Top 10 holdings % HSBC GIF Euro High Yield BD Z(C) E N/A Luxembourg 12.3 HSBC GIF Euro Credit Bond ZC N/A Luxembourg 10.2 EIB 0.5% 15/01/2027 N/A Supr

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1 Important information: The Fund invests mainly in Eurozone equities, Euro-denominated fixed income securities and other related investments. The Fund is subject to higher concentration risk and may be more susceptible to political, economic, foreign exchange, legal and regulatory events affected the Eurozone. Investments of the Fund may include investment grade, non-investment grade and unrated bonds. Non-investment grade and unrated bonds are generally subject to lower liquidity, higher volatility and greater risk of loss of principal and interest than high-rated bonds. For certain classes of the Fund, the Fund may pay dividends out of capital or pay dividends gross of expenses. Investors should note that the payment of dividends out of capital or effectively out of capital represents a return or withdrawal of part of the amount they originally invested or from any capital gains attributable to the original investment. Such distributions may result in an immediate decrease in the net asset value of the Fund. The Fund s investments may involve substantial credit/default, downgrading, currency, volatility 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. HSBC Collective Investment Trust HSBC Euro Multi-Asset Income Fund Fund objective and strategy The Fund aims to provide income and moderate capital growth through a diversified portfolio of Eurozone equities, Euro-denominated fixed income securities as well as money market instruments, cash instruments and collective investment schemes that invests in Eurozone securities. Eurozone securities are issued by companies which have their registered office in, and with an official listing on a major stock exchange or other regulated market of any European Monetary Union (EMU) member country. Initially this will be the 19 member countries but if other countries join the EMU in the future then investments in these countries may also be considered. Whilst there are no capitalization restrictions, it is anticipated that the Fund will seek to invest primarily in larger, established companies. The Fund is not subject to any limitation on the portion of its net asset value that may be invested in any one country. The Fund may invest up to 10% of its net assets in contingent convertible securities; however such investment is not expected to exceed 5%. Product features The Fund has the flexibility to invest in Eurozone equities and Euro-denominated fixed income securities to capture the opportunities in different phases of the economic cycle The Fund mainly invests in Eurozone equity, Euro-corporate investment grade bond, Euro-high yield bond, Euro government bond The relevant classes of the Fund provide monthly dividend for a potential income stream amid the current low interest rate environment (dividend is not guaranteed) Price Indexed Performance (%) 1 YTD 3 mths 6 mths 1 yr 3 yrs 5 yrs Since Inception Fund (Class AM2-EUR) Mar Jun Sep 17 Mar Jun Sep 18 Feb Fund Percent Change Calendar year performance (%) 1 Fund (Class AM2-EUR) 1 Since launch to 31/12/ Source: Morningstar, Inc. as at 28 February Bid to Bid price with dividend reinvested, in EUR. Investment performance is not denominated in HKD or USD. HKD or USD based investors are exposed to exchange rate fluctuations. Fund details Launch date Class AM2-EUR / AM3H-AUD / AM3H-CAD / AM3H-HKD / AM3H-NZD /AM3H-RMB / AM3H-USD Fund size Base currency Bid price Class AM2-EUR Class AM3H-AUD Class AM3H-CAD Class AM3H-HKD Class AM3H-NZD Class AM3H-RMB Class AM3H-USD Fund manager March March 2016 EUR73.39 million EUR EUR AUD CAD HKD NZD RMB USD Mathieu Guillemet Investment adviser HSBC Global Asset Management (Hong Kong) Limited Sub-investment adviser HSBC Global Asset Management (France) Minimum investment EUR1,000 / AUD1,500 / CAD1,000 / HKD10,000 / NZD1,500 / RMB10,000 / USD1,000 Initial charge 5.25% Management fee Hedging fee 1.25% per annum 0.10% per annum* Switching charge 1% Dealing Daily Portfolio composition Asset allocation % Eurozone Equity 56.8 Euro Government Bond 17.5 Euro Investment Grade Bond 12.3 Euro High Yield Bond^ 10.2 Cash 3.2 Percentage may not total 100 due to rounding. ^ Mutual fund investments Country allocation % France 24.2 Germany 20.0 Netherlands 14.0 Finland 7.5 Italy 6.7 Spain 5.3 Belgium 4.4 Luxembourg 1.9 United Kingdom 0.7 Others 15.3 Download the offering documents from site/media/pdf/documents/amhk_hcit.pdf * charged on the NAV of the relevant Hedged class(es). Please refer to the offering document for details of other fees. Source: HSBC Investment Funds (Hong Kong) Limited as at 28 February The performance and dividend yield of a Class may be affected by many factors such as, where applicable, exchange rate fluctuation, currency hedging costs and interest rate differentiation between different currencies. Therefore, different Classes may have different performance and dividend yield, and the performance and dividend yield of a Class cannot be used to represent the performance and dividend yield of another Class. Investment involves risk. Past performance is not indicative of future performance. Please refer to the offering document for further details including the risk factors. The document has not been reviewed by the Securities and Futures Commission. Issued by HSBC Global Asset Management (Hong Kong) Limited

2 Top 10 holdings % HSBC GIF Euro High Yield BD Z(C) E N/A Luxembourg 12.3 HSBC GIF Euro Credit Bond ZC N/A Luxembourg 10.2 EIB 0.5% 15/01/2027 N/A Supranational 4.2 EFSF 0.75% 03/05/2027 N/A Supranational 3.5 Unilever NV-CVA Consumer goods Netherlands 2.8 Daimler AG Consumer goods Germany 2.6 Allianz SE-REG Financials Germany 2.5 BNP Paribas Banks France 2.3 Natixis Financials France 2.3 AXA SA Financials France 2.3 Dividend history of Class AM2 EUR (Dividend is not guaranteed and may be paid out of capital) # Month Dividend amount Bid price as of ex-dividend date Annualised yield Mar-17 EUR EUR % Apr-17 EUR EUR % May-17 EUR EUR % Jun-17 EUR EUR % Jul-17 EUR EUR % Aug-17 EUR EUR % Sep-17 EUR EUR % Oct-17 EUR EUR % Nov-17 EUR EUR % Dec-17 EUR EUR % Jan-18 EUR EUR % Feb-18 EUR EUR % ISIN code Class AM2-EUR HK Class AM3H-AUD HK Class AM3H-CAD HK Class AM3H-HKD HK Class AM3H-NZD HK Class AM3H-RMB HK Class AM3H-USD HK Bloomberg ticker Class AM2-EUR HSEMAME HK Class AM3H-AUD HSEMAMA HK Class AM3H-CAD HSEMAMC HK Class AM3H-HKD HSEMAMH HK Class AM3H-NZD HSEMAMN HK Class AM3H-RMB HSEMAMR HK Class AM3H-USD HSEMAMU HK Financial Y/E 31 March Dividend policy Monthly, if any Portfolio characteristics Annualised volatility (3-year) Sharpe ratio (3-year) # Dividend is not guaranteed and will result in reduction in net asset value. A positive distribution yield does not imply a positive return. The calculation method of annualised yield: (dividend value/ bid price as of ex-dividend date) x 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. Dividend may be paid out of capital and will result in capital erosion. The performance and dividend yield of a Class may be affected by many factors such as, where applicable, exchange rate fluctuation, currency hedging costs and interest rate differentiation between different currencies. Therefore, different Classes may have different performance and dividend yield, and the performance and dividend yield of a Class cannot be used to represent the performance and dividend yield of another Class. Investment involves risk. Past performance is not indicative of future performance. Please refer to the offering document for further details including the risk factors. The document has not been reviewed by the Securities and Futures Commission. Issued by HSBC Global Asset Management (Hong Kong) Limited

3 Important information: The Fund invests mainly in Eurozone equities, Euro-denominated fixed income securities and other related investments. The Fund is subject to higher concentration risk and may be more susceptible to political, economic, foreign exchange, legal and regulatory events affecting the Eurozone. Investments of the Fund may include investment grade, non-investment grade and unrated bonds. Non-investment grade and unrated bonds are generally subject to lower liquidity, higher volatility and greater risk of loss of principal and interest than higher-rated bonds. For certain classes of the Fund, the Fund may pay dividends out of capital or pay dividends gross of expenses. Investors should note that the payment of dividends out of capital or effectively out of capital represents a return or withdrawal of part of the amount they originally invested or from any capital gains attributable to the original investment. Such distributions may result in an immediate decrease in the net asset value of the Fund. The Fund s investments may involve substantial credit/default, downgrading, currency, volatility 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. HSBC Collective Investment Trust HSBC Euro Multi-Asset Income Fund Dividend history (Dividend is not guaranteed and may be paid out of capital) # Class AM2-EUR (ISIN Code: HK ) Month Ex-dividend Date Dividend Amount Bid price as of ex-dividend date Annualised Yield Class AM3H-AUD (ISIN Code: HK ) Month Ex-dividend Date Dividend Amount Bid price as of ex-dividend date Annualised Yield Feb Feb-18 EUR EUR % Feb Feb-18 AUD AUD % Jan Jan-18 EUR EUR % Jan Jan-18 AUD AUD % Dec Dec-17 EUR EUR % Dec Dec-17 AUD AUD % Nov Nov-17 EUR EUR % Nov Nov-17 AUD AUD % Oct Oct-17 EUR EUR % Oct Oct-17 AUD AUD % Sep Sep-17 EUR EUR % Sep Sep-17 AUD AUD % Aug Aug-17 EUR EUR % Aug Aug-17 AUD AUD % Jul Jul-17 EUR EUR % Jul Jul-17 AUD AUD % Jun Jun-17 EUR EUR % Jun Jun-17 AUD AUD % May May-17 EUR EUR % May May-17 AUD AUD % Apr Apr-17 EUR EUR % Apr Apr-17 AUD AUD % Mar Mar-17 EUR EUR % Mar Mar-17 AUD AUD % Feb Feb-17 EUR EUR % Feb Feb-17 AUD AUD % Jan Jan-17 EUR EUR % Jan Jan-17 AUD AUD % Dec Dec-16 EUR EUR % Dec Dec-16 AUD AUD % Nov Sep-16 EUR EUR % Nov Nov-16 AUD AUD % Oct Oct-16 EUR EUR % Oct Oct-16 AUD AUD % Sep Sep-16 EUR EUR % Sep Sep-16 AUD AUD % Aug Aug-16 EUR EUR % Aug Aug-16 AUD AUD % Jul Jul-16 EUR EUR % Jul Jul-16 AUD AUD % Jun Jun-16 EUR EUR % Jun Jun-16 AUD AUD % May May-16 EUR EUR % May May-16 AUD AUD % # Dividend amount is rounded up to four decimal places. Dividend is not guaranteed and will result in reduction in net asset value. A positive distribution yield does not imply a positive return. The calculation method of annualised yield: (dividend value/ bid price as of ex-dividend date) x 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. Dividend may be paid out of capital and will result in capital erosion. The performance and dividend yield of a Class may be affected by many factors such as, where applicable, exchange rate fluctuation, currency hedging costs and interest rate differentiation between different currencies. Therefore, different Classes may have different performance and dividend yield, and the performance and dividend yield of a Class cannot be used to represent the performance and dividend yield of another Class. Investment involves risks. Past performance is not indicative of future performance. Please refer to the offering document for further details including the risk factors. The document has not been reviewed by the Securities and Futures Commission. Issued by HSBC Global Asset Management (Hong Kong) Limited

4 Important information: The Fund invests mainly in Eurozone equities, Euro-denominated fixed income securities and other related investments. The Fund is subject to higher concentration risk and may be more susceptible to political, economic, foreign exchange, legal and regulatory events affecting the Eurozone. Investments of the Fund may include investment grade, non-investment grade and unrated bonds. Non-investment grade and unrated bonds are generally subject to lower liquidity, higher volatility and greater risk of loss of principal and interest than higher-rated bonds. For certain classes of the Fund, the Fund may pay dividends out of capital or pay dividends gross of expenses. Investors should note that the payment of dividends out of capital or effectively out of capital represents a return or withdrawal of part of the amount they originally invested or from any capital gains attributable to the original investment. Such distributions may result in an immediate decrease in the net asset value of the Fund. The Fund s investments may involve substantial credit/default, downgrading, currency, volatility 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. HSBC Collective Investment Trust HSBC Euro Multi-Asset Income Fund Dividend history (Dividend is not guaranteed and may be paid out of capital) # Class AM3H-CAD (ISIN Code: HK ) Month Ex-dividend Date Dividend Amount Bid price as of ex-dividend date Annualised Yield Class AM3H-HKD (ISIN Code: HK ) Month Ex-dividend Date Dividend Amount Bid price as of ex-dividend date Annualised Yield Feb Feb-18 CAD CAD % Feb Feb-18 HKD HKD % Jan Jan-18 CAD CAD % Jan Jan-18 HKD HKD % Dec Dec-17 CAD CAD % Dec Dec-17 HKD HKD % Nov Nov-17 CAD CAD % Nov Nov-17 HKD HKD % Oct Oct-17 CAD CAD % Oct Oct-17 HKD HKD % Sep Sep-17 CAD CAD % Sep Sep-17 HKD HKD % Aug Aug-17 CAD CAD % Aug Aug-17 HKD HKD % Jul Jul-17 CAD CAD % Jul Jul-17 HKD HKD % Jun Jun-17 CAD CAD % Jun Jun-17 HKD HKD % May May-17 CAD CAD % May May-17 HKD HKD % Apr Apr-17 CAD CAD % Apr Apr-17 HKD HKD % Mar Mar-17 CAD CAD % Mar Mar-17 HKD HKD % Feb Feb-17 CAD CAD % Feb Feb-17 HKD HKD % Jan Jan-17 CAD CAD % Jan Jan-17 HKD HKD % Dec Nov-16 CAD CAD % Dec Dec-16 HKD HKD % Nov Nov-16 CAD CAD % Nov Nov-16 HKD HKD % Oct Oct-16 CAD CAD % Oct Oct-16 HKD HKD % Sep Sep-16 CAD CAD % Sep Sep-16 HKD HKD % Aug Aug-16 CAD CAD % Aug Aug-16 HKD HKD % Jul Jul-16 CAD CAD % Jul Jul-16 HKD HKD % Jun Jun-16 CAD CAD % Jun Jun-16 HKD HKD % May May-16 CAD CAD % May May-16 HKD HKD % # Dividend amount is rounded up to four decimal places. Dividend is not guaranteed and will result in reduction in net asset value. A positive distribution yield does not imply a positive return. The calculation method of annualised yield: (dividend value/ bid price as of ex-dividend date) x 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. Dividend may be paid out of capital and will result in capital erosion. The performance and dividend yield of a Class may be affected by many factors such as, where applicable, exchange rate fluctuation, currency hedging costs and interest rate differentiation between different currencies. Therefore, different Classes may have different performance and dividend yield, and the performance and dividend yield of a Class cannot be used to represent the performance and dividend yield of another Class. Investment involves risks. Past performance is not indicative of future performance. Please refer to the offering document for further details including the risk factors. The document has not been reviewed by the Securities and Futures Commission. Issued by HSBC Global Asset Management (Hong Kong) Limited

5 Important information: The Fund invests mainly in Eurozone equities, Euro-denominated fixed income securities and other related investments. The Fund is subject to higher concentration risk and may be more susceptible to political, economic, foreign exchange, legal and regulatory events affecting the Eurozone. Investments of the Fund may include investment grade, non-investment grade and unrated bonds. Non-investment grade and unrated bonds are generally subject to lower liquidity, higher volatility and greater risk of loss of principal and interest than higher-rated bonds. For certain classes of the Fund, the Fund may pay dividends out of capital or pay dividends gross of expenses. Investors should note that the payment of dividends out of capital or effectively out of capital represents a return or withdrawal of part of the amount they originally invested or from any capital gains attributable to the original investment. Such distributions may result in an immediate decrease in the net asset value of the Fund. The Fund s investments may involve substantial credit/default, downgrading, currency, volatility 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. HSBC Collective Investment Trust HSBC Euro Multi-Asset Income Fund Dividend history (Dividend is not guaranteed and may be paid out of capital) # Class AM3H-NZD (ISIN Code: HK ) Month Ex-dividend Date Dividend Amount Bid price as of ex-dividend date Annualised Yield Class AM3H-RMB (ISIN Code: HK ) Month Ex-dividend Date Dividend Amount Bid price as of ex-dividend date Annualised Yield Feb Feb-18 NZD NZD % Feb Feb-18 RMB RMB % Jan Jan-18 NZD NZD % Jan Jan-18 RMB RMB % Dec Dec-17 NZD NZD % Dec Dec-17 RMB RMB % Nov Nov-17 NZD NZD % Nov Nov-17 RMB RMB % Oct Oct-17 NZD NZD % Oct Oct-17 RMB RMB % Sep Sep-17 NZD NZD % Sep Sep-17 RMB RMB % Aug Aug-17 NZD NZD % Aug Aug-17 RMB RMB % Jul Jul-17 NZD NZD % Jul Jul-17 RMB RMB % Jun Jun-17 NZD NZD % Jun Jun-17 RMB RMB % May May-17 NZD NZD % May May-17 RMB RMB % Apr Apr-17 NZD NZD % Apr Apr-17 RMB RMB % Mar Mar-17 NZD NZD % Mar Mar-17 RMB RMB % Feb Feb-17 NZD NZD % Feb Feb-17 RMB RMB % Jan Jan-17 NZD NZD % Jan Jan-17 RMB RMB % Dec Dec-16 NZD NZD % Dec Dec-16 RMB RMB % Nov Nov-16 NZD NZD % Nov Nov-16 RMB RMB % Oct Oct-16 NZD NZD % Oct Oct-16 RMB RMB % Sep Sep-16 NZD NZD % Sep Sep-16 RMB RMB % Aug Aug-16 NZD NZD % Aug Aug-16 RMB RMB % Jul Jul-16 NZD NZD % Jul Jul-16 RMB RMB % Jun Jun-16 NZD NZD % Jun Jun-16 RMB RMB % May May-16 NZD NZD % May May-16 RMB RMB % # Dividend amount is rounded up to four decimal places. Dividend is not guaranteed and will result in reduction in net asset value. A positive distribution yield does not imply a positive return. The calculation method of annualised yield: (dividend value/ bid price as of ex-dividend date) x 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. Dividend may be paid out of capital and will result in capital erosion. The performance and dividend yield of a Class may be affected by many factors such as, where applicable, exchange rate fluctuation, currency hedging costs and interest rate differentiation between different currencies. Therefore, different Classes may have different performance and dividend yield, and the performance and dividend yield of a Class cannot be used to represent the performance and dividend yield of another Class. Investment involves risks. Past performance is not indicative of future performance. Please refer to the offering document for further details including the risk factors. The document has not been reviewed by the Securities and Futures Commission. Issued by HSBC Global Asset Management (Hong Kong) Limited

