PRODUCT KEY FACTS 產品資料概要 This statement replaces the statement dated April 本概要取代 2017 年 4 月之概要 JPMorgan Europe High Yield Bond Fund 摩根歐洲市場高收益債券基

Transcription

1 Asset Management Company of the Year - Asia 5) For Hong Kong Investors only JPMorgan Europe High Yield Bond Fund Unit Trust Range January 2018 The Fund invests at least 70% in European and non-european below investment grade debt securities denominated in European currencies. The Fund will have limited RMB denominated underlying investments. The Fund is exposed to interest rate risks which may affect the price of bonds, credit, investment grade bond, currency, valuation, liquidity, distribution (no assurance on distribution, distribution rate or dividend yield) and Eurozone sovereign debt crisis risks, and, for currency hedged classes, risks associated with the hedging and class currency. Pertaining to investments in below investment grade or unrated debt securities, these securities may be subject to higher liquidity risks and credit risks comparing with investment grade bonds, with an increased risk of loss of investment. For RMB hedged class, risks associated with the RMB currency and currency hedged classes risks. RMB is currently not freely convertible and RMB convertibility from offshore RMB (CNH) to onshore RMB (CNY) is a managed currency process subject to foreign exchange control policies of and restrictions imposed by the Chinese government. There can be no assurance that RMB will not be subject to devaluation at some point. The Manager may, under extreme market conditions when there is not sufficient RMB for currency conversion and with the approval of the Trustee, pay redemption monies and/or distributions in fund s base currency. Where the income generated by the Fund is insufficient to pay a distribution as the Fund declares, the Manager may at its discretion determine such distributions may be paid from capital including realised and unrealised capital gains. Investors should note that the payment of distributions out of capital represents a return or withdrawal of part of the amount they originally invested or from any capital gains attributable to that original investment. Any payments of distributions by the Fund may result in an immediate decrease in the net asset value per unit. Investors may be subject to substantial losses. Investors should not solely rely on this document to make any investment decision. Investment objective To aim to achieve a return in excess of European bond markets by investing at least 70% of its non-cash assets in European and non-european below investment grade debt securities denominated in European currencies. Portfolio information ((mth) - USD (hedged) Class) Fund manager Peter Aspbury, London/ Robert Cook, USA Total fund size (m) USD 75.8 Denominated currency and NAV per unit: (mth) - USD (hedged) Class USD (mth) - AUD (hedged) Class AUD (mth) - EUR Class EUR (mth) - HKD (hedged) Class HKD (mth) - RMB (hedged) Class CNY month NAV: Current charge: High Low Initial Redemption Management fee USD ( ) USD ( ) For more information, please contact your bank, financial adviser or visit 3.0% of NAV 0% 1.0% p.a. Last distribution (xd date)/annualised yield 2) : (mth) - USD (hedged) Class USD ( )/7.70% (mth) - AUD (hedged) Class AUD ( )/7.92% (mth) - EUR Class EUR ( )/4.46% (mth) - HKD (hedged) Class HKD ( )/7.08% (mth) - RMB (hedged) Class CNY ( )/10.15% Distribution frequency Expected monthly SEDOL/ISIN code BZ6VBV9/HK Bloomberg code JPEHYMU HK Portfolio characteristics Bond quality <BBB: 96.4% Average: duration/maturity 3.9 years / 4.5 years Yield to maturity 3.27% Statistical analysis ((mth) - USD (hedged) Class) Since 3 years 5 years launch 3) Correlation Alpha % Beta Annualised volatility % Sharpe ratio Annualised tracking error % Average annual return % PERFORMANCE FROM TO (in denominated currency) REBASED JPMorgan Europe High Yield Bond (mth) - USD (hedged) ICE BofAML Euro Developed Markets Non-Financial High Yield Constrained Total Index (USD Hedged) 1) Cumulative performance % (in denominated currency) 1 month 1 year 3 years 5 years Since launch Launch date (mth) - USD (hedged) Class Benchmark (in USD) 1) (mth) - AUD (hedged) Class (mth) - EUR Class (mth) - HKD (hedged) Class (mth) - RMB (hedged) Class 4) Calendar year performance % (in denominated currency) * 2017YTD (mth) - USD (hedged) Class Benchmark (in USD) 1) (mth) - AUD (hedged) Class (mth) - EUR Class (mth) - HKD (hedged) Class (mth) - RMB (hedged) Class 4) PORTFOLIO ANALYSIS By country/region Others 20.3% France 15.4% Germany 12.5% United States 11.5% Luxembourg 11.0% United Kingdom 10.1% Italy 8.6% Spain 7.0% Net Liquidity 3.6% Unless stated otherwise, all information as at the last valuation date of the previous month. Source: J.P. Morgan Asset Management/ICE BofAML(NAV to NAV in denominated currency with income reinvested). Source of star rating: Morningstar, Inc.. Source of bond rating: Moody s, S&P and Fitch. Risk ratings (if any) are based on J.P. Morgan Asset Management s assessment of relative risk by asset class and historical volatility of the fund where applicable. The risk ratings are reviewed annually or as appropriate and for reference only. Investors are advised to consult our Investment Advisers before investing. Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly. Top ten holdings is available upon request. *Since launch to end of year for fund classes incepted in that year. It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary. For details please refer to the respective offering document(s). The AUD/RMB Hedged Classes are not recommended for investors whose base currency of investment is not in the aforesaid currencies. 1)Formerly known as BofA Merrill Lynch Euro Developed Markets Non-Financial High Yield Constrained Total Index (USD Hedged). With effect from , BofA Merrill Lynch indices were renamed as ICE BofAML indices. 2)Annualised yield = [(1+distribution per unit/ex-dividend NAV)^distribution frequency]-1. The annualised dividend yield is calculated based on the latest dividend distribution with dividend reinvested, and may be higher or lower than the actual annual dividend yield. Positive distribution yield does not imply positive return. 3)With the exception of the Average annual return figure, all data are calculated from the month end after inception. 4)This share class is not available on the J.P. Morgan etrading platform. 5)Issued by The Asset, 2017 award, reflecting performance of previous calendar year. For funds offering classes with a distribution feature, such classes aim at monthly, quarterly, semi-annual or annual distribution as the case may be. Dividend rate is not guaranteed. Distributions may be paid from capital. The investment returns are calculated in denominated currency. For funds/classes denominated in foreign currencies, US/HK dollar-based investors are therefore exposed to fluctuations in the currency exchange rate. Investment involves risk. Past performance is not indicative of future performance. Please refer to the offering document(s) for details, including the risk factors. This document has not been reviewed by the SFC. Issued by JPMorgan Funds (Asia) Limited. % CHANGE By sector 3.6% Net Liquidity 5.9% Services 6.0% Automotive 8.9% Retail 11.8% Media 13.3% Capital Goods 14.0% Basic Industry 15.2% Telecommunications 21.3% Others Top five holdings (as at end November 2017) Holding Country/region % Tesco Corporate Treasury Services 2.5% 01/07/24 United Kingdom 1.8 Arcelormittal 3.13% 14/01/22 Luxembourg 1.6 Softbank Group 4% 30/07/22 Japan 1.6 Peugeot 2.38% 14/04/23 France 1.6 Casino Guichard-Perrachon 4.5% 07/03/24 France 1.5

2 PRODUCT KEY FACTS 產品資料概要 This statement replaces the statement dated April 本概要取代 2017 年 4 月之概要 JPMorgan Europe High Yield Bond Fund 摩根歐洲市場高收益債券基金 February 年 2 月 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. 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 Quick facts 資料便覽 Manager 經理人 : JPMorgan Funds (Asia) Ltd. 