Value Partners High-Dividend Stocks Fund Q 018 Investment objective and strategy The Fund aims to provide capital appreciation to unitholders by inves

Transcription

1 Value Partners High-Dividend Stocks Fund Morningstar Rating HKD/USD/RMB classes and TM1 AUD/CAD/GBP/NZD/RMB/SGD hedged classes available Q 018 As at Value Partners High-Dividend Stocks Fund (The Fund ) primarily invests in higher yielding debt and equity securities in the Asian region. The Fund may invest in higher-yielding debt and equity securities that are below investment grade. Such investments can involve greater risks due to the speculative nature. The Fund may invest in China and other markets of the Asian region, therefore is subject to emerging market risks. Generally, investments in emerging markets are more volatile than investments in developed markets due to additional risks relating to political, social, economic and regulatory uncertainty. The value of the Fund can be extremely volatile and could go down substantially within a short period of time. It is possible that the entire value of your investment could be lost. The Fund may also invest in derivatives which can involve material risks, e.g. counterparty default risk, insolvency or liquidity risk, and may expose the Fund to significant losses. In respect of the distribution units for the Fund, the Manager currently intends to make monthly dividend distribution. However, the distribution rate is not guaranteed. Distribution yield is not indicative of the return of the Fund. Distribution may be paid from capital of the Fund. Investors should note that where the payment of distributions are paid out of capital, this represents and amounts to a return or withdrawal of part of the amount you originally invested or capital gains attributable to that and may result in an immediate decrease in the value of units. You should not make investment decision on the basis of this material alone. Please read the explanatory memorandum for details and risk factors. Why invest in Value Partners High-Dividend Stocks Fund? Asia ex-japan s earnings uptrend remains intact Strengthening global growth is the key driver for companies margin expansion and profitability improvement Asia ex-japan corporate earnings are expected to remain solid with double-digit percentage growth (13.5% in 018) and broader-based sector re-rating opportunities in 018 Asia s valuation is still appealing at around 13 times 1-month forward P/E, below that of developed markets e.g. US (around 17 times P/E) Asia dividend growth is remarkable Dividends in Asia ex-japan, especially China, have maintained solid growth with a 15% compounded annual growth rate(cagr) during the last 15 years Dividend payout ratio of the Asia ex-japan market is around 30%, far below the 40-70% in the US and Europe, and is expected to increase further Supported by solid balance sheets and strong free cashflow trends Sustainability of Asia dividend yields is higher, given strong balance sheets and free-cashflow (FCF) trends FCF in Asia has been improving, especially in China. FCF yields for both A- and H-share indices have been high enough to comfortably cover dividends A rising interest rate environment has reminded investors the QE days are ending and FCF and profitability are as important as growth potential Proven track record of attractive dividend payouts The distribution class (A MDis USD) of the Fund has been paying monthly dividends since December 01 3 Dividends are an important source of returns for Asia ex-japan equities, contributing nearly half of total returns since Dec-000 Dividends also provide a protective cushion when market conditions are uncertain MSCI Asia ex Japan earnings on a healthy projection in 018 EPS growth (%) FY FY18 10 FY FY11 FY1 FY14 FY15 FY /010 1/011 1/01 1/013 1/014 1/015 1/016 1/017 Source: Factset, MSCI, Thomson Reuters Datastream, CLSA, March 018 Asia has seen strong dividend growth in past 15 years Dividend CAGR (%) China Philippines India Thailand Malaysia Indonesia Asia ex-japan Source: CLSA, Dividend Wave 018 April. CAGR in local currency, current universe FCF yield (%) China FCF has been rising significantly 1/009 06/010 1/010 06/011 1/011 06/01 1/01 06/013 1/013 06/014 1/014 06/015 1/015 06/016 1/016 06/017 1/017 MSCI China Source: CLSA, Dividend Wave 018 April Taiwan Japan Korea MSCI China A Dividend history of Class A MDis USD 3 over the past 6 months Ex-dividend date Ex-dividend date NAV (USD) Dividend per unit (USD) 4 Annualized yield 3 9/3/ % 8// % 31/1/ % 9/1/ % 30/11/ % 31/10/ % Hong Kong Singapore USA Europe Morningstar, Inc. All Rights Reserved. Morningstar Rating as at 31 March 018 (For Class A1).. Currently available hedged classes include A MDis AUD hedged ( AUD Hedged ), A MDis CAD hedged ( CAD Hedged ), A MDis GBP hedged ( GBP Hedged ), A MDis NZD hedged ( NZD Hedged ), A MDis RMB hedged ( RMB Hedged ) and A MDis SGD hedged ( SGD Hedged ). The fund may invest in financial derivative instruments ( FDI ) for hedging purposes. In adverse situations, the fund s use of FDI may become ineffective in hedging and the fund may suffer significant losses. Each hedged share class will hedge the fund s base currency back to its currency of denomination on a best efforts basis. However, the volatility of the hedged classes measured in the fund s base currency may be higher than that of the equivalent class denominated in the fund s base currency. Risks associated with FDI include counterparty risk, credit risk and liquidity risk. Such exposure may lead to a high risk of capital loss. The AUD/CAD/GBP/NZD/RMB/SGD Hedged Classes are not recommended for investors whose base currency of investment is not in the aforesaid currencies. 3. The Manager currently intends to make monthly dividend distribution in respect of the A MDis classes (actual dividend payout will be subject to the Manager s discretion). Distribution may be paid from capital of the fund. Investors should note that where the payment of distributions are paid out of capital, this represents and amounts to a return or withdrawal of part of the amount that have been originally invested or capital gains attributable to that and may result in an immediate decrease in the value of units. Investors should note that positive yield does not represent/imply positive return. For A1 Class units, Manager will review dividend distribution at its discretion once a year (last dividend payout date: 1 November 005). Please refer to the explanatory memorandum for more details. Annualized yield of MDis Class is calculated as follows: (Latest dividend amount/nav as of ex-dividend date) x 1. Investors should note that yield figures are estimated and for reference only and do not represent the performance of the fund, and that there is no guarantee as to the actual frequency and/or amount of dividend payments. 4. The receiving bank may charge a fee for incoming payments. Such fees will reduce the actual amount of dividends received by the investor.

2 Value Partners High-Dividend Stocks Fund Q 018 Investment objective and strategy The Fund aims to provide capital appreciation to unitholders by investing primarily in a portfolio of relatively higher yielding debt and equity securities in Asian region. Without fixed geographical or sectoral weightings, the Fund invests in high income investments and can also flexibly allocate to different asset classes, e.g. commodities, collective investment schemes, derivatives and cash on ancