HSBC Global Investment Funds February 2018 Global … · HSBC Global Investment Funds Global...
Transcript of HSBC Global Investment Funds February 2018 Global … · HSBC Global Investment Funds Global...
HK-HE
Share Class AM2
AM2 30 Apr 2018
Performance (%)
Yes
Distributing
Monthly
Daily
USD 1,000
5.25%
1.25%
USD
Luxembourg
LU0571531218
05 Jan 2011
USD 23.12
-1.47 -1.17 6.33 5.72 Fund Size
HSGEMAM LX
-7.86
Share Class Details
30 Apr 2018
Fund Objective and Strategy
HSBC Global Investment Funds - Global Emerging Markets Bond
AM2 -3.66 -3.33
1Result is cumulative when calculation period
is over one year. 2The calendar year return of the first year is
calculated between share class inception date
and calendar year end of first year if the share
class has less than 5-year history.
The Fund invests for total return (meaning capital growth and income) primarily in a diversified portfolio of bonds. These bonds are
generally issued or guaranteed by companies, governments, government agencies and supranational bodies registered or based in
emerging markets. The fund’s assets include investment-grade securities (rated as such by a credit ratings agency), non-investment
grade securities (which carry more risk) and other similar securities. Most of the fund’s holdings are denominated in US dollars. The Fund
can invest up to 30% of its assets in securities issued by or guaranteed by a single sovereign issuer with a non-investment grade credit
rating. The Fund can also invest up to 10% of its assets in contingent convertible securities. These are bonds that convert to equities
(carrying increased risk) if the issuer runs into difficulty. However, this exposure isn’t expected to exceed 5%. See the Prospectus for a
description of derivative usage.
Performance (%)
USD 3,957,272,220
• The Fund invests primarily in emerging markets fixed income securities.
• The Fund is subject to the risks of investing in emerging markets and non-investment grade bonds are subject to higher risk than
investment grade bonds.
• The Fund may invest up to 30% of its net asset value in securities issued by a single sovereign issuer with a non-investment grade
credit rating and is subject to higher concentration risk, sovereign risk and credit risk.
• For certain classes of the Fund, the Fund may pay dividends out of capital or pay dividends gross of expenses. Investors should note
that the payment of dividends out of capital or effectively out of capital represents a return or withdrawal of part of the amount they
originally invested or from any capital gains attributable to the original investment. Such distributions may result in an immediate
decrease in the net asset value of the Fund.
• The Fund may invest in financial derivative instruments for investment purpose and may suffer substantial loss if the relevant issuers
default or the relevant instruments cannot be realised or perform badly.
• The Fund’s investments may involve substantial credit/counterparty, downgrading, market, volatility, liquidity, regulatory and political
risks. Investors may suffer substantial loss of their investments in the Fund.
• Unit trusts are NOT equivalent to time deposits. Investors should not invest in the Fund solely based on the information provided in this
document and should read the offering document of the Fund for details. This document does not constitute an offering document.
Risk Disclosure
YTD 1M 3M
Past performance is not an indicator of future returns. The figures are calculated
in the share class base currency, NAV to NAV basis with dividend reinvested, net
of fees. If investment performance is not denominated in HKD or USD, HKD or
USD based investors are exposed to exchange rate fluctuations.
Source: HSBC Global Asset Management, data as at 30 April 2018
AM2 5.02 -1.46 7.44 7.66
1Y 3Y¹ 5Y¹
Calendar Year
Performance (%)²2013 2014 2015 2016
Reference Performance Benchmark: JP Morgan EMBI Global since
1 Jan 2000. Prior to that, was JP Morgan EMBI.
Fund change that may have material impact on performance: 21
May 2007 – investment objective changed. 1 Jan 2011 – fee
structure changed. 16 Sep 2013 – investment objective changed.
