1 HSBC Global Investment Funds Global Emerging Markets Multi Asset Income Share Class AM2HKD 28 Feb 218 AM2HKD 28 Feb 218 Risk Disclosure The Fund invests mainly in global emerging markets equities, bonds and other related investments. The Fund is subject to the risks of investing in emerging markets. Investments of the Fund may include non-investment grade and unrated bonds which may subject to higher risks. The Fund may invest in onshore Chinese bonds, China A-shares, China B-shares and may make the relevant investment through various market access schemes and China A-shares Access Products which may involve additional risks. There are risks and uncertainties associated with China s tax rules and practices, which are subject to change and may have retrospective effect and adverse impact on the Fund. The Fund may invest substantially in other funds and needs to bear the underlying funds fees and expenses on top of the Fund s own fees and expenses. The Fund may invest in financial derivative instruments for investment purpose and may suffer substantial loss if the relevant issuers default or the relevant instruments cannot be realised or perform badly. For certain classes of the Fund, the Fund may pay dividends out of capital or pay dividends gross of expenses. Dividend is not guaranteed and will result in capital erosion and reduction in net asset value. Because the Fund, its investments and its classes of shares may be denominated in different currencies, investors may be affected adversely by exchange controls and exchange rate fluctuations. The returns of Base Currency Hedged Share Class (the class name is suffixed by O and the acronym of the class s currency) may be adversely affected by interest rate differentials, transaction costs, etc.. The class may not benefit from any appreciation of the Fund s base currency against the class s currency, and may be exposed to exchange rate risks between the portfolio s currencies and the Fund s base currency. Hedging may not achieve the desired result. The Fund s investments may involve substantial credit/counterparty, downgrading, market, currency, volatility, liquidity, regulatory and political risks. Investors may suffer substantial loss of their investments in the Fund. Unit trusts are NOT equivalent to time deposits. Investors should not invest in the Fund solely based on the information provided in this document and should read the offering document of the Fund for details. This document does not constitute an offering document. HK Fund Objective and Strategy The Fund invests for income and moderate capital growth in a diversified portfolio of shares, bonds, money market instruments, cash and other investments. In normal market conditions, at least 9% of the Fund s assets are invested in assets from issuers in emerging markets. The Fund can invest in asset-backed securities (ABS) and mortgage-backed securities (MBS). The Fund may invest in shares of Chinese companies, including up to 15% of its assets in China A-shares. The Fund's maximum exposure to China A-shares and China B-shares is 3% of its assets. The Fund may invest in Chinese fixed income securities including up to 2% of its assets in fixed income securities from issuers in China and traded on the China Interbank Bond Market. There aren t restrictions on the market values of the companies held in the fund. The Fund can also invest up to 1% of its assets in contingent convertible securities. However, this exposure is not expected to exceed 5%. The Fund may invest up to 9% of its assets into other funds. The Fund's primary currency exposure (being no less than 5%) is to emerging markets. See the Prospectus for a full description of the investment objectives and derivative usage. Performance (%) Performance (%) YTD 1M 3M 1Y 3Y¹ 5Y¹ AM2HKD Fund Size Bloomberg Ticker Calendar Year Performance (%) Manager AM2HKD Performance figures will only be published once the Fund has achieved a six months track record. To download the offering documents from nts/english/amhk_hgif.pdf Vol S.R. Share Class Details UCITS V Compliant Distribution Type Distribution Frequency Dealing Frequency Max. Initial Charge Management Fee Base Currency Domicile ISIN Inception Date NAV per Share Yes Distributing Monthly Daily 5.25% 1.35% HKD Luxembourg LU Jan 218 HKD 9.84 USD 982,367,659 HSGAM2H LX 1 Result is cumulative when calculation period is over one year. David J McNay Nishant Upadhyay Zeke Anurag Diwan Nicholas Timberlake
