[Jan 2019] KFS_HGIF - India Fixed Income (clean)

Transcription

1 滙豐環球投資基金 - 印度固定收益 H 股份類別 2019 年 2 月 28 日 28/02/2019 風險披露 本基金主要投資於印度債券及固定收益證券 本基金涉及與投資於單一新興市場產生的集中性及新興市場風險 非投資級別債券及未獲評級債券涉及額外風險及波動性 本基金投資於印度債券時或須遵守印度的許可證法規, 涉及額外風險, 包括配額限制及稅務風險 本基金可重大地投資於印度政府或印度政府機構的證券, 當該等主權發行人違約, 本基金可能蒙受重大損失 由於本基金的基本貨幣 投資及份額類別可按不同的貨幣計值, 故此, 外匯管制及匯率波動可能對投資者構成不利影響 並不保證有關份額類別的貨幣對沖策略可達致其預期效果 本基金可從資本中或未扣除開支前撥付股息 派息不獲保證及會導致資本蠶食及資產淨值減少 本基金可投資於金融衍生工具作投資用途, 可能使本基金的資產淨值較波動 本基金之投資可能涉及重大的信貸 貨幣 波動性 流動性 利率 稅務及政治風險 投資者投資於本基金可能蒙受重大損失 基金產品並不相等於定期存款 投資者不應僅就此文件提供之資料而作出投資決定, 並應細閱基金銷售文件內有關基金之詳情 基金投資目標及策略投資目標本基金旨在透過投資印度債券組合, 提供長期總回報 ( 指資本增長及收益 ) 投資策略在正常市況下, 本基金將至少 90% 的資產投資於投資級別債券 非投資級別或未經評級債券 ( 具有更高風險 ) 及其他類似證券 本基金可投資印度政府 政府機構及公司發行的債券 本基金資產可以印度盧比及美元計值 本基金亦可投資其他工具, 例如參考印度盧比債券及現金表現的結構性票據 投資印度境內固定收益證券可能不時受限於印度當地的法規, 因此, 本基金可能大量投資印度境外以非印度盧比計值的投資 此外, 本基金最多可將其資產的 10% 投資於或有可轉換證券 請參閱基金說明書, 了解關於投資目標及衍生工具使用的完整說明 成立至今表現 (%) 年度回報表現 (%)² 基金 股份類別詳情 UCITS V 合規派息類型派息頻率 交易頻率 90 最低初始認購額 80 首次認購費最高達 管理費 基本貨幣 註冊地 ISIN 代號 基金表現 (%) 年初股份類別成立日期 1 個月 3 個月 1 年 3 年 ¹ 5 年 ¹ 至今每股資產淨值 基金規模 彭博代號 基金經理 是派息每月 每日 美元 1, % 1.10% 美元盧森堡 LU 年 6 月 29 日美元 8.45 美元 933,045,359 HSIF LX Gordon Rodrigues 當計算期超過一年, 業績為累積表現 過去的業績並不代表將來的表現 表現以股份類別基本貨幣計算, 資產淨值對資產淨值, 將股息再作投資, 並已扣除費用 如投資業績非以港元或美元計算, 以港元或美元作投資 2 如股份類別成立少於五年, 其首年年度表現為成立日至年底 的投資者須承受匯率波動的風險 資料來源 : 滙豐環球投資管理, 數據截至 2019 年 2 月 28 日 對本基金表現可能有重大影響的變動 :2018 年 11 月 16 日 - 變更收取銷售費 / 轉換費用的方式 從此處下載銷售文件 ts/english/amhk_hgif.pdf

2 滙豐環球投資基金 - 印度固定收益股份類別 2019 年 2 月 28 日 3 年風險衡量指標 5 年風險衡量指標 波幅 - 波幅 - 夏普比率 - 夏普比率 - 投資組合特點 基金 投資組合特點 基金 持倉數量 ( 不包括現金 ) 87 平均到期收益率 8.03 平均票息 7.46 現時收益率 ( 未扣除開支 ) 有效存續期 4.34 平均到期日 5.91 投資組合收益率 8.03 發行人數量 31 信貸評級分佈 (%) 基金 行業分佈 (%) 基金 BBB 主權債 BB 1.48 多元化金融服務 NR 銀行 8.86 AAA 0.86 石油及天然氣 6.11 現金 1.73 地區政府 5.89 排序根據評級由高至低, 並不包括現金 電力 4.92 天然氣 2.33 到期日分佈 ( 有效存續期 ) 基金 市政 1.11 現金 年 0.14 根據權重的市值由大至小排序 2-5 年 年 年 0.89 現金 0.00 總計 4.34 排序根據到期日期限由長至短 十大持倉 (%) 比重 (%) INDIA GOVT BOND /01/ INDIA GOVT BOND /01/ INDIA GOVT BOND /04/ INDIA GOVT BOND /08/ INDIA GOVT BOND /05/ INDIA GOVT BOND /12/ INDIA GOVT BOND /01/ AXIS BANK LTD /10/ INDIA GOVT BOND /09/ INDIA GOVT BOND /05/ 有效存續期並不包括利率期貨 債券期貨以及利率掉期的超額收益 資料來源 : 滙豐環球投資管理, 數據截至 2019 年 2 月 28 日