To download the offering documents from
http://services.assetmanagement.hsbc.com.hk/site/media/pdf/docu
ments/English/AMHK_HGIF.pdf
2017
UCITS V Compliant
Distribution Type
Distribution Frequency
Dealing Frequency
NAV per Share
Bloomberg Ticker
Reference
BenchmarkJP Morgan EMBI Global
Min. Initial Investment
Max. Initial Charge
Management Fee
Base Currency
Domicile
ISIN
Reference
Benchmark-6.58 5.53 1.23 10.19 9.32
ManagerNishant Upadhyay
Zeke Anurag Diwan
Reference
Benchmark-3.22 -1.46 -3.03 0.19 13.40 15.80
Inception Date
9095
100105110115120125130
Fund Reference Benchmark
Volatility 5.7% 5.6% Volatility 6.6% 6.5%
Sharpe Ratio 0.19 0.59 Sharpe Ratio 0.06 0.35
Tracking Error 0.9% - Tracking Error 1.3% -
Information Ratio -2.38 - Information Ratio -1.48 -
Average Coupon 5.80 5.76 0.04 Average Credit Quality4 BB BBB- -
Effective Duration3 7.13 6.91 0.22 Maturity Average 11.35 11.33 0.03
Portfolio Yield 6.64 5.95 0.69
Sovereign (Hard Ccy) 70.47 72.39 -1.92
AAA -1.80 - -1.80 Quasi (Hard Ccy) 20.65 27.28 -6.64
AA 0.20 0.20 0.01 Corporate (Hard Ccy) 7.93 0.32 7.61
A 9.97 22.88 -12.90 Local FX 2.00 - 2.00
BBB 35.96 35.91 0.05 Local Sovereign Bonds 0.24 - 0.24
BB 24.18 19.25 4.92 Cash -1.29 0.00 -1.29
B 29.38 19.55 9.84
CCC 0.49 0.63 -0.14
CC 0.81 0.91 -0.10
C 0.80 0.67 0.13
Turkey 11.35 6.14 5.22
Mexico 9.87 12.26 -2.39
Argentina 8.42 4.97 3.46
Indonesia 7.59 8.12 -0.53
< 1 Year 3.65 0.07 3.58 Russian Federation 6.08 4.93 1.15
1-3y 6.48 15.10 -8.62 Brazil 5.85 4.40 1.45
3-5y 12.29 16.89 -4.60 Colombia 3.96 2.56 1.40
5-7y 14.38 14.30 0.09 China 3.51 9.19 -5.68
7-10y 33.27 22.24 11.03 Sri Lanka 2.84 0.93 1.91
10-15y 4.05 5.02 -0.96 Ecuador 2.65 1.68 0.97
15y+ 25.88 26.40 -0.52 Others 37.87 44.83 -6.95
USD 97.76 100.00 -2.24
TRY 1.03 - 1.03
COP 1.01 - 1.01
RUB 0.99 - 0.99
JPY 0.03 - 0.03
HKD 0.01 - 0.01
MXN 0.00 - 0.00
CHF 0.00 - 0.00
BRL 0.00 - 0.00
ZAR 0.00 - 0.00
Others -0.83 - -0.83
5-Year Risk Measures AM2Reference
Benchmark
HSBC Global Investment Funds - Global Emerging Markets Bond Share Class AM2 30 Apr 2018
Only top 10 breakdowns are displayed. Other breakdowns are
included in Others.
Only top 10 breakdowns are displayed. Other breakdowns are
included in Others.
3-Year Risk Measures AM2Reference
Benchmark
Sorted from highest to lowest rating. Cash is not included in
any rating.
Sorted from shortest to longest per the length of maturity.
Fund
Reference
BenchmarkRelative
Geographical Allocation
(EE%)Fund
Reference
BenchmarkRelative
Characteristics FundReference
BenchmarkRelative Characteristics Fund
Sorted from largest to smallest per Economic Exposure.
3Effective Duration, excludes interest rate futures, bond futures and excess return from interest rate swaps.
4Average credit rating uses 'Index rating' which is an average of the vendors: S&P, Fitch, Moody’s. The average fund and benchmark rating
does not include securities rated NR or NA.
Source: HSBC Global Asset Management, data as at 30 April 2018
Reference
BenchmarkRelative
Sector Allocation (EE%) FundReference
BenchmarkRelative
Credit Quality Rating
Allocation (EE%)Fund
Reference
BenchmarkRelative
Currency Allocation (EE%) FundReference
BenchmarkRelative
Maturity Breakdown (EE%)
30 Apr 2018
Important Information
This document is prepared for general information purposes only and does not have any regard to the specific investment objectives,
financial situation and the particular needs of any specific person who may receive it. Any views and opinions expressed are subject to
change without notice. This document does not constitute an offering document and should not be construed as a recommendation, an offer
to sell or the solicitation of an offer to purchase or subscribe to any investment. Any forecast, projection or target where provided is indicative
only and is not guaranteed in any way. HSBC Global Asset Management (Hong Kong) Limited (“AMHK”) accepts no liability for any failure to
meet such forecast, projection or target. AMHK has based this document on information obtained from sources it reasonably believes to be
reliable. However, AMHK does not warrant, guarantee or represent, expressly or by implication, the accuracy, validity or completeness of
such information. Investment involves risk. Past performance is not indicative of future performance. Please refer to the offering document
for further details including the risk factors. This document has not been reviewed by the Securities and Futures Commission. Copyright ©
HSBC Global Asset Management (Hong Kong) Limited 2018. All rights reserved. This document is issued by HSBC Global Asset
Management (Hong Kong) Limited.
Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The
Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright
2018, J.P. Morgan Chase & Co. All rights reserved.
Index Disclaimer
HSBC Global Investment Funds - Global Emerging Markets Bond Share Class AM2
Terms of Glossary
Convertible bond, is a type of bond that the holder can convert into a specified number of shares of common stock in the issuing company
or cash of equal value.
Corporate bond, is bond issued by a company in order to raise financing.
Coupon, the annual interest rate paid on a bond, expressed as a percentage of the face value.
Credit quality, one of the principal criteria for judging the investment quality of a bond or bond mutual fund.
Developed markets, countries that are most developed in terms of its economy and capital markets.
Duration, a measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates.
Emerging markets (EM), nations' economies in the process of fast economic growth. Investments in emerging markets are generally
considered to be with higher risk.
Government bond or Gilt, a loan to a national government in return for regular payments (known as the coupon) and a promise that the
original investment (principal) is paid back at a specified date. Gilts are loans to the UK government.
High yield bond, is fixed income security with a low credit rating from a recognised credit rating agency. They are considered to be at higher
risk of default, but have the potential for higher rewards.
Information ratio, is a ratio of portfolio returns above/under the returns of a benchmark to the volatility of those returns.