6 Important information: The Fund invests mainly in Eurozone equities, Euro-denominated fixed income securities and other related investments. The Fund is subject to higher concentration risk and may be more susceptible to political, economic, foreign exchange, legal and regulatory events affecting the Eurozone. Investments of the Fund may include investment grade, non-investment grade and unrated bonds. Non-investment grade and unrated bonds are generally subject to lower liquidity, higher volatility and greater risk of loss of principal and interest than higher-rated bonds. For certain classes of the Fund, the Fund may pay dividends out of capital or pay dividends gross of expenses. Investors should note that the payment of dividends out of capital or effectively out of capital represents a return or withdrawal of part of the amount they originally invested or from any capital gains attributable to the original investment. Such distributions may result in an immediate decrease in the net asset value of the Fund. The Fund s investments may involve substantial credit/default, downgrading, currency, volatility 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. HSBC Collective Investment Trust HSBC Euro Multi-Asset Income Fund Dividend history (Dividend is not guaranteed and may be paid out of capital) # Class AM3H-USD (ISIN Code: HK ) Month Ex-dividend Date Dividend Amount Bid price as of ex-dividend date Annualised Yield Feb Feb-18 USD USD % Jan Jan-18 USD USD % Dec Dec-17 USD USD % Nov Nov-17 USD USD % Oct Oct-17 USD USD % Sep Sep-17 USD USD % Aug Aug-17 USD USD % Jul Jul-17 USD USD % Jun Jun-17 USD USD % May May-17 USD USD % Apr Apr-17 USD USD % Mar Mar-17 USD USD % Feb Feb-17 USD USD % Jan Jan-17 USD USD % Dec Dec-16 USD USD % Nov Nov-16 USD USD % Oct Oct-16 USD USD % Sep Sep-16 USD USD % Aug Aug-16 USD USD % Jul Jul-16 USD USD % Jun Jun-16 USD USD % May May-16 USD USD % # Dividend amount is rounded up to four decimal places. Dividend is not guaranteed and will result in reduction in net asset value. A positive distribution yield does not imply a positive return. The calculation method of annualised yield: (dividend value/ bid price as of ex-dividend date) x 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. Dividend may be paid out of capital and will result in capital erosion. The performance and dividend yield of a Class may be affected by many factors such as, where applicable, exchange rate fluctuation, currency hedging costs and interest rate differentiation between different currencies. Therefore, different Classes may have different performance and dividend yield, and the performance and dividend yield of a Class cannot be used to represent the performance and dividend yield of another Class. Investment involves risks. Past performance is not indicative of future performance. Please refer to the offering document for further details including the risk factors. The document has not been reviewed by the Securities and Futures Commission. Issued by HSBC Global Asset Management (Hong Kong) Limited

7 PRODUCT KEY FACTS 產品資料概要 HSBC Collective Investment Trust HSBC Euro Multi-Asset Income Fund 滙豐集合投資信託 滙豐歐元多元資產入息基金 September 年 9 月 This statement provides you with key information about the HSBC Euro Multi-Asset Income Fund 本概要提供有關滙豐歐元多元資產入息基金的重要資料 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 (Hong Kong) Limited / 滙豐投資基金 ( 香港 ) 有限公司 Investment adviser 投資顧問 HSBC Global Asset Management (Hong Kong) Limited (Internal delegation) / 滙豐環球投資管理 ( 香港 ) 有限公司 ( 內部委託 ) Sub-investment adviser 副投資顧問 HSBC Global Asset Management (France) (internal delegation) / HSBC Global Asset Management (France)( 內部委託 ) Trustee 受託人 HSBC Institutional Trust Services (Asia) Limited / 滙豐機構信託服務 ( 亞洲 ) 有限公司 Ongoing charges over a year Class AM2 EUR / AM2 類 歐元 1.97% ## 全年經常性開支比率 Class ACH USD / ACH 類 美元 2.08%^ Class ACH HKD / ACH 類 港元 2.08%^ Class AM3H USD / AM3H 類 美元 2.08% ## Class AM3H HKD / AM3H 類 港元 2.09% ## Class AM3H RMB / AM3H 類 人民幣 2.08% ## Class AM3H CAD / AM3H 類 加元 2.05% ## Class AM3H AUD / AM3H 類 澳元 2.07% ## Class AM3H NZD / AM3H 類 新西蘭元 2.08% ## Dealing frequency 進行交易 Daily on every dealing day, i.e. each business day on which banks in Hong Kong and regulated markets in countries where the Sub-Fund is materially invested are normally open for business 每一個交易日, 即香港的銀行及附屬基金有大量投資的國家的受監管市場通常開放營業的 各營業日 Base currency 基本貨幣 EUR / 歐元 Dividend policy 股息政策 Class AM2 EUR, Class AM3H USD, Class AM3H HKD, Class AM3H RMB, Class AM3H CAD, Class AM3H AUD and Class AM3H NZD: The Manager aims to declare dividends 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. / AM2 類 歐元 AM3H 類 美元 AM3H 類 港元 AM3H 類 人民幣 AM3H 類 加元 AM3H 類 澳元及 AM3H 類 新西蘭元 : 經理人旨在按酌情基準每月宣派股息, 如宣派, 將會每月 派發股息 股息可從相關類別的資本或實際上從相關類別的資本 ### 中支付 從資本中或實際上從 資本中撥付股息, 可能導致相關類別的資產淨值即時減少 Class ACH USD and Class ACH HKD: No dividends will be declared or paid / ACH 類 美元及 ACH 類 港元 : 不宣派或派付任何股息 Financial year end 財政年度終結日 31 March / 3 月 31 日 Minimum investment (initial and subsequent) Class AM2 EUR / AM2 類 歐元 Class ACH USD / ACH 類 美元 Class AM3H USD / AM3H 類 美元 Class ACH HKD / ACH 類 港元 Class AM3H HKD / AM3H 類 港元 最低認購額 ( 初次及其後投資額 ) EUR1,000 / 1,000 歐元 USD1,000 / 1,000 美元 USD1,000 / 1,000 美元 HKD10,000 / 10,000 港元 HKD10,000 / 10,000 港元 Class AM3H RMB / AM3H 類 人民幣 Class AM3H CAD / AM3H 類 加元 Class AM3H AUD / AM3H 類 澳元 Class AM3H NZD / AM3H 類 新西蘭元 RMB10,000 / 人民幣 10,000 元 CAD1,000 / 1,000 加元 AUD1,500 / 1,500 澳元 NZD1,500 / 1,500 新西蘭元

