[Sept 2018] KFS_Asia High Income Bond Fund (b )

Transcription

1 HSBC Collective Investment Trust - HSBC Asia High Income Bond Fund Share Class 30 Sep Sep 2018 Risk Disclosure The Fund mainly invests in higher yielding Asian fixed income securities. The Fund is subject to the risk of investing in emerging markets. Non-investment grade bonds and unrated bonds are subject to additional risks and volatility. Because the Fund s base currency, investments and classes may be denominated in different currencies, investors may be affected adversely by exchange controls and exchange rate fluctuations. There is no guarantee that the currency hedging strategy applied to the relevant classes will achieve its desired result. The Fund may pay dividends out of capital or gross of expenses. Dividend is not guaranteed and may result in capital erosion and reduction in net asset value. The Fund s investments may involve substantial credit, currency, volatility, liquidity, interest rate, tax and political risks. Investors may suffer substantial loss of their investments in the Fund. Unit trusts are NOT equivalent to time deposits. Investors should not invest in the Fund solely based on the information provided in this document and should read the offering document of the Fund for details. Fund Objective and Strategy Investment Objective The Fund aims to invest in fixed income securities which provide higher yield compared to their peers and the potential for capital appreciation over the medium to long term. Investment Strategy A minimum of 70% of the Fund s net asset value will be invested in a diversified portfolio of fixed income securities issued or guaranteed by government, government agencies or supranational bodies in Asia, or issued by companies which are domiciled in, based in or carry out the larger part of their business in Asia. The Fund may invest up to 20% of its net asset value in bonds traded on the China Interbank Bond Market in the PRC via the CIBM Initiative and/or Bond Connect and/or other means as may be permitted by the relevant regulations from time to time. Performance (%) Share Class Details UCITS V Compliant Fund Distribution Type 100 Distribution Frequency Dealing Frequency 94 Min. Initial Investment 92 Max. Initial Charge 90 Management Fee Base Currency Domicile ISIN Performance (%) YTD 1M 3M 1Y 3Y¹ 5Y¹ Inception Date NAV per Share Fund Size Bloomberg Ticker Calendar Year Performance (%)² Past performance is not an indicator of future returns. The figures are calculated in the share class base currency, NAV to NAV basis with dividend reinvested, net of fees. If investment performance is not denominated in or, or based investors are exposed to exchange rate fluctuations. Source: HSBC Global Asset Management, data as at 30 September 2018 Manager No Distributing Monthly Daily % 1.15% Hong Kong HK Oct ,587,659 HSHIAOG HK Alfred Mui Gregory Suen 1 Result is cumulative when calculation period is over one year. 2 The calendar year return of the first year is calculated between share class inception date and calendar year end of first year if the share class has less than 5-year history. H Fund change that may have material impact on performance: 6 Sep 2017 investment objective changed. 1 Jul trustee fee reduced. To download the offering documents from ts/english/amhk_hcit.pdf

2 HSBC Collective Investment Trust - HSBC Asia High Income Bond Fund Share Class 30 Sep Year Risk Measures 5-Year Risk Measures Volatility - Volatility - Sharpe Ratio - Sharpe Ratio - Tracking Error - Tracking Error - Information Ratio - Information Ratio - Characteristics Fund Characteristics Fund Number of Holdings ex Cash 193 Average Credit Quality 3 BBB/BBB- Maturity Average 6.38 Portfolio Yield 5.55 Number of Issuers 145 Average Yield to Maturity 5.75 Sector Allocation (%) Fund Credit Quality Rating Fund Allocation (%) Banks AAA 0.94 Government AA 4.05 Real Estate A Energy BBB Basic Materials 9.91 BB Consumer Cyclical 6.15 B Utilities 5.63 NR 3.40 Industrial 4.26 Cash Diversified Finan serv 3.42 Sorted from highest to lowest rating. Cash is not included in any rating. Maturity Breakdown (Effective Duration) Fund 0-2 years years years 1.70 Communications 3.41 Others 9.10 Cash Only top 10 breakdowns are displayed. Other breakdowns are included in Others. 10+ years 1.19 China Total 4.57 Indonesia Sorted from shortest to longest per the length of maturity. India South Korea Currency Allocation (%) Fund Hong Kong 9.60 Philippines Singapore Thailand 3.23 CNY 0.76 Sri Lanka Australia 1.36 IDR 0.33 Others Cash Only top 10 breakdowns are displayed. Other breakdowns are included in Others Sorted from largest to smallest per market values of weight. Geographical Allocation (%) Fund 3 Average credit rating uses 'Index rating' which is an average of the vendors: S&P, Fitch, Moody s. The average fund and benchmark rating does not include securities rated NR or NA. Source: HSBC Global Asset Management, data as at 30 September 2018