Investment grade bond, is considered investment grade or IG if its credit rating is BBB- or higher by Standard & Poor's or Baa3 or higher
by Moody's.
Maturity, the period of time for which a financial instrument remains outstanding.
Effective Duration, is a duration value based on the probability of early redemption call by the bond issuer.
Sharpe ratio, a measure for calculating risk-adjusted return, and this ratio has become the industry standard for such calculations.
Tracking error, a measure of how closely a portfolio follows the index to which it is benchmarked.
Volatility, a measure of how much a fund's price goes up or down as a percentage of its average performance.
Yield to maturity, the total return anticipated on a bond if the bond is held until the end of its lifetime.
Portfolio Yield, the lowest potential yield that can be received on a bond without the issuer actually defaulting.
Supplement Information Sheet
AM2 USD
AM2 USD
AM2 USD
AM2 USD
AM2 USD
AM2 USD
AM2 USD
AM2 USD
AM2 USD
AM2 USD
AM2 USD
AM2 USD
AC USD
ACHKD HKD
AM2HKD HKD
AM2HKD HKD
AM2HKD HKD
AM2HKD HKD
AM2HKD HKD
AM2HKD HKD
AM2HKD HKD
AM2HKD HKD
AM2HKD HKD
AM2HKD HKD
AM2HKD HKD
AM2HKD HKD
AM3HAUD AUD
AM3HAUD AUD
AM3HAUD AUD
AM3HAUD AUD
AM3HAUD AUD
AM3HAUD AUD
AM3HAUD AUD
AM3HAUD AUD
AM3HAUD AUD
AM3HAUD AUD
AM3HAUD AUD
AM3HAUD AUD
AM3HEUR EUR
AM3HEUR EUR
AM3HEUR EUR
AM3HEUR EUR
AM3HEUR EUR
AM3HEUR EUR
AM3HEUR EUR
AM3HEUR EUR
AM3HEUR EUR
AM3HEUR EUR
AM3HEUR EUR
AM3HEUR EUR
PD USD
30 Apr 2018
HSBC Global Investment Funds - Global Emerging Markets Bond
3.46%Annually 07 Jul 2017 0.660752
6.14%
Monthly 28 Mar 2018 0.118229 6.04%
Monthly 28 Feb 2018 0.107359 5.44%
Monthly 27 Apr 2018 0.118323
30 Nov 2017 0.099958 4.91%
Monthly 31 Oct 2017 0.093943 4.59%
30 Jan 2018 0.089421 4.43%
Monthly 28 Dec 2017 0.102022 5.01%
Monthly
Monthly
28 Jul 2017 0.101559 4.97%
Monthly 30 Jun 2017 0.097644 4.79%
29 Sep 2017 0.091473 4.45%
Monthly 31 Aug 2017 0.100512 4.87%
Monthly
Monthly
- - - -
Monthly 27 Apr 2018 0.046828 6.14%
Monthly 24 May 2017 0.099226 4.83%
- - - -
Monthly 30 Jan 2018 0.035248 4.43%
Monthly 28 Dec 2017 0.040180 5.01%
Monthly 28 Mar 2018 0.046652 6.02%
Monthly 28 Feb 2018 0.042342 5.44%
Monthly 29 Sep 2017 0.036099 4.46%
Monthly 31 Aug 2017 0.039582 4.86%
Monthly 30 Nov 2017 0.039323 4.91%
Monthly 31 Oct 2017 0.036998 4.59%
Monthly 24 May 2017 0.038914 4.83%
Monthly 27 Apr 2018 0.040493 5.85%
Monthly 28 Jul 2017 0.039975 4.97%
Monthly 30 Jun 2017 0.038366 4.78%
Monthly 30 Jan 2018 0.031548 4.35%
Monthly 28 Dec 2017 0.037799 5.16%
Monthly 28 Mar 2018 0.042374 6.02%
Monthly 28 Feb 2018 0.038965 5.49%
Monthly 29 Sep 2017 0.035309 4.78%
Monthly 31 Aug 2017 0.038903 5.24%
Monthly 30 Nov 2017 0.038231 5.22%
Monthly 31 Oct 2017 0.036414 4.94%
5.44%
Monthly 27 Apr 2018 0.021552 3.20%
Monthly 28 Jul 2017 0.039010 5.31%
Monthly 30 Jun 2017 0.038581 5.26%
0.64%
Monthly 28 Dec 2017 0.021948 3.09%
Monthly 28 Mar 2018 0.025856 3.78%
Monthly 28 Feb 2018 0.023462 3.40%
2.65%
Monthly 31 Aug 2017 0.021381 2.96%
Monthly 30 Nov 2017 0.021585 3.03%
Monthly 31 Oct 2017 0.018047 2.52%
2.97%
Monthly 28 Jul 2017 0.020492 2.87%
Monthly 30 Jun 2017 0.021583 3.03%
Monthly 24 May 2017 0.021298
Monthly 29 Sep 2017 0.019032
Monthly 30 Jan 2018 0.004535
Monthly 24 May 2017 0.040173
Share ClassBase
CurrencyDistribution Frequency Dividend ex-date Dividend Amount
Annualised Yield
(Distribution is not
guaranteed and may
be paid out of
capital)
Supplement Information Sheet
The above table cites the last dividend paid within the last 12 months only. Dividend is not guaranteed and may be paid out of capital, which
will result in capital erosion and reduction in net asset value. A positive distribution yield does not imply a positive return. Past payout yields
and payments do not represent future payout yields and payments. Historical payments may be comprised of both distributed income and
capital.