3 滙豐環球投資基金 - 印度固定收益股份類別 2019 年 2 月 28 日 每月表現評論回顧 2 月, 印度國內債券市場錄得溫和正回報, 因為息率通常保持穩定 值得注意的是, 孳息曲線以十年期息率為中心, 意味著長存續期債券錄得負回報, 而短存續期債券錄得正回報 貨幣同樣極為穩定, 不過月底地緣政治的進展意味著 2 月份最後數小時估值點並未錄得大幅反彈 這意味著月內貨幣影響持平 2 月 1 日在大選前發布的預算案未能如預期般成為影響市場走勢的事件 政府錯過其減少財政赤字的目標, 目前暫停處理直至 2020 年, 已對小農戶及邊緣農戶提供補貼 雖然政府推行成本高昂的民粹主義措施令人略為失望, 不過大選當前, 政府可能為數百萬農村貧困人口採取更為慷慨的措施, 因為作為選民他們通常並非印度總理莫迪最熱心的支持者 2 月 7 日, 在新任印度央行行長達斯的首個政策會議上, 貨幣政策委員會將再回購利率由 6.5% 下調至 6.25%, 並且政策立場由 校準收緊 調整為 中性 6 位委員中有 4 位支持降息, 並且一致同意改變立場 2 月份稍後時間發布的會議記錄提到, 投票支持降息的委員考慮到經濟放緩應會打開產量缺口, 從而緩解通脹壓力, 導致無法達到 4% 的中期目標 投票支持維持利率不變的委員更有信心, 認為經濟增長將更加穩健, 而且綜合需求可提供穩定的通脹率 他們亦強調了未能完成財政目標存在的風險 投資組合策略基金已為 2 月份孳息曲線變化做好準備, 與國內市場的綜合表現相比較, 我們持重的短期企業債券及政府債券大為增加投資組合價值 我們選擇性地增加對長期政府債券的持倉, 因為孳息曲線變得陡峭, 既能受惠於高息率, 又能預期到財年臨近年底時債券供應將會減少 我們繼續不持有美元計值的債券, 因為美國利率前景尚未明朗, 而且 2019 年至今環球信貸強勢反彈 展望印度債券市場投資者現時面臨的難題是面對印度非常利好的固定收益基本因素, 他們應持重什麼債券, 面對政治風險他們應如何配置權重 另一方面, 經濟增長穩健, 政策採取更加利好的立場,2 月份降息 ; 通脹率相當之低, 有足夠的證據表明經濟的供給側將有一定程度的長期改善 另外, 即將進行的選舉與近期世界各地的多數選舉如出一轍, 結果不明朗, 可能會產生各種影響 雖然上一次大選後進行的民意調查幾乎每次都顯示莫迪遙遙領先於其他任何政黨或聯盟, 但仍然很有可能出現懸峙議會 政治風險難以評估, 但是我們深信在這何種情況下, 投資者將會得到重大折讓作為不確定性的補償 或許 2 月份孳息曲線的走勢本身就證明了這一點, 當時面對央行降息, 短期息率下跌, 長期息率上升 這些變化可能說明, 貨幣市場上短期息率競爭力較低, 在降息時會被拋售壓低, 不過長期息率維持或甚至提高其政治折讓 我們認為, 目前政治風險溢價很高, 可能為投資者帶來更為理想的回報結果 一旦我們撥開政治迷霧, 可能甚至最差的情形 ( 通常並不像大家擔心的那樣糟糕 ) 亦會打折扣 考慮有利的經濟環境的話, 或許值得在市場動盪時持倉

4 滙豐環球投資基金 - 印度固定收益股份類別 2019 年 2 月 28 日 重要資訊本文件只提供一般性資料, 並不針對任何可能收到本文件的人士的具體投資目標 財務狀況和特別需求 在此表達之意見可因應情況修改而不作另行通知 本文件並非銷售文件, 且不構成建議 要約出售或招攬購買或認購任何投資 本文件所載任何預測 預計或目標僅供説明用途, 且並非任何形式的保證 滙豐環球投資管理 ( 香港 ) 有限公司 ( 滙豐環球投資管理 ) 就預測 預計或目標未能達成概不承擔任何責任 本文件內的資料乃取自滙豐環球投資管理合理地相信可靠的來源 然而, 無論明示或暗示, 滙豐環球投資管理不保證 擔保或代表本文件內該等資料的準確性 有效性或完整性 投資附帶風險, 過去的業績並不代表將來的表現 請參閱銷售文件以便獲取其它資料, 包括風險因素 此文件並未經證券及期貨事務監察委員會批閱 版權 HSBC Global Asset Management (Hong Kong) Limited ( 滙豐環球投資管理 ( 香港 ) 有限公司 )2019 版權所有 本文件由 HSBC Global Asset Management (Hong Kong) Limited ( 滙豐環球投資管理 ( 香港 ) 有限公司 ) 刊發

5 滙豐環球投資基金 - 印度固定收益股份類別 2019 年 2 月 28 日 詞彙表可換股債券 : 持有人可轉換成發行公司特定數量普通股或等同現金值的一種債券 企業債券 : 公司所發行用以融資的債券 票息 : 對債券支付的年利率, 表現為面值的百分比 信貸質素 : 判斷債券或債券互惠基金投資質素的主要準則之一 發達市場 : 在經濟和資本市場方面最發達的國家 存續期 : 一個量度一項定息投資的價格 ( 本金值 ) 對利率變化的敏感度之數值 新興市場 : 此等國家的經濟正經歷快速增長 投資於新興市場通常被認為是風險較高 政府債券或金邊債券 : 一種予某國家政府的貸款, 以換取定期付款 ( 稱為票息 ), 以及承諾原有投資 ( 本金 ) 將在指定的日期償還 金邊債券為一種予英國政府的貸款 高收益債券 非投資級別債券 : 獲認可評級機構賦予較低信貸評級的固定收益證券 該等證券被視為具有更高的違約風險, 但回報潛力亦更大 信息比率 : 是一個投資組合的回報高於 / 低於某個基準相對於此等回報的波動性之比率 投資級別債券 : 如其信貸評級為標準普爾的 BBB- 或以上, 或穆迪的 Baa3 或以上, 將被認為是投資級別或 IG 期限 : 為一項金融投資工具仍未償付的期間 有效存續期 : 是根據債券發行人提早贖回的機率計算的存續期值 夏普比率 : 作爲計算風險調整後回報的衡量指標, 並為業内的計算標準 追踪誤差 : 量度一個投資組合追踪其基準指數的密切程度 波幅 : 作爲衡量基金的價格變動 ( 上升或下跌 ) 相對基金平均表現的百分比 到期收益率 : 一隻債券持有直至到期的預期總回報, 不包括投資組合 基準計算的戰略貨幣對沖 數據以百分比表示 投資組合收益率 : 一隻債券在發行人實際上並無違約時的最低潛在收益率, 不包括投資組合 基準計算的戰略貨幣對沖 數據以百分比表示

