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Learn more about Schroders' funds visit: schroders.com.hk 1

Important Information

The fund, authorized as a “Futures and Options Fund”, will invest principally in commodity futures and/or options and will not invest incommodity contracts other than commodity futures contracts.•The fund may use derivatives extensively for investment purposes. Derivatives exposure may involve higher counterparty risk and over-the-counter transaction risks. Transactions in futures can be leveraged or geared so that a relatively small market movement may have aproportionately larger impact which may work for or against the fund. Investments in commodity-linked derivatives may subject the fund togreater volatility than instruments in traditional securities.•The fund invests in concentrated region/sector and subjects to higher level of risks than a fund investing in a more diversifiedportfolio/strategy.•The fund may hold relative few investments and subject to significant losses.You should not make any investment decision solely based on this document. Please read the relevant offering document carefully for furtherfund details including risk factors.

Investment Objectives

The fund aims to provide long term capital growth by investing in agricultural commodity related instruments worldwide.

Share class performance (Cumulative)

Performance (%) 1 month 3 months 6 months YTD 1 year 3 years 5 years 10 years

Fund -1.1 3.0 -7.3 -8.7 -10.1 -25.2 -39.0 -48.5

Benchmark -0.7 5.6 -4.4 -4.4 -6.5 -16.8 -28.0 -30.7

Annual Performance(%)

2014 2015 2016 2017 2018

Fund -8.1 -19.0 1.3 -8.1 -11.2

Benchmark -6.9 -14.6 2.1 -4.2 -9.4

Performance over 5 years (%)

Schroder Alternative Solutions Agriculture Fund A Accumulation USD Bloomberg Agriculture and Livestock

2014 2015 2016 2017 2018-30.0%

-20.0%

-10.0%

0.0%

10.0%

Source: Morningstar, NAV to NAV, net income reinvested, net of fees, based on SchroderAlternative Solutions Agriculture Fund A Accumulation USD Units, USD. The Fund is authorisedunder Chapter 8.4A of the SFC's Code on Unit Trusts and Mutual Funds as a “Futures andOptions Fund” but such authorisation does not imply official recommendation. SchroderAlternative Solutions is referred to as Schroder AS. The Fund size quoted includes all classes ofthe Fund. Investment involves risks. Price of units may go down as well as up. Pastperformance is not indicative of future performance. Please refer to the relevant offeringdocuments for fund details including risk factors. This material is issued by SchroderInvestment Management (Hong Kong) Limited and has not been reviewed by the SFC.Performance is calculated from the share class's since launch date (27.10.2006).

Fund facts

Fund manager Mark LaceyFund launch date 27.10.2006Fund base currency USDFund size (Million) USD 31.47Benchmark Bloomberg

Agriculture andLivestock

Unit NAV USD 55.1800Hi/Lo (past 12 mths) USD 62.42 / USD 52.31Annualized Return(3Y)

-9.24%

Fees & expenses

Initial charge up to 5.00%Annual managementfee

1.75%

Codes

ISIN LU0269888532Bloomberg SASAGAA LXReuters LU0269888532.LUF

Schroder Alternative Solutions Agriculture Fund

A Accumulation USD | Data as at 30.11.2019

http://schroders.com.hk/


Return of USD 10,000

Schroder Alternative Solutions Agriculture Fund A Accumulation USD Bloomberg Agriculture and Livestock

Jan-15 Jan-16 Jan-17 Jan-18 Jan-195,000

6,000

7,000

8,000

9,000

10,000

11,000

-50.0%

-40.0%

-30.0%

-20.0%

-10.0%

0.0%

10.0%

Past Performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up andinvestors may not get back the amounts originally invested. Exchange rate changes maycause the value of any overseas investments to rise or fall.The chart is for illustrative purposes only and does not reflect an actual return on anyinvestment. Returns are calculated NAV to NAV (which means performance does not include the effect ofany initial charges), net income reinvested, net of fees.

Risk statistics & financial ratios

Fund Benchmark

Beta (3y) 1.0 -

Source: Morningstar. The above ratios are basedon NAV to NAV price based performance data.

Asset allocation

Asset class (%)

Fund

Futures

Cash

80.4

19.7

0% 10% 20% 30% 40% 50% 60% 70% 80%

Sector (%)

Fund

Grains

Oilseeds

Cash

Softs

Livestock

32.8

25.5

19.7

12.6

9.4

0% 5% 10% 15% 20% 25% 30%

Top 5 holdings (%)

Holding name %

1 Corn 16.5

2 Wheat 16.3

3 Soybean Oil 11.5

4 Soybeans 10.5

5 Other 25.5

Source: Schroders.





Download the offering documents here

Share class available

A Accumulation USD A Distribution USD

Distribution Policy No Distribution Annually Variable

ISIN LU0269888532 LU0294690168

Bloomberg SASAGAA LX SASAGAD LX




Schroder Alternative Solutions Société d’Investissement à Capital Variable

5, rue Höhenhof, L-1736 Senningerberg Grand Duchy of Luxembourg

Tel: +352 341 342 202 Fax:+352 341 342 342

www.schroders.com R.C.S. Luxembourg – B. 111.315 For your security telephone conversations may be recorded

IMPORTANT: This letter is important and requires your immediate attention. If you have any questions about the content of this letter, you should seek independent professional advice. Schroder Investment Management (Europe) S.A., as the Management Company to Schroder Alternative Solutions, accepts full responsibility for the accuracy of the information contained in this letter and confirms, having made all reasonable enquiries, that to the best of its knowledge and belief there are no other facts the omission of which would make any statement misleading.

Capitalised terms in this document have the same meaning as in the Prospectus of the Schroder Alternative Solutions unless otherwise specified.