摩根基金 ( 亞洲 ) 有限公司 Investment Manager 投資經理人 : JF Asset Management Ltd., Hong Kong (internal delegation) JF 資產管理有限公司, 香港 ( 同集團委任 ) Sub-Managers 助理經理人 : JPMorgan Asset Management (UK) Ltd., UK (internal delegation) 英國 ( 同集團委任 ) Trustee 信託管理人 : Ongoing charges over a year 全年經常性開支比率 : Dealing frequency 交易頻率 : Base currency 基本貨幣 : Dividend policy 派息政策 : Financial year end 財政年度終結日 : Minimum investment 最低投資額 : HSBC Institutional Trust Services (Asia) Limited 滙豐機構信託服務 ( 亞洲 ) 有限公司 (mth) - AUD (hedged) class ( 每月派息 ) 澳元對沖類別 1.47% (mth) - EUR class ( 每月派息 ) 歐元類別 1.47% (mth) - HKD (hedged) class ( 每月派息 ) 港元對沖類別 1.47% (mth) - RMB (hedged) class 1 1 ( 每月派息 ) 人民幣對沖類別 1.47% (mth) - USD (hedged) class ( 每月派息 ) 美元對沖類別 1.47% The ongoing charges figure is based on the annualised expenses for the period from 10 March 2016 to 30 September 2016 (including the amortized portion of establishing cost for the period from 12 April 2016 to 30 September 2016) and may vary from year to year. 1 This class is not available in the J.P. Morgan Asset Management Investment Centre. 經常性開支比率是根據由 2016 年 3 月 10 日至 2016 年 9 月 30 日的費用作年化計算 ( 包括由 2016 年 4 月 10 日至 2016 年 9 月 30 日的成立成本之攤銷部分 ), 每年均可能有所變動 1 摩根資產管理投資理財中心並不提供此類別 Daily 每日 EUR (The classes offered in Hong Kong are in Australian dollars, Euro, HK dollars, Renminbi and US dollars). Please refer to the section CLASSES OF UNITS in the Explanatory Memorandum of the Fund for details. 歐元 ( 在香港銷售之類別分別以澳元 歐元 港元 人民幣及美元計價 ) 詳情請參閱本基金的基金說明書內之 單位類別 一節 For (mth) Classes - Monthly distribution* (discretionary). Distributions may be paid out of capital which represents a return or withdrawal of part of the amount an investor originally invested or from any capital gains attributable to that original investment. Any payments of distributions by the Fund may result in an immediate decrease in the net asset value per unit. ( 每月派息 ) 類別 - 每月分派 *( 酌情決定 ) 分派可能從資本撥款, 即代表從投資者原先投資基金之款額或該項原先投資應佔的任何資本增值退回或提取部分金額 基金作出任何分派均可能導致每單位資產淨值即時下跌 30 September 9 月 30 日 Lump-sum (same amount for initial/additional): For RMB denominated Classes: RMB16,000 or its equivalent in another currency For other Classes: USD2,000 or its equivalent in another currency Regular Investment Plan: HKD1,000 per month 18 Issued by JPMorgan Funds (Asia) Ltd. 由摩根基金 ( 亞洲 ) 有限公司刊發

3 整額 ( 首次及其後每次相同 ): 就以人民幣計價的類別而言 : 人民幣 16,000 元或其他貨幣之等值就其他類別而言 :2,000 美元或其他貨幣之等值定期投資計劃 : 每月 1,000 港元 The Manager may apply a different minimum lump sum investment and/or a different minimum monthly investment. * Any distributions will be reinvested automatically in the subscription of further units of the Fund, or paid in cash provided certain conditions are met. Please refer to the section DISTRIBUTION POLICY in the Explanatory Memorandum of the Fund. The Manager has the sole and absolute discretion to amend the distribution policy, subject to the SFC s prior approval (if applicable) and one month s prior notice to the relevant unitholders. 經理人可設定不同的最低整筆投資額及 或不同的最低每月投資額 * 任何分派將自動再投資於認購基金的更多單位 ( 或於若干特定情況下, 以現金分派 ) 請參閱本基金的基金說明書內之 分派政策 一節 經理人可全權酌情決定修改分派政策, 惟須獲得證監會事先批准 ( 如適用 ), 及須給予相關單位持有人一個月的事先通知 What is this product? 本基金是甚麼產品? This is a fund constituted in the form of a unit trust under the laws of Hong Kong. 本基金是一個根據香港法律以單位信託形式組成的基金 Objective and investment strategy 目標及投資策略 To aim to achieve a return in excess of European bond markets by investing at least 70% of its non-cash assets in European and non-european below investment grade debt securities denominated in European currencies. Debt securities include but are not limited to bonds, money market instruments and other debt securities which are issued by the international issuers such as government, quasi-government organizations, agencies, financial institutions, corporations, organizations or entities. The Fund will invest not less than 70% of its non-cash assets in below investment grade debt securities (rated Ba1/BB+ or below using the highest rating available from one of the international independent rating agencies (e.g. Moody s, Standard and Poor s, Fitch)) or unrated securities. When investing in debt securities, the Investment Manager will first consider the credit rating of a debt security itself and only if such credit rating is unavailable, the Investment Manager will then consider the credit rating of its issuer, which will become the implied rating of the relevant debt security. An unrated debt security refers to a debt security which neither the debt security itself nor its issuer has a credit rating. The Fund may