6 滙豐環球投資基金 - 印度固定收益 補充資料 2019 年 2 月 28 日 股份類別基本貨幣派息頻率除息日每股股息 AC ACEUR AD HKD HKD HKD HKD HKD AM3OAUD AM3OAUD 美元美元美元美元美元美元美元美元美元 美元美元美元美元歐元美元港元港元港元港元港元澳元澳元 年化股息率 ( 派息不獲保證及可從股本中分派 ) 每月 2019 年 2 月 28 日 % 每月 2019 年 1 月 31 日 % 每月 2018 年 12 月 28 日 % 每月 2018 年 11 月 30 日 % 每月 2018 年 10 月 31 日 % 每月 2018 年 9 月 28 日 % 每月 2018 年 8 月 29 日 % 每月 2018 年 7 月 26 日 % 每月 2018 年 6 月 29 日 % 每月 2018 年 5 月 25 日 % 每月 2018 年 4 月 27 日 % 每月 2018 年 3 月 28 日 % 每年 2018 年 7 月 11 日 % 每月 2019 年 2 月 28 日 % 每月 2019 年 1 月 31 日 % 每月 2018 年 12 月 28 日 % 每月 2018 年 11 月 30 日 % 每月 2018 年 10 月 31 日 % 每月 2019 年 2 月 28 日 % 每月 2019 年 1 月 31 日 % AM3OAUD 澳元 每月 2018 年 12 月 28 日 % AM3OAUD 澳元 每月 2018 年 11 月 30 日 % AM3OAUD 澳元 每月 2018 年 10 月 31 日 % AM3OEUR 歐元 每月 2019 年 2 月 28 日 % AM3OEUR 歐元 每月 2019 年 1 月 31 日 % AM3OEUR 歐元 每月 2018 年 12 月 28 日 % AM3OEUR 歐元 每月 2018 年 11 月 30 日 % AM3OEUR 歐元 每月 2018 年 10 月 31 日 % AM3ORMB 離岸人民幣 每月 2019 年 2 月 28 日 % AM3ORMB 離岸人民幣 每月 2019 年 1 月 31 日 % AM3ORMB 離岸人民幣 每月 2018 年 12 月 28 日 % AM3ORMB 離岸人民幣 每月 2018 年 11 月 30 日 % AM3ORMB 離岸人民幣 每月 2018 年 10 月 31 日 % 以上表格只提供過去 12 個月內最近的股息資料 派息不獲保證及可從股本中分派, 導致資本侵蝕以及資產淨值的減少 正股息派發不代表正回 報 過去的支付收益率和付款不代表未來的支付收益率和付款 歷史付款可以包括分配的收入和資本 年化股息率的計算方法 :( 股息 除息日的基金每股淨值價格 )x n n 視乎派息頻率 每年派息為 1; 每半年派息為 2; 每季派息為 4; 每月派息為 12 年化股息率乃基於在有關日期的股息並將股息再作投資計算, 可能高於或低過實際全年派息率

7 HSBC Global Investment Funds - India Fixed Income H Share Class 28 Feb Feb 2019 Risk Disclosure The Fund invests mainly in Indian bonds and fixed income securities. The Fund is subject to the concentration and emerging market risks of investing in a single emerging market. Non-investment grade bonds and unrated bonds are subject to additional risks and volatility. When investing in Indian bonds, the Fund may need to comply with the licensing regulations in India and is subject to additional risks, including quota restrictions and tax risks. The Fund may invest substantially in Indian Government or Indian Government agency securities, and may suffer significant losses when such issuers default. Because the Fund s base currency, investments and classes may be denominated in different currencies, investors may be affected adversely by exchange controls and exchange rate fluctuations. There is no guarantee that the currency hedging strategy applied to the relevant classes will achieve its desired result. The Fund may pay dividends out of capital or gross of expenses. Dividend is not guaranteed and may result in capital erosion and reduction in net asset value. The Fund may invest in financial derivative instruments for investment purpose which may lead to higher volatility to its net asset value. The Fund s investments may involve substantial credit, currency, volatility, liquidity, interest rate, tax 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. Fund Objective and Strategy Investment Objective The Fund aims to provide long-term total return (meaning capital growth and income) by investing in a portfolio of Indian bonds. Investment Strategy In normal market conditions, at least 90% of the Fund s assets are invested in investment-grade bonds, non-investment grade or unrated bonds (which carry more risk) and other similar securities. The Fund can invest in bonds issued the Indian government, its government agencies, and Indian companies. The Fund s assets can be denominated in Indian rupee and the US dollar. The Fund can also invest in other instruments, e.g. structured notes referencing underlying exposure to Indian Rupee bonds and cash. Investment in Indian domestic fixed income securities may from time to time be restricted by Indian domestic regulation and hence the Fund may have substantial exposure to non-indian Rupee denominated investments outside of India. The Fund can also invest up to 10% of its assets in contingent convertible securities. See the Prospectus for a full description of the investment objectives and derivative usage. Performance (%) Share Class Details UCITS V Compliant Fund Distribution Type Distribution Frequency 100 Dealing Frequency 95 Min. Initial Investment Max. Initial Charge 80 Management Fee Base Currency Domicile ISIN Performance (%) YTD 1M 3M 1Y 3Y¹ 5Y¹ Inception Date NAV per Share Fund Size Bloomberg Ticker Calendar Year Performance (%)² 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, HKD or based investors are exposed to exchange rate fluctuations. Source: HSBC Global Asset Management, data as at 28 February 2019 Manager Yes Distributing Monthly Daily 1, % 1.10% Luxembourg LU Jun ,045,359 HSIF LX Gordon Rodrigues 1 Result is cumulative when calculation period is over one year. 2 The 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. Fund change that may have material impact on performance: 16 Nov Change in the manner of charging sales charge / switching charge. To download the offering documents from nts/english/amhk_hgif.pdf