30 September 2019

Dear Shareholder, Withdrawal of SFC authorisation of Schroder Alternative Solutions (the “Company”) and its sub-funds:

• Schroder Alternative Solutions Agriculture Fund • Schroder Alternative Solutions Commodity Fund

(individually, the “Sub-Fund”; collectively, the “Sub-Funds”) The board of directors (the "Board") of the Company wishes to notify you of their decision to apply to the Securities and Futures Commission (the “SFC”) for the withdrawal of authorisation of the Company and the Sub-Funds with effect from 31 December 2019 (the “Effective Date”). 1. Background and rationale for the withdrawal of authorisation

After considerable analysis and review, the Board has concluded that there is little prospect of selling the Sub-Funds in the current Hong Kong retail investment market in the foreseeable future. Also, the amount of retail-investor assets in the Sub-Funds from Hong Kong is too small to justify the costs of maintaining the SFC authorisation of the Company and the Sub-Funds.

The Board has therefore applied to the SFC for the withdrawal of authorisation of the Company and the Sub-Funds and the Hong Kong offering documents, comprising of the Prospectus and Hong Kong Covering Document of the Company and the Sub-Funds and the Product Key Facts Statements of the Sub-Funds (collectively, the “Hong Kong Offering Documents”) in Hong Kong.

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As of 24 September 2019, the size of each of the Sub-Funds in USD was as follow:

Name of Sub-Funds Size of the Sub-Funds

Schroder Alternative Solutions Agriculture Fund USD 33.35 million

Schroder Alternative Solutions Commodity Fund USD 363.32 million

2. Impact of the withdrawal of authorisation on Shareholders of the Sub-Funds

From the date of this notice, the Sub-Funds are no longer allowed to be marketed to the public in Hong Kong.

With effect from the Effective Date, the Company and the Sub-Funds will no longer be regulated by the SFC and will not be available for public distribution in Hong Kong.

As the Company and the Sub-Funds will cease to be authorised by the SFC in Hong Kong, existing Shareholders should note that the Hong Kong Offering Documents and other product documentation in relation to the Company and the Sub-Funds (such as fact sheets and marketing materials) previously issued to them should be retained for personal use only and should not be circulated to the public in Hong Kong from the date of this notice.

The withdrawal of authorisation of the Sub-Funds will not affect the way the Sub-Funds are managed and there will be no change to the operation or the key features of the Sub-Funds (e.g. investment objective, investment policy, fees or dealing and administrative procedures) following the withdrawal of authorisation of the Sub-Funds. The Management Company shall continue to manage the Company and the Sub-Funds in accordance with the Company’s Articles of Incorporation. The Company and the Sub-Funds will continue to be subject to the supervision by the Commission de Surveillance du Secteur Financier (i.e. the Luxembourg regulator).

3. Costs of the withdrawal of authorisation

The costs associated with the withdrawal of authorisation of the Company and the Sub-Funds will be borne by the Management Company, i.e. Schroder Investment Management (Europe) S.A..

4. Options available for Shareholders

(a) Take no action

You may remain invested in the Sub-Funds if you wish although the Sub-Funds will no longer be authorised by the SFC from the Effective Date onwards.

(b) Redeem your holding

From the date of this notice, you may at any time up to and including the dealing cut-off time on 30 December 2019, redeem your holding in the Sub-Funds free of charge by following the redemption procedures set out in the Hong Kong Offering Documents. Before placing your redemption request, please check with your distributor for the distributor’s internal dealing cut-off time (which may be earlier than the Sub-Fund’s dealing cut-off time).

(c) Switch your holding

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From the date of this notice, you may at any time up to and including the dealing cut-off time on 30 December 2019, switch your holding in the Sub-Funds to other SFC-authorised funds offered by Schroders free of charge. Please note that SFC authorization is not a recommendation or endorsement of the relevant SFC-authorised funds nor does it guarantee the commercial merits of the relevant SFC-authorised funds or their performance. It does not mean that the relevant SFC-authorised funds are suitable for all investors nor is it an endorsement of their suitability for any particular investor or class of investors.

5. Hong Kong Taxation

Shareholders should note that under current law and practice in Hong Kong, the Company and the Sub-Funds are not expected to be subject to Hong Kong profits tax in accordance with the applicable provisions of the Inland Revenue Ordinance. No profits tax will be payable by Shareholders in Hong Kong in respect of dividends or other income distributions of the Company or the Sub-Funds or in respect of any gains arising on a sale, redemption or other disposal of Shares if the investments in the Company or the Sub-Funds are held as capital assets. Hong Kong profits tax may arise if the investments in the Company or the Sub Funds are held as trading assets and where such transactions form part of a trade, profession or business carried on in Hong Kong by the Shareholders. Shareholders should consult their own professional advisers on the potential taxation consequences of their transferring, selling, redemption or otherwise disposing of the Shares in the Sub-Funds.

6. Enquiries

If you have any questions or would like more information, please contact your usual professional advisor or the Representative at Level 33, Two Pacific Place, 88 Queensway, Hong Kong or calling the Schroders Investor Hotline on (+852) 2869 6968.

Yours faithfully,

Chris Burkhardt Authorised Signatory

Nirosha Jayawardana Authorised Signatory

Schroder Investment Management (Europe) S.A. 5, rue Höhenhof, L-1736 Senningerberg

Grand Duchy of Luxembourg

www.schroders.com R.C.S. Luxembourg – B. 37 799 For your security telephone conversations may be recorded

IMPORTANT: This letter is important and requires your immediate attention. If you have any questions about the content of this letter, you should seek independent professional advice. Schroder Investment Management (Europe) S.A., as the Management Company of the fund(s) in which you are invested, accepts full responsibility for the accuracy of the information contained in this letter and confirms, having made all reasonable enquiries, that to the best of its knowledge and belief there are no other facts the omission of which would make any statement misleading.

17 June 2019

Dear Shareholder,

Important changes to our fund administration activities

We recently carried out a comprehensive review of fund administration across the Schroders group, specifically in relation to the management of transfer agency (“TA”) activities. This resulted in a decision to delegate our fund administration activities to HSBC. HSBC has been a strategic partner of Schroders for several years, providing a range of other fund services. This decision will extend our partnership with HSBC across our fund administration services globally. The aim is to increase consistency in how we manage our services, which will ultimately add further value to our clients.

The delegation of TA activities by Schroder Investment Management (Europe) S.A. (“SIM EU”), the management company of the fund(s) in which you are invested, to HSBC France, Luxembourg Branch, will take effect from 1 July 2019.