The calculation method of annualised yield: (dividend value / NAV per share or unit as of ex-dividend date) x n, n depends on the distributing
frequency. Annually distribution is 1; semi-annually distribution is 2; quarterly distribution is 4; monthly distribution is 12.
The annualised dividend yield is calculated based on the dividend distribution on the relevant date with dividend reinvested, and may be
higher or lower than the actual annual dividend yield.
HSBC Global Investment Funds - Global Emerging Markets Bond
30 Apr 2018
PRODUCT KEY FACTS
產品資料概要
HSBC Global Investment Funds –
Global Emerging Markets Bond
滙豐環球投資基金 – 環球新興市場債券
April 2018 2018年4月
This statement provides you with key information about the HSBC Global Investment Funds –
Global Emerging Markets Bond 本概要提供有關滙豐環球投資基金 - 環球新興市場債券的重要資料
This statement is part of the offering document
本概要是銷售文件的一部分 You should not invest in this product based on this statement alone
投資者切勿單憑本概要作投資決定
Quick facts 基本資料
Fund manager 基金經理 HSBC Investment Funds (Luxembourg) S.A.
Investment adviser 投資顧問 HSBC Global Asset Management (USA) Inc. (Internal delegation, USA / 內部委託,美國)
Custodian 保管人 HSBC Bank Plc, Luxembourg Branch
Dealing frequency 進行交易 Daily on every dealing day / 每一個交易日
Base currency (reference currency)
基本貨幣(參考貨幣)
USD / 美元
Ongoing charges over a year
全年經常性開支比率
Class AC / AC類 1.61%^ Class ACHKD / ACHKD類 1.59%^
Class AM2 / AM2類 1.59%^
Class AM2HKD / AM2HKD類 1.59%^
Class AM3HAUD / AM3HAUD類 1.66%^
Class AM3HEUR / AM3HEUR類 1.65%^
Class PD^^ ̂/ PD類^^ ̂1.35%^
Dividend policy 股息政策 Class AC/ACHKD – No dividends will be declared or paid;
AC/ACHKD類 – 將不宣佈或派發股息﹔
Class AM2 / AM2HKD / AM3HAUD / AM3HEUR– Declared monthly on a discretionary basis,
and if declared, dividends will be paid monthly. Dividends may be paid out of the capital of the
relevant Class and may lead to capital erosion;
AM2 / AM2HKD / AM3HAUD / AM3HEUR類 – 按酌情基準每月宣佈,如獲宣佈,將會每月派發股息。股息可從相關類別的資本中支付,可能導致資本被蠶食﹔
Class PD – Declared annually on a discretionary basis, and if declared, will be paid annually.
PD 類 – 按酌情基準每年宣佈,如獲宣佈,將會每年派發股息。
Financial year end 財政年度終結日 31 March / 3 月 31 日
Minimum investment (initial and subsequent)
最低認購額(首次及其後) Class A - US$1,000 or HK$10,000 or AUD1,500 or EUR850
A類 - 1,000美元或10,000港元或1,500澳元或850歐元 Class PD – US$1,000
PD類- 1,000美元 ^ This figure is an annualized figure based on the expenses for the interim period ended 30 September 2017. This figure may vary from year to year.
此數字乃根據截至 2017年 9月 30日止中期開支計算的年率化數字。此數字每年均可能有所變動。
^^^ Class PD is closed for subscription.
PD類已停止接受認購。
What is this product? 本基金是甚麼產品?
This is a sub-fund (the “Fund”) of an umbrella fund constituted in the form of a mutual fund. It is domiciled in Luxembourg and its home regulator is
Commission de Surveillance du Secteur Financier.
本附屬基金(「基金」)所屬的傘子基金以互惠基金形式組成。本基金在盧森堡註冊成立,在當地由Commission de Surveillance du Secteur
Financier監管。
2
Objectives and Investment Strategy 目標及投資策略
Investment Objectives and Strategy 投資目標及策略:
The Fund invests for total return primarily in a diversified portfolio of Investment Grade and Non-Investment Grade rated fixed income (e.g. bonds) and
other similar securities either issued by companies which have their registered office in Emerging Markets around the world, primarily denominated in
US dollars, or which are issued or guaranteed by governments, government agencies and supranational bodies of Emerging Markets.
本基金主要投資於由在世界各地新興市場設有其註冊辦事處之公司所發行(主要以美元結算)的或由新興市場的政府、政府機構及超國家組織所發行或保證的投資級別及非投資級別固定收益(例如:債券)以及其他類似證券組成的多元化投資組合,旨在取得總回報。
The Fund may invest more than 10% and up to 30% of its net assets in securities issued by and / or guaranteed by a single sovereign issuer with a
Non-Investment Grade credit rating. This is due to the fact that the Fund’s reference benchmark, the JP Morgan Emerging Market Bond Index, may
contain sovereign issuers that may have a Non-Investment Grade rating. The Investment Adviser may decide to invest in a specific Non-Investment
Grade sovereign issuer and / or to overweight (in relation to the reference benchmark) a particular Non-Investment Grade sovereign issuer.