2 Monthly Performance Commentary Summary February saw volatility return to the market. The fund is slightly down since inception, however emerging market equities outperformed their developed counterparts on a relative basis. The recent period provides support to the diversification benefits of holding a well-diversified fund. In particular, EMD in local currency smoothed overall returns for GEMMAI investors during the elevated equity market volatility. EM growth momentum continues to look strong, especially relative to the stable growth in DM. Economic acceleration in various EM countries has been feeding through to corporate earnings growth and we continue to see positive earnings revisions. A lower inflation environment (in many EM economies) has allowed for accommodative monetary policies. Portfolio strategy Emerging Market Debt Within fixed income, we retain a tilt towards local currency debt over hard currency (USD denominated bonds). Emerging Markets (in aggregate) are earlier in their economic cycles that Developed Markets (particularly the US which is exhibiting late cycle signs) and we think this is a positive for EM assets. In the USD debt sleeve we also have meaningful overweight positions in Turkey, Argentina and Brazil. In Brazil our overweight is expressed predominantly through quasi-sovereign and corporates where fundamentals are benefitting from higher commodity prices, improving domestic and export growth, and valuations remain compelling. Emerging Market Equity The positive outlook for emerging markets equities has not changed due to persisting attractive expected returns, and supportive macro environment. Valuation-profitability looks attractive versus own history and versus developed markets. Global growth should drive cyclical inflation; the key market risk is whether this inflation increases faster than expected. We retain overweight positions in Turkey, Russia and Indonesia. In Turkey, this is limited to very specific names which are offering very attractive valuations relative to fundamentals and earnings potential. At the aggregate level Turkish equity looks attractive, but the political risks are elevated. In Russia, we see the oil price increase as an important performance driver, as the Russian equity market is heavily tilted towards energy firms. At the sector level our preferred sectors are Financials and Energy. This is counterbalanced by being underweight to Consumer Staples and Healthcare stocks.
3 Portfolio Portfolio Asset Allocation (%) Currency Exposure at Portfolio Level (%) Equity Fixed Income Cash 4.91 US dollar South Korean won Mexican peso Brazilian real Hong Kong dollar Indonesian rupiah Russian ruble Turkish lira Thai baht Polish złoty Other Currencies Equity Equity Characteristics Equity Average Market Cap Breakdown (USD Mil, %) P/E Ratio , 6.72 Weighted Average Market Cap (USD Mil) 13,912.9 Dividend Yield 1,-5, ,-1, ,-25, 25, Equity Sector Allocation (%) Equity Geographical Allocation (%) Financials Information Technology Consumer Discretionary Materials Energy Telecommunication Services Industrials Utilities Real Estate Consumer Staples Health Care Cash & Others China South Korea Taiwan Brazil South Africa Russia India Indonesia Malaysia Thailand Other Locations Cash & Others Equity Top 1 Holdings Location Sector Weight (%) TENCENT HOLDINGS LTD China Information Technology 1.16 SAMSUNG ELECTRONICS CO LTD South Korea Information Technology 1.4 TSMC LTD Taiwan Information Technology.93 ALIBABA GROUP HOLDING-SP ADR China Information Technology.75 CHINA CONSTRUCTION BANK China Financials.62 INDUSTRIAL & COMMERCIAL BK OF CHINA China Financials.49 SBERBANK PJSC -SPONSORED ADR Russian Federation Financials.48 FIRSTRAND LTD South Africa Financials.42 TENAGA NASIONAL BHD Malaysia Utilities.4 NASPERS LTD-N SHS South Africa Consumer Discretionary.39 Please note some securities are unclassified against these sector and/or country schemes and will therefore appear under the Cash & Others category. Source: HSBC Global Asset Management, data as at 28 February 218.