The delegation of TA activities does not affect the investment management of the funds, their fee structure or your ownership of units, therefore the purpose of this letter is informational only. You are not required to take any action in response to this letter. The costs of making this change, including regulatory and shareholder communication costs, will not be borne by investors.

The contact details you use are unchanged.

There will be no other changes to existing communication or electronic trading channels due to this change.

If you have any questions or would like more information, please contact your usual professional advisor or Schroder Investment Management (Hong Kong) Limited at Level 33, Two Pacific Place, 88 Queensway, Hong Kong or calling the Schroders Investor Hotline on (+852) 2869 6968.

Yours faithfully,

Nirosha Jayawardana Authorised Signatory

Chris Burkhardt Authorised Signatory

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PRODUCT KEY FACTS Schroder Alternative Solutions –

Agriculture Fund

Issuer: Schroder Investment Management (Europe) S.A. April 2019

This statement provides you with key information about this product. This statement is a part of the offering document.

You should not invest in this product based on this statement alone.

Quick facts

Management company: Schroder Investment Management (Europe) S.A.

Investment manager: Schroder Investment Management Limited, located in United Kingdom, internal delegation

Depository: J.P. Morgan Bank Luxembourg S.A.

Ongoing charges over a year* Class A EUR Hedged Acc 2.19% Class A USD Acc 2.18% (without incorporating the Class A GBP Hedged Acc 2.19% Class D USD Acc 3.18% performance fee)^:

Ongoing charges over a year* Class A EUR Hedged Acc 2.19% Class A USD Acc 2.18% (incorporating the Class A GBP Hedged Acc 2.19% Class D USD Acc 3.18% performance fee)^:

Dealing frequency: Daily

Base currency: USD

Dividend policy: A and D Accumulation share classes – Dividend will not be distributed

but will be reinvested into the fund.

Financial year end of this fund: 30 September

Minimum investment: A and D share classes: Initial – USD10,000; Subsequent investment – USD5,000

For so long as the fund is authorized, the minimum level of initial subscription by each investor in Hong Kong in the fund must not be less than US$10,000 or the currency equivalent.

* The ongoing charges figure is based on the expenses for the year ended 30 September 2018. This figure may vary from year to year. ^ The ongoing charges figure is calculated based on the performance fee payable for the financial year ended 30 September 2018. For details, please refer to the “Performance fee” section below.

Schroder Alternative Solutions – Agriculture Fund

2

What is this product? This is a futures and options fund constituted as a sub-fund of Schroder Alternative Solutions, a mutual fund domiciled in Luxembourg and its home regulator is Commission de Surveillance du Secteur Financier.

Objectives and investment strategy Investment Objective

The fund aims to provide long term capital growth by investing in agricultural commodity related instruments worldwide.

Investment Policy

The fund invests at least two-thirds of its assets in agricultural commodity instruments and related derivatives worldwide.

As the fund is index-unconstrained it is managed without reference to an index.

The fund may use derivatives, with the aim of achieving investment gains, reducing risk or managing the fund more efficiently. These include agricultural commodity related derivatives, such as futures (e.g. futures on commodity indices) total return swaps (e.g. swaps on physical commodities), and structured notes. Where the fund uses total return swaps, the underlying consists of instruments in which the fund may invest according to its Investment Objective and Investment Policy. In particular, total return swaps may be used to gain long exposure to commodities. The gross exposure of total return swaps will not exceed 100% and is expected to remain within the range of 0% to 20% of the net asset value. In certain circumstances this proportion may be higher.

The fund also invests in agricultural commodity related equity and equity related securities, fixed income securities, convertible securities and warrants of issuers in commodity related industries. The fund may also invest in foreign currency (e.g. forward currency contracts, currency options and swaps on currencies). The fund may invest in money market instruments and hold cash.

The fund will not acquire any physical commodities directly. Any commodity derivatives that call for physical delivery of the underlying commodity will be liquidated prior to delivery and procedures are in place to ensure that this occurs.

To implement its investment policy, the fund may use standardised and non-standardised (customised) derivatives. It may conduct such transactions on a stock exchange or another regulated market open to the public, or directly with a bank or financial institution specialising in these types of business as counterparty (Over The Counter trading). The use of derivatives will not result in the fund being leveraged nor will derivatives be used to engage in short selling.

The fund’s global exposure may not exceed 100% of its assets.

The fund may be capacity constrained and therefore the fund or some of its share classes may be closed to new subscriptions or switches in.

What are the key risks? Investment involves risk. The fund may substantially invest in various futures and option contracts and will be actively managed without reference to any specific benchmark from an asset allocation perspective. Risks inherent in the fund are not typically encountered in traditional funds. Besides the fund undertakes special risks which may lead to substantial or total loss of investments and is not suitable for investors who cannot afford to take on such risks. However the liability of investors is limited to their investment in the fund. Please refer to the offering document for details including the risk factors.


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1. Financial derivative instruments (“FDI”)

The fund may use FDI extensively to meet its specific investment objective. There is no guarantee that the performance of FDI will result in a positive effect for the fund. The leverage element/component of derivatives can result in a loss significantly greater than the amount invested in the FDI by the fund. FDI exposure may lead to a high risk of significant capital loss. Risks associated with FDI include:

– Credit risk and Counterparty risk – The fund will be subject to the risk of the inability of any counterparty through or with which the fund conducts the FDI transactions to perform its obligations, whether due to insolvency, bankruptcy or other causes. Long and short positions gained through total return swaps may increase exposure to credit-related risk.

– Liquidity risk – There may be possible absence of a liquid secondary market for any particular FDI at any time. The fund may be unable to sell illiquid FDI at an advantageous time or price and results in a reduction of returns.

– Valuation risk – The fund is subject to the risk of mispricing or improper valuation of FDI.

– Interest rate risk – There may be interest rate risk when swaps (such as total return swaps) involve floating rate payments.

– Volatility risk – The fund is subject to the risk of higher volatility of the returns as FDI usually have a leverage component.

– OTC transaction risks – FDI traded in OTC markets may be more volatile and less liquid. Its prices may include an undisclosed dealer mark-up which a fund may pay as part of the purchase price.