本基金投資於單一非投資級別主權發行人所發行及/或保證的證券可達其淨資產 10% 以上但最多 30%。這是由於本基金的參考基準 – JP摩根新興市場債券指數可能包含非投資級別的主權發行人。投資顧問可決定投資於某特定的非投資級別主權發行人及/或側重於(就相關參考基準而言)某一特定的非投資級別主權發行人。
The Non-Investment Grade sovereign issuers that the Fund may invest up to 30% of its net assets in include, but are not limited to, Venezuela, Turkey
and the Philippines. However, this list may change at any time as a result of: changes in credit ratings, changes in the Fund’s benchmark weights, the
Investment Adviser’s decision to allocate a higher or lower proportion of the Fund’s net assets to a particular benchmark constituent and / or market
movements.
該等可被本基金投資達其淨資產最多 30% 的非投資級別主權發行人包括但不限於委內瑞拉、土耳其及菲律賓。然而,此名單可能會基於以下原因而隨時改變﹕信貸評級改變、本基金的基準比重改變、投資顧問決定對某一特定基準成分股及 / 或市場走勢分配較高或較低的淨資產比例。
The Fund may invest up to 10% of its net assets in contingent convertible securities, however this is not expected to exceed 5%.
本基金可將其淨資產最多10%投資於或有可轉換證券,惟預期不會超過5%。
The Fund does not intend to use financial derivative instruments extensively for investment purposes. However, the Fund may use financial derivative
instruments for hedging purposes and investment purposes. The financial derivative instruments the Fund is permitted to use include, but are not
limited to, futures, options, swaps (such as credit default swaps and Total Return Swaps) and foreign exchange forwards (including non-deliverable
forwards). Financial derivative instruments may also be embedded in other instruments in which the Fund may invest.
本基金不擬為投資目的而廣泛運用金融衍生工具。然而,本基金可為對沖及投資目的運用金融衍生工具。本基金獲准使用的金融衍生工具包括但不限於期貨、期權、掉期(例如信貸違約掉期及總回報掉期)及外匯遠期(包括非可交付遠期)。金融衍生工具亦可嵌入於本基金可投資的其他工具。
The Fund may invest up to 10% of its net assets in Total Return Swaps, however this is not expected to exceed 5%.
本基金可將其淨資產最多10%投資於總回報掉期,惟預期不會超過5%。
What are the Key Risks? 本基金有哪些主要風險?
Investments involve risks. Please refer to the offering document for details including risk factors.
投資附帶風險。請參閱銷售文件以便獲取其他資料,包括風險因素。
Investment risk 投資風險
The Fund is an investment fund. There is no guarantee of the repayment of principal.
本基金為投資基金,並不保證償付投資本金。
The Fund’s investment portfolio may fall in value due to any of the key risk factors below and therefore your investment in the Fund may suffer
losses.
本基金的投資組合價值可能因下列任何主要風險因素而下跌,而閣下在本基金的投資亦可能蒙受虧損。
Emerging markets risk 新興市場風險
Investing in emerging markets involves a greater risk of loss than investing in more developed markets due to, among other factors, greater political,
tax, economic, foreign exchange, liquidity, settlement, custodial, market volatility (such as interest rate and price volatility), legal and regulatory risks.
相對投資於較成熟市場,投資於新興市場須承受較高損失的風險,包括較高的政治、稅務、經濟、外滙、流動性、結算、託管、市場波動(如利率及價格波動)、法律及監管風險。
Interest rate risk 利率風險
The Fund’s investments in fixed income instruments may fall in value if interest rates change. Generally, the price of fixed income instruments
decreases when interest rates rise, whilst their prices increase when interest rates fall.
本基金投資於固定收益工具,一旦利率變動,其價值可能會隨之下跌。一般而言,利率上升時,固定收益工具的價格會下跌,而利率下跌時,其價格則會上升。
Credit risk 信貸風險
The Fund’s exposure to fixed income securities is subject to the credit risk of the issuers of the securities. When the issuer of a fixed income security defaults, the Fund may suffer a loss amounting to the value of such investment.
本基金的固定收益證券投資須承受證券發行人的信貸風險。當固定收益證券的發行人違約,本基金可能須承受相等於該投資價值的損失。
3
Non-investment grade debt/ unrated debt risk 非投資級別債務/未評級債務風險
Non-investment grade and unrated fixed income securities are subject to lower liquidity, higher volatility, higher credit risk and greater risk of loss of
principal and interest than investment grade fixed income securities.
相對投資級別的固定收益證券,非投資級別及未評級的固定收益證券須承受較低流動性、較高波動性、較高的信貸風險以及較大的本金和利息損失風險。
Downgrading Risk 評級下降風險
The credit rating of a fixed income security or its issuer may subsequently be downgraded. In the event of such downgrading, the Fund’s investment
value in such security may be adversely affected. The Management Company or the Investment Adviser may or may not be able to dispose of the
securities that are being downgraded.
固定收益證券或其發行人的信貸評級可能其後被下調。如果出現信貸評級下降,可能會對本基金於該證券的投資價值有負面影響。管理公司或
投資顧問不一定能夠出售被下調評級的證券。
Liquidity risk 流動性風險
The Fund is exposed to the risk that a particular investment or position cannot be easily unwound or offset due to insufficient market depth or market
disruption. Investment of the Fund’s assets in relatively illiquid investments may restrict the ability of the Fund to dispose of its investments at a price
and time that it wishes to do so. This may result in a loss to the Fund.