invest up to 30% of its non-cash assets in investment grade debt securities (rated Baa3/BBB- or higher using the highest rating available from one of the international independent rating agencies (e.g. Moody s, Standard and Poor s, Fitch)). The Fund will not invest more than 10% of its net asset value in securities issued or guaranteed by any single sovereign issuer (including its government, a public or local authority of that country) with a credit rating below investment grade. The Fund may also invest in derivatives such as options, warrants and futures for investment purposes and may under limited circumstances (e.g. for cash management purpose) as considered appropriate by the Manager and the Investment Manager, hold substantial amounts of its portfolio in cash and cash based instruments. The Fund may also invest up to 10% of its non-cash assets in convertible bonds. Currently, the Fund does not intend to i) invest in asset-backed securities (including mortgage-backed securities and asset-backed commercial securities); or ii) enter into securities lending arrangements, repurchase agreements, reverse repurchase agreements or other similar over-the-counter transactions. Should these investment policies change in the future, the Manager will follow the appropriate legal and regulatory requirements and the offering document will be updated accordingly. The Fund will have limited Renminbi (RMB) denominated underlying investments. 透過投資其非現金資產至少 70% 於以歐洲貨幣計價的歐洲及非歐洲低於投資級別債務證券, 以期取得較歐洲債券市場更高的回報 債務證券包括但不限於由政府 半政府組織 機構 金融機構 企業 組織或實體等國際發行人發行的債券 貨幣市場工具及其他債務證券 基金將投資其非現金資產最少 70% 於低於投資級別 ( 被一間國際獨立評級機構 ( 如穆迪 標準普爾及惠譽 ) 給予評級中最高獲 Ba1/BB+ 或以下的評級 ) 的債務證券或未獲評級證券 投資經理人在投資於債務證券時, 會首先考慮債務證券本身的信貸評級, 並只有在有關信貸評級未能提供時, 投資經理人方會考慮其發行人的信貸評級, 而有關信貸評級將成為有關債務證券的隱含評級 未獲評級的債務證券指債務證券本身或其發行人均沒有信貸評級的債務證券 基金可投資其非現金資產最多 30% 於具備投資級別 ( 被一間國際獨立評級機構 ( 如穆迪 標準普爾及惠譽 ) 給予評級中最高獲 Baa3/BBB- 或以上的評級 ) 的債務證券 基金不會將其資產淨值 10% 以上投資於信貸評級低於投資級別的任何單一主權發行人 ( 包括其政府 該國的公共或地方當局 ) 所發行或擔保的證券 基金亦可為投資目的而投資於衍生工具, 例如期權 認股權證及期貨, 並在經理人及投資經理人認為合適之有限情況下 ( 例如為現金管理目的 ), 於其投資組合內大量持有現金及以現金為本的工具 基金亦可投資其非現金資產最多 10% 於可換股債券 目前, 基金並無意向 i) 投資於資產抵押證券 ( 包括按揭證券及資產抵押商業證券 ); 或 ii) 訂立證券借貸 回購協議 反向回購協議安排或類似的場外交易 本投資政策於未來如有改變, 經理人將遵照合適的法律及監管要求行事, 而銷售文件將作出相應更新 基金將有限度地投資於人民幣計價的相關投資項目 19

4 What are the KEY RISKS? 本基金有哪些主要風險? Investment involves risk. Please refer to the offering document(s) for details, including the risk factors. 投資涉及風險 請參閱銷售文件所載詳情, 包括風險因素 Below investment grade/unrated investment risk The Fund may invest in bonds and other debt securities which are unrated or with ratings below investment grade. Accordingly, such investment will be accompanied by a higher degree of credit and liquidity risks than is present with investment in higher rated securities. During economic downturns such bonds typically fall more in value than investment grade bonds as such are often subject to a higher risk of issuer default. The NAV of the Fund may decline or be negatively affected if there is a default of any of the high yield bond that the Fund invests in or if interest rates change. Investment grade bond risk Investment grade bonds are assigned ratings within the top rating categories by rating agencies (including but not limited to Fitch, Moody s and/or Standard & Poor s) on the basis of the creditworthiness or risk of default of a bond issue. Rating agencies review such assigned ratings and bonds may therefore be downgraded in rating if economic circumstances (e.g. subject to market or other conditions) impact the relevant bond issues. Downgrading of the bonds may adversely affect the value of the relevant bonds and therefore the performance of the Fund. The Fund may or may not be able to dispose of the bonds that are downgraded. Also, the Fund may face higher risks of default in interest payment and principal repayment. As a result, investors may get back less than they originally invested. Credit risk If the issuer of any of the securities in which the Fund s assets are invested defaults, the performance of the Fund will be adversely affected and the Fund could suffer substantial loss. For fixed income securities, a default on interest or principal may adversely impact the performance of