– Risks related to investments in futures and options – The fund may use futures and options and is subject to a high degree of risk. Transactions in futures can be leveraged or geared so that a relatively small market movement may have a proportionately larger impact which may work for or against the fund. The fund may sustain a loss well in excess of the premium received for transactions in options. The fund will also be exposed to the risk of the purchaser exercising the option and the fund will be obliged either to settle the option in cash or to acquire or deliver the underlying investment.

– Hedging risk – There is no guarantee that the desired hedging instruments will be available or hedging techniques will achieve their desired result. In adverse situations, the use of hedging instruments may become ineffective in hedging and the fund may suffer significant losses.

2. Commodity investment

Investments in commodity-linked derivative instruments may subject the fund to greater volatility than instruments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

3. Concentrated sector

The fund investing in concentrated sector may be subject to a higher level of risks comparing to a fund investing in a more diversified portfolio/strategy.

4. Concentration of investment risks

The fund may at certain times hold relatively few investments and subject to significant losses if it holds a large position in a particular investment that declines in value or is otherwise adversely affected, including default of the issuer.


4

5. Performance fee risk

– Performance fees may encourage the investment manager of the fund to make riskier investments than would be the case in the absence of a performance-based incentive system.

– Performance fee of the fund is calculated with reference to the outperformance per share (as described in the “Performance fee” section below). Given there is no equalisation arrangement for the calculation of the performance fee, in the event of outperformance, investors are subject to a performance fee regardless a loss in investment capital has been suffered by the investors.

– In addition, performance fees may be paid on unrealised gains which may never be realised by the fund.

6. Risks relating to hedging and the hedged classes

– In respect of the share classes which the management company of the fund has the ability to fully hedge the shares of such share classes in relation to the base currency, currency exposures or currency hedging transactions within the fund’s portfolio will not be considered. The aim of currency hedged share class is to provide you with the performance returns of the fund’s investments by reducing the effects of exchange rate fluctuations between the share class’s and the fund’s base currency. However there is no assurance that the hedging strategies employed will be effective.

– Where undertaken, the effects of this hedging will be reflected in the net asset value and, therefore, in the performance of such share class. Similarly, any expenses arising from such hedging transactions will be borne by the share class in relation to which the expenses have been incurred.

– It should be noted that these hedging transactions may be entered into whether the reference currency is declining or increasing in value relative to the relevant base currency and so, where such hedging is undertaken it may substantially protect investors in the relevant share class against a decrease in the value of the base currency relative to the reference currency, but it may also preclude investors from benefiting from an increase in the value of the base currency.

– There can be no assurance that the currency hedging employed will fully eliminate the currency exposure to the reference currency.

7. Currency risks

The shares may be denominated in currencies different from the base currency of the fund and the shares will be issued and redeemed in those currencies. Certain of the assets of the funds may also be invested in securities and other investments which are denominated in other currencies. Accordingly, the value of such assets may be affected favourably or unfavourably by fluctuations in currency rates and by changes in exchange rate controls. The fund will be subject to foreign exchange risks.


5

How has the fund performed?

– Past performance information is not indicative of future performance. Investors may not get back the full amount invested.

– The computation basis of the performance is based on the calendar year end, NAV-To-NAV, with dividend reinvested.

– These figures show by how much the fund’s Class A USD Accumulation 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.

– Where no past performance is shown there was insufficient data available in that year to provide performance.

– Fund launch date: 2006

– Class A USD Accumulation launch date: 2006

– The management company views the Class A USD Accumulation, being the retail share class denominated in the base currency of the fund, as the most appropriate representative share class of the fund.

Note: The performance of these years was achieved under circumstances that no longer apply. During these years, there was material change(s) to the fund, namely, reduction of fee(s).

Is there any guarantee? This fund does not have any guarantees. You may not get back the full amount of money you invest.

What are the fees and charges? Charges which may be payable by you You may have to pay the following fees when dealing in the shares of the fund.

Fee What you pay

Share class A D

Subscription fee (Initial charge) Up to 5.00% of the total subscription amount

Nil

Switching fee (Switching charge) Up to 1.00% of the value of the shares to be switched

Redemption fee (Redemption charge) Nil

Ongoing fees payable by the fund

The following expenses will be paid out of the fund. They affect you because they reduce the return you get on your investments.

9.4%

28.2%

-16.5%

-2.3% -12.8%

-8.1%

-19.0%

1.3%

-8.1% -11.2%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Note


6

Annual rate (as a % of the fund’s value)

Share class* A D

Management fee Up to 1.75% Up to 1.75%

Depository fee Up to 0.005%

Performance fee – Performance Fee = Outperformance per share (i.e. as defined below) x average number of shares in issue over the financial year x 10%

– Performance fee becomes due in the event of outperformance, that is, if the net asset value per share at the end of the relevant performance period exceeds the high water mark, i.e. by reference to the net asset value per share at the end of any previous performance period or if no previous performance period the net asset value per share at launch or when the performance fee was introduced,

where

the performance period shall normally be each financial year except that

(i) where the net asset value per share as at the end of the financial year is lower than the high water mark, the performance period shall commence on the date of the high water mark, or

(ii) where there is no previous performance period, the performance period shall commence when the performance fee was introduced.

– Outperformance per share is the difference between the net asset value per share and the high water mark.

– Performance fee is payable yearly and accrued on each dealing day on the basis of the difference between the net asset value per share on the preceding dealing day (before deduction of any provision for the performance fee) and the high water mark. On each dealing day, the accounting provision made on the preceding dealing day is adjusted to reflect the shares’ performance, positive or negative, calculated as described above. If the net asset value per share on the dealing day is lower than the high water mark, the provision made on such dealing day is returned to the relevant share class within the fund. In addition, if shares are redeemed or switched out before the end of a performance period, any accrued performance with respect to such shares will crystallize on that dealing day and will then become payable.

– For details of the performance fee calculation, please refer to “Performance Fees” section of the Prospectus and the section headed “Performance fee” in the Hong Kong Covering Document.