3 HSBC Collective Investment Trust - HSBC Asia High Income Bond Fund Share Class 30 Sep 2018 Monthly Performance Commentary Review Asian credit markets ended the month lower in September amid broadly higher US treasury yields. During the month, US treasury yields continued to move higher, supported by strong economic statistics in the US. Yields also received a boost as equity prices rose in an environment of better global risk sentiment. On the other hand, spreads have broadly tightened as sentiment continued to improve and buying interest returned. Amid broadly higher US treasury yields, investment grade bonds underperformed due to their broadly higher sensitivity to yield movements. Of note, investment grade rated Asian sovereign bonds broadly traded lower. At the same time, the relatively more defensive sectors such as technology and telecommunication were among the bottom performers as risk sentiment improved towards the end of the month. On the other hand, high yield bonds fared relatively better with the high yield sovereign bonds leading the market after their poor performance in August. Similarly, Indonesian corporates have also done well with certain Indonesian property and metals & mining names outperforming. Primary market continued to gather pace in September as sentiment improved, with most issuance coming from Chinese issuers. Given the increased prospect of higher US treasury yields, investors continued to favour better quality short-dated and floating bonds. The improved risk sentiment has also seen a pick-up in high yield bond issuance, although remained relatively low. Portfolio strategy The fund registered returns in positive territories in September. Thanks to improved sentiment, the fund benefited from its exposure to the higher beta sectors. In particular, an overweight in the Chinese high yield industrials and Indonesia property sectors added value. Favourable selection in the India high yield and Indonesia corporate sectors also contributed. Conversely, the fund s underweight in high yield sovereign bonds detracted the most. In particularly, a lack of exposure to Pakistan sovereign and underweight positions in Indonesia, Sri Lanka and Philippines sovereign issues took a toll on relative returns. During the month, we rebalanced our portfolio to reduce the overall beta of the fund. Of note, we reduced exposure to India. In particular, we trimmed exposure to Indian banks on the back of the sector s deteriorating fundamentals and rising non-performing loans. Exposure to commodity-related India cyclical sector was also reduced. Similarly, we have also reduced exposure to the Indonesia coal sector. On the other hand, we added selected investment grade bonds in the China industrials and utilities sector, mostly through participating in new issuance. Exposure to China technology sector was also reduced amid escalating tensions between the US and China. In terms of allocation, we maintain our overweight in China, particularly the property sector. We continue to favour this sector but more on an individual bond selection basis given the heavy issuance pipeline expected. At the same time, we also favour industrial names in the country on an individual bond selection basis. Elsewhere, we favour Indonesia corporate bonds, particularly property and telecommunication names. From a sector perspective, we also favour bank subordinated debts, particularly those issued by Singapore and Hong Kong banks, given their relatively defensive nature and attractive yields. On the other hand, we remain underweight sectors where we find valuations unattractive. For instance, we are underweight Hong Kong and Philippines. We are also underweight sovereign and quasi sovereign bonds. Meanwhile, the fund maintains a neutral to underweight stance in duration. However, we are managing our duration exposure tactically as we expect the US treasury yields to remain in a range. Outlook Asian credit markets are faced with different headwinds at the same time. Trade tensions between China and the US, the emerging market turmoil and concerns over contagion risk have weighed on sentiment. Slowdown in China s economic growth has also led to increased defaults in the domestic market. We believe a key mitigating factor to the above remains the region s solid fundamentals. First thing to say is that most Asian corporates have strengthened fundamentally in recent years and are more prepared to cope with macro headwinds. Credit matric of Asian corporates has improved with leverage trending down, interest coverage improving and liquidity remaining adequate. Rating trends for both investment grade and high yield bonds have also turned positive. There might have been more defaults in the domestic Chinese bond market, we believe this was partly driven by the tightened credit conditions earlier in the year as part of the authorities initiative to reduce leverage. But the situation has changed since then. In the face of escalating trade tensions between China and the US, Chinese authorities have shifted their policy priority to support growth and have adopted a number preemptive measures. On the back of these measures, funding costs in the onshore market have notably come down over the past months. Corporate bond issuance has also seen a pick-up with greater credit differentiation reflected in bond prices. This is encouraging as these are signs that the credit conditions have improved, alleviating refinancing pressure in the system. In addition, lower funding costs in China should also alleviate supply pressure in the offshore US dollar market, making offshore Asian credit more attractive for onshore Chinese investors at the same time. This helps improve overall demand / supply dynamics in the Asian credit market. Given the overall solid fundamentals of Asian credit, our outlook has remained constructive especially when valuations have corrected to more reasonable levels and better reflected some of the above mentioned risks.

4 HSBC Collective Investment Trust - HSBC Asia High Income Bond Fund Share Class 30 Sep 2018 Important Information This document is prepared for general information purposes only and does not have any regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive it. Any views and opinions expressed are subject to change without notice. This document does not constitute an offering document and should not be construed as a recommendation, an offer to sell or the solicitation of an offer to purchase or subscribe to any investment. Any forecast, projection or target where provided is indicative only and is not guaranteed in any way. HSBC Global Asset Management (Hong Kong) Limited ( AMHK ) accepts no liability for any failure to meet such forecast, projection or target. AMHK has based this document on information obtained from sources it reasonably believes to be reliable. However, AMHK does not warrant, guarantee or represent, expressly or by implication, the accuracy, validity or completeness of such information. Investment involves risk. Past performance is not indicative of future performance. Please refer to the offering document for further details including the risk factors. This document has not been reviewed by the Securities and Futures Commission. Copyright HSBC Global Asset Management (Hong Kong) Limited All rights reserved. This document is issued by HSBC Global Asset Management (Hong Kong) Limited.

5 HSBC Collective Investment Trust - HSBC Asia High Income Bond Fund Share Class 30 Sep 2018 Terms of Glossary Convertible bond, is a type of bond that the holder can convert into a specified number of shares of common stock in the issuing company or cash of equal value. Corporate bond, is bond issued by a company in order to raise financing. Coupon, the annual interest rate paid on a bond, expressed as a percentage of the face value. Credit quality, one of the principal criteria for judging the investment quality of a bond or bond mutual fund. Developed markets, countries that are most developed in terms of its economy and capital markets. Duration, a measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates. Emerging markets (EM), nations' economies in the process of fast economic growth. Investments in emerging markets are generally considered to be with higher risk. Government bond or Gilt, a loan to a national government in return for regular payments (known as the coupon) and a promise that the original investment (principal) is paid back at a specified date. Gilts are loans to the UK government. High yield bond, is fixed income security with a low credit rating from a recognised credit rating agency. They are considered to be at higher risk of default, but have the potential for higher rewards. Information ratio, is a ratio of portfolio returns above/under the returns of a benchmark to the volatility of those returns. Investment grade bond, is considered investment grade or IG if its credit rating is BBB- or higher by Standard & Poor's or Baa3 or higher by Moody's. Maturity, the period of time for which a financial instrument remains outstanding. Effective Duration, is a duration value based on the probability of early redemption call by the bond issuer. Sharpe ratio, a measure for calculating risk-adjusted return, and this ratio has become the industry standard for such calculations. Tracking error, a measure of how closely a portfolio follows the index to which it is benchmarked. Volatility, a measure of how much a fund's price goes up or down as a percentage of its average performance. Yield to maturity, the total return anticipated on a bond if the bond is held until the end of its lifetime, excluding strategic currency hedges for Portfolio/Benchmark calculations. Portfolio Yield, the lowest potential yield that can be received on a bond without the issuer actually defaulting, excluding strategic currency hedges for Portfolio/Benchmark calculations.