4 Fixed Income Fixed Income Characteristics Fixed Income Characteristics Average Yield to Maturity 5.1 Effective Duration 4.24 Portfolio Yield 4.98 Average Credit Quality BBB+/BBB Fixed Income Quality Rating Allocation (%) Fixed Income Sector Allocation (%) AAA 1. Local FX AA 5.75 Local Sovereign Bonds A 2.92 Sovereign (Hard Ccy) BBB Quasi (Hard Ccy) 6.37 BB 9.19 Corporate (Hard Ccy) 4.36 B 4.27 Cash & Others -.62 Fixed Income Effective Duration Allocation by Location Fixed Income Geographical Allocation (%) Mexico 7.85 Indonesia 5.85 Brazil 5.71 Russian Federation 5.55 Turkey 4.85 Colombia 3.79 Brazil China 3.36 Switzerland Other Locations Poland Thailand South Korea Other Locations Fixed Income Top 1 Holdings Location Instrument Type Weight (%) MALAYSIA GOVERNMENT SEP-18 Malaysia Government Bond 2.6 MEX BONOS DESARR FIX RT JUN-2 Mexico Government Bond 1.99 LETRA TESOURO NACIONAL 1-APR-18 Brazil Treasury Bills 1.93 MEX BONOS DESARR FIX RT JUN-22 Mexico Government Bond 1.77 TURKEY GOVERNMENT BOND FEB-21 Turkey Government Bond 1.58 NOTA DO TESOURO NACIONAL 1 1-JAN-21 Brazil Treasury Notes 1.52 REPUBLIC OF SOUTH AFRICA DEC-26 South Africa Government Bond 1.16 TITULOS DE TESORERIA B AUG-26 Colombia Government Bond 1.12 TURKEY GOVERNMENT BOND MAR-25 Turkey Government Bond 1.6 REPUBLIC OF SOUTH AFRICA FEB-31 South Africa Government Bond 1.1 Please note that the fixed income allocation tables are calculated using contributions to the fixed income portion, with the equity portion excluded here. Source: HSBC Global Asset Management, data as at 28 February 218.
5 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 218. All rights reserved. This document is issued by HSBC Global Asset Management (Hong Kong) Limited.
6 HSBC Global Investment Funds Global Emerging Markets Multi Asset Income Supplement Information Sheet 28 Feb 218 Share Class Base Currency Distribution Frequency Dividend ex-date Dividend Amount Annualised Yield (Distribution is not guaranteed and may be paid out of capital) AM2HKD HKD Monthly 28 Feb % AM2 USD Monthly 28 Feb % AM3OAUD AUD Monthly 28 Feb % AM3OEUR EUR Monthly 28 Feb % AM3OGBP GBP Monthly 28 Feb % 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.
7 PRODUCT KEY FACTS 產品資料概要 HSBC Global Investment Funds Global Emerging Markets Multi-Asset Income 滙豐環球投資基金 環球新興市場多元資產入息 April 年 4 月 This statement provides you with key information about the HSBC Global Investment Funds Global Emerging Markets Multi-Asset Income 本概要提供有關滙豐環球投資基金 - 環球新興市場多元資產入息的重要資料 This statement is part of the offering document 本概要是銷售文件的一部分 You should not invest in this product based on this statement alone 投資者切勿單憑本概要作投資決定 Quick facts 基本資料 Fund manager 基金經理 HSBC Investment Funds (Luxembourg) S.A. Investment adviser 投資顧問 HSBC Global Asset Management (UK) Limited (Internal delegation, UK / 內部委託, 英國 ) Sub-investment adviser 副投資顧 HSBC Global Asset Management (USA) Inc. (Internal delegation, US 內部委託, 美國 ) Custodian 保管人 HSBC Bank Plc, Luxembourg Branch Ongoing charges over a year Class AC / AC 類 1.7%^ 全年經常性開支比率 Class AM2 / AM2 類 1.7%^ Class AM2HKD / AM2HKD 類 1.7^ Class AM3OAUD / AM3OAUD 類 1.76%^ Class AM3OGBP / AM3OGBP 類 1.76%^ Class AM3OEUR / AM3OEUR 類 1.76%^ Dealing frequency 進行交易 Daily on every dealing day / 每一個交易日 Base currency USD / 美元基本貨幣 Dividend policy 股息政策 Class AC No dividends will be declared or paid; Class AM2 / AM2HKD / AM3OAUD / AM3OGBP / AM3OEUR 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 may result in an immediate reduction of the net asset value of the relevant Class. AC 類 將不宣佈或派發股息; AM2 / AM2HKD / AM3OAUD / AM3OGBP / AM3OEUR 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, 可能導致相關類別的資產淨值即時減少 Financial year end 財政年度終結日 31 March / 3 月 31 日 Minimum investment (initial and subsequent) 最低認購額 ( 首次及其後 ) Class A USD1, or HKD1, or AUD1,5 or GBP65 or EUR85 A 類 1, 美元或 1, 港元或 1,5 澳元或 65 英鎊或 85 歐元 # 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 this fund is newly set up) 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 ( 因為此基金最近成立 ), 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 1