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Administration fee Up to 0.25%

Distribution fee Nil 1.00%

Custody safekeeping fee Up to 0.3%

Transaction fees (charged by the depository)

Up to USD150 per transaction

Fund accounting and valuation fees Up to 0.020%

* Where currency hedged share class is offered, a hedging charge of up to 0.03% per annum of the net asset value per share will be borne by the currency hedged share class in relation to which the charge is incurred. The hedging charge will be payable to the management company, which provides the currency hedging service.

Other fees

You may have to pay other fees when dealing in the shares of the fund. Please refer to the offering document for fees payable by the fund.

Additional information – You generally buy and redeem shares at the fund’s relevant net asset value (NAV) after Schroder

Investment Management (Hong Kong) Limited receives your request, directly or via a distributor, in good order at or before 5pm HK time, being the fund’s dealing cut-off time on each dealing day of the fund. Before placing your subscription or redemption orders, please check with your distributor for the distributor’s internal dealing cutoff time (which may be earlier than the fund’s dealing cut-off time).

– Past performance information of other share classes offered to Hong Kong investors is available online at www.schroders.com.hk.

– The net asset value of this fund is calculated and the price of shares is published on each dealing day. They are available online at www.schroders.com.hk. This website has not been reviewed by the SFC.

Important If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness.

如欲了解有關施羅德基金的更多資料，請瀏覽： schroders.com.hk 1

重要事項

基金獲認可為「期貨及期權基金」。基金將主要投資於商品期貨及/或期權，但除商品期貨合約外，將不會投資於商品合約。•基金可為投資目的而大量運用金融衍生工具。運用金融衍生工具可涉及較高的對手方和場外交易市場交易風險。期貨交易可以槓杆方式運作，因此相對較小的市場變動也可能造成比例上較大程度的影響，繼而對基金有利或不利。投資於商品掛鈎衍生工具，與傳統證券工具相比，可能使基金承受更大的價格波幅。• 基金投資於集中地區/行業會承受較投資於採用較多元化的投資組合/策略的基金為高的風險。• 基金可能持有相對較少種類的投資而蒙受重大損失。閣下不應僅倚賴本文件而作出任何投資決定。請詳閱有關銷售文件以得悉基金之詳情包括風險因素。

投資目標

基金旨在透過投資於全球與農業商品有關的工具提供長期的資本增值。

股份類別表現（累計）

表現 (%) 1個月 3個月 6個月年初至今 1年 3年 5年 10年

基金 -1.1 3.0 -7.3 -8.7 -10.1 -25.2 -39.0 -48.5

基準 -0.7 5.6 -4.4 -4.4 -6.5 -16.8 -28.0 -30.7

年度表現 (%) 2014 2015 2016 2017 2018

基金 -8.1 -19.0 1.3 -8.1 -11.2

基準 -6.9 -14.6 2.1 -4.2 -9.4

5年表現(%)

施羅德另類投資方略施羅德農業基金美元A類別累積單位 Bloomberg Agriculture and Livestock

2014 2015 2016 2017 2018-30.0%

-20.0%

-10.0%

0.0%

10.0%

資料來源：晨星。以資產淨值價計算，收益再投資，已扣除費用，依據施羅德另類投資方略施羅德農業基金美元A類別累積單位單位、USD。依據香港證券及期貨事務監察委員會（SFC）的《單位信託及互惠基金守則》的第8.4A章，基金被授權為“期權期貨基金”，但是該授權並不隱含著官方推薦。本基金之資產值已涵蓋其所有類別。投資涉及風險。單位價格可跌可升。過往表現未必可作日後業績的準則。詳情（包括風險因素）請參閱有關銷售文件。本文件由施羅德投資管理（香港）有限公司刊發並未受香港證監會檢閱。基金表現由基金單位類別推出日期起計算 (即：27.10.2006)。

基金資料

基金經理 Mark Lacey基金推出日期 27.10.2006基金基本貨幣 USD資產值（百萬元） USD 31.47基準 Bloomberg

Agriculture andLivestock

單位資產淨值 USD 55.1800最高／最低（過去十二個月）

USD 62.42 / USD 52.31

年度回報率（3年） -9.24%

費用和開支

首次認購費上限 5.00%管理年費 1.75%

代碼

ISIN LU0269888532彭博代碼 SASAGAA LX路透社代碼 LU0269888532.LUF

施羅德另類投資方略施羅德農業基金

美元A類別累積單位 | 數據截至 30.11.2019



USD 10,000 回報

施羅德另類投資方略施羅德農業基金美元A類別累積單位 Bloomberg Agriculture and Livestock

一月-15 一月-16 一月-17 一月-18 一月-195,000

6,000

7,000

8,000

9,000

10,000

11,000

-50.0%

-40.0%

-30.0%

-20.0%

-10.0%

0.0%

10.0%

過往表現未必可作日後業績的準則，並不一定會再次重現。投資價值及所得收益可跌亦可升，投資者未必能取回投資本金。匯率變動可能造成海外投資價值的上升或下跌。本圖表僅供參考之用，並未反映任何投資的實際回報率。回報率以資產淨值價計算（這是指業績並不包含任何首次認購費）、收益再投資、扣除費用。

風險統計數據及財務比率

基金基準

貝他（3年） 1.0 -

資料來源：晨星。上述比率以按資產淨值價計算之基金表現為基礎。

資產分佈

資產類別 (%)

基金

期貨

現金

80.4

19.7

0% 10% 20% 30% 40% 50% 60% 70% 80%

行業 (%)

基金

穀物

油籽

現金

軟商品

禽畜

32.8

25.5

19.7

12.6

9.4

0% 5% 10% 15% 20% 25% 30%

5大主要投資 (%)

投資名稱 %

1 Corn 16.5

2 Wheat 16.3

3 Soybean Oil 11.5

4 Soybeans 10.5

5 Other 25.5

資料來源: 施羅德投資。





於此下載銷售文件

可認購股份類別

美元A類別累積單位美元A類別收息單位

派息政策無派息每年可變

ISIN LU0269888532 LU0294690168

彭博代碼 SASAGAA LX SASAGAD LX




Schroder Alternative Solutions Société d’Investissement à Capital Variable

5, rue Höhenhof, L-1736 Senningerberg Grand Duchy of Luxembourg

Tel: +352 341 342 202 Fax:+352 341 342 342

www.schroders.com R.C.S. Luxembourg – B. 111.315 For your security telephone conversations may be recorded