6 HSBC Collective Investment Trust - HSBC Asia High Income Bond Fund Supplement Information Sheet 30 Sep 2018 Distribution is not guaranteed and may be paid out of capital Share Class AC Base Currency Distribution Frequency Dividend ex-date Dividend Amount Annualised Yield based on exdividend date Annualised Yield based on calculation date (for reference only) Monthly 28 Sep % 3.70% Monthly 31 Aug % 3.49% Monthly 31 Jul % 3.19% Monthly 29 Jun % 2.78% Monthly 31 May % 2.86% Monthly 30 Apr % 2.75% Monthly 29 Mar % 2.72% Monthly 28 Feb % 3.22% Monthly 31 Jan % 3.28% Monthly 29 Dec % 3.45% Monthly 30 Nov % 3.33% Monthly 28 Sep % 4.99% Monthly 31 Aug % 4.99% Monthly 31 Jul % 5.01% Monthly 29 Jun % 4.36% Monthly 31 May % 4.36% Monthly 30 Apr % 4.38% Monthly 29 Mar % 4.36% Monthly 28 Feb % 4.36% Monthly 31 Jan % 4.36% Monthly 29 Dec % 4.36% Monthly 30 Nov % 4.37% Monthly 31 Oct % 4.37% Monthly 28 Sep % 5.00% Monthly 31 Aug % 5.00% Monthly 31 Jul % 5.01% Monthly 29 Jun % 4.36% Monthly 31 May % 4.36% Monthly 30 Apr % 4.38% Monthly 29 Mar % 4.36% Monthly 28 Feb % 4.36% Monthly 31 Jan % 4.36% Monthly 29 Dec % 4.36% Monthly 30 Nov % 4.36% Monthly 31 Oct % 4.36% Monthly 28 Sep % 5.00% Monthly 31 Aug % 5.00% Monthly 31 Jul % 5.00% Monthly 29 Jun % 4.37% Monthly 31 May % 4.36% Monthly 30 Apr % 4.37% Monthly 29 Mar % 4.36% Monthly 28 Feb % 4.36% Monthly 31 Jan % 4.36% Monthly 29 Dec % 4.36% Monthly 30 Nov % 4.36%

7 HSBC Collective Investment Trust - HSBC Asia High Income Bond Fund Supplement Information Sheet 30 Sep 2018 Share Class AM3O AM3O AM3O AM3O AM3O AM3O AM3O AM3O AM3O AM3O AM3O AM3O Base Currency Distribution Frequency Dividend ex-date Dividend Amount Annualised Yield based on exdividend date Annualised Yield based on calculation date (for reference only) Monthly 31 Oct % 4.37% Monthly 28 Sep % 5.00% Monthly 31 Aug % 5.00% Monthly 31 Jul % 5.00% Monthly 29 Jun % 4.36% Monthly 31 May % 4.36% Monthly 30 Apr % 4.34% Monthly 29 Mar % 4.37% Monthly 28 Feb % 4.36% Monthly 31 Jan % 4.37% Monthly 29 Dec % 4.36% Monthly 30 Nov % 4.36% Monthly 31 Oct % 4.36% Monthly 28 Sep % 4.99% Monthly 31 Aug % 4.99% Monthly 31 Jul % 5.02% Monthly 29 Jun % 4.36% Monthly 31 May % 4.36% Monthly 30 Apr % 4.35% Monthly 29 Mar % 4.37% Monthly 28 Feb % 4.36% Monthly 31 Jan % 4.36% Monthly 29 Dec % 4.37% Monthly 30 Nov % 4.37% Monthly 31 Oct % 4.36% Monthly 28 Sep % 4.99% Monthly 31 Aug % 4.99% Monthly 31 Jul % 5.01% Monthly 29 Jun % 4.37% Monthly 31 May % 4.36% Monthly 30 Apr % 4.34% Monthly 29 Mar % 4.36% Monthly 28 Feb % 4.36% Monthly 31 Jan % 4.36% Monthly 29 Dec % 4.36% Monthly 30 Nov % 4.36% Monthly 31 Oct % 4.36% Monthly 28 Sep % 4.80% Monthly 31 Aug % 4.80% Monthly 31 Jul % 4.83% Monthly 29 Jun % 3.92% Monthly 31 May % 3.93% Monthly 30 Apr % 3.92% Monthly 29 Mar % 4.13% Monthly 28 Feb % 4.30% Monthly 31 Jan % 4.39% Monthly 29 Dec % 4.53% Monthly 30 Nov % 4.58% Monthly 28 Sep % 4.37%

8 HSBC Collective Investment Trust - HSBC Asia High Income Bond Fund Supplement Information Sheet AM3O AM3O AM3O AM3O AM3O AM3O AM3O AM3O AM3O AM3O AM3O AM3O AM3O Monthly 31 Aug % 4.36% Monthly 31 Jul % 4.13% Monthly 29 Jun % 3.75% Monthly 31 May % 3.70% Monthly 30 Apr % 3.73% Monthly 29 Mar % 4.02% Monthly 28 Feb % 4.21% Monthly 31 Jan % 4.17% Monthly 29 Dec % 4.20% Monthly 30 Nov % 4.32% Monthly 28 Sep % 2.62% Monthly 31 Aug % 2.35% Monthly 31 Jul % 2.16% Monthly 29 Jun % 1.86% Monthly 31 May % 1.87% Monthly 30 Apr % 1.90% Monthly 29 Mar % 2.18% Monthly 28 Feb % 2.42% Monthly 31 Jan % 2.49% Monthly 29 Dec % 2.68% Monthly 30 Nov % 2.78% Monthly 28 Sep % 5.13% Monthly 31 Aug % 5.10% Monthly 31 Jul % 6.40% Monthly 29 Jun % 6.08% Monthly 31 May % 5.81% Monthly 30 Apr % 5.68% Monthly 29 Mar % 6.13% Monthly Monthly 28 Feb Jan % 6.21% 6.72% 6.17% Monthly 29 Dec % 6.39% Monthly 30 Nov % 6.37% 30 Sep 2018 AM3O AM3O AM3O AM3O AM3O AM3O AM3O AM3O AM3ORMB AM3ORMB AM3ORMB AM3ORMB AM3ORMB AM3ORMB AM3ORMB AM3ORMB AM3ORMB AM3ORMB AM3ORMB 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. The calculation method of annualised yield based on calculation date: (dividend value / bid price as of calculation date) x 12. The calculation date is the 21st day of every month. If it is a non dealing day of the Fund, then the following dealing day. The Fund uses the net asset value on the calculation date to determine the dividend amount, and then such dividend will be deducted from the fund assets on the ex-dividend date to determine the net asset value of the Fund.