the Fund. Decline in credit quality of the issuer may adversely affect the valuation of the relevant bonds and the Fund. The credit ratings assigned by credit rating agencies do not guarantee the creditworthiness of the issuer. Interest rate risk Interest rates in the countries in which the Fund s assets will be invested may be subject to fluctuations. Any such fluctuations may have a direct effect on the income received by the Fund and its capital value. Bonds are particularly susceptible to interest rate changes and may experience significant price volatility. The prices of bonds generally increase when interest rates decline and decrease when interest rates rise. Longer term bonds are usually more sensitive to interest rate changes. The performance of the Fund may therefore be adversely affected. Valuation risk 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 calculation of the Fund. Investment risk The value of the Fund s holdings may fall. Investors may be subject to substantial losses. Liquidity risk The Fund may invest in instruments where the volume of transactions may fluctuate significantly depending on market sentiment. There is a risk that investments made by the Fund may become less liquid in response to market developments or adverse investor perceptions. The performance of the Fund may therefore be adversely affected. Class currency risk The Class Currency of each Class may be different from the Fund s base currency, the currencies of which the Fund s assets are invested and/or investors base currencies of investment. If an investor converts its base currency of investment to the Class Currency in order to invest in a particular Class and subsequently converts the redemption proceeds from that Class Currency back to its original base currency of investment, the investor may suffer a loss due to the depreciation of the Class Currency against the original currency. For example, if an investor whose base currency of investment is Hong Kong dollars (i.e. not Australian dollars) and chooses to invest in the AUD Hedged Class, the investor may be exposed to a higher currency risk. The investor may suffer a higher loss as a result of exchange rate fluctuations between Hong Kong dollars and Australian dollars upon the reconversion of its Australian dollars investment back to Hong Kong dollars as compared to an investor whose base currency of investment is originally in Australian dollars. RMB currency risk RMB is subject to a managed floating exchange rate based on market supply and demand with reference to a basket of foreign currencies. RMB exchange rate is also subject to exchange control policies. The daily trading price of the RMB against other major currencies in the inter-bank foreign exchange market is allowed to float within a narrow band around the central parity published by the relevant authorities of the People s Republic of China. As the exchange rates are influenced by government policy and market forces, the exchange rates for RMB against other currencies, including US dollars and HK dollars, are susceptible to movements based on external factors. Accordingly, the investment in Classes denominated in RMB may be adversely affected by the fluctuations in the exchange rate between RMB and other foreign currencies. RMB is currently not freely convertible and RMB convertibility from offshore RMB (CNH) to onshore RMB (CNY) is a managed currency process subject to foreign exchange control policies of and restrictions imposed by the Chinese government. Classes denominated in RMB will generally be valued with reference to RMB (CNH) rather than RMB (CNY). While RMB (CNH) and RMB (CNY) represent the same currency, they are traded in different and separate markets which operate independently. As such RMB (CNH) does not necessarily have the same exchange rate and may not move in the same direction as RMB (CNY). Classes denominated in RMB participate in the offshore RMB (CNH) market, which allow investors to freely transact CNH outside of mainland China. Classes denominated in RMB will have no requirement to remit CNH to onshore RMB (CNY). Non-RMB based investors (e.g. Hong Kong investors) in Classes denominated in RMB may have to convert HK dollar or other currencies into RMB when investing in Classes denominated in RMB and subsequently convert the RMB redemption proceeds and/or distributions (if any) back to HK dollar or such other currencies. Investors will incur currency conversion costs and you may suffer losses depending on the exchange rate movements of RMB relative to HK dollar or such other currencies. Also, there can be no assurance that RMB will not be subject to devaluation and any depreciation of RMB could adversely affect the value of the investor s investment in the Fund. 20