8 Minimum holding 最低持有額 Class AM2 EUR / AM2 類 歐元 EUR1,000 / 1,000 歐元 Minimum redemption 最低贖回額 Class AM2 EUR / AM2 類 歐元 EUR1,000 / 1,000 歐元 Class ACH USD / ACH 類 美元 Class AM3H USD / AM3H 類 美元 USD1,000 / USD1,000 / 1,000 美元 1,000 美元 Class AM3H RMB / Class AM3H CAD / AM3H 類 人民幣 AM3H 類 加元 RMB10,000 / CAD1,000 / 人民幣 10,000 元 1,000 加元 Class ACH USD / Class AM3H USD / ACH 類 美元 AM3H 類 美元 USD1,000 / USD1,000 / 1,000 美元 1,000 美元 Class AM3H RMB / Class AM3H CAD / AM3H 類 人民幣 AM3H 類 加元 RMB10,000 / CAD1,000 / 人民幣 10,000 元 1,000 加元 Class ACH HKD / ACH 類 港元 HKD10,000 / 10,000 港元 Class AM3H AUD / AM3H 類 澳元 AUD1,500 / 1,500 澳元 Class ACH HKD / ACH 類 港元 HKD10,000 / 10,000 港元 Class AM3H AUD / AM3H 類 澳元 AUD1,500 / 1,500 澳元 Class AM3H HKD / AM3H 類 港元 HKD10,000 / 10,000 港元 Class AM3H NZD / AM3H 類 新西蘭元 NZD1,500 / 1,500 新西蘭元 Class AM3H HKD / AM3H 類 港元 HKD10,000 / 10,000 港元 Class AM3H NZD / AM3H 類 新西蘭元 NZD1,500 / 1,500 新西蘭元 ## The figure is an estimate only as the trustee fee was reduced with effect from 1 July It represents the sum of the estimated ongoing expenses chargeable to the Unit Class expressed as a percentage of the estimated average net asset value of the Unit Class over a 12-month period. This figure may vary from year to year. 由於受託人費用已自 2017 年 7 月 1 日起調減, 故此僅為估計數字, 指可向單位類別收取的估計經常性開支總額, 並以單位類別 12 個月期間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 ^ The figure is an estimate only (as the class has not been 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. It has taken into account a reduction of the trustee fee with effect from 1 July 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 ( 因為類別尚未推出 ), 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 該數字已計及自 2017 年 7 月 1 日起調減受託人費用 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 ### The Manager may at its discretion pay dividend out of gross income while charging/ paying all or part of the Sub-Fund s fees and expenses to/ out of the capital of the Sub-Fund (resulting in an increase in distributable income for the payment of dividends by the Sub-Fund), and thereby effectively pay distributions out of capital of the Sub-Fund. 經理人可酌情決定從總收入撥付股息, 同時從附屬基金的資本中扣除 / 支付附屬基金的全部或部分費用及開支 ( 導致可供附屬基金支付股息的可分派收入增加 ), 因此實際上從附屬基金的資本中支付股息 What is this product? 本附屬基金是甚麼產品? HSBC Euro Multi-Asset Income Fund is constituted in the form of a unit trust. It is a sub-fund (the Sub-Fund ) of an umbrella fund, HSBC Collective Investment Trust (the Fund ). 滙豐歐元多元資產入息基金以單位信託基金形式組成 上述基金屬傘子基金 滙豐集合投資信託 ( 本基金 ) 的附屬基金 ( 附屬基金 ) Objectives and Investment Strategy 目標及投資策略 Investment Objective 投資目標 The Sub-Fund aims to provide income and moderate capital growth through a diversified portfolio of Eurozone equities, Euro-denominated fixed income securities as well as money market instruments, cash instruments and Underlying Funds 1 that invest in Eurozone securities. 1 附屬基金的目標是透過投資於由歐元區股票 歐元計值固定收益證券以及貨幣市場工具 現金工具及投資於歐元區證券的相關基金組成的多元化投資組合, 以提供收益及溫和資本增值 Investment Policy 投資政策 Eurozone securities are issued by companies which have their registered office in, and with an official listing on a major stock exchange or other regulated market of any European Monetary Union (EMU) member country. Initially this will be the 19 member countries but if other countries join the EMU in the future then investments in these countries may also be considered. Whilst there are no capitalization restrictions, it is anticipated that the Sub-Fund will seek to invest primarily in larger, established companies. The Sub-Fund is not subject to any limitation on the portion of its 1 Underlying Funds refer to the collective investment schemes in which the Sub-Fund may invest, including unit trusts and mutual funds. 相關基金指附屬基金可能投資的集合投資計劃, 包括單位信託基金及互惠基金

9 net asset value that may be invested in any one country. 歐元區證券乃由在任何歐洲貨幣聯盟 (EMU) 成員國設有註冊辦事處, 且在 EMU 成員國的主要證券交易所或其他受監管市場正式上市的公司所發行 附屬基金最初投資於 19 個成員國, 但若其他國家未來加入 EMU, 附屬基金亦會考慮投資該等國家 儘管並無市值限制, 但附屬基金預期將主要尋求投資於較大型及具規模的公司 附屬基金在可投資於任何單一國家的資產淨值部分方面並無受到任何限制 The Sub-Fund may invest, directly or indirectly through Underlying Funds, at least 70% of its net asset value in Euro-denominated fixed income instruments and/or Eurozone equity securities, particularly those that offer above average income and/or the potential for sustainable income growth. 附屬基金可透過相關基金直接或間接將其資產淨值至少 70% 投資於歐元計值固定收益工具及 / 或歐元區股本證券, 特別是能夠提供高於平均水平收益及 / 或有望持續帶來收益增長的固定收益工具及 / 或股本證券 The Sub-Fund may invest up to 50% of its net asset value in units or shares of other Eurozone related Underlying Funds authorised by the SFC, or in recognised jurisdiction schemes (whether authorised by the SFC or not) domiciled in Luxembourg, Ireland and the UK, provided that investment in any one of such schemes may not exceed 30% of the Sub-Fund s net asset value. The Sub-Fund may also invest not more than 10% of its net assets in non-recognised jurisdiction schemes not authorised by the SFC. 附屬基金可將其資產淨值最多 50% 投資於獲證監會認可的其他歐元區有關相關基金的單位或股份或投資於在盧森堡 愛爾蘭及英國註冊的獲認可司法管轄區計劃 ( 不論是否獲證監會認可 ), 惟任何其中一項該等計劃的投資不會多於附屬基金資產淨值的 30% 附屬基金亦可將不多於其淨資產的 10% 投資於未獲證監會認可的非認可司法管轄區計劃 The Sub-Fund may invest in asset-backed securities (including asset-backed commercial papers) for up to 10% of its net asset value. 附屬基金可將其資產淨值最多 10% 投資於資產抵押證券 ( 包括資產抵押商業票據 ) The Sub-Fund will not invest more than 10% of its net assets value in convertible bonds. 附屬基金對可轉換債券的投資將不會多於其資產淨值的 10% The Sub-Fund may invest up to 10% of its net assets in contingent convertible securities; however such investment is not expected to exceed 5%. 附屬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 Sub-Fund does not have explicit restrictions on the minimum credit ratings of securities it may hold, directly or indirectly. It may also invest in unrated securities (i.e. securities for which no credit rating is assigned by any internationally recognised credit rating agency). The aggregate investment in securities that are (i) unrated; or (ii) rated non-investment grade by an internationally recognised credit rating agency (i.e. rated below Baa3 by Moody s or BBB- by Standard & Poor s or equivalent by a rating agency) is up to 20% of the Sub-Fund s net asset value. The Sub-Fund does not contemplate to invest more than 10% of its net asset value in securities issued and/or guaranteed by a single sovereign issuer (including its government, public or local authority) which is rated non-investment grade (by an internationally recognised credit rating agency). 