9 滙豐集合投資信託 - 滙豐亞洲高入息債券基金 H 股份類別 2018 年 9 月 30 日 30/09/2018 風險披露 本基金將主要投資於較高收益亞洲固定收益證券 本基金涉及與投資於新興市場有關的風險 非投資級別債券及未獲評級債券涉及額外風險及波動性 由於本基金的基本貨幣 投資及份額類別可按不同的貨幣計值, 故此, 外匯管制及匯率波動可能對投資者構成不利影響 並不保證有關份額類別的貨幣對沖策略可達致其預期效果 本基金可從資本中或未扣除開支前撥付股息 派息不獲保證及會導致資本蠶食及資產淨值減少 本基金之投資可能涉及重大的信貸 貨幣 波動性 流動性 利率 稅務及政治風險 投資者投資於本基金可能蒙受重大損失 基金產品並不等同於定期存款 投資者不應僅就此文件提供之資料作出投資決定, 而應細閱本基金之銷售文件 基金投資目標及策略投資目標本基金旨在投資於收益率高於其他同類證券及具有中長期資本增值潛力的固定收益證券 投資策略本基金將其資產淨值最少 70% 投資於一個由亞洲政府 政府機構或超國家組織, 或由在亞洲註冊成立或在亞洲經營其大部分業務的公司所發行或擔保的固定收益證券組成的多元化投資組合 本基金可透過中國銀行間債券市場方案及 或債券通及 或相關規例不時准許的其他方式將其資產淨值最多 20% 投資於在中國的中國銀行間債券市場買賣的債券 成立至今表現 (%) 股份類別詳情 UCITS V 合規基金派息類型 100 派息頻率 95 交易頻率 最低初始認購額 90 首次認購費最高達 管理費 基本貨幣 註冊地 ISIN 代號 基金表現 (%) 年初股份類別成立日期 1 個月 3 個月 1 年 3 年 ¹ 5 年 ¹ 至今每股資產淨值 基金規模 彭博代號 年度回報表現 (%)² 過去的業績並不代表將來的表現 表現以股份類別基本貨幣計算, 資產淨值對資產淨值, 將股息再作投資, 並已扣除費用 如投資業績非以港元或美元計算, 以港元或美元作投資的投資者須承受匯率波動的風險 資料來源 : 滙豐環球投資管理, 數據截至 2018 年 9 月 30 日 基金經理 否派息每月每日英鎊 % 1.15% 英鎊香港 HK 年 10 月 18 日英鎊 9.29 美元 797,587,659 HSHIAOG HK Alfred Mui Gregory Suen 1 當計算期超過一年, 業績為累積表現 2 如股份類別成立少於五年, 其首年年度表現為成立日至年底 對本基金表現可能有重大影響的變動 :2017 年 9 月 6 日 - 更改投資目標 年 7 月 1 日 - 調低受託人費用 從此處下載銷售文件 ts/english/amhk_hcit.pdf

10 滙豐集合投資信託 - 滙豐亞洲高入息債券基金股份類別 2018 年 9 月 30 日 3 年風險衡量指標 5 年風險衡量指標 波幅 - 波幅 - 夏普比率 - 夏普比率 - 追踪誤差 - 追踪誤差 - 資訊比率 - 資訊比率 - 投資組合特點 基金 投資組合特點 基金 持倉數量 ( 不包括現金 ) 平均信貸評級 BBB/BBB- 投資組合收益率 5.55 平均到期日 6.38 平均到期收益率 5.75 發行人數量 145 信貸評級分佈 (%) 基金行業分佈 (%) 基金 AAA 0.94 銀行 AA 4.05 政府 A 房地產 BBB 能源 BB 基礎物料 9.91 B 消費類, 週期 6.15 NR 3.40 公用事業 5.63 現金 工業 4.26 排序根據評級由高至低, 並不包括現金 多元化金融服務 3.42 通訊 3.41 到期日分佈 ( 有效存續期 ) 基金 其他 9.10 現金 年 0.16 只顯示首 10 項的分佈, 其餘納入 其他 2-5 年 年 年 1.19 地區分佈 (%) 基金 總計 4.57 中國 排序根據到期日期限由長至短 印尼 印度 貨幣分佈 (%) 基金 韓國 香港 9.60 美元 菲律賓 5.74 離岸人民幣 1.34 新加坡 5.28 在岸人民幣 0.76 泰國 3.23 加元 0.56 斯里蘭卡 3.14 印尼盾 0.33 澳洲 1.36 歐元 0.03 其他 4.13 英鎊 0.00 現金 澳元 只顯示首 10 項的分佈, 其餘納入 其他 港元 排序根據權重的市值由大至小 3 平均信用質量評級為三大信用評級機構標準普爾, 惠譽國際與穆迪投資的平均值 在計算基金與其基準平均質量評級時不包括無評級的證券 資料來源 : 滙豐環球投資管理, 數據截至 2018 年 9 月 30 日

11 滙豐集合投資信託 - 滙豐亞洲高入息債券基金股份類別 2018 年 9 月 30 日 重要資訊本文件只提供一般性資料, 並不針對任何可能收到本文件的人士的具體投資目標 財務狀況和特別需求 在此表達之意見可因應情況修改而不作另行通知 本文件並非銷售文件, 且不構成建議 要約出售或招攬購買或認購任何投資 本文件所載任何預測 預計或目標僅供説明用途, 且並非任何形式的保證 滙豐環球投資管理 ( 香港 ) 有限公司 ( 滙豐環球投資管理 ) 就預測 預計或目標未能達成概不承擔任何責任 本文件內的資料乃取自滙豐環球投資管理合理地相信可靠的來源 然而, 無論明示或暗示, 滙豐環球投資管理不保證 擔保或代表本文件內該等資料的準確性 有效性或完整性 投資附帶風險, 過去的業績並不代表將來的表現 請參閱銷售文件以便獲取其它資料, 包括風險因素 此文件並未經證券及期貨事務監察委員會批閱 版權 HSBC Global Asset Management (Hong Kong) Limited ( 滙豐環球投資管理 ( 香港 ) 有限公司 )2018 版權所有 本文件由 HSBC Global Asset Management (Hong Kong) Limited ( 滙豐環球投資管理 ( 香港 ) 有限公司 ) 刊發