8 HSBC Global Investment Funds - India Fixed Income Share Class 28 Feb Year Risk Measures 5-Year Risk Measures Volatility - Volatility - Sharpe Ratio - Sharpe Ratio - Characteristics Fund Characteristics Fund Number of Holdings ex Cash 87 Average Yield to Maturity 8.03 Current Yield (Gross) 7.56 Average Coupon 7.46 Maturity Average 5.91 Effective Duration Number of Issuers 31 Portfolio Yield 8.03 Sector Allocation (%) Fund Credit Quality Rating Fund Allocation (%) Sovereign BBB Diversified Finan Serv BB 1.48 Bank 8.86 NR Oil & gas 6.11 AAA 0.86 Regional(state/provnc) 5.89 Cash 1.73 Electric 4.92 Sorted from highest to lowest rating. Cash is not included in any rating. Maturity Breakdown (Effective Duration) Fund 0-2 years years years years 0.89 Cash 0.00 Total 4.34 Sorted from shortest to longest per the length of maturity. Gas 2.33 Municipal 1.11 Cash 1.73 Sorted from largest to smallest per market values of weight. Top 10 Holdings (%) Weight (%) INDIA GOVT BOND /01/29 INDIA GOVT BOND /01/26 INDIA GOVT BOND /04/23 INDIA GOVT BOND /08/32 INDIA GOVT BOND /05/27 INDIA GOVT BOND /12/23 INDIA GOVT BOND /01/28 AXIS BANK LTD /10/23 INDIA GOVT BOND /09/31 INDIA GOVT BOND /05/ Effective Duration, excludes interest rate futures, bond futures and excess return from interest rate swaps. Source: HSBC Global Asset Management, data as at 28 February 2019

9 HSBC Global Investment Funds - India Fixed Income Share Class 28 Feb 2019 Monthly Performance Commentary Review The Indian domestic bond market delivered modest positive returns in February as yields remained mostly stable. In an interesting development, the yield curve pivoted around the ten year point, meaning that longer duration bonds gave negative returns while shorter bonds yielded positive results. The currency was also quite stable, although geopolitical developments right at the end of the month meant that valuation points did not record a substantial rally in the final hours of February. This meant that the currency impact was flat during the month. The pre-election budget on the 1st of February ended up being perhaps less of a market moving event than expected. The government slipped on its target fiscal deficit reduction, which is now put on hold until 2020, and introduced subsidies for small and marginal farmers. While it is a mild disappointment that the government has implemented costly populist measures, it is hardly surprising that it should want to do something generous for India s millions of rural poor ahead of the General Election, especially as this is a constituency which has not always been amongst Prime Minister Modi s most ardent supporters. At Governor Das s first policy meeting on the 7th February, the Monetary Policy Committee cut the policy repo rate from 6.5% to 6.25%, while changing its stance from calibrated tightening to neutral. Four out of the six members supported the cut, while the change in stance was unanimous. In the minutes to the meeting, released later in February, those voting for the cut were concerned that a slowing economy would open an output gap which would ease inflationary pressures and lead to an undershoot of the 4% target over the medium term. Those voting for no change were more confident that growth would be more robust and mean that aggregate demand would be on track to deliver stable inflation. They also highlighted the risk of fiscal slippage. Portfolio strategy The fund was well positioned for the movement in the yield curve in February, with our heavy weighting towards shorter dated corporate and government bonds adding considerable value against the aggregate performance of the domestic market. We selectively add to longer government bonds as the yield curve steepens to both take advantage of higher yields and in anticipation of less supply as we reach the end of the fiscal year. We maintain a close to zero weight in bonds given the less certain interest rate outlook in the US and the very strong rally we have seen in global credit so far in Outlook The conundrum facing investors into India s bond market at the moment is what weight they put on the very positive fixed income fundamentals in the country, and how much they put on the political risks it faces. On the one hand, growth is decent and policy has moved into a more supportive stance with the rate cut we saw in February; inflation is remarkably low and there is ample evidence that this is partly a secular improvement in the supply side of the economy. On the other hand, the upcoming elections- in common with most elections across the world in recent times- have an uncertain result and a range of possible outcomes. Although nearly every opinion poll since the last general election has given Mr Modi a substantial lead over any other party or coalition, a hung Parliament still seems a strong possibility. Political risk is difficult to value, but we believe strongly that in this case, a significant discount is being offered to the investor to compensate for the uncertainty. This manifested itself, perhaps, in the pivoting of the yield curve in February when short yields fell and long yields rose in response to the interest rate cut. This move may suggest that while short yields were forced down by the cut given the less competitive short end yields in the money market, the longer end maintained or even increased its political discount. As we believe that the political risk premium is quite high at the moment, we feel that the skew of outcome remains in the investor s favour. Once we can see through the political mist, it may be that even the worst case scenario (which is often not as bad as feared) is discounted. When we add in the favourable economic environment, it is perhaps worth holding on through any volatility.

10 HSBC Global Investment Funds - India Fixed Income Share Class 28 Feb 2019 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 All rights reserved. This document is issued by HSBC Global Asset Management (Hong Kong) Limited.

11 HSBC Global Investment Funds - India Fixed Income Share Class 28 Feb 2019 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 / Non-investment grade bond: 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, excluding strategic currency hedges for Portfolio/Benchmark calculations. Number is shown in percentage. Portfolio Yield: the lowest potential yield that can be received on a bond without the issuer actually defaulting, excluding strategic currency hedges for Portfolio/Benchmark calculations. Number is shown in percentage.