附屬基金並無對其可能直接或間接持有的證券設置明確的最低信貸評級限制 附屬基金也可投資於未獲評級的證券 ( 即任何國際認可信貸評級機構並無給予信貸評級的證券 ) 於 (i) 未評級 ; 或 (ii) 由國際認可的信貸評級機構評為非投資級別 ( 即獲穆迪評為低於 Baa3 或獲標準普爾評為低於 BBB- 或獲評級機構評為等同評級 ) 的證券中的總投資最高為附屬基金資產淨值的 20% 附屬基金對單一主權發行人 ( 包括其政府 公共或地方機構 ) 所發行及 / 或擔保且 ( 獲國際認可的信貸評級機構 ) 評為非投資級別的證券的投資不會多於其資產淨值的 10% The Sub-Fund may invest up to 10% of its net assets in real estate investment trusts ( REITs ). 附屬基金可將其淨資產最多 10% 投資於房地產投資信託基金 ( REITs ) Up to 10% of the Sub-Fund s net asset value may be invested in cash, deposits or money market instruments for liquidity purposes. 附屬基金可為流動性目的將其資產淨值最多 10% 投資於現金 存款或貨幣市場工具 The Sub-Fund s primary currency exposure is to the Euro. The Sub-Fund will hedge non-euro currency exposures into Euro. 附屬基金主要投資的貨幣為歐元 附屬基金會將非歐元貨幣投資對沖作歐元 The Manager will not enter into securities lending, repurchase or reverse repurchase transactions or similar over-the-counter transactions in respect of the Sub-Fund. 經理人將不會就附屬基金訂立證券借出 購回或反向購回交易或類似的場外交易 The Sub-Fund uses financial derivative instruments e.g. options, futures, swaps, forward currency exchange contracts, etc. for hedging purpose only. 附屬基金僅為對沖目的使用如期權 期貨 掉期 遠期外匯合約等金融衍生工具 Investment Strategy 投資策略 The Manager allocates the Sub-Fund s assets across different income oriented assets to maximize the Sub-Fund s risk-adjusted yield and total return. Exposure to each asset class is determined based on its level of expected yield premium (i.e. its yield above cash rate), risk and liquidity. The Sub-Fund remains diversified among different asset classes to maintain a balance between risk, return and income. 經理人將附屬基金的資產分配於不同的收益主導資產, 以盡量提高附屬基金的經風險調整收益率及總回報 對各資產類別的投資比重乃根據其預期收益率溢價 ( 即其收益率高於現金的比率 ) 風險及流動性水平釐定 附屬基金維持分散投資於不同資產類別, 以在風險 回報及收益間取得平衡

10 What are the Key Risks? 本附屬基金有哪些主要風險? Investment involves 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 Sub-Fund is an investment fund. The Sub-Fund s investment portfolio may fall in value due to any of the key risk factors below and therefore you may suffer losses by investing in the Sub-Fund. 附屬基金為投資基金 附屬基金的投資組合內的價值有機會因以下任何主要風險因素而下跌, 故閣下投資於附屬基金亦可能會蒙受虧損 Investing in the Sub-Fund is not the same as deposits with a bank. There is no guarantee in respect of repayment of principal. There is no guarantee on regular distribution of dividends. 投資於附屬基金有別於在銀行存款 概不保證可償還本金 並不保證將定期分派股息 There is no guarantee that the Sub-Fund s investment objective can be achieved. 概無保證能達致附屬基金的投資目標 Asset allocation strategy risk 資產配置策略風險 The investments of the Sub-Fund may be periodically rebalanced and therefore the Sub-Fund may incur greater transaction costs than a fund employing a buy-and-hold allocation strategy. 附屬基金的投資可能定期重新調整, 因此附屬基金可能較採取買入與持有的配置策略的基金產生更高的交易成本 Geographical concentration risk 地域集中風險 The Sub-Fund invests primarily in the Eurozone which involves higher concentration risks. The value of the Sub-Fund may be more volatile than that of a fund having a more diverse portfolio of investments. 附屬基金主要投資於歐元區, 而歐元區涉及較高的集中風險 相比具有更多元化投資組合的基金, 附屬基金的價值可能會較為波動 The value of the Sub-Fund may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting the Eurozone. 附屬基金的價值可能較容易受到影響歐元區的不利經濟 政治 政策 外匯 流動性 稅務 法律或監管事件的影響 Eurozone risk 歐元區風險 In light of ongoing concerns on the sovereign debt risk of certain countries within Eurozone, the Sub-Fund s investments in the region may be subject to higher volatility, liquidity, currency and default risks. Any adverse events, such as credit downgrade of a sovereign or exit of EU members from the Eurozone, may have a negative impact on the value of the Sub-Fund. 鑑於歐元區內若干國家的主權債務風險持續引發市場憂慮, 附屬基金在區內的投資可能面臨較高的波動性 流動性 貨幣及違約風險 某主權國家信貸評級下調或歐盟成員國退出歐元區等任何不利事件均可能會對附屬基金價值構成不利影響 Risks relating to equity securities 有關股本證券的風險 : Equity securities risk 股本證券風險 Investment in equity securities is subject to market risk. Factors affecting the stock values are numerous, including but not limited to changes in investment sentiment, political environment, economic environment, regional or global economic instability, currency and interest rate fluctuations. Prices of equity securities are also affected by the business, performance and activities of individual companies as well as general market and economic conditions. 於股本證券的投資須承受市場風險 影響股票價值的因素眾多, 包括 ( 但不限於 ) 投資氣氛 政治環境 經濟環境之改變, 或地區或全球經濟不穩定 貨幣及利率波動 股票證券的價格亦受到個別公司的業務 表現及活動, 以及一般市場及經濟狀況的影響 If the market value of equity securities in which the Sub-Fund invests in goes down, its net asset value may be adversely affected, and investors may suffer substantial losses. Investors may not get back the amount they initially invested in the Sub-Fund. 倘附屬基金投資的股本證券的市值下跌, 其資產淨值可能會受到不利影響, 投資者亦可能因而蒙受重大損失 投資者可能無法收回其最初投資於附屬基金的金額 Risks relating to debt securities 有關債務證券的風險 : Credit risk 信貸風險 The Sub-Fund is exposed to the credit/default risk of issuers. Fixed income securities in which the Sub-Fund invests may be rated below investment grade (in case of internationally recognised credit rating agencies) or rated BB+ or below (in case of PRC local credit rating agencies) or unrated. Such securities are generally subject to lower liquidity, higher volatility and greater risk of loss of principal and interest than high-rated debt securities. The fixed income securities that the Sub-Fund invests in may also be unsecured debt obligations not supported by any collateral. The Sub-Fund will be fully exposed to the credit/insolvency risk of its counterparties as an unsecured creditor. 附屬基金須承受發行人的信貸 / 違約風險 附屬基金所投資的固定收益證券可能被評為低於投資級別 ( 由國際認可信貸評級機構給予 ) 或 BB+ 或以下評級 ( 由中國當地信貸評級機構給予 ) 或未獲評級 相較高評級債務證券, 該等證券一般流動性較低 波動較高 損失本金及利息的風險較大 附屬基金所投資的固定收益證券亦可能屬並無任何抵押品支持的無擔保債務債券 附屬基金作為無擔保債權人, 將須完全承受其對手方的信貸 / 無力償債風險 In the event that any issuer of such securities defaults, becomes insolvent or experiences financial or economic difficulties, the value of the securities will be adversely affected. The Sub-Fund may suffer losses in its investment in such securities. 若該等證券的任何發行人違約 變成無力償債或經歷財政或經濟困難, 證券的價值將受到不利影響 附屬基金可能在該等證券的投資上蒙受損失 Downgrading risk 評級調低風險 Debt securities may be subject to the risk of being downgraded (i.e. lowering of credit rating assigned to the securities). In the event of downgrading in the credit ratings of a security or an issuer relating to a security, the Sub-Fund s investment value in such security may be adversely affected. The Manager may or may not be able to dispose of the securities that are being downgraded.