此乃重要函件，務須閣下垂閱。閣下如對本函件的內容有任何疑問，應尋找獨立專業顧問的意見。施羅德另類投資

方略的管理公司Schroder Investment Management (Europe) S.A.就本函件所載資料之準確性承擔全部責任，

並在作出一切合理查詢後確認，盡其所知所信，本函件並無遺漏足以令本函件的任何陳述具誤導成分的其他事實。

除非另有指明，否則本文件中所用的特定詞彙與施羅德另類投資方略的發行章程中所界定者具相同涵義。

親愛的股東：

撤回證監會對施羅德另類投資方略（「本公司」）及其下列子基金的認可：

• 施羅德農業基金

• 施羅德商品基金

（個別稱「子基金」；統稱「該等子基金」）

本公司的董事會（「董事會」）擬通知閣下，董事會已決定向證券及期貨事務監察委員會（「證監會」）申請，由

2019年12月31日（「生效日期」）起，撤回本公司及該等子基金的認可。

1. 撤回認可的背景及理據

經過仔細的分析及檢討後，董事會決定，於可見未來在香港目前的零售投資市場銷售該等子基金的前景有限。

此外，該等子基金在香港的零售投資者資產規模太小，並無合理理據支持本公司及該等子基金維持證監會認

可的成本。

因此，董事會已向證監會申請撤回本公司及該等子基金，以及香港銷售文件（包括本基金及該等子基金的發

行章程和香港說明文件及該等子基金的產品資料概要，統稱「香港銷售文件」）在香港的認可。

截至2019年9月24日，每一該等子基金以美元計的規模如下：

該等子基金的名稱

該等子基金的規模

of 3

施羅德農業基金

33.35百萬美元

施羅德商品基金

363.32百萬美元

2. 撤回認可對該等子基金的股東的影響

由本通知書日期起，該等子基金不再獲准在香港向公眾推銷。

由生效日期起，本公司及該等子基金將不再受證監會規管，且將不可供在香港向公眾分銷。

由於本公司及該等子基金將不再在香港獲證監會認可，現有股東應注意，由本通知書日期起，過往向股東發

出的香港銷售文件及有關本公司及該等子基金的其他產品文件（例如：基金概覽及推銷材料）只應保留作個

人用途，不應在香港向公眾傳閱。

撤回該等子基金的認可將不影響管理該等子基金的方式，而在撤回該等子基金的認可後，該等子基金的營運

或主要特點（例如：投資目標、投資政策、費用或交易及行政管理程序）將維持不變。管理公司將繼續根據

本公司的章程細則管理本公司及該等子基金。本公司及該等子基金將繼續受盧森堡金融業管理局

（Commission de Surveillance du Secteur Financier）（即盧森堡監管機構）監管。

3. 撤回認可的費用

撤回本公司及該等子基金的認可之相關費用將由管理公司，即 Schroder Investment Management

(Europe) S.A.承擔。

4. 可供股東選擇的行動

(a) 不採取任何行動

儘管該等子基金由生效日期起將不再獲證監會認可，但如閣下有意繼續投資於該等子基金，則仍可保留有關

投資。

(b) 贖回閣下的持股

由本通知書日期起，閣下可於直至2019年12月30日（包括該日在內）的交易截止時間前任何時間按照香港

銷售文件所載的贖回程序，免費贖回閣下在該等子基金的持股。在作出閣下的贖回要求前，請與閣下的分銷

商確認分銷商的內部交易截止時間（可能較該等子基金的交易截止時間早）。

of 3

(c) 轉換閣下的持股

由本通知書日期起，閣下可於直至2019年12月30日（包括該日在內）的交易截止時間前任何時間，免費將

閣下在該等子基金的持股轉換至其他獲證監會認可的施羅德基金。請注意，證監會的認可並非對相關證監會

認可基金的推薦或認許，亦非相關證監會認可基金的商業利弊或其業績表現的保證。證監會的認可不表示相

關證監會認可基金適合所有投資者，或對相關證監會認可基金適合任何特定投資者或某類別投資者表示認許。

5. 香港稅務

股東應注意，在香港現行的法律及慣例下，預期本公司及該等子基金毋須根據《稅務條例》的適用條文繳納

香港利得稅。倘若股東持有本公司或該等子基金的投資作資本資產，則毋須就本公司或該等子基金的股息或

其他收入分派或就因出售、贖回或以其他方式處置股份而產生的任何收益在香港繳納利得稅。倘若在本公司

或該等子基金的投資乃持作交易資產及如有關交易構成股東在香港經營某行業、專業或業務的一部分，則可

能產生香港利得稅。股東應就其轉讓、出售、贖回或以其他方式處置該等子基金的股份的潛在稅務後果諮詢

其專業顧問。

6. 查詢

閣下如有任何疑問或需要更多資料，請聯絡閣下的專業顧問或代表（地址：香港金鐘道88號太古廣場二座

33字樓）或致電施羅德投資熱線電話：(+852) 2869 6968。

Chris Burkhardt Nirosha Jayawardana 授權簽署授權簽署

謹啟 2019 年 9 月 30 日

www.schroders.com R.C.S. Luxembourg – B. 37 799 For your security telephone conversations may be recorded

Schroder Investment Management (Europe) S.A. 5, rue Höhenhof, L-1736 Senningerberg

Grand Duchy of Luxembourg

Chris Burkhardt

Nirosha Jayawardana

1

產品資料概要施羅德另類投資方略－

施羅德農業基金發行人：Schroder Investment Management (Europe) S.A. 2019年4月

本概要提供本基金的重要資料，是銷售文件的一部分。

請勿單憑本概要作投資決定。

資料便覽

管理公司： Schroder Investment Management (Europe) S.A.

投資經理： Schroder Investment Management Limited（英國，內部委任）

存管處： J.P. Morgan Bank Luxembourg S.A.