本基金須承受某特定投資或倉盤因市場深度不足或因市場干擾而未能輕易進行平倉或抵銷的風險。本基金的資產投資於相對欠缺流動性的投資,會限制本基金在所希望的價格及時間出售其投資的能力。這可能導致本基金虧損。
Sovereign debt risk 主權債務風險
The Fund’s investment in securities issued or guaranteed by governments may be exposed to political, social and economic risks. In adverse
situations, the sovereign issuers may not be able or willing to repay the principal and/or interest when due or may request the Fund to participate in
restructuring such debts. The Fund may suffer significant losses when there is a default of sovereign debt issuers.
本基金投資於由政府發行或擔保的證券,可能承受政治、社會及經濟風險。在不利情況下,主權發行人未必能夠或願意在到期應付時償還本金額及/或利息或可能要求本基金參與該等債務的重組。當主權債券發行人違約時,本基金可能蒙受重大損失。
Valuation risk 估值風險 Valuation of the Fund’s investments may involve uncertainties and judgmental determinations. If such valuation turns out to be incorrect, this may
affect the net asset value of the Fund.
本基金的投資的估值或會涉及不明朗因素及判定性的決定。如證實該等估值不正確,此可能影響本基金的資產淨值。
Credit rating risk 信貸評級風險 Credit ratings assigned by rating agencies are subject to limitations and do not guarantee the creditworthiness of the security and/or issuer at all
times.
評級機構給予的信貸評級涉及限制,並不保證證券及/或發行人在所有時候的信用程度。
Concentration risk 集中性風險
The Fund’s investments are concentrated in emerging markets (e.g. Venezuela, Turkey and the Philippines). The value of the Fund may be more
volatile than that of a fund having a more diverse portfolio of investments.
本基金集中投資於新興市場國家(例如委內瑞拉、土耳其及菲律賓)。本基金的價值可能比具有更廣泛投資組合的基金更反覆波動。
The value of the Fund may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event
affecting the emerging markets.
本基金的價值可能較容易受到影響新興市場的不利經濟、政治、政策、外匯、流動性、稅務、法律或監管事件的影響。
Derivative instrument risk 衍生工具風險
Risks associated with financial derivative instruments include counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter
transaction risk. The leverage element/component of a financial derivative instrument can result in a loss significantly greater than the amount
invested in the financial derivative instrument by the Fund. Exposure to financial derivatives instruments may lead to a high risk of significant loss
by the Fund.
與金融衍生工具相關的風險包括對手方/信貸風險、流動性風險、估值風險、波動性風險及場外交易風險。金融衍生工具包含的槓桿元素/部分或會導致產生大為高於本基金投資於金融衍生工具的金額之損失。投資於金融衍生工具可能導致本基金承受產生重大虧損的高風險。
Risks relating to hedging and the currency hedged share classes 有關對沖及貨幣對沖股份類別的風險
The Fund is permitted to use hedging techniques to attempt to offset market and currency risks, including hedging the currencies in which the
underlying assets of the Fund are denominated against the Fund’s reference currency or the currency of the assets that the Fund primarily invested
in. The costs of hedging transactions which are conducted at the Fund level and hedging at the Fund level will preclude shareholders from benefitting
from appreciation of the non-USD currencies (in which the underlying investments of the Fund may be denominated) against the reference currency
of the Fund. In respect of currency hedged share classes, it aims to hedge the currency risk between the reference currency and the class currency
of the currency hedged share class. There is no guarantee that the desired hedging instruments will be available or hedging techniques will achieve
their desired result. There can be no assurance that any currency hedging strategy will fully and effectively eliminate the currency exposure of the
Fund.
本基金獲准運用對沖技巧嘗試抵銷市場及貨幣風險,包括將本基金相關資產計值貨幣與本基金的參考貨幣或本基金主要投資的資產的計值貨幣對沖。於本基金層面進行的對沖交易的成本及於本基金層面進行的對沖將會阻礙股東從非美元貨幣(本基金的相關投資可能以該貨幣計值)相對本基金的參考貨幣之升值中受惠。就貨幣對沖股份類別而言,本基金旨在對沖參考貨幣與貨幣對沖股份類別的類別貨幣之間的貨幣風險。概不保證能夠獲得預期的對沖工具或對沖技巧將達致預期效果。概不保證任何貨幣對沖策略將可全面及有效地消除本基金的貨幣風險。
4
Investment in currency hedged share classes which do not hedge underlying portfolio currency exposures back to the investor’s own currency may
result in the investor taking speculative currency positions which may be volatile and may have a material impact on shareholders’ returns.
投資於並不將其相關投資組合的貨幣風險對沖回投資者本身貨幣之貨幣對沖股份類別,可能導致投資者持有投機性貨幣倉盤,此等倉盤可能波動,並可能對股東的回報產生重大影響。
Investment in currency hedged share classes may preclude shareholders from benefiting from an increase in the value of the Fund’s reference
currency and/or other currencies of non-USD-denominated underlying investments of the Fund relative to the class currency of the currency hedged
share classes.