11 債務證券可能須承受被調低評級的風險 ( 即證券被給予較低的信貸評級 ) 倘若某證券或有關某證券的發行人之信貸評級被調低, 則附屬基金於該證券的投資價值可能受到不利影響 經理人不一定能夠出售評級被調低的證券 Interest rate risk 利率風險 Investment in the Sub-Fund is subject to interest rate risk. Generally, the prices of fixed income securities rise when interest rates fall, whilst their prices fall when interest rates rise. 投資於附屬基金須承受利率風險 一般而言, 當利率下跌時, 固定收益證券的價格會上升, 而利率上升時, 其價格則會下跌 Liquidity risk 流動性風險 The debt instruments in which the Sub-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 Sub-Fund is therefore subject to liquidity risks. The bid and offer spreads of the price of such securities may be large, so the Sub-Fund may incur significant trading costs and may suffer losses accordingly. 附屬基金所投資的債務工具可能並無在活躍的第二市場買賣 在該等市場進行交易的證券價格可能出現波動 故此, 附屬基金可能會承受流動性風險 該等證券的買賣差價可能高, 因此附屬基金可能產生重大的交易成本, 並可能因而蒙受虧損 Valuation risk 估值風險 Valuation of the Sub-Fund s investments may involve uncertainties and judgmental determinations. If such valuations should prove to be incorrect, the net asset value of the Sub-Fund may be adversely affected. 附屬基金的投資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, 附屬基金的資產淨值可能會受到不利影響 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存在局限性, 且並不時刻保證該證券及 / 或發行人的信貸可信性 Sovereign debt risk 主權債務風險 The Sub-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 Sub- Fund to participate in restructuring such debts. The Sub-Fund may suffer significant losses when there is a default of sovereign debt issuers. 附屬基金投資於由政府發行或擔保的證券可能面臨政治 社會及經濟風險 在不利狀況下, 主權發行人未必能夠或願意在到期應付時償還本金及 / 或利息, 或可能要求附屬基金參與重組有關債務 倘主權債務發行人發生違約, 附屬基金可能遭受重大損失 Foreign exchange and currency conversion risk 外匯及貨幣兌換風險 The Sub-Fund's assets and liabilities and/or the Classes of Units may be denominated in currencies different from the Sub-Fund s Base Currency (EUR) or Class Currency. An investor s return (as measured in terms of the Base Currency or the Class Currency as the case may be) may be affected unfavourably by exchange control regulations or changes in the exchange rates between the Sub-Fund s Base Currency and other currencies. 附屬基金的資產與負債及 / 或單位類別可按有別於附屬基金的基本貨幣 ( 歐元 ) 或類別貨幣的貨幣計值, 外匯管制規例或附屬基金的基本貨幣兌其他貨幣的匯率變動可能對投資者的回報 ( 以基本貨幣或類別貨幣 ( 視乎情況而定 ) 計算 ) 構成不利的影響 Dividends (for the distribution Classes of Units only) and redemptions will be paid in the relevant Class Currency, which may involve currency conversion of the proceeds obtained from realisation of the Sub-Fund s assets. Subscriptions may also result in currency conversion. Currency conversion involves foreign exchange risks as the exchange rates are subject to fluctuations. 股息 ( 僅就分派類別單位而言 ) 及贖回將以相關類別貨幣支付, 當中可能涉及就變現附屬基金資產所得款項進行貨幣兌換 認購亦可能導致進行貨幣兌換 由於匯率可能波動,故貨幣兌換涉及外匯風險 Risks of investing in Underlying Funds 投資於相關基金的風險 : The Sub-Fund may invest in Underlying Funds (which may not be regulated by the SFC). Investment in Underlying Funds may involve another layer of fees charged at the Underlying Fund level. 附屬基金可能投資於相關基金 ( 可能並未受證監會監管 ) 投資於相關基金可能涉及另一層在相關基金層面收取的費用 The Sub-Fund will be subject to the risks associated with the Underlying Funds. Investors should note that the Sub-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 Sub-Fund. 附屬基金須承受與相關基金有關的風險 投資者須注意, 附屬基金無法控制相關基金的投資且並不保證相關基金的投資目標及策略將可成功達到, 上述因素可能對附屬基金的資產淨值構成負面影響 There is no guarantee that the Underlying Funds will always have sufficient liquidity to meet the Sub-Fund s redemption requests as and when made. Where Underlying Funds are not able to meet redemption requests of the Sub-Fund, the Sub-Fund will be subject to liquidity risks, and may suffer losses as a result of delays in receiving redemption proceeds. 概不保證相關基金將時刻擁有充足流動性, 以在有需要時滿足附屬基金的贖回要求 如果相關基金無法滿足附屬基金的贖回要求, 附屬基金將承受流動性風險, 並可能因延遲收取贖回款項而蒙受損失 Other risks 其他風險 : Derivative risk 衍生工具風險 The Sub-Fund may use financial derivative instruments for hedging purposes. 附屬基金可能為對沖目的而運用金融衍生工具 Risk associated with financial derivative instruments include counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-thecounter transaction risk. The leverage element of a financial derivative instrument can result in a loss significantly greater than the amount invested in the financial derivative instruments by the Sub-Fund. Exposure to financial derivative instrument may lead to a high risk of significant loss by the Sub-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或會導致附屬基金產生大為高於金融衍生工具投資金額之損失 投資於金融衍生工具可能導致附屬基金承受產生重大虧損的高風險