12 HSBC Global Investment Funds - India Fixed Income Supplement Information Sheet 28 Feb 2019 Share Class AC ACEUR AD HKD HKD HKD HKD HKD AM3OAUD AM3OAUD Base Currency EUR HKD HKD HKD HKD HKD AUD AUD Distribution Frequency Dividend ex-date Dividend Amount Annualised Yield (Distribution is not guaranteed and may be paid out of capital) Monthly 28 Feb % Monthly 31 Jan % Monthly 28 Dec % Monthly 30 Nov % Monthly 31 Oct % Monthly 28 Sep % Monthly 29 Aug % Monthly 26 Jul % Monthly 29 Jun % Monthly 25 May % Monthly 27 Apr % Monthly 28 Mar % Annually 11 Jul % Monthly 28 Feb % Monthly 31 Jan % Monthly 28 Dec % Monthly 30 Nov % Monthly 31 Oct % Monthly 28 Feb % Monthly 31 Jan % AM3OAUD AUD Monthly 28 Dec % AM3OAUD AUD Monthly 30 Nov % AM3OAUD AUD Monthly 31 Oct % AM3OEUR EUR Monthly 28 Feb % AM3OEUR EUR Monthly 31 Jan % AM3OEUR EUR Monthly 28 Dec % AM3OEUR EUR Monthly 30 Nov % AM3OEUR EUR Monthly 31 Oct % AM3ORMB CNH Monthly 28 Feb % AM3ORMB CNH Monthly 31 Jan % AM3ORMB CNH Monthly 28 Dec % AM3ORMB CNH Monthly 30 Nov % AM3ORMB CNH Monthly 31 Oct % 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.

13 PRODUCT KEY FACTS 產品資料概要 HSBC Global Investment Funds India Fixed Income 滙豐環球投資基金 印度固定收益 March 年 3 月 This statement provides you with key information about the HSBC Global Investment Funds India Fixed Income 本概要提供有關滙豐環球投資基金 - 印度固定收益的重要資料 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 Investment adviser 投資顧問 Custodian 保管人 Dealing frequency 進行交易 Base currency 基本貨幣 Ongoing charges over a year 過去一年經常性開支比率 Dividend policy 股息政策 Financial year end 財政年度終結日 Minimum investment (initial and subsequent) 最低認購額 ( 首次及其後 ) HSBC Investment Funds (Luxembourg) S.A. HSBC Global Asset Management (Hong Kong) Limited (Internal delegation, Hong Kong / 香港內部委託 ) HSBC France, Luxembourg Branch Daily on every dealing day / 每一個交易日 / 美元 Class AC / AC 類 1.46%^^ Class ACEUR / ACEUR 類 1.46%^^ Class AD / AD 類 1.46%^^ Class / 類 1.45%^ Class HKD / HKD 類 1.45%^ Class AM3OAUD / AM3OAUD 類 1.51%^ Class AM3OEUR / AM3OEUR 類 1.51%^ Class AM3ORMB / AM3ORMB 類 1.51%** Class AC / ACEUR No dividends will be declared or paid; AC / ACEUR 類 將不宣佈或派發股息 ; Class AD Declared annually on a discretionary basis, and if declared, dividends will be paid annually. AD 類 按酌情基準每年宣佈, 如獲宣佈, 將會每年派發股息 Class / HKD / AM3OAUD / AM3OEUR / AM3ORMB Declared monthly on a discretionary basis, and if declared, dividends will be paid monthly. Dividends may be paid out of the capital or effectively out of capital # of the relevant Class. Payment of dividends out of capital or effectively out of capital will result in an immediate reduction of the net asset value of the relevant Class. / HKD / AM3OAUD / AM3OEUR/ AM3ORMB 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或實際上從相關類別的資本 # 中支付 從資本中或實際上從資本中支付股息, 將導致相關類別的資產淨值即時減少 31 March / 3 月 31 日 Class A 1,000 or HKD10,000 or AUD1,500 or EUR850 or RMB10,000 or CAD1,000 or GBP 650 or SGD 1,250 or CHF 1,000 A 類 1,000 美元或 10,000 港元或 1,500 澳元或 850 歐元或 10,000 人民幣或 1,000 加元或 650 英鎊或 1,250 新加坡元或 1,000 瑞士法郎 # The Board of Directors may at its discretion pay dividend out of gross income while charging/ paying all or part of the Fund s fees and expenses to/ out of the capital of the Fund (resulting in an increase in distributable income for the payment of dividends by the Fund), and thereby effectively pay distributions out of capital of the Fund. 董事會可酌情決定從總收入撥付股息, 同時從本基金的資本中扣除 支付本基金的全部或部分費用及支出 ( 導致可供本基金支付股息的可分派收入增加 ), 因此實際上從本基金的資本中支付股息 ^ The figure is an estimate only (as the class has been recently launched ) and represents the sum of the estimated ongoing expenses chargeable to the class expressed as a percentage of the class's estimated average net asset value. This figure may vary from year to year. The actual figure may be different from the estimated figure. 此僅為估計數字 ( 因為該類別最近推出 ), 指可向類別收取的估計經常性開支總額, 並以類別的估計平均資產淨值的百分比表示 此數字每年均可能有所變動 實際數字可能有別於估計數字