12 滙豐集合投資信託 - 滙豐亞洲高入息債券基金股份類別 2018 年 9 月 30 日 詞彙表可換股債券, 持有人可轉換成發行公司特定數量普通股或等同現金值的一種債券 企業債券, 公司所發行用以融資的債券 票息, 對債券支付的年利率, 表現為面值的百分比 信貸質素, 判斷債券或債券互惠基金投資質素的主要準則之一 發達市場, 在經濟和資本市場方面最發達的國家 存續期, 一個量度一項定息投資的價格 ( 本金值 ) 對利率變化的敏感度之數值 新興市場, 此等國家的經濟正經歷快速增長 投資於新興市場通常被認為是風險較高 政府債券或金邊債券, 一種予某國家政府的貸款, 以換取定期付款 ( 稱為票息 ), 以及承諾原有投資 ( 本金 ) 將在指定的日期償還 金邊債券為一種予英國政府的貸款 高收益債券, 指認可信貸評級機構給予低信貸評級的定息證券 這些證券被認為是擁有較高的違約風險, 但卻可能有較高回報 信息比率, 是一個投資組合的回報高於 / 低於某個基準相對於此等回報的波動性之比率 投資級別債券, 如其信貸評級為標準普爾的 BBB- 或以上, 或穆迪的 Baa3 或以上, 將被認為是投資級別或 IG 期限, 為一項金融投資工具仍未償付的期間 有效存續期, 是根據債券發行人提早贖回的機率計算的存續期值 夏普比率, 作爲計算風險調整後回報的衡量指標, 並為業内的計算標準 追踪誤差, 量度一個投資組合追踪其基準指數的密切程度 波幅, 作爲衡量基金的價格變動 ( 上升或下跌 ) 相對基金平均表現的百分比 到期收益率, 一隻債券持有直至到期的預期總回報, 不包括投資組合 基準計算的戰略貨幣對沖 投資組合收益率, 一隻債券在發行人實際上並無違約時的最低潛在收益率, 不包括投資組合 基準計算的戰略貨幣對沖

13 滙豐集合投資信託 - 滙豐亞洲高入息債券基金 補充資料 2018 年 9 月 30 日 派息不獲保證及可從股本中分派 股份類別基本貨幣派息頻率除息日 AC 英鎊英鎊英鎊英鎊英鎊英鎊英鎊英鎊 英鎊英鎊英鎊美元澳元澳元澳元澳元澳元澳元澳元澳元澳元澳元澳元澳元加元加元加元加元加元加元 加元 加元 加元 加元 加元 加元歐元歐元歐元歐元歐元歐元歐元歐元歐元歐元歐元歐元 每股股息 年化股息率 ( 基於除息日 ) 年化股息率 ( 基於計算日, 僅供參考 ) 每月 2018 年 9 月 28 日 % 3.70% 每月 2018 年 8 月 31 日 % 3.49% 每月 2018 年 7 月 31 日 % 3.19% 每月 2018 年 6 月 29 日 % 2.78% 每月 2018 年 5 月 31 日 % 2.86% 每月 2018 年 4 月 30 日 % 2.75% 每月 2018 年 3 月 29 日 % 2.72% 每月 2018 年 2 月 28 日 % 3.22% 每月 2018 年 1 月 31 日 % 3.28% 每月 2017 年 12 月 29 日 % 3.45% 每月 2017 年 11 月 30 日 % 3.33% 每月 2018 年 9 月 28 日 % 4.99% 每月 2018 年 8 月 31 日 % 4.99% 每月 2018 年 7 月 31 日 % 5.01% 每月 2018 年 6 月 29 日 % 4.36% 每月 2018 年 5 月 31 日 % 4.36% 每月 2018 年 4 月 30 日 % 4.38% 每月 2018 年 3 月 29 日 % 4.36% 每月 2018 年 2 月 28 日 % 4.36% 每月 2018 年 1 月 31 日 % 4.36% 每月 2017 年 12 月 29 日 % 4.36% 每月 2017 年 11 月 30 日 % 4.37% 每月 2017 年 10 月 31 日 % 4.37% 每月 2018 年 9 月 28 日 % 5.00% 每月 2018 年 8 月 31 日 % 5.00% 每月 2018 年 7 月 31 日 % 5.01% 每月 2018 年 6 月 29 日 % 4.36% 每月 2018 年 5 月 31 日 % 4.36% 每月 2018 年 4 月 30 日 % 4.38% 每月 2018 年 3 月 29 日 % 4.36% 每月 2018 年 2 月 28 日 % 4.36% 每月 2018 年 1 月 31 日 % 4.36% 每月 2017 年 12 月 29 日 % 4.36% 每月 2017 年 11 月 30 日 % 4.36% 每月 2017 年 10 月 31 日 % 4.36% 每月 2018 年 9 月 28 日 % 5.00% 每月 2018 年 8 月 31 日 % 5.00% 每月 2018 年 7 月 31 日 % 5.00% 每月 2018 年 6 月 29 日 % 4.37% 每月 2018 年 5 月 31 日 % 4.36% 每月 2018 年 4 月 30 日 % 4.37% 每月 2018 年 3 月 29 日 % 4.36% 每月 2018 年 2 月 28 日 % 4.36% 每月 2018 年 1 月 31 日 % 4.36% 每月 2017 年 12 月 29 日 % 4.36% 每月 2017 年 11 月 30 日 % 4.36% 每月 2017 年 10 月 31 日 % 4.37%