全年經常性開支比率* A類別（歐元對沖累積） 2.19% A類別（美元累積） 2.18% （不包括業績表現費）^： A類別（英鎊對沖累積） 2.19% D類別（美元累積） 3.18%

全年經常性開支比率* A類別（歐元對沖累積） 2.19% A類別（美元累積） 2.18% （包括業績表現費）^： A類別（英鎊對沖累積） 2.19% D類別（美元累積） 3.18%

交易頻密程度：每日

基本貨幣：美元

派息政策： A和D累積股份類別－不會派發股息，但會將股息再投資於基金。

財政年終結日： 9月30日

最低投資額： A和D股份類別：首次投資－10,000美元；額外認購－5,000美元

基金在認可期間，香港投資者在基金的最低首次認購額不可少於10,000美元或其他貨幣等值金額。

* 全年經常性開支比率是根據截至2018年9月30日的年度費用計算，每年均可能有所變動。 ^ 全年經常性開支比率是根據截至2018年9月30日止財政年度的應付表現費計算。詳情請參閱下文「業績表現費

（表現費）」一節。

施羅德另類投資方略－施羅德農業基金

2

本基金是什麼產品？

本基金是一項期貨及期權基金，為施羅德另類投資方略旗下的一項子基金；施羅德另類投資方略以互惠基金形式在盧森堡成立，監管機構為盧森堡金融業管理局(Commission de Surveillance du Secteur Financier)。

目標及投資策略

投資目標

基金旨在透過投資於全球與農業商品有關的工具提供長期的資本增值。

投資政策

基金可投資最少三分之二的資產於全球的農業商品工具及有關的衍生工具。

由於基金不受指數約束，故此不會參考指數來管理。

基金可為達致投資增益、減低風險或更有效地管理基金而運用衍生工具，包括農業商品有關的衍生工具，如期貨（例如商品指數期貨）、總回報掉期（例如實物商品掉期）及結構性票據。如基金運用總回報掉期，總回報掉期的相關投資為基金依照投資目標和投資政策可以投資的工具。具體而言，總回報掉期可被用於取得商品的長倉。對總回報掉期的總投資將不超過資產淨值的100%，並且預期維持在資產淨值的0%至20%內。在特定情況下，該比例可能更高。

基金亦可投資於農業商品相關股本及股本相關證券、定息證券、可換股證券及商品相關行業發行商所發行的認股權證。基金亦可投資於外幣（例如遠期貨幣合約、貨幣期權及貨幣掉期）。基金亦可投資於貨幣市場工具和持有現金。

基金不會直接購入實物商品。任何需要就相關商品進行實物交收的任何商品衍生工具將在進行交收之前平倉，投資經理已制定程序確保如此。

為了執行其投資政策，基金可運用標準化及非標準化（定制）的衍生工具，亦可在證券交易所或另一向公眾開放的受規管市場，或作為對手方直接與銀行或專門從事此類業務的財務機構（場外交易）進行該等交易。運用這些工具不會使基金產生槓桿作用，而這些工具亦不會用於賣空活動。

基金的全球投資不可超過其總淨資產的100%。

基金的容量受到限制，故基金或其若干股份類別或會停止接受新認購或轉入。

本基金有哪些主要風險？

投資涉及風險。基金可大量地投資於各種期貨及期權合約，並從資產分配角度而言，基金會積極地管理而不會參考任何特定基準。基金內在的風險不常見於傳統基金。此外，基金牽涉特別的風險，可導致虧損大部份或全部投資，故只適合可承受此等風險的投資者。然而，投資者的法律責任只限其於基金的投資。詳情（包括風險因素）請細閱銷售文件。


3

1. 金融衍生工具（「金融衍生工具」）

基金可重大投資於金融衍生工具以達致特定投資目標。不保證該等金融衍生工具的表現會為該基金帶來正面影響。金融衍生工具的槓桿元素／成份可導致虧損顯著多於基金投資於金融衍生工具的金額。投資於金融衍生工具承受高度的資本虧損風險。涉及金融衍生工具的風險主要包括：

－信貸風險和對手方風險－基金與進行金融衍生工具的交易須承擔任何對手方因清盤、破產或其他原因而不能履行責任的風險。透過債券總回報掉期獲得的長倉和短倉可能增加信貸相關風險。

－流動性風險－任何特定金融衍生工具的第二市場可能在任何時候缺乏流動性。基金或未能於有利的時機或以有利的價格出售流動性較低的金融衍生工具，因而減少回報。

－估值風險－基金須承受金融衍生工具價格被錯誤釐定或不適當地估值的風險。

－利率風險－當掉期（例如總回報掉期）涉及浮息付款時，則可能有利率風險。

－波動性風險－由於金融衍生工具通常具備槓桿成份，基金須承受波動性較大的回報。

－場外交易市場交易風險－於場外交易市場交易的金融衍生工具可能較為波動及流動性較低。該等工具的價格或包括未披露的經紀差價，基金可能在買入價中支付該項差價。

－有關投資期貨及期權的風險－基金可運用期貨及期權，並涉及高度風險。期貨交易可以槓杆方式運作，因此相對較小的市場變動也可能造成比例上較大程度的影響，繼而對基金有利或不利。基金承受的損失，或會明顯地超出期權交易中收到之期權價。此外，基金亦承受買方行使期權的風險，使基金需要以現金支付期權，或買入或出售相關投資。

－對沖風險－基金不保證市場能提供理想的對沖工具，或對沖技術可以達到預期效果。在不利的情況下，基金使用的對沖工具可能無效，並可能因而蒙受重大虧損。

2. 商品掛鈎衍生工具

投資於商品掛鈎衍生工具，與傳統證券工具相比，可能使基金承受更大的價格波幅。商品掛鈎衍生工具的價值受整體市場走勢變化、商品指數波幅、利率變化或左右某一行業或商品的因素所影響，例如乾旱、水災、氣候、牲畜疾病、禁運、關稅及國際經濟、政治及監管方面的發展。