14 ^^ This figure is an annualized figure based on the expenses for the interim period ended 30 September 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 ** The figure is an estimate only (as the class is newly setup) and represents the sum of the estimated ongoing expenses chargeable to the class expressed as a percentage of the class's estimated average net asset value. This figure may vary from year to year. The actual figure may be different from the estimated figure. 此僅為估計數字 ( 因為該類別新成立 ), 指可向類別收取的估計經常性開支總額, 並以類別的估計平均資產淨值的百分比表示 此數字每年均可能有所變動 實際數字可能有別於估計數字 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 What are the investment objectives and strategy? 本基金有哪些投資目標及基金策略? Investment Objectives and Strategy 投資目標及策略 : The Fund aims to provide long term total return by investing in a portfolio of Indian bonds and other similar fixed income securities. 本基金透過投資於印度債券及其他類似固定收益證券的投資組合, 旨在提供長期總回報 The Fund invests in normal market conditions a minimum of 90% of its net assets in: Investment and Non-Investment Grade, as well as unrated Indian domestic fixed income securities (e.g. bonds) denominated in Indian Rupee (INR). These will be government and/or corporate issues. Investment and Non-Investment Grade, as well as unrated fixed income securities denominated in other currencies (e.g. United States Dollar). These securities will be issued or guaranteed by the government or government agencies of India as well as by companies which have their registered office in India or which carry out a preponderant part of their business activities in India. Other instruments (e.g. structured notes) referencing underlying exposure to INR fixed income securities. Cash and cash instruments up to a maximum of 20% of its net assets. 本基金在一般市況下將其淨資產最少 90% 投資於 : 以印度盧比 (INR) 計價的投資及非投資級別, 以及未經評級的印度國內固定收益證券 ( 例如債券 ) 該等證券將由政府及/ 或公司發行 以其他貨幣 ( 例如美元 ) 計價的投資及非投資級別證券, 以及未經評級的固定收益證券 該等證券由印度政府或政府機構以及在印度設有註冊辦事處或在印度進行大部分商業活動的公司發行或擔保 與印度盧比固定收益證券的相關投資掛鈎的其他工具 ( 例如結構性票據 ) 現將其淨資產最多 20% 投資於現金及現金工具 Unless otherwise permitted, to invest in Indian domestic fixed income securities, the Fund will use a Foreign Portfolio Investor (FPI) license authorised by the Securities and Exchange Board of India (SEBI) and will be subject to the available FPI quota on fixed income investments. The Fund may therefore be able to invest in domestic fixed income securities only when FPI quota is available and granted to the Fund by SEBI. Investors should be aware that the availability of the FPI quota can be unpredictable and, as a result, the Fund may, at times, have substantial exposure to non-inr denominated investments outside of India. 除非另獲准許, 本基金將利用由印度證券交易委員會 (SEBI) 認可的外國投資組合投資者 (FPI) 許可證, 以投資於印度國內固定收益證券, 並將受固定收益投資的外國投資組合投資者可用額度所規限 因此, 僅於外國投資組合投資者額度可用, 以及本基金獲印度證券交易委員會授予有關額度時, 本基金方可投資於國內固定收益證券 投資者應注意, 外國投資組合投資者可用額度或不可預測, 因此本基金有時候可能持有重大的印度境外非印度盧比計價投資 When the Fund invests in instruments which are neither INR denominated or referenced, the Fund will normally achieve INR exposure using financial derivative instruments. 當本基金投資於既非以印度盧比計價亦非以其為參考貨幣的工具時, 本基金通常透過金融衍生工具實現投資於印度盧比 The Fund may invest up to 100% of its net assets in transferable securities issued or guaranteed by the Indian Government or Indian Government agencies. 本基金可將其淨資產最多 100% 投資於印度政府或印度政府機構所發行或擔保的可轉讓證券 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 may use financial derivative instruments for hedging purposes. The Fund may also use, but not extensively, financial derivative instruments for 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 foreign exchange forwards (including non-deliverable forwards). Financial derivative instruments may also be embedded in other instruments in which the Fund may invest (for example, structured notes). 本基金可使用金融衍生工具作對沖用途 本基金亦可使用 ( 惟不可廣泛使用 ) 金融衍生工具作投資用途 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 ( 例如結構性票據 )

15 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 the 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 Concentration risk 集中性風險 The Fund s investments are concentrated in India. The value of the Fund may be more volatile than that of a fund having a more diverse portfolio of investments. 本基金集中投資於印度 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 India market. 本基金的價值可能較容易受到影響印度市場的不利經濟 政治 政策 外匯 流動性 稅務 法律或監管事件的影響 Risks of investing in India 投資於印度的風險 : Investing in Indian Debt Securities 投資於印度債務證券 In order to invest in debt securities of the Indian Government and/or Indian companies, the Fund must hold a FPI / sub-account license, which is issued by the SEBI. The total outstanding FPI investments in Government bonds and in corporate bonds cannot exceed the limits as allotted by SEBI. The Fund may not be granted any quota to invest in such markets. In this case, the Fund may be closed to new subscriptions as the monies from new subscriptions could not be invested in such markets by the Investment Adviser. 為投資於印度政府及 / 或印度公司的債務證券, 本基金必須持有由印度證券交易委員會發出的外國投資組合投資者 / 子賬戶許可證 外國投資組合投資者對政府債券及公司債券的投資總額不得超過印度證券交易委員會規定的額度 本基金可能不會獲分配於此等市場進行投資的額度 於該情況下, 本基金可能會暫停接受新的認購, 因為投資顧問不能將新認購的款項投資於此等市場 Loss of FPI Registration 外國投資組合投資者登記失效 The Fund will seek to register with SEBI as a sub-account of HSBC Global Investment Funds, which is in turn registered as an FPI. In the event such registration is terminated or is not renewed, the Fund could potentially be forced to redeem the investments held in the Fund, and such forced redemption could adversely affect the returns to the shareholders. 本基金將尋求向印度證券交易委員會註冊為滙豐環球投資基金的子賬戶, 而滙豐環球投資基金則註冊為外國投資組合投資者 倘該項註冊被終止或不再續期, 則本基金可能被迫贖回本基金持有的投資, 而被迫贖回事項可能會對股東的回報產生不利影響 Limitations on Investments 投資限制 The Fund's debt investments cannot exceed the limits as allotted by SEBI. FPI's cannot explicitly invest in INR denominated certificate of deposits and fixed deposits issued by banks in India. 本基金的債務投資不能超過印度證券交易委員會規定的上限 外國投資組合投資者不能明確地投資於印度銀行所發行的以印度盧比計價的存款證及定期存款 Indian Capital Gains Tax ( CGT ) and Interest Income Tax ( IIT ) 印度資本利得稅 ( CGT ) 及利息收入稅 ( IIT ) Currently, the tax provision policy of the Fund is to fully provide for both CGT and IIT (on a cash or realised basis) where it is not already withheld at source. This tax provision liability will be reflected in the net asset value of the Fund. 目前, 本基金的稅項提撥政策乃就並未於收入源頭預扣的 CGT 及 IIT 作出全面提撥 ( 按現金或已變現的基準 ) 稅務撥備負債將反映於本基金的資產淨值 The Fund will review and make adjustments to its tax provision policy as and when it considers necessary from time to time and as soon as practicable upon issuance of further notices or clarification issued by the Indian tax authority in respect of the application of CGT, IIT and/or any other applicable tax regulations/laws and the respective implementation rules. 本基金會在其認為必需的情況下不時及印度稅務機關就 CGT IIT 及 / 或任何其他適用稅務規例 / 法律及有關的實施規則發出進一步通知或澄清通知後在可行的情況下盡快檢討及調整其稅項提撥政策 Even if tax provisions are made, such provisions may be more than or less than a Fund's actual Indian tax liabilities and it is possible that such tax provisions made by the Fund may be insufficient. In case of a difference between the Fund's provision for taxes and its actual Indian tax liabilities, the relevant amounts shall be credited to or debited from the Fund's assets (as the case may be). As a result, the income from, and/or the performance of, the Fund may/may not be adversely affected and the impact/degree of impact on individual shareholders of the Fund may vary, depending on factors such as the level of the Fund's provision for taxes (if any) and the amount of the difference at the relevant time and when the relevant shareholders subscribed for and/or redeemed their Shares in the Fund. 即使作出稅項提撥, 該提撥可能多於或少於本基金的實際印度稅務負債, 而由本基金作出的此等稅項提撥可能不足夠 倘本基金的稅項提撥與其實際的印度稅務負債之間有差距, 有關款項須記入本基金的資產或從本基金的資產扣除 ( 視乎情況而定 ) 因此, 來自本基金的收入及 / 或本基金的表現可能 / 可能不會受到不利影響, 而對本基金個別股東的影響 / 影響程度可能視乎多項因素而不同, 例如本基金的稅項提撥 ( 如有 ) 水平及於有關時間的差距金額, 以及有關股東認購及 / 或贖回本基金股份的時間 3