14 滙豐集合投資信託 - 滙豐亞洲高入息債券基金 補充資料 2018 年 9 月 30 日 股份類別基本貨幣派息頻率除息日每股股息 AM3O AM3O AM3O AM3O AM3O AM3O AM3O AM3O AM3O AM3O AM3O AM3O AM3O AM3O 港元港元港元港元港元港元港元港元港元港元 港元港元離岸人民幣離岸人民幣離岸人民幣離岸人民幣離岸人民幣離岸人民幣離岸人民幣離岸人民幣離岸人民幣離岸人民幣離岸人民幣離岸人民幣美元美元美元美元美元美元美元美元 美元 美元 美元 美元 澳元 澳元澳元澳元澳元澳元澳元澳元澳元澳元澳元加元加元加元 年化股息率 ( 基於除息日 ) 年化股息率 ( 基於計算日, 僅供參考 ) 每月 2018 年 9 月 28 日 % 5.00% 每月 2018 年 8 月 31 日 % 5.00% 每月 2018 年 7 月 31 日 % 5.00% 每月 2018 年 6 月 29 日 % 4.36% 每月 2018 年 5 月 31 日 % 4.36% 每月 2018 年 4 月 30 日 % 4.34% 每月 2018 年 3 月 29 日 % 4.37% 每月 2018 年 2 月 28 日 % 4.36% 每月 2018 年 1 月 31 日 % 4.37% 每月 2017 年 12 月 29 日 % 4.36% 每月 2017 年 11 月 30 日 % 4.36% 每月 2017 年 10 月 31 日 % 4.36% 每月 2018 年 9 月 28 日 % 4.99% 每月 2018 年 8 月 31 日 % 4.99% 每月 2018 年 7 月 31 日 % 5.02% 每月 2018 年 6 月 29 日 % 4.36% 每月 2018 年 5 月 31 日 % 4.36% 每月 2018 年 4 月 30 日 % 4.35% 每月 2018 年 3 月 29 日 % 4.37% 每月 2018 年 2 月 28 日 % 4.36% 每月 2018 年 1 月 31 日 % 4.36% 每月 2017 年 12 月 29 日 % 4.37% 每月 2017 年 11 月 30 日 % 4.37% 每月 2017 年 10 月 31 日 % 4.36% 每月 2018 年 9 月 28 日 % 4.99% 每月 2018 年 8 月 31 日 % 4.99% 每月 2018 年 7 月 31 日 % 5.01% 每月 2018 年 6 月 29 日 % 4.37% 每月 2018 年 5 月 31 日 % 4.36% 每月 2018 年 4 月 30 日 % 4.34% 每月 2018 年 3 月 29 日 % 4.36% 每月 2018 年 2 月 28 日 % 4.36% 每月 2018 年 1 月 31 日 % 4.36% 每月 2017 年 12 月 29 日 % 4.36% 每月 2017 年 11 月 30 日 % 4.36% 每月 2017 年 10 月 31 日 % 4.36% 每月 2018 年 9 月 28 日 % 4.80% 每月 2018 年 8 月 31 日 % 4.80% 每月 2018 年 7 月 31 日 % 4.83% 每月 2018 年 6 月 29 日 % 3.92% 每月 2018 年 5 月 31 日 % 3.93% 每月 2018 年 4 月 30 日 % 3.92% 每月 2018 年 3 月 29 日 % 4.13% 每月 2018 年 2 月 28 日 % 4.30% 每月 2018 年 1 月 31 日 % 4.39% 每月 2017 年 12 月 29 日 % 4.53% 每月 2017 年 11 月 30 日 % 4.58% 每月 2018 年 9 月 28 日 % 4.37% 每月 2018 年 8 月 31 日 % 4.36% 每月 2018 年 7 月 31 日 % 4.13%

15 滙豐集合投資信託 - 滙豐亞洲高入息債券基金 補充資料 2018 年 9 月 30 日 AM3O AM3O AM3O AM3O AM3O AM3O AM3O AM3O AM3O AM3O AM3O AM3O AM3O 加元 加元 加元加元加元加元加元加元歐元歐元歐元歐元歐元 每月 2018 年 6 月 29 日 % 3.75% 每月 2018 年 5 月 31 日 % 3.70% 每月 2018 年 4 月 30 日 % 3.73% 每月 2018 年 3 月 29 日 % 4.02% 每月 2018 年 2 月 28 日 % 4.21% 每月 2018 年 1 月 31 日 % 4.17% 每月 2017 年 12 月 29 日 % 4.20% 每月 2017 年 11 月 30 日 % 4.32% 每月 2018 年 9 月 28 日 % 2.62% 每月 2018 年 8 月 31 日 % 2.35% 每月 2018 年 7 月 31 日 % 2.16% 每月 2018 年 6 月 29 日 % 1.86% 每月 2018 年 5 月 31 日 % 1.87% 每月 2018 年 4 月 30 日 % 1.90% 每月 2018 年 3 月 29 日 % 2.18% 每月 2018 年 2 月 28 日 % 2.42% 每月 2018 年 1 月 31 日 % 2.49% 每月 2017 年 12 月 29 日 % 2.68% 每月 2017 年 11 月 30 日 % 2.78% 每月 2018 年 9 月 28 日 % 5.13% 每月 2018 年 8 月 31 日 % 5.10% 每月 2018 年 7 月 31 日 % 6.40% 每月 2018 年 6 月 29 日 % 6.08% 每月 2018 年 5 月 31 日 % 5.81% 每月 2018 年 4 月 30 日 % 5.68% 每月 2018 年 3 月 29 日 % 6.13% 每月 2018 年 2 月 28 日 % 6.72% 每月 2018 年 1 月 31 日 % 6.17% 每月 2017 年 12 月 29 日 % 6.39% 每月 2017 年 11 月 30 日 % 6.37% AM3O 歐元 AM3O 歐元 AM3O 歐元 AM3O 歐元 AM3O 歐元 AM3O 歐元 AM3ORMB 離岸人民幣 AM3ORMB 離岸人民幣 AM3ORMB 離岸人民幣 AM3ORMB 離岸人民幣 AM3ORMB 離岸人民幣 AM3ORMB 離岸人民幣 AM3ORMB 離岸人民幣 AM3ORMB 離岸人民幣 AM3ORMB 離岸人民幣 AM3ORMB 離岸人民幣 AM3ORMB 離岸人民幣 以上表格只提供過去 12 個月內最近的股息資料 派息不獲保證及可從股本中分派, 導致資產淨值減少 正股息派發不代表正回報 過去的支付 收益率和付款不代表未來的支付收益率和付款歷史付款可以包括分配的收入和資本 年化股息率的計算方法 :( 股息 除息日的基金每股淨值價格 )x n n 視乎派息頻率 每年派息為 1; 每半年派息為 2; 每季派息為 4; 每月派息為 12 年化股息率乃基於在有關日期的股息並將股息再作投資計算, 可能高於或低過實際全年派息率 年化收益率之計算方法乃基於計算日 :( 股利價值 / 計算日之買入價格 )x12 計算日為每月的第 21 日 若計算日為基金的非交易日, 則為下一 個交易日 基金使用計算日之資產凈值來決定派息金額, 該股利將於除息日從基金資產中扣除以決定基金的資產淨值

16 PRODUCT KEY FACTS 產品資料概要 HSBC Collective Investment Trust - HSBC Asia High Income Bond Fund 滙豐集合投資信託 滙豐亞洲高入息債券基金 September 年 9 月 This statement provides you with key information about the HSBC Asia High Income Bond Fund 本概要提供有關滙豐亞洲高入息債券基金的重要資料 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, HK) / 滙豐環球投資管理 ( 香港 ) 有限公司 ( 內部委託, 香港 ) 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 AC / AC 類 美元 1.52%^ ## 全年經常性開支比率 Class AM2 / AM2 類 美元 1.52% ## Class AM2 / AM2 類 港元 1.52% ## Class AM2 RMB / AM2 類 人民幣 1.52% ## Class AM2 / AM2 類 加元 1.52% ## Class AM2 / AM2 類 澳元 1.53% ## Class AM2 / AM2 類 歐元 1.54% ## Class AM3O / AM3O 類 澳元 1.62%^ Class AM3O / AM3O 類 加元 1.62%^ Class AM3O / AM3O 類 歐元 1.62%^ Class AM3O / AM3O 類 英鎊 1.62%^ Class AM3O RMB / AM3O 類 人民幣 1.62%^ Class AM3O-SGD / AM3O 類 - 新加坡元 1.62%^ 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 except Saturdays and Sundays / 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 ( 星期六及星期日除外 ) Base currency 基本貨幣 / 美元 Dividend policy 股息政策 Class AM2, Class AM2, Class AM2 RMB, Class AM2, Class AM2, Class AM2, Class AM3O, Class AM3O, Class AM3O, Class AM3O, Class AM3O RMB and Class AM3O-SGD: 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 美元 AM2 類 港元 AM2 類 人民幣 AM2 類 加元 AM2 類 澳元 AM2 類 歐元 AM3O 類 澳元 AM3O 類 加元 AM3O 類 歐元 AM3O 類 英鎊 AM3O 類 人民幣及 AM3O- 新加坡元 : 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 AC : No dividends will be declared or paid / AC 類 美元 : 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