8 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 Objectives and Investment Strategy 目標及投資策略 Investment Objectives and Strategy 投資目標及策略 The Fund aims to provide income and moderate capital growth through an active asset allocation in a diversified portfolio of fixed income securities and equity securities, money market and cash instruments and other instruments in Emerging Markets. 本基金旨在透過對由新興市場的固定收益證券和股票證券 貨幣市場及現金工具和其他工具組成的多元化投資組合進行積極式資產配置, 以提供收入和溫和的資本增長 The Fund invests in normal market conditions a minimum of 9% of its net assets in or gains exposure to the following assets in Emerging Markets: 本基金於正常市況下將其至少 9% 的淨資產投資於或取得投資於以下新興市場資產 : Fixed income and equity securities either directly, through financial derivative instruments, and/or through investments in UCITS and/or other Eligible UCIs. 直接 透過金融衍生工具及 / 或透過投資於 UCITS 及 / 或其他合資格 UCIs, 而取得投資於固定收益及股票證券 Money market and cash instruments either directly, through financial derivative instruments, and/or through investments in UCITS and/or other Eligible UCIs. 直接投資 透過金融衍生工具及 / 或透過投資於 UCITS 及 / 或其他合資格 UCIs, 而取得投資於貨幣市場及現金工具 Currency forwards and non-deliverable forwards linked to the currency of securities issued in Emerging Markets. 與在新興市場發行證券的貨幣掛鈎之貨幣遠期及非可交付遠期 Other UCITS eligible asset classes including, but not limited to, real estate, commodities, Asset Backed Securities ( ABS ), Mortgage Backed Securities ( MBS ) and alternative investment strategies through investment in either transferable securities, financial derivative instruments, UCITS and other Eligible UCIs. 透過投資於可轉讓證券 金融衍生工具 UCITS 及其他合資格 UCIs 而取得投資於其他 UCITS 合資格資產類別, 包括但不限於房地產 商品 資產抵押證券 ( ABS ) 按揭證券 ( MBS ) 及另類投資策略 Currency exposure will be actively managed and will be achieved through the abovementioned assets held in the portfolio or through financial derivative instruments (for example, currency forwards). 貨幣風險將予以主動管理, 並將透過投資組合所持的上述資產或透過金融衍生工具 ( 例如貨幣遠期 ) 達致 The Fund invests in Investment Grade, Non-Investment Grade rated and unrated fixed income and other similar securities issued or guaranteed by governments, government agencies or supranational bodies of Emerging Markets or by companies which are domiciled in, based in, or carry out the larger part of their business activities in, Emerging Markets. These securities are denominated either in US Dollars, other developed market currencies, some of which will be hedged to US Dollars, or Emerging Market currencies. 本基金投資於由新興市場政府 政府機構或超國家組織或在新興市場註冊 位於新興市場或在新興市場進行大部分商業活動的公司所發行或擔保的投資級別 非投資級別及未獲評級的固定收益及其他相近類型證券 此等證券以美元 其他已發展市場貨幣 ( 其中一些用美元對沖 ) 或新興市場貨幣計值 Investment in onshore Chinese fixed income securities include, but are not limited to, onshore fixed income securities denominated in RMB, issued within the People s Republic of China ("PRC") and traded on the China Interbank Bond Market ("CIBM"). The Fund may invest in the CIBM either through Bond Connect and/or the CIBM Initiative. The Fund may invest up to 2% of its net assets in onshore Chinese bonds issued by, amongst others, municipal and local governments, companies and policy banks. 投資中國在岸固定收益證券的投資包括但不限於以人民幣計值 在中華人民共和國 ( 中國 ) 發行及於中國銀行間債券市場 ( CIBM ) 買賣的在岸固定收益證券 本基金可透過債券通及 / 或中國銀行間債券市場計劃投資於中國銀行間債券市場 本基金可將其最多 2% 的淨資產投資於由 ( 其中包括 ) 市級及地方政府 公司及政策銀行發行的在岸中國債券 The Fund will not invest more than 2% of its net assets in fixed income securities which are rated below Investment Grade, as assigned by either market recognised rating agencies or by a PRC local credit rating agency, or which are unrated. 本基金將不會將其最多 2% 的淨資產投資於評級為低於投資級別 ( 獲市場認可評級機構或中國當地信貸評級機構評定 ) 或未評級的固定收益證券 The Fund will not invest more than 1% of its net assets in securities issued by or guaranteed by any single sovereign issuer with a credit rating below Investment Grade. 本基金將不會將其最多 1% 的淨資產投資於任何單一主權發行人所發行或擔保的低於投資級別信貸評級的證券 The Fund may invest up to 1% of its net assets in convertible bonds (excluding contingent convertible securities). 2
9 本基金可將其最多 1% 的淨資產投資於可轉換債券 ( 不包括或有可轉換證券 ) The Fund may invest up to 1% of its net assets in contingent convertible securities; however such investment is not expected to exceed 5%. 本基金可將其最多 1% 的淨資產投資於或有可轉換證券, 惟預期該等投資不會超過 5% The Fund invests in equities and equity equivalent securities of companies which are domiciled in, based in, or operating in Emerging Markets. The Fund normally invests across a range of market capitalisations without any capitalisation restriction. These securities are denominated in developed or Emerging Market currencies. 本基金投資於在新興市場註冊 位於新興市場或在新興市場經營的公司的股票及等同股票的證券 本基金通常投資於不同市值的公司, 沒有任何市值限制 此等證券以已發展或新興市場貨幣計值 Investments in Chinese equities include, but are not limited to, China A-shares and China B-shares (and such other securities as may be available) listed on stock exchanges in the PRC. The Fund may directly invest in China A-shares through the Shanghai-Hong Kong Stock Connect and/or the Shenzhen-Hong Kong Stock Connect, subject to applicable quota limitations. Furthermore, the Fund may gain exposure to China A-shares indirectly through China A-shares Access Products ("CAAP") such as, but not limited to, participation notes linked to China A-shares. 於中國股票的投資包括但不限於在中國的證券交易所上市的中國 A 股及中國 B 股 ( 及可能供認購的該等其他證券 ) 本基金可透過滬港通及 / 或深港通直接投資於中國 A 股, 惟須受適用額度限制所規限 此外, 本基金可透過中國 A 股連接產品 ( 中國 A 股連接產品, 例如但不限於與中國 A 股掛鈎的參與票據 ) 間接投資於中國 A 股 The Fund may invest up to 15% of its net assets in China A-shares through the Shanghai-Hong Kong Stock Connect and/or the Shenzhen-Hong Kong Stock Connect and up to 15% of its net assets in CAAPs. The Fund's maximum exposure to China A-shares (through the Shanghai-Hong Kong Stock Connect, the Shenzhen-Hong Kong Stock Connect or CAAP) and China B-shares is 3% of its net assets. The Fund will not invest more than 1% of its net assets in CAAPs issued by any single issuer of CAAPs. 本基金可將其最多 15% 的淨資產透過滬港通及 / 或深港通投資於中國 A 股及將其最多 15% 的淨資產投資於中國 A 股連接產品 本基金對中國 A 股 ( 透過滬港通 深港通或中國 A 股連接產品 ) 及中國 B 股的最大投資參與為其淨資產的 3% 本基金最多將其 1% 的淨資產投資於由中國 A 股連接產品任何單一發行人發行的中國 A 股連接產品 The Fund may also invest in eligible closed-ended Real Estate Investment Trusts ("REITs"). 本基金亦可投資於合資格封閉式房地產信託基金 ( REITs ) The Fund may invest up to 9% of its net assets in units or shares of UCITS and/or other Eligible UCIs (including other sub-funds of HSBC Global Investment Funds and other sub-funds managed or affiliated with the HSBC Group). 本基金可將其其最多 9% 的淨資產投資於 UCITS 及 / 或其他合資格 UCIs 的單位或股份 ( 包括滙豐環球投資基金的其他附屬基金及由滙豐集團所管理或與匯豐集團有聯屬關係的其他附屬基金 ) The Fund may also invest in additional financial derivative instruments such as futures, swaps, options, credit default swaps, as well as other structured products. The Fund intends to use such financial derivative instruments for, inter alia, return enhancement, hedging, tax-advantage access to instruments and whenever the Investment Adviser believes the investment in financial derivative instruments will assist the Fund in achieving its investment objectives. The Fund does not intend to use financial derivative instruments extensively for investment purposes. 本基金亦可投資於其他金融衍生工具, 例如期貨 掉期 期權 信貸違約掉期及其他結構性產品 本基金擬為 ( 其中包括 ) 提高回報 對沖 亦會使用工具的稅務優勢, 以及當投資顧問認為投資於金融衍生工具將有助本基金達致其投資目標時使用此等金融衍生工具 本基金不擬廣泛使用金融衍生工具作投資用途 The Fund s main currency exposure, being no less than 5% of its net assets, is to Emerging Markets. 本基金的主要貨幣投資為新興市場 ( 不少於其淨資產的 5%) Asset class exposure limits 資產類別投資限額 For the specific groups of asset classes described in the table below, the Fund has a total maximum exposure limit as follows: 本基金對下表所述的特定資產類別的最高總投資限額如下 : Asset Class* 資產類別 * Equity 股票 5% Fixed Income 固定收益 1% Asset Backed Securities / Mortgage Backed Securities 資產抵押證券 / 按揭證券 Real Estate Investment Trusts 房地產信託基金 Commodities** 商品 ** Maximum exposure (% of net assets of the Fund) 最高投資 ( 佔本基金淨資產之 %) 1% 1% 1% 3
10 Alternative Investment Strategies 另類投資策略 Money Market Instruments, Cash Instruments and Cash 貨幣市場工具 現金工具及現金 1% 25% * Exposure may be achieved through direct investments, financial derivative instruments and/or investment in units or shares of UCITS and/or other Eligible UCIs. 投資可透過直接投資 金融衍生工具及 / 或投資於 UCITS 及 / 或其他合資格 UCIs 的單位或股份而達致 ** The Fund will not invest directly in commodities. 本基金將不會直接投資於商品 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 Asset allocation strategy risk 資產配置風險 The performance of the Fund is dependent on the success of the asset allocation strategy employed by the Fund. There is no assurance that the strategy employed by the Fund will be successful and therefore, there is no assurance that the investment objectives will be achieved. 本基金的表現取決於本基金所運用的資產配置策略之成功 並不保證本基金所運用的策略將會成功, 因此, 並不保證投資目標將會達致 The investments of the Fund may be periodically rebalanced and therefore the Fund may incur greater transaction costs than a fund with a buy-and-hold allocation strategy. 本基金的投資可能定期調整, 因此本基金產生的交易成本可能高於採用買入及持有策略的基金 Emerging market risk 新興市場風險 Investing in emerging markets involves a greater risk of loss than investing in more developed markets due to, among other factors, greater political, tax, economic, foreign exchange, liquidity, settlement, custodial, market volatility (such as interest rate and price volatility), legal and regulatory risks. 相對投資於較成熟市場, 投資於新興市場須承受較高損失風險, 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 Securities exchanges in emerging markets in which the Fund invests typically have the right to suspend or limit trading in any security traded on the relevant exchange. The government or the regulators may also implement policies that may affect the financial markets. All these may have a negative impact on the Fund. 本基金投資的新興市場之證券交易所通常有權暫停或限制在相關交易所買賣的任何證券的交易 政府或監管機構亦可能實施可能影響金融市場的政策 所有有關因素可能對本基金造成負面影響 Foreign exchange risk 外匯風險 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 Equity risk 股票風險 The Fund s investment in equity securities is subject to general market risks, whose value may fluctuate due to various factors, such as changes in investment sentiment, political and economic conditions and issuer-specific factors. 本基金投資於股票證券, 須承受一般市場風險, 其價值可能因受到不同因素 ( 例如投資氣氛 政治及經濟狀況之改變及發行人相關風險因素 ) 的影響而波動 Concentration risk 集中性風險 The Fund s investments are concentrated in emerging markets (e.g. China). The value of the Fund may be more volatile than that of a fund having a more diverse portfolio of investments. 本基金集中投資於新興市場 ( 例如中國 ) 本基金的價值可能比具有更廣泛投資組合的基金更反覆波動 The value of the Fund may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting the emerging markets. 本基金的價值可能較容易受到新興市場的不利經濟 政治 政策 外匯 流動性 稅務 法律或監管事件的影響 High volatility of the equity market in China 中國股票市場的高波動性 High market volatility and potential settlement difficulties in the China equity market may also result in significant fluctuations in the prices of the securities traded on such markets and thereby may adversely affect the value of the Fund. 中國股票市場的高市場波動性及潛在結算困難亦可能導致在該等市場所買賣證券的價格出現大幅波動, 繼而可能對本基金的價值造成不利影響 Regulatory policies of the equity market in China 中國股票市場的監管政策 Securities exchanges in China typically have the right to suspend or limit trading in any security traded on the relevant exchange. The 4