3. 集中行業

基金集中投資於某些行業或會承受較投資於採用較多元化的投資組合╱策略的基金為高的風險。

4. 集中投資的風險

基金可能在某些時間持有相對較少種類的投資。如基金大量持有某項投資，而該項投資的價值下跌或受包括發行商違約的負面影響，基金可能因此蒙受重大損失。


4

5. 表現費的風險

－表現費可鼓勵基金的投資經理作出風險較高的投資，即承受的風險程度會較在沒有以表現為基礎的奬勵制度之情況下為高。

－基金表現費乃參考每股突出表現來計算（詳述於以下「表現費」一節）。基於並無就計算表現費實行調整安排，在基金有突出表現的情況時，無論投資者是否已虧損投資本金，仍須要繳付表現費。

－此外，可就從來未被基金變現的未變現收益支付表現費。

6. 有關對沖股份類別的風險

－對於股份類別之管理公司可將該等股份類別的股份全部對沖基礎貨幣的情況下，將不會考慮基金組合內進行的貨幣投資或貨幣對沖交易。貨幣對沖股份類別之目的以減少股份類別和基金基礎貨幣之間匯率浮動之影響，就基金之投資提供業績回報。然而，基金運用之對沖策略不保證一定有效。

－當進行該類對沖時，此種對沖的影響將反映於資產淨值，從而反映於該種股份類別的表現。同樣，由於該等對沖交易而引致的任何開支將由開支所涉及的股份類別承擔。

－懇請注意，參考貨幣相對於有關基礎貨幣的價值不論下跌或上升，均可訂立該等對沖交易，因此當進行有關對沖，即可大幅保障有關股份類別投資者避免基礎貨幣相對參考貨幣的價值下跌，惟亦會限制投資者享有基礎貨幣升值之利。

－進行貨幣對沖不保證能完全消除就參考貨幣的貨幣風險。

7. 貨幣風險

股份可能以不同於基金的基礎貨幣的貨幣計值，並可以該等貨幣發行及贖回。基金某些資產亦可投資於以其他貨幣計值的證券及其他投資。因此，該等資產的價值可因貨幣匯率的波動及匯率控制的改變而受到有利或不利的影響。基金將承受外匯風險。


5

本基金過往的業績表現如何？

－往績並非預測日後業績表現的指標。投資者未必能取回全部投資本金。

－基金業績表現以歷年末的資產淨值作為比較基礎，股息會滾存再作投資。

－上述數據顯示基金的A類別（美元累積）總值在有關曆年內的升跌幅度。業績表現以美元計算，當中反映出基金的持續費用，但不包括基金可能向閣下收取的認購費及贖回費。

－如年內沒有顯示有關的業績表現，即代表當年沒有足夠數據用作提供業績表現之用。

－基金發行日：2006

－ A類別（美元累積）發行日：2006

－管理公司視A類別（美元累積）（即以基金的基本貨幣計值的零售股份類別）為基金的最適合代表股份類別。

註：這些年度的業績表現乃在不再適用的情況下取得的。在這些年度，基金出現重大變更，即費用下調。

本基金有否提供保證？

本基金並不提供任何保證。閣下未必能取回投資本金。

投資本基金涉及哪些費用及收費？

閣下或須繳付的收費

基金股份交易或須繳付以下費用。

費用金額

股份類別 A D

認購費（首次認購費）以認購總金額之5.00%為上限無

轉換費不多於轉換股份價值的1.00%

贖回費無

基金持續繳付的費用

以下收費將從基金總值中扣除，閣下的投資回報將會因而減少。

9.4%

28.2%

-16.5%

-2.3% -12.8%

-8.1%

-19.0%

1.3%

-8.1% -11.2%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

註


6

每年收費率（佔基金總值百分比）

股份類別* A D

管理費不多於1.75% 不多於1.75%

存管費不多於0.005%

業績表現費（表現費）－表現費 = 每股的突出表現（定義見下文）x 會計年內平均發行股份數量 x 10%。

－凡有突出表現時，即相關表現期末的每股資產淨值超出高水位，即參考之前的表現期結束時的每股資產淨值，或如之前沒有表現期則基金發行當日或引入表現費當日的每股資產淨值，便須支付表現費。

表現期通常是每個財政年期，以下除外：

(i) 當基金於財政年底的每股資產淨值低於高水位，表現期將從高水位之日開始，或

(ii) 如之前沒有表現期，表現期將從引入表現費當日開始。

－每股突出表現指每股資產淨值與高水位的差額。

－表現費每年繳付及於每個交易日累算，乃根據上一個交易日（扣除任何表現費撥備前）每股的資產淨值與高水位的差額計

算。於緊接的上一個交易日作出的會計撥備於每一交易日進行調整，以反映股份類別的正數或負數表現，計算方法如上所述。如於某交易日有關類別的每股資產淨值低於高水位，於該交易日作出的撥備將歸還有關基金內的相關股份類別。此外，如股份在表現期結束前被贖回或轉出，任何有關該等股份的累積表現費將於該交易日確定並成為應付款項。

－有關表現費計算的詳情，請參閱發行章程「表現費」一節及香港說明文件標題「表現費」一節。


7

行政費不多於0.25%

分銷費無 1.00%

保管服務費不多於0.3%

交易費用（由存管處徵收）每宗交易不多於150美元

會計及估值服務費不多於0.020%

* 如發售貨幣對沖股份類別，年率最高達每股資產淨值0.03%的對沖費將由招致有關費用的貨幣對沖股份類別承擔。對沖費將支付給提供貨幣對沖服務的管理公司。

其他費用

閣下進行基金股份交易或須繳付其他費用。有關基金繳付的費用，請參閱銷售文件。

其他資料

－施羅德投資管理（香港）有限公司在基金每個交易日交易截止時間（即香港時間下午5時正）或之前直接或經配售商收妥的認購或贖回要求，一般按隨後釐定的基金相關資產淨值執行。閣下作出認購或贖回指示前，請向閣下的配售商查問其內部的交易截止時間，因其交易截止時間可能會較基金的為早。

－供香港投資者認購的其他股份類別的業績表現上載至網站www.schroders.com.hk 。

－基金在每一交易日計算基金資產淨值及刊登股份價格，並上載至網站www.schroders.com.hk 。此網站未經證監會審閱。

重要提示

閣下如有疑問，應諮詢專業意見。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。

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