17 Minimum investment (initial and subsequent) 最低認購額 ( 首次及其後投資額 ) Minimum holding 最低持有額 Minimum redemption 最低贖回額 ^ Class A - US$1,000 or HK$10,000 or 1,500 or 850 or 650 or 1,000 or RMB10,000 or SGD1,000 A 類 - 1,000 美元或 10,000 港元或 1,500 澳元或 850 歐元或 650 英鎊或 1,000 加元或人民幣 10,000 元或 1,000 新加坡元 Class A - US$1,000 or HK$10,000 or 1,500 or 850 or 650 or 1,000 or RMB10,000 or SGD1,000 A 類 - 1,000 美元或 10,000 港元或 1,500 澳元或 850 歐元或 650 英鎊或 1,000 加元或人民幣 10,000 元或 1,000 新加坡元 Class A - US$1,000 or HK$10,000 or 1,500 or 850 or 650 or 1,000 or RMB10,000 or SGD1,000 A 類 - 1,000 美元或 10,000 港元或 1,500 澳元或 850 歐元或 650 英鎊或 1,000 加元或人民幣 10,000 元或 1,000 新加坡元 This figure is an estimate only (as the unit class has yet been launched) and represents the sum of the ongoing expenses chargeable to the Unit Class of the Sub- Fund expressed as a percentage of the average net asset value of the Unit Class. The figure may vary from year to year. The actual figure may be different from the estimated figure. 此僅為估計數字 ( 因為單位類別未成立 ), 指可向附屬基金的單位類別收取的經常性開支總額, 並以佔單位類別的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 ## The figure is based on the annualized ongoing expenses chargeable to the class in accordance with the interim financial statement for the 6-month period ended 30 September 2017 and is expressed as a percentage of the average net asset value of such class over the same period. This figure may vary from year to year. 此數字乃根據截至 2017 年 9 月 30 日止六個月的中期財務報表可向類別收取的年率化經常性開支, 並以佔該類別同期的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 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 Asia High Income Bond 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 ). 滙豐亞洲高入息債券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 ) 2

18 Objectives and Investment Strategy 目標及投資策略 Investment Objective 投資目標 The Sub-Fund aims to invest in fixed income securities which provide higher yield compared to their peers and the potential for capital appreciation over the medium to long term. 附屬基金旨在投資於收益率高於其他同類證券及具有中長期資本增值潛力的固定收益證券 Investment Policy 投資政策 A minimum of 70% of the Sub-Fund s net asset value will be invested in a diversified portfolio of fixed income securities issued or guaranteed by government, government agencies or supranational bodies in Asia, or issued by companies which are domiciled in, based in or carry out the larger part of their business in Asia. 附屬基金將其資產淨值最少 70% 投資於一個由亞洲政府 政府機構或超國家組織, 或由在亞洲註冊成立或在亞洲經營其大部分業務的公司所發行或擔保的固定收益證券組成的多元化投資組合 The Sub-Fund s primary currency exposure is to the US dollar through including but not limited to foreign exchange positions (i.e. use of financial derivative instruments for hedging purposes only, cash and/or deposits). The Sub-Fund may also have exposure to non-us dollar currencies including Asian currencies (up to 30% of its net asset value) through direct holding of fixed income securities, cash and/or deposits. For the avoidance of doubt, the Sub-Fund may only invest up to 10% of its net asset value in cash, deposits or money market instruments for liquidity purposes. 附屬基金對美元的主要貨幣投資乃透過 ( 包括但不限於 ) 外匯倉盤 ( 即使用金融衍生工具只作對沖目的 現金及 / 或存款 ) 進行 附屬基金亦可透過直接持有固定收益證券 現金及 / 或存款而投資於非美元貨幣 ( 包括亞洲貨幣 ), 惟最多佔其資產淨值的 30% 為免生疑問, 附屬基金只可將其資產淨值最多 10% 投資於現金 存款或貨幣市場工具作流動性用途 The Sub-Fund does not have explicit restrictions on the minimum credit ratings of securities it may hold. Investment grade fixed income securities are rated at least Baa3 / BBB- by Moody s, Standard & Poor s, or any other internationally recognised credit rating agency. 附屬基金並無對其持有的證券設置明確的最低信貸評級限制 投資級別固定收益證券指獲穆迪 標準普爾或任何其他國際公認信貸評級機構給予至少 Baa3/BBB- 級別 The aggregate investment in securities that are:- 1. rated below investment grade as defined above; 2. rated BB+ or below (in case where the credit rating is designated / assigned by a PRC local credit rating agency); or 3. unrated (i.e. a bond for which neither the bond itself nor its issuer has a credit rating). is up to 45% of the Sub-Fund s net asset value. 於下列證券的總投資最多為附屬基金資產淨值的 45% : 1. 被評為低於投資級別 ( 按上文界定 ); 2. 被評為 BB+ 或以下 ( 信貸評級由中國本地信貸評級機構指定 / 給予 );或 3. 未評級 ( 即債券本身或其發行人並無信貸評級 ) The Sub-Fund may invest up to 20% of its net asset value in bonds traded on the China Interbank Bond Market ( CIBM ) in the PRC via the CIBM Initiative 1 and/or Bond Connect 2 and/or other means as may be permitted by the relevant regulations from time to time. 附屬基金可透過中國銀行間債券市場方案 1 及 / 或債券通 2 及 / 或相關規例不時准許的其他方式將其資產淨值最多 20% 投資於在中國的中國銀行間債券市場買賣的債券 The Sub-Fund will not invest more than 10% of its net asset value in debt securities issued and / or guaranteed by any single sovereign issuer (including its government, public or local authority) which is below investment grade (by an internationally recognised credit rating agency). 附屬基金不會將其資產淨值超過 10% 投資於任何單一主權發行人 ( 包括其政府 公共或地方機構 ) 所發行及 / 或擔保並 ( 被國際認可信貸評級機構 ) 評為低於投資級別的債務證券 The Sub-Fund may invest up to 10% of its net asset value in convertible bonds (excluding contingent convertible securities). 附屬基金可將其資產淨值最多 10% 投資於可轉換債券 ( 不包括或有可轉換證券 ) The Sub-Fund may invest up to 10% of its net asset value in contingent convertible securities; however such investment is not expected to exceed 5%. 附屬基金可將其資產淨值最多 10% 投資於或有可轉換證券, 惟預期不會超過 5% The Sub-Fund may also invest up to 10% of its net asset value in collateralised and/or securities products such as asset backed securities, mortgage backed securities and asset backed commercial papers. 附屬基金亦可將其資產淨值最多 10% 投資於有抵押及 / 或證券產品, 例如資產抵押證券 按揭證券及資產抵押商業票據 The Sub-Fund may use financial derivative instruments e.g. options, futures, swaps (such as credit default swaps) and foreign exchange forwards (including non-deliverable forwards), etc. for hedging purposes only. 附屬基金只可使用金融衍生工具作對沖目的, 例如期權 期貨 掉期 ( 如信貸違約掉期 ) 及外匯遠期 ( 包括不可交割遠期 ) 等 1 Since February 2016, the People s Bank of China has permitted foreign institutional investors to invest in the CIBM subject to any other rules and regulations as promulgated by the PRC authorities. 自 2016 年 2 月起, 中國人民銀行已准許境外機構投資者按照中國當局頒布的任何其他規則及規例投資於中國銀行間債券市場 2 Bond Connect is a new initiative launched in July 2017 for mutual bond market access between Hong Kong and PRC established by China Foreign Exchange Trade System & National Interbank Funding Centre and Hong Kong Exchanges and Clearing Limited (amongst others). 債券通是於 2017 年 7 月推出的香港與中國債券市場互聯互通全新合作計劃, 並由中國外匯交易中心暨全國銀行間同業拆借中心及香港交易及結算所有限公司等設立 3