投資於貨幣對沖股份類別可能會阻礙股東從本基金的參考貨幣及/或本基金的非美元計值相關投資的其他貨幣相對貨幣對沖股份類別的類別貨幣之升值中受惠。
The costs of the hedging transactions will be reflected in the net asset values of the relevant share classes. Any costs and expenses arising from
such hedging transactions, which may be significant depending on prevailing market conditions, will be borne by the relevant share classes. This
may adversely affect the returns of investors of such share classes.
對沖交易的成本將反映於相關股份類別的資產淨值。從該等對沖交易產生的任何成本及開支視乎當時的市況而定,可能金額重大,將會由相關股份類別承擔。此可能對該等股份類別的投資者所得之回報產生不利影響。
The distribution amount and the net asset value of the currency hedged share classes may be adversely affected by differences in the interest rates
of the class currency of the currency hedged share classes and the Fund’s reference currency, resulting in an increase in the amount of distribution
that is paid out of capital and hence a greater erosion of capital than other non-hedged classes.
貨幣對沖股份類別的分派金額及資產淨值可能受到貨幣對沖股份類別的類別貨幣與本基金的參考貨幣的利率差異的不利影響,導致從資本撥付的分派金額增加,進而令資本被侵蝕的程度高於其他非對沖類別。
Foreign exchange risk 外滙風險
Because the Fund’s assets and liabilities and classes of shares may be denominated in currencies different from the reference currency, the Fund
may be affected favourably or unfavourably by exchange control regulations or changes in the exchange rates between the reference currency and
other currencies.
由於本基金的資產與負債及股份類別可按有別於參考貨幣的貨幣計值,故此,外匯管制規例或該參考貨幣兌其他貨幣的匯率變動可能對本基金構成有利或不利的影響。
Risks associated with distribution out of capital 與從資本中作出分派相關的風險
For certain Classes of Shares, the Board of Directors may determine if, and to what extent, dividends may be paid out of capital or paid gross of
expenses where the income / capital gain generated by the Fund is insufficient to pay a distribution as declared by the Fund. If there is a change to
this policy, prior approval will be sought from the SFC and affected investors will receive at least one month’s prior written notification.
就若干股份類別而言,董事會可在本基金所產生的收益/資本收益不足以支付本基金所宣佈的分派時決定從資本中或未扣除開支前撥付股息,以及有關撥付金額。倘若此項政策有更改,將會事先尋求證監會的批准,而受影響的投資者將會收到最少一個月的事先書面通知。
Investors should note that the payment of dividends out of capital or effectively out of capital represents a return or withdrawal of part of the amount
they originally invested or from any capital gains attributable to the original investment. Such distributions may result in an immediate decrease in
the Net Asset Value per Share of the Fund.
投資者應注意,從資本中或實際上從資本中撥付股息即代表投資者從當初投資基金之款項中獲付還或提取部分金額或從原本投資應佔的任何資本收益中獲付還或提取金額。該等分派可能導致本基金的每股資產淨值即時減少。
5
How has the Fund performed? 本基金過往的業績表現如何?
Past performance information is not indicative of future performance. Investors may not get back the full amount invested.
過去業績並不代表將來的表現。投資者可能不能取回全部投資金額。
The computation basis of the performance is based on the calendar year end, NAV-to-NAV, with dividend reinvested.
業績表現以曆年末的資產淨值作為比較基礎,股息會滾存再作投資。
These figures show by how much the share class increased or decreased in value during the calendar year being shown. Performance data
has been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay.
數據顯示股份類別於上述曆年的價值升跌。業績數據以美元計算,包括經常性開支但不包括您可能需支付的認購費用及贖回費用。
Where no past performance is shown there was insufficient data available in that year to provide performance.
假如並無顯示過往表現,則表示該年度並無足夠數據以提供表現。
The Fund has formally adopted JP Morgan EMBI Global as the reference performance benchmark of the Fund with effect from 2016. The
reference performance benchmark is shown for comparison purposes only and the Fund may not be managed to the reference performance
benchmark.
本基金已由 2016 年起正式採用摩根環球新興市場債券指數(JP Morgan EMBI Global)作為本基金的參考表現基準。所示參考表現基準僅供比較用途,而本基金不一定依據參考表現基準予以管理。
Fund launch date: 04/04/2003
基金成立日期:04/04/2003
Class AM2 launch date: 05/01/2011
AM2類成立日期:05/01/2011
Class AM2 is a share class open for investment by Hong Kong retail investors and denominated in the Fund’s reference currency.
AM2類乃開放予香港零售投資者投資及以本基金的參考貨幣計價的股份類別。
Is there any guarantee? 本基金有否提供保證? This Fund does not have any guarantees. You may not get back the full amount of money you invest. 本基金並不提供任何保證。閣下未必能全數取回投資本金。
17.9
-7.9
5.0
-1.5
7.4 7.7
10.29.3
-10.0
-5.0
0.0
5.0
10.0
15.0
20.0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
%
HSBC Global Investment Funds - Global Emerging Markets Bond (AM2)
滙豐環球投資基金 - 環球新興市場債券 (AM2)
Fund 基金 Benchmark 基準
The performance of the highlighted years were achieved under circumstances that no longer apply, the investment objective was changed on 21 May 2007, the fee structure was changed on 1 Jan 2011, and the investment objective was changed on 16 Sep 2013. 業績在標示的年份之情況已不再適用,投資工具於 2007年 5月 21日擴大、收費
架構於 2011年 1月 1日更改,以及投資目標於 2013年 9月 16日更改。
6 Issued by HSBC Global Asset Management (Hong Kong) Limited 由滙豐環球投資管理(香港)有限公司刊發
What are the fees and charges? 本基金涉及哪些費用? Charges which may be payable by you 認購本基金時閣下或須支付的費用
You may have to pay the following fees when dealing in the Fund. 閣下買賣本基金時可能須要支付以下費用。
Fees 費用 What you pay 你須支付
Subscription fee 認購費 Up to 5.25% of the offer price* 最高達賣出價的 5.25%*
Switching fee 轉換費 1% of the offer price* 賣出價的 1%*
Redemption fee 贖回費 Nil* 無*
Ongoing fees payable by the Fund 本基金持續繳付的費用
The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments.