5 Even if the Fund aims at paying redemption monies and/or distributions of RMB denominated Classes in RMB, the Manager may, under extreme market conditions when there is not sufficient RMB for currency conversion and with the approval of the Trustee, pay redemption monies and/or distributions in the Fund s base currency. There is also a risk that payment of redemption monies and/or distributions in RMB may be delayed when there is not sufficient amount of RMB for currency conversion for settlement of the redemption monies and distributions in a timely manner due to the exchange controls and restrictions applicable to RMB. In any event, the redemption proceeds will be paid not later than one calendar month after the relevant dealing day on which units are redeemed and the Manager has received a duly completed redemption request in a prescribed format and such other information as the Trustee or the Manager may reasonably require. Currency Hedged Classes risk Each Currency Hedged Class may hedge the Fund s denominated currency back to its currency of denomination, with an aim to provide a return on investment which correlates with the return of the Class of unit which is denominated in the base currency of the Fund. The costs and resultant profit or loss on the hedging transactions will be reflected in the net asset value per unit for the units of the relevant Currency Hedged Classes. The costs relating to such hedging transactions which may be significant depending on prevailing market conditions shall be borne by that Currency Hedged Class only. The precise hedging strategy applied to a particular Currency Hedged Class may vary. In addition, there is no guarantee that the desired hedging instruments will be available or hedging strategy will achieve its desired result. In such circumstances, investors of the Currency Hedged Class may still be subject to the currency exchange risk on an unhedged basis (which means that, for example, if the hedging strategy in respect of the RMB Hedged Class is ineffective, depending on the exchange rate movements of RMB relative to the base currency of the Fund, and/or other currency(ies) of the non-rmb denominated underlying investment of the Fund, (i) investors may still suffer losses even if there are gains or no losses in the value of the non-rmb denominated underlying investments; or (ii) investors may suffer additional losses if the non-rmb denominated underlying investments of the Fund fall in value). If the counterparties of the instruments used for hedging purposes default, investors of the Currency Hedged Classes may be exposed to the currency exchange risk on an unhedged basis and may therefore suffer further losses. While the hedging strategy may protect investors of the Currency Hedged Classes against a decrease in the value of the Fund s base currency relative to the denominated currency of that Currency Hedged Class, the hedging strategy may substantially limit the benefits of any potential increase in the value of a Currency Hedged Class expressed in the Class currency, if the Currency Hedged Class denominating currency falls against the base currency of the Fund. Currency risk The assets in which the Fund is invested and the income from the assets will or may be quoted in currency which are different from the Fund s base currency. The performance of the Fund will therefore be affected by movements in the exchange rate between the currencies in which the assets are held and Fund s currency of denomination. Investors whose base currency is different (or not in a currency linked to the Fund s currency of denomination) may be exposed to additional currency risk. Hedging risk The Manager, the Investment Manager and the Sub-Managers are permitted, in their absolute discretion, but not obliged, to use hedging techniques to attempt to reduce market and currency risks. There is no guarantee that hedging techniques if used, will achieve the desired result nor that hedging techniques will be used, in those cases, the Fund may be exposed to the existing market and currency risks and may be adversely impacted. The hedging, if any, against foreign exchange risks may or may not be up to 100% of assets of the Fund. Distribution risk The Manager intends to distribute at least 85% of the income (net of expenses) attributable to each Class in respect of each accounting period. However, there is no assurance on such distribution or the distribution rate or dividend yield. Payment of distributions out of capital risk Where the income generated by the Fund is insufficient to pay a distribution as the Fund declares, the Manager may in its discretion determine such distributions may be paid from capital including realized and unrealized capital gains. Investors should note that the payment of distributions out of capital represents a return or withdrawal of part of the amount they originally invested or from any capital gains attributable to that original investment, as a result, the capital that the Fund has available for investment in the future and capital growth may be reduced. Any payments of distributions by the Fund may result in an immediate decrease in the net asset value per unit. Also, a high distribution yield does not imply a positive or high return on the total investment. Risks related to the Eurozone sovereign debt crisis The Fund may invest substantially in the Eurozone. In light of the current fiscal conditions and concerns on the sovereign debt risk of certain countries within the Eurozone (in particular, Portugal, Ireland, Italy, Greece and Spain), the Fund s investments in the region may be more volatile. The performance of the Fund may deteriorate significantly should there be any adverse credit events (e.g. downgrade of the sovereign credit rating, obligation default, etc) of any Eurozone country. 低於投資級別 / 未獲評級投資之風險 - 基金可投資於未獲評級或評級低於投資級別之債券及其他債務證券 因此, 該等投資將承受 較其他評級較高的證券為高之信貸及流通性風險 於經濟下滑時, 該等債券一般較投資級別債券價格跌幅更大, 因其通常承受較高之發行人違約風險 當基金投資的任何高收益債券違約或如利率改變, 基金資產淨值或會下跌或受負面影響 投資級別債券風險 - 投資級別債券獲信貸評級機構 ( 包括但不限於惠譽 穆迪及 或標準普爾 ) 於信用可靠性或債券發行的違約風 險的基礎上給予屬於高評級界別的評級 評級機構覆核該等評級 倘若經濟環境 ( 例如市場或其他情況 ) 影響有關債券發行, 該等債券的評級可能因此被下調 債券評級的下調或會對該等債券之價值造成不利影響, 基金的表現亦可能因而受到不利影響 本基金不一定能夠出售被下調評級的債券 此外, 基金可能面對較高不獲履行支付利息及償還本金之責任的風險 因此, 投資者收回的金額可能低於原本的投資額 信貸風險 - 倘若本基金之資產所投資之任何證券之發行人違約, 本基金之表現將會受負面影響及本基金可能承受重大損失 定息證 券不履行支付利息或本金之責任或會對本基金之表現造成不利影響 發行人的信貸質素降低, 或會對有關債券及本基金之估值造成不利影響 信貸評級機構給予的信貸評級並不保證發行人的信用可靠性 21

6 利率風險 - 本基金之資產所投資之一些國家之利率可能會有所波動 任何該等波動可能會對本基金所收到之收益及其資本價值有直接影響 債券特別容易受到利率變動所影響, 並且可能承受顯著的價格波動 債券的價格一般會隨利率下降而上升 ; 隨利率上升而下跌 較長期債券通常對利率變動較為敏感 基金之表現可能因而會受不利影響 估值風險 - 本基金的投資估值或會涉及不明朗因素及判定性的決定 倘若該等估值不正確, 此可能影響本基金的資產淨值計算 投資風險 - 基金之投資價值可跌 投資者可能須承受重大損失 流通性風險 - 本基金可投資於其交易量或會因市場情緒而顯著波動之工具 本基金作出之投資或會面對因應市場發展及投資者之相 反看法而變得流通性不足之風險 基金之表現可能因而會受不利影響 類別貨幣風險 - 各類別之類別貨幣可能不同於基金之基本貨幣及其所投資的資產之貨幣及 或投資者之投資的基本貨幣 倘若投資者將其投資之基本貨幣轉換為類別貨幣以投資於一特定類別, 及於其後將贖回所得由該類別貨幣轉換至其原有之投資基本貨幣, 投資者可能因該類別貨幣對該原有貨幣貶值而蒙受損失 舉例而言, 倘投資者之投資基本貨幣為港元 ( 即非澳元 ) 而選擇投資於澳元對沖類別, 則該投資者可能承受較高的貨幣風險 與以澳元為原有之投資基本貨幣的投資者相比, 該投資者可能因在將其澳元投資再轉換回港元時, 港元與澳元之匯率波動而蒙受較高損失 人民幣貨幣風險 - 人民幣匯率為一個受管理的浮動匯率, 匯率基於市場供求及參考一籃子外國貨幣而釐定 人民幣匯率亦受制於外 匯管制政策 於銀行間外匯市場中人民幣兌其他主要貨幣可按中華人民共和國之有關主管機構發佈的中央平價窄幅上落 由於匯率受政府政策及市場力量影響, 人民幣兌包括美元及港元在內的其他貨幣的匯率將容易因外圍因素而變動 因此, 投資於以人民幣計價的類別可能會因人民幣與其他外幣之間的匯率波動而受到不利的影響 人民幣現時不可自由兌換 將境外人民幣 (CNH) 兌換為境內人民幣 (CNY) 是一項貨幣管理程序, 須遵守由中國政府實施的外匯管制政策及限制 人民幣類別一般參考境外人民幣 (CNH) 而非境內人民幣 (CNY) 計價 境外人民幣 (CNH) 及境內人民幣 (CNY) 雖屬相同貨幣, 但有關貨幣在獨立運作的不同和個別市場上買賣 因此, 境外人民幣 (CNH) 與境內人民幣 (CNY) 的匯率未必相同, 匯率走勢亦可能不一樣 以人民幣計價的類別參與境外人民幣 (CNH) 市場, 可在中國大陸境外自由交易境外人民幣 (CNH) 以人民幣計價的類別毋須將境外人民幣 (CNH) 匯成境內人民幣 (CNY) 並非以人民幣為基本貨幣的投資者( 如香港投資者 ), 在投資以人民幣計價的類別時可能須將港元或其他貨幣兌換為人民幣, 其後亦須將人民幣贖回所得款項及 或人民幣分派 ( 如有 ) 兌換為港元或該等其他貨幣 投資者將招致匯兌成本, 並可能蒙受損失, 視乎人民幣相對於港元或該等其他貨幣的匯率走勢而定 此外, 概不能保證人民幣不會貶值, 而人民幣的任何貶值可能對投資者於基金的投資價值造成不利影響 即使基金打算以人民幣支付贖回款項及 或以人民幣計價的類別的分派, 惟在極端市況下市場未能提供足夠人民幣作貨幣兌換時及獲信託管理人批准後, 經理人可以基金的基本貨幣支付贖回款項及 或分派 如因人民幣適用的外匯管制政策及限制而未能及時具備足夠的人民幣供結算贖回款項及 或分派, 亦存在以人民幣支付的贖回款項及 或分派或會被延誤的風險 無論如何, 贖回所得款項將於單位被贖回及經理人已接獲以指定格式正式填妥之贖回要求及信託管理人或經理人可能合理要求之其他資料之有關交易日後一個曆月內支付 貨幣對沖類別風險 - 各貨幣對沖類別可將基金之計價貨幣對沖回其計價貨幣, 旨在提供與以基金之基本貨幣計價的類別相關的投資 回報 對沖交易的成本及所得盈虧將會反映於有關貨幣對沖類別單位之每單位資產淨值內 有關該等對沖交易的任何成本視乎當前市況而定可屬重大, 將只由該貨幣對沖類別承擔 應用於某特定貨幣對沖類別之確切對沖策略或會不同 此外, 概不保證能夠獲得預期的對沖工具或對沖策略將會達到預期效果 在該等情況下, 貨幣對沖類別之投資者可能仍需承受未對沖之貨幣兌換風險 ( 舉例而言, 如人民幣對沖類別之對沖策略無效, 視乎人民幣相對於基金的基本貨幣, 及 或該基金的非人民幣計價相關資產的其他貨幣的匯率走勢而定 :(i) 即使非人民幣計價的相關資產的價值上有收益或並無虧損, 投資者仍可能蒙受損失 ; 或 (ii) 如基金的非人民幣計價相關資產的價值下跌, 投資者可能蒙受額外損失 ) 倘若用作對沖目的之工具之交易對象違約, 貨幣對沖類別的投資者可能承受未對沖的貨幣兌換風險及可能因此承受進一步損失 儘管對沖策略可能保護貨幣對沖類別的投資者免受基金的基本貨幣相對於貨幣對沖類別之計價貨幣之價值下跌所影響, 惟倘若貨幣對沖類別之計價貨幣對基金之基本貨幣下跌, 則該對沖策略可能大幅限制以類別貨幣列值的貨幣對沖類別之任何潛在升值的利益 貨幣風險 - 本基金投資之資產及其收益將或可能以與本基金之基本貨幣不同之貨幣計價 因此, 本基金之表現將受所持資產之貨幣 兌本基金之結算貨幣之匯率變動所影響 基本貨幣有所不同 ( 或並非與本基金之結算貨幣掛鈎之貨幣 ) 之投資者可能會承受額外之貨幣風險 對沖風險 - 經理人 投資經理人及助理經理人獲准有絕對酌情權 ( 但並非必須 ) 採用對沖方法以嘗試減低市場及貨幣風險 概無保 證該等對沖方法 ( 如採用 ) 將會達到預期之效果或該等對沖方法將獲得採用, 在該等情形下, 基金可能需承受現有之市場及貨幣風險, 並可能受到不利影響 對匯率風險所作出的對沖 ( 如有 ) 可能或未必高達基金資產之 100% 分派風險 - 經理人擬在扣除開支後, 將各類別在每一會計期間分別應佔之收益的最少 85% 作出分派 然而, 該分派或分派率或收益 率並不獲保證 從資本撥款作出分派之風險 - 當基金所產生之收入並不足夠支付基金宣佈之分派時, 經理人可酌情決定該等分派可能由資本 ( 包括實現與未實現資本收益 ) 撥款支付 投資者應注意, 從資本撥款支付分派即代表從投資者原先投資基金之款額或該項原先投資應佔的任何資本增值退回或提取部分金額 因此, 基金未來可用作投資的資本及資本增值或會減少 基金作出任何分派均可能導致每單位資產淨值即時下跌 此外, 高分派收益並不表示總投資的正或高回報 歐元區主權債務危機風險 - 本基金可能大量投資在歐元區 鑑於某些歐元區內若干國家 ( 尤其是葡萄牙 愛爾蘭 意大利 希臘和 西班牙 ) 目前的財政狀況及對主權債務風險的憂慮, 本基金於該地區的投資可能會更加波動 當任何歐元區國家發生任何不利信貸事件 ( 例如主權信貸評級調低 債務違約等 ), 本基金的表現可能會顯著惡化 22

7 How has the fund performed? 本基金過往的業績表現如何? Fund launch date: 2016 沒有足夠數據為投資者提供一個具指標性的過往業績 本基金成立日期 :2016 There is insufficient data to provide a useful indication of past performance to investors. Is there any guarantee? 本基金有否提供保證? This Fund does not provide 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 閣下未必能取回全數投資本金 What are the fees and charges? 投資本基金涉及哪些費用及收費? Charges which may be payable by you 閣下或須繳付的收費 You may have to pay the following fees up to the rate listed below when dealing in the units of the Fund: 閣下買賣基金單位時或須繳付最高可達之費用如下 : Subscription fee (Initial charge) 認購費 : 3.0% of NAV 資產淨值之 3.0% Switching fee 轉換費 : 1.0% of NAV 資產淨值之 1.0% Redemption fee 贖回費 : Currently 0% (up to 0.5% of NAV) 現時為 0%( 最高可達資產淨值之 0.5%) Please refer to the Explanatory Memorandum of the Fund for the calculation methodology of the relevant charges. 請參閱本基金的基金說明書, 了解有關收費的計算方法 Ongoing fees payable by the Fund 本基金須持續繳付的費用 The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. 以下費用將從基金中扣除, 閣下的投資回報將會因而減少 Management fee 管理費 : 1.0% of NAV p.a. (maximum 2.5%) 每年資產淨值之 1.0%( 最高可達 2.5%) Trustee fee 信託管理人費用 : 0.025% 0.06% of NAV p.a. (maximum 0.2%, subject to the NAV) 每年資產淨值之 0.025% 0.06%( 最高可達 0.2%, 根據基金資產淨值 ) Performance fee 表現費 : N/A 不適用 Administration fee 行政費 : N/A 不適用 Other fees 其他費用 The Fund may charge other fees. Please refer to the FEES, CHARGES AND LIABILITIES section in the Explanatory Memorandum of the Fund. 本基金或會收取其他費用 請參閱本基金的基金說明書內之 收費 開支及責任 一節 Additional information 其他資料 You generally buy, redeem or switch units at the Fund s next-determined net asset value after the Manager or Intermediaries receive your request in good order at or before 5.00pm (Hong Kong time) being the dealing cut-off time. The Manager or Intermediaries may impose different dealing deadlines for receiving requests from investors. The net asset value of this Fund is calculated and published on each dealing day. They are available online at Composition of the distributions (i.e. the relative amounts paid out of (i) net distributable income and (ii) capital) for the last 12 months# are available from the Manager upon request and at the website 在交易截止時間即下午 5 時正 ( 香港時間 ) 或之前由經理人或中介人收妥的單位認購 贖回及轉換要求, 一般按基金隨後釐定的資產淨值執行 經理人或中介人設定的交易截止時間可能各有不同, 投資者應注意提交要求的截止時間 本基金在每一 交易日 計算及公布資產淨值 詳情請瀏覽 # 最近 12 個月的分派成分 ( 即從 (i) 可分派收入淨額及 (ii) 資本所派發的相對金額 ), 可向經理人索取及於以下網頁查閱 : Important 重要提示 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. 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, 對其準確性及完整性亦不作出任何陳述 # This refers to a rolling 12 month period after 11 April # 此乃指於 2016 年 4 月 11 日後之連續 12 個月而言 KFS_BGJ253/DP/v4/