19 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 Investors should note the following: (a) the reference to high income in the name of the Sub-Fund is to indicate that the Sub-Fund aims to invest in fixed income securities which provide higher yield compared to their peers; (b) it does not indicate that investors will receive a high level of income or otherwise; (c) this strategy does not mean that the Sub-Fund itself will make distributions in all circumstances; (d) the reference to high income is not indicative of the Sub-Fund s performance or returns; (e) the Sub-Fund does not have any guarantees; and (f) the Sub-Fund may not achieve such a desired result under all circumstances and/or market conditions. 投資者應注意以下事項 :(a) 附屬基金名稱中提及的 高入息, 乃指附屬基金旨在投資於收益率高於其他同類證券的固定收益證券; (b) 不表示投資者將獲得高水平的收入或其他收益; (c) 此策略不表示附屬基金本身將在所有情況下作出分派; (d) 提及的 高入息 不表示附屬基金的表現或回報; (e) 附屬基金不提供任何保證;及 (f) 附屬基金在所有情況及 或市況下或無法取得期望的業績 Investment Strategy 投資策略 The Manager s investment process combines qualitative top down analysis of macroeconomic and market dynamics, with structured bottom up research into individual bond issuers and fixed income securities. In order to achieve the objective of investing in fixed income securities which generate higher yield compared with their peers, the Manager aims to invest in fixed income securities which provide higher yield compared to bonds of the same type or in the same category. 經理人的投資過程結合對宏觀經濟及市場動態進行自上而下的定性分析, 以及對個別債券發行人及固定收益證券進行自下而上的結構研究 為了達致投資於收益率高於其他同類證券的固定收益證券之目標, 經理人旨在投資於相比同類型或同類別債券提供較高收益率的固定收益證券 What are the Key Risks? 本附屬基金有哪些主要風險? Investments involve risks. Please refer to the offering document for details including 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, 故閣下投資於本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 Geographical concentration risk 地域集中風險 The Sub-Fund invests primarily in the Asia markets which involve 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亞洲市場, 故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 Asia markets. 附屬基金的價值可能較容易受到影響亞洲市場的不利經濟 政治 政策 外匯 流動性 稅務 法律或監管事件的影響 Emerging markets risk 新興市場風險 The Sub-Fund invests primarily in the Asia markets which include countries considered as emerging markets. 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, market volatility (such as interest rate and price volatility), settlement risks, custody risk, legal and regulatory risks. The Sub- Fund s investment in emerging markets may be subject to significant losses. The net asset value of the Sub-Fund may be adversely affected, and, as result, investors may suffer a loss in their investment in the Sub-Fund. 附屬基金主要投資於亞洲市場, 而亞洲市場包含被視為新興市場的國家 相對較成熟市場, 投資於新興市場須承受較高損失的風險, 原因是涉及 ( 其中包括 ) 較高的政治 稅務 經濟 外匯 流動性, 市場波動 ( 如利率及價格波動 ) 結算風險 託管風險 法律及監管風險 附屬基金在新興市場的投資可能會蒙受重大損失 附屬基金的資產淨值可能受到不利影響, 因此投資者於附屬基金的投資可能蒙受損失 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 () 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 ( 美元 ) 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 4

20 Risks relating to debt securities 有關債務證券的風險 : Credit risk and below investment grade (in case of internationally recognised credit rating agencies) or BB+ or below (in case of PRC local credit rating agencies) or unrated securities risk 信貸風險及低於投資級別 ( 就由國際認可信貸評級機構給予評級而言 ) 或 BB+ 或以下評級 ( 就由中國本地信貸評級機構給予評級而言 ) 或未獲評級證券風險 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是低於投資級別 ( 就由國際認可信貸評級機構給予評級而言 ) 或 BB+ 或以下評級 ( 就由中國本地信貸評級機構給予評級而言 ) 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. 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 Volatility and liquidity risk 流動性及波動性風險 The debt securities in the Asia markets may be subject to higher volatility and lower liquidity compared to more developed markets. 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, so the Sub- Fund may incur significant trading costs and may suffer losses accordingly. 相比發展較成熟的市場, 於亞洲市場的債務證券可能有較高波動性, 且流動性較低 在該等市場進行交易的證券價格可能出現波動 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 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-the-counter 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 5