以下收費將從本基金總值中扣除,閣下的投資回報將會因而減少。
Fees 費用 Annual rate (as a % of the Net Asset Value of the Fund) 年率(以本基金資產淨值之%
)
Management fee 管理費 Class AC / ACHKD/ AM2 / AM2HKD / AM3HAUD / AM3HEUR– 1.25%; Class PD – 1% /
AC / ACHKD / AM2 / AM2HKD / AM3HAUD / AM3HEUR類 – 1.25%;PD類 – 1%
Custodian fee 保管費 Not applicable, included in Administrative fee 不適用,已包括在行政費內
Administrative fee 行政費 0.35%#
Performance fee 表現費 Not applicable 不適用
Other fees 其他收費
You may have to pay other fees and charges when dealing in the Fund.
閣下買賣本基金時可能須要支付其他費用。
* You may need to bear additional costs under certain situations in order to mitigate any adverse impacts to the Fund caused by the transactions. Please refer to the offering document for further details.
為減輕交易可能對本基金造成的不利影響,閣下可能在某些情況下承擔額外費用。進一步詳情請參閱銷售文件。
# The fees and charges may be increased up to maximum level as specified in the offering document by giving at least one month’s prior notice to investor. Please refer to the offering document for further details. This amount does not include the fees of the Administration Agent relating to the execution of the currency hedging policy, which will be borne by the relevant currency hedged share class. Where the Administration Agent takes these fees, the rate for fees relating to the execution of the currency hedging policy is 0.055% per annum of the net asset value of the currency hedged share class.
費用可增至銷售文件所定的最高水平,但須予最少1個月預先通知投資者。進一步詳情請參閱銷售文件。此金額並不包括行政代理有關執行貨幣對沖政策的費
用,該費用將由有關貨幣對沖股份類別承擔。若行政代理收取該等費用,執行貨幣對沖政策所收取的費用年率為貨幣對沖股份類別資產淨值的0.055%。
Additional information 其他資料 You generally buy and redeem shares at the Fund’s next-determined subscription price and redemption price with reference to the Net Asset
Value (NAV) after the intermediaries receive your request in good order on or before 4:00pm (HK Time), being the Fund’s dealing cut-off time.
一般而言,閣下認購及贖回本基金股份的價格,是在中介人於香港時間下午4時或之前(即本基金的交易截止時間)收到閣下的完整指示後,參照本基金資產淨值而釐定的下一個認購價及贖回價。
Intermediaries who sell the Fund may impose earlier cut-off times for receiving instructions for subscriptions, redemptions or switching. Investors
should pay attention to the arrangements of the intermediary concerned.
銷售本基金的中介人可能就接受認購、贖回或轉換指示實施較早的截止時間。投資者須注意有關中介人的安排。
Investors may obtain the past performance information of other share classes offered to Hong Kong investors at
www.assetmanagement.hsbc.com/hk (the website has not been reviewed by the SFC).
投資者可瀏覽 www.assetmanagement.hsbc.com/hk 以取得向香港投資者發售的其他股份類別的往績表現資料(網頁並未經證監會批閱)。
Investors may obtain information on the intermediaries online at www.assetmanagement.hsbc.com/hk (the website has not been reviewed by the
SFC).
投資者可瀏覽 www.assetmanagement.hsbc.com/hk 以獲取中介人的資料(網頁並未經證監會批閱)。
The net asset value of the Fund is calculated and the price of the Fund is published on each dealing day. The Fund prices are available online at
www.assetmanagement.hsbc.com/hk.
本基金的資產淨值及價格均於每個交易日計算及刊登。本基金價格刊登於 www.assetmanagement.hsbc.com/hk。
In respect of the monthly distribution Shares, the composition of the latest dividends (i.e. the relative amounts paid out of (i) net distributable income
and (ii) capital) (if any) for the last 12 months is available from the Hong Kong Representative on request and on the website
www.assetmanagement.hsbc.com/hk.
就每月分派的股份而言,過去12個月的最近期股息之構成(即有關從(i)可供分派淨收入及(ii)資本撥付的款項)(如有)資料可向香港代表索取,並載於網站www.assetmanagement.hsbc.com/hk。
Important 重要資料 If you are in doubt, you should seek professional advice.
閣下如有疑問,請應諮詢專業意見。
The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness.
證監會對本概要的內容並不承擔任何責任,對其準確性或完整性亦不作出任何陳述。
7 Issued by HSBC Global Asset Management (Hong Kong) Limited 由滙豐環球投資管理(香港)有限公司刊發