16 There is a possibility that the current tax laws, rules, regulations and practice in India and/or the current interpretation or understanding thereof may change in the future and such change(s) may have retrospective effect. The Fund could become subject to additional taxation that is not anticipated as at the date hereof or when the relevant investments are made, valued or disposed of. Any increased tax liabilities on the Fund may adversely affect the Fund s net assets and may reduce the income from, and/or the value of, the relevant investments in the Fund. 印度現行的稅務法律 規則 規例及慣例及 / 或其現行詮釋或理解, 可能於未來改變, 而此等改變可能具有追溯效力 本基金可能須繳納在本文件刊發日期或進行投資 估值或出售投資之日預期毋須繳付的額外稅項 本基金的任何稅務負債增加可能會對本基金的淨資產造成不利影響, 並可能減少在本基金的有關投資之收入及 / 或價值 Risks relating to debt securities 有關債務證券的風險 : 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 High-yield securities risk 高收益證券風險 Higher yielding debt securities characteristically bear greater credit risk than investment grade and/or government securities. 一般而言, 較高收益的債務證券相比投資級別及 / 或政府證券具有較大的信貸風險 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. 相比投資級別固定收益證券, 非投資級別及未經評級固定收益證券涉及較低的流動性 較高的波動性 較高的信貸風險及較大的本金及利息損失風險 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 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 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 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 Volatility risks 波動性風險 The fixed income securities in which the Fund invests may not be traded on an active secondary market. The prices of securities traded in such markets may be subject to fluctuations. The bid and offer spreads of the price of such securities may be large and the Fund may incur significant trading costs and may suffer losses as a result. 本基金投資的固定收益證券或許並不在活躍的二級市場進行交易 於該等市場買賣的證券的價格可能反覆波動 該等證券的買賣差價可能大, 而本基金可能產生重大交易成本, 並可能因而蒙受損失 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 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 4

17 Emerging market risk 新興市場風險 India is an emerging market. 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. 印度為新興市場 相對投資於較成熟市場, 投資於新興市場須承受較高損失風險, 由於 ( 包括其他因素 ) 較高的政治 稅務 經濟 外匯 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 INR Currency and Exchange Risk 印度盧比貨幣及匯率風險 Investors should be aware of the fact that the INR is not freely convertible and is subject to exchange controls and certain requirements by the government of India. These controls are subject to change and may adversely impact the INR exchange rate which may impact the net asset value of the Fund. 投資者應知悉, 印度盧比並不可自由兌換, 且須受制於印度政府的外匯管制及若干要求 此等管制措施可能會改變, 並可能對印度盧比的匯率造成不利影響, 這可能影響本基金的資產淨值 Non-INR based investors are exposed to foreign exchange risk and there is no guarantee that the value of INR against the investors Home Currency will not depreciate. Any depreciation of INR could adversely affect the value of investor s investment in the Fund. 以非印度盧比作爲主要貨幣的投資者須承受外匯風險, 且不保證印度盧比相對投資者本國貨幣的價值不會貶值 倘若印度盧比出現任何貶值, 可能對投資者於本基金的投資價值產生不利影響 Under exceptional circumstances, payment of redemptions and/or dividend payment in INR may be delayed due to the exchange controls and restrictions applicable to INR. 在特殊情況下, 以印度盧比支付贖回款項及 / 或支付股息可能因外匯管制及適用於印度盧比的限制而受到阻延 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 base currency, the Fund may be affected favourably or unfavourably by exchange control regulations or changes in the exchange rates between the base 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基本貨幣的貨幣計值, 故此, 外匯管制規例或該基本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 The Fund is permitted to use derivatives to gain INR exposure, including purchasing bonds denominated in another currency (e.g. ) and then using derivatives to convert the exposure to INR. This may increase currency risk for investors. Such transactions are conducted at the Fund level and the associated costs will be reflected in the net asset value of the Fund. 本基金獲准使用衍生工具以取得投資於印度盧比, 包括購買以另一貨幣 ( 例如美元 ) 計價的債券, 然後使用衍生工具將投資轉換為印度盧比 這可能增加投資者的貨幣風險 該等交易在本基金層面進行, 相關成本將反映於本基金的資產淨值 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 A currency hedged share class seeks to minimise the effect of currency fluctuations between the reference currency of the share class and the base currency of the relevant sub-fund. Movements in currency exchange rates can materially impact investment returns and investors should ensure they fully understand the difference between investment in currency hedged share classes versus investment in those share classes which are unhedged. 貨幣對沖股份類別旨在盡量減少股份類別的參考貨幣與相關附屬基金的基本貨幣之間的匯率波動影響 貨幣匯率的變動可對投資回報產生重大影響, 而投資者應確保彼等完全了解投資於貨幣對沖股份類別與投資於該等不進行貨幣對沖的股份類別之間的差異 Currency hedged share classes are not recommended for investors whose home currency (which refers to the main currency an investor uses on a day-to-day basis) is different to the class currency of the currency hedged share class. Investors who choose to convert their home currency to the reference currency of a currency hedged share class and subsequently invest in such a share class should be aware that they may be exposed to higher currency risks and may suffer material losses as a result of exchange rate fluctuations between the reference currency of the currency hedged share class and their home currency. 不建議其本國貨幣 ( 指投資者日常使用的主要貨幣 ) 有別於貨幣對沖股份類別的類別貨幣之投資者投資於貨幣對沖股份類別 如投資者選擇將其本國貨幣兌換為貨幣對沖股份類別的參考貨幣, 隨後投資於貨幣對沖股份類別, 則投資者應知悉, 彼等或會因貨幣對沖股份類別的參考貨幣與本國貨幣之間匯率波動而承受更高的貨幣風險及可能蒙受重大損失 There can be no assurance or guarantee that the Administration Agent or other appointed parties will be able to successfully implement passive currency hedging for currency hedged share classes at any time or at all. 概不保證或擔保行政代理或其他指定方將能夠隨時或一直成功地就貨幣對沖股份類別實施被動式貨幣對沖 5