12 Hedging risk 對沖風險 Hedging a risk typically attempts to preclude the Sub-Fund or Class from both benefitting and suffering from any return associated with the hedged risk (e.g. currency risk between non-base Currency assets and the Base Currency). If there is positive return associated with a hedged risk then the Sub-Fund's performance will fare relatively poorer than if it had not hedged the risk. Conversely, if there is negative return associated with a hedged risk then the Sub-Fund's performance will fare relatively better than if it had not hedged the risk. 風險對沖通常指試圖阻礙附屬基金或類別從有關對沖風險的任何回報中得益及受損 ( 例如非基本貨幣資產與基本貨幣之間的貨幣風險 ) 倘若對沖風險產生正回報, 則附屬基金的表現將會比在並未進行風險對沖的情況較遜色 相反, 倘若對沖風險產生負回報, 則附屬基金的表現將比在並未進行風險對沖的情況較佳 There is no guarantee that the desired hedging instruments will be available or hedging techniques will achieve their desired result. There can be no assurance that any currency hedging strategy employed by the Manager will fully and effectively eliminate the currency exposure of the Sub-Fund. 概不保證能夠獲得預期的對沖工具或對沖技巧將達致預期效果 概不保證經理人所採用的任何貨幣對沖策略將全面及有效地消除附屬基金的貨幣風險 The return of a hedge will be impacted by various factors including transaction costs and, for currency hedging, interest rate differentials between the currency being hedged and the currency it is being hedged into. These impacts may be significant depending on prevailing market conditions and they will be reflected in the net asset values of the relevant Classes. This may adversely affect the returns of investors of such Classes. 對沖的回報將受到多種因素的影響, 包括交易成本, 而就貨幣對沖而言, 可能受到被對沖貨幣與所對沖貨幣之間的利差所影響 此等影響可能重大, 視乎當時的市況而定, 並將反映於相關類別的資產淨值 此可能對該等類別的投資者的回報產生不利影響 Risks relating to Portfolio Currency Hedged Unit Classes 有關投資組合貨幣對沖單位類別的風險 Portfolio Currency Hedged Unit Classes seek to minimise the effect of currency fluctuations between the Class Currency of the Unit 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 Portfolio Currency Hedged Unit Classes versus investment in those Unit Classes which are unhedged. 投資組合貨幣對沖單位類別旨在將單位類別的類別貨幣與相關附屬基金的基本貨幣之間的匯率波動影響降至最低 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投資組合貨幣對沖單位類別與投資於該等非對沖單位類別的差異 Portfolio Currency Hedged Unit 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 Portfolio Currency Hedged Unit Class. Investors who choose to convert their Home Currency to the Class Currency of a Portfolio Currency Hedged Unit Class and subsequently invest in such a Unit 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 Class Currency of the Portfolio Currency Hedged Unit 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 ) 有別於投資組合貨幣對沖單位類別的類別貨幣之投資者投資於投資組合貨幣對沖單位類別 如投資者選擇將其本國貨幣兌換為投資組合貨幣對沖單位類別的類別貨幣, 隨後投資於該單位類別, 則投資者應知悉, 彼等或會因投資組合貨幣對沖單位類別的類別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 Manager (or such other party to be appointed by the Manager from time to time) will be able to successfully implement passive currency hedging for Portfolio Currency Hedged Unit Classes at any time or at all. 概不保證或擔保經理人 ( 或經理人可能不時委任的該等其他方 ) 將能夠隨時或完全成功地就投資組合貨幣對沖單位類別實施被動式貨幣對沖 Currency conversion risk for RMB denominated Classes 人民幣類別的貨幣兌換風險 The Sub-Fund offers RMB denominated Classes of Units. The Sub-Fund s portfolio will be predominantly exposed to EUR. Subscriptions and redemptions for the Sub-Fund may involve conversion of currency. Currency conversion will be conducted at the applicable exchange rate and subject to the applicable spread. 附屬基金提供人民幣計值的單位類別 附屬基金的投資組合主要將投資於歐元計值資產 認購及贖回附屬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, who invest in a RMB Currency Hedged Unit Class, are exposed to foreign exchange risk. Currency Hedged Unit Classes are not recommended for such investors. There is no guarantee that the value of RMB against the investors base currency will not depreciate. Any depreciation of RMB could adversely affect the value of investors investment in the RMB denominated Currency Hedged Unit Classes. 非以人民幣為基礎的投資者投資於人民幣貨幣對沖單位類別, 須承受外匯風險 不建議該等投資者投資於貨幣對沖單位類別 概不保證人民幣相對投資者的基本貨幣的價值不會貶值 人民幣貶值可對投資者於人民幣計值的貨幣對沖單位類別的投資價值構成不利影響 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 Sub-Fund may not have sufficient RMB for its investments. Currency conversion is also subject to the Sub-Fund s ability to convert the proceeds into or out of RMB which may also affect the Sub-Fund s ability to meet redemption requests from Unitholders in RMB denominated Classes of Units or to make distributions, and may delay the payment of redemption proceeds or dividends. Further, in case of sizable redemption requests for the RMB Classes, the Manager has the absolute discretion to delay any payment in respect of redemption of the RMB Classes (for a period not exceeding one calendar month of receipt of a properly documented redemption request). 由於人民幣不可自由兌換並受外匯管制及限制的規管, 故貨幣兌換亦須受人民幣在相關時間內的供應量所限 附屬基金可能沒有足夠的人民幣供其投資 貨幣兌換亦須受制於附屬基金將款項兌換為人民幣或從人民幣兌換的能力, 而這可能影響附屬基金應付人民幣計值單位類別的單位持有人的贖回要求或作出分派的能力, 以及可能延遲支付贖回款項或股息 此外, 如人民幣類別出現大規模贖回要求, 經理人可全權酌情決定延遲支付贖回人民幣類別的任何款項 ( 期限為不超過在收到正確書面贖回要求起計一個曆月內 ) When calculating the net asset value of Units of a RMB denominated Class, the Manager will apply the exchange rate for offshore RMB market in Hong Kong, i.e. the CNH exchange rate, which may be at a premium or discount to the exchange rate for onshore RMB market in the mainland China, i.e. the CNY exchange rate. Consequently, there may be significant trading costs incurred and investors investing in Classes of Units denominated in RMB may suffer losses. Although CNH and CNY represent the same currency, they do not necessarily have