI.KZ JSCnot matched to a ticker | 3.73% | Not screened |
| FIRST ABU DHABI BANK PJSCnot matched to a ticker | 3.04% | Not screened |
| PIRAEUS BANK SA (NEW)not matched to a ticker | 2.94% | Not screened |
| INTERNATIONAL CONTAINER TERMINAL SERVICES INCnot matched to a ticker | 2.83% | Not screened |
| VIC.VNVINGROUP JSC | 2.70% | Compliant |
| NOVA LJUBLJANSKA BANKA DDnot matched to a ticker | 2.66% | Not screened |
| BGEO.LLION FINANCE GROUP PLC | 2.64% | Non-compliant |
| KRKA TOVARNA ZDRAVIL DDnot matched to a ticker | 2.43% | Not screened |
Top 10 of 54 holdings, 32.5% of the fund by weight. Every holding is screened, not only these.
The positions keeping this fund short of 100% compliant by weight.
Verdict history for EFEAX. A verdict that never moved is recorded too, so a quiet history reads as measured rather than missing.
ℹ️ no compliance scan has run for 6 days - this is not a reading of today
Pinch or scroll to zoom · drag to pan — both axes move · double-click to reset
This fund prices once a day, so its bars carry no intraday high or low — floor-trader pivots are not defined for it.
The range is measured volatility (ATR over the horizon), not a target — a wider band means a more volatile asset, not a stronger view. The direction is the indicator tally below. Every forecast is recorded when made and scored against the real price when it comes due, including the wrong ones. Not a recommendation, and not a fatwa.
Standard indicator thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20, MACD histogram sign, price vs. average) computed on daily bars. A summary of what common indicators say — not a recommendation, and not this site's own trading verdict.
| Indicator | Value | Signal |
|---|---|---|
| RSI (14) | 31.60 | NEUTRAL |
| Stochastic %K (14) | 12.82 | BUY |
| CCI (20) | -83.33 | NEUTRAL |
| Williams %R (14) | -87.18 | BUY |
| MACD (12,26,9) | -0.01 | SELL |
| ROC (10) | -1.06 | SELL |
| Momentum (10) | -0.12 | SELL |
| EMA (10) | 11.24 | SELL |
| SMA (10) | 11.23 | SELL |
| EMA (20) | 11.35 | SELL |
| SMA (20) | 11.38 | SELL |
| EMA (30) | 11.43 | SELL |
| SMA (30) | 11.51 | SELL |
| EMA (50) | 11.50 | SELL |
| SMA (50) | 11.65 | SELL |
| EMA (100) | 11.49 | SELL |
| SMA (100) | 11.53 | SELL |
| EMA (200) | 11.36 | SELL |
| SMA (200) | 11.42 | SELL |
Market structure by timeframe, read from real bars. A bias per timeframe rather than a forecast — timeframes disagreeing is information, not noise.
The questions worth asking about any verdict on this page, answered plainly.
No. HTR reads the fund's filed holdings and screens each one, then reports the result by weight. A fund marketed as Islamic still gets the same look-through as any other.
It is the share of the fund whose holdings HTR cannot cover far enough to rate. It is reported as unrated rather than counted as compliant, because a holding nobody screened should not look like one that passed.
It matters, and it is noted, but it does not replace the look-through. The board's judgement and the holdings screen are shown separately so you can see when they agree and when they do not.
When the fund files new holdings, and on a rolling basis besides. The date on the verdict above is the last time this fund was actually recomputed.
Open research, not a fatwa. HTR applies published screening standards to filings and publishes what they say, including when they disagree. Nothing here is financial advice or a recommendation to buy or sell. Verdicts can change when new filings land.
Same screen, different answers. Comparison is where the standards disagreeing becomes useful rather than confusing.
Peer screening computing — it will appear here on its own.
Plain-language summary of the evidence already on this page — the Sharia screen, structure, momentum, and order flow above. It explains the read; it doesn't make the call. Generated on demand (a live AI call), never run automatically.