18 Currency conversion risk for RMB denominated Classes 人民幣計價類別的匯兌風險 RMB is currently not freely convertible and is subject to exchange controls and restrictions. The Fund offers RMB denominated share classes. Subscriptions and redemptions for the Fund may involve conversion of currency. Currency conversion will be conducted at the applicable exchange rate and subject to the applicable spread. 人民幣現時不可自由兌換, 並須受外匯管制及限制之規限 本基金提供人民幣計價的股份類別 認購及贖回本基金可能涉及貨幣兌換 貨幣兌換將按適用的匯率及在適用的差價規限下進行 Non-RMB based investors are exposed to foreign exchange risk and there is no guarantee that the value of RMB against the investors home currency will not depreciate. Any depreciation of RMB could adversely affect the value of investors investment in the RMB denominated share classes. 非以人民幣為基礎的投資者須承受外匯風險, 且概不保證人民幣相對投資者的本國貨幣之價值不會貶值 人民幣出現任何貶值可能對投資者於人民幣計價的股份類別的投資價值造成不利影響 As RMB is not freely convertible and is subject to exchange controls and restrictions, currency conversion is subject to availability of RMB at the relevant time. The Fund s payment of redemption proceeds or dividends may be delayed in the event that there is insufficient RMB available to it. 由於人民幣不可自由兌換及受到匯兌管制及限制, 匯兌受到相關時間人民幣的可得性規限 倘若無法獲得充足的人民幣, 本基金可能延遲支付贖回款項或股息 The RMB is traded in both the onshore and offshore markets. While both onshore RMB ( CNY ) and offshore RMB ( CNH ) represent the same currency, they are traded in different and separate markets which operate independently. Therefore, CNY and CNH do not necessarily have the same exchange rate and their movement may not be in the same direction. When converting the base currency of the Fund to RMB for the purposes of calculating the net asset value of a share class with a RMB reference currency, the fund manager will apply the CNH rate. Any divergence between CNH and CNY may adversely impact investors. 人民幣在境內在岸市場及離岸市場交易 儘管境內在岸人民幣 ( CNY ) 與離岸人民幣 ( CNH ) 是相同貨幣, 兩者在不同及獨立的市場交易, 兩個市場獨立運作 因此,CNY 與 CNH 的匯率未必相同, 其走向未必一致 當為了以人民幣參考貨幣計算股份類別資產淨值而將本基金的基本貨幣兌換為人民幣時, 基金經理將採用 CNH 的匯率 CNH 與 CNY 之間的任何分歧可能會對投資者造成不利影響 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 will 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 該等分派將導致本基金的每股資產淨值即時減少 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 base 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基本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 6

19 How has the Fund performed? 本基金過往的業績表現如何? HSBC Global Investment Funds - India Fixed Income (Class AC) 滙豐環球投資基金 印度固定收益 (AC 類 ) % 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 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 Fund launch date: 20/08/2012 基金成立日期 :20/08/2012 Class AC launch date: 20/08/2012 AC 類成立日期 :20/08/2012 Class AC is a share class open for investment by Hong Kong retail investors and denominated in the Fund s base currency. AC 類乃開放予香港零售投資者投資及以本基金的基本貨幣計價的股份類別 Is there any guarantee? 本基金有否提供保證? The 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 7

20 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 您須支付 Subscription fee 認購費 Up to 3.00% of the total subscription amount* 最高達認購總額的 3.00%* Switching fee 轉換費 Up to 1% of the Switch-Out proceeds* 最高達轉出所得款項的 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 1.10% 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 * 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 or other appointed parties relating to the execution of the currency hedging policy, which will be borne by the relevant currency hedged share class. Where the Administration Agent or other appointed parties 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或其他指定方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 若行政代理或其他指定方收取該等費用, 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% 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 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 ntermediaries 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 (the website has not been reviewed by the SFC). 投資者可瀏覽 網頁並未經證監會批閱 ) 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 Investors may obtain information on the intermediaries online at (the website has not been reviewed by the SFC). 投資者可瀏覽 網頁並未經證監會批閱 ) 以獲取中介人的資料 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 (the website has not been reviewed by the SFC). 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 ( 網頁並未經證監會批閱 ) 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 (the website has not been reviewed by the SFC). 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) 資本撥付的相對款項 )( 如有 ) 資料可向香港代表索取, 並載於網站 網頁並未經證監會批閱 ) 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 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 8