11 government or the regulators may also implement policies that may affect the financial markets. All these may have a negative impact on the Fund. 中國證券交易所通常有權暫停或限制在相關交易所買賣的任何證券的交易 政府或監管機構亦可能實施可能影響金融市場的政策 所有有關因素可能對本基金造成負面影響 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 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 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 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 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 Risk of investment in other collective investment schemes 投資於其他集體投資計劃的風險 The Fund will be subject to the risks associated with the underlying funds. The Fund does not have control of the investments of the underlying funds and there is no assurance that the investment objective and strategy of the underlying funds will be successfully achieved which may have a negative impact to the net asset value of the Fund. 本基金將承受與相關基金有關的風險 本基金對相關基金的投資沒有控制權, 故不能保證相關基金的投資目標及策略將能成功達致, 這可能對本基金的資產淨值產生負面影響 The underlying collective investment schemes in which the Fund may invest may not be regulated by the SFC. There may be additional costs involved when investing into these underlying collective investment schemes. There is also no guarantee that the underlying collective investment schemes will always have sufficient liquidity to meet the Fund s redemption requests as and when made. 本基金所投資的相關集體投資計劃不一定受到證監會監管 在投資於該等相關集體投資計劃時可能涉及額外費用 並不保證相關集體投資計劃將時刻具備足夠流動性, 以應付本基金的贖回要求 Risk associated with small-capitalisation / mid-capitalisation companies 與中小型公司相關的風險 The shares of small-capitalisation/ mid-capitalisation companies may have lower liquidity and their prices are generally more volatile, especially 5
12 during adverse economic developments, than those of larger capitalisation companies in general. 一般而言, 相比較大型公司, 中小型公司的股份流動性可能較低, 而其價格一般較為波動, 當經濟出現不利發展時尤其更甚 RMB currency and exchange risk 人民幣貨幣及外匯風險 RMB is currently not freely convertible and is subject to exchange controls and restrictions. 現時, 人民幣不可自由兌換, 須受外匯管制及限制所約束 Non-RMB based investors are exposed to foreign exchange risk and there is no guarantee that the value of RMB against the investors base currencies (for example HKD) will not depreciate. Any depreciation of RMB could adversely affect the value of investor s investment in the Fund. 以非人民幣為基本貨幣的投資者須承受外匯風險, 概不保證人民幣兌換為投資者的基本貨幣 ( 例如港元 ) 的價值不會貶值 人民幣的任何貶值可對投資者於本基金的投資價值造成不利影響 Although offshore RMB (CNH) and onshore RMB (CNY) are the same currency, they trade at different rates. Any divergence between CNH and CNY may adversely impact investors. 雖然離岸人民幣 (CNH) 與境內人民幣 (CNY) 是相同的貨幣, 但兩者以不同的匯率買賣 CNH 和 CNY 之間的任何差異可能對投資者造不利影響 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獲指定人士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 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-thecounter 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 associated with distribution out of capital 與從資本中作出分派相關的風險 For certain Classes of Shares, the Board of Directors may determine if, and to what extent, dividends may be paid out of capital or paid gross of expenses where the income/ capital gain generated by the Fund is insufficient to pay a distribution as declared by the Fund. If there is a change to this policy, prior approval will be sought from the SFC and affected investors will receive at least one month s prior written notification. 就若干股份類別而言, 董事會可在本基金所產生的收益 / 資本收益不足以支付本基金所宣佈的分派時決定從資本中或未扣除開支前撥付股息, 以及有關撥付金額 倘若此項政策有更改, 將會事先尋求證監會的批准, 而受影響的投資者將會收到最少一個月的事先書面通知 Investors should note that the payment of dividends out of capital or effectively out of capital represents a return or withdrawal of part of the amount they originally invested or from any capital gains attributable to the original investment. Such distributions may result in an immediate decrease in the Net Asset Value per Share of the Fund. 投資者應注意, 從資本中或實際上從資本中撥付股息即代表投資者從當初投資基金之款項中獲付還或提取部分金額或從原本投資應佔的任何資本收益中獲付還或提取金額 該等分派可能導致本基金的每股資產淨值即時減少 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
13 How has the Fund performed? 本基金過往的業績表現如何? There is insufficient data to provide a useful indication of past performance to investors. 沒有足夠數據用作向投資者提供過往表現之有用指標 Fund launch date: January 218 基金成立日期 :218 年 1 月 Class AM2 launch date: January 218 AM2 類成立日期 :218 年 1 月 Class AM2 is a share class open for investment by Hong Kong retail investors and denominated in the Fund s base currency. AM2 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
14 What are the fees and charges? 本基金涉及哪些費用? Charges which may be payable by you 認購本基金時閣下或須支付的費用 You may have to pay the following fees when dealing in the Fund. 閣下買賣本基金時可能須要支付以下費用 Fees 費用 What you pay 你須支付 Subscription fee 認購費 Up to 5.25% of the offer price* 最高達賣出價的 5.25%* Switching fee 轉換費 Up to 1% of the offer price* 最高達賣出價的 1%* Redemption fee 贖回費 Nil* 無 * Ongoing fees payable by the Fund 本基金持續繳付的費用 The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. 以下收費將從本基金總值中扣除, 閣下的投資回報將會因而減少 Fees 費用 Annual rate (as a % of the Net Asset Value of the Fund) 年率 ( 以本基金資產淨值之 % ) Management fee 管理費 1.35% 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.35% # Performance fee 表現費 Other fees 其他收費 Not applicable 不適用 You may have to pay other fees and charges when dealing in the Fund. 閣下買賣本基金時可能須要支付其他費用 * You may need to bear additional costs under certain situations in order to mitigate any adverse impacts to the Fund caused by the transactions. Please refer to the offering document for further details. 為減輕交易可能對本基金造成的不利影響, 閣下可能在某些情況下承擔額外費用 進一步詳情請參閱銷售文件 # The fees and charges may be increased up to maximum level as specified in the offering document by giving at least one month s prior notice to investor. Please refer to the offering document for further details. This amount does not include the fees of the Administration Agent or other appointed parties relating to the execution of the currency hedging policy, which will be borne by the relevant 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.55% per annum of the net asset value of the 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對沖股份類別資產淨值的.55% 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:pm (HK Time), being the Fund s dealing cutoff time. 一般而言, 閣下認購及贖回本基金股份的價格, 是在中介人於香港時間下午 4 時或之前 ( 即本基金的交易截止時間 ) 收到閣下的完整指示後, 參照本基金資產淨值而釐定的下一個認購價及贖回價 Intermediaries who sell the Fund may impose earlier cut-off times for receiving instructions for subscriptions, redemptions or switching. Investors should pay attention to the arrangements of the intermediary concerned. 銷售本基金的中介人可能就接受認購 贖回或轉換指示實施較早的截止時間 投資者須注意有關中介人的安排 Investors may obtain the past performance information of other share classes offered to Hong Kong investors at (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 以獲取中介人的資料 ( 網頁並未經證監會批閱 ) The net asset value of the Fund is calculated and the price of the Fund is published on each dealing day. The Fund prices are available online at (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 ) 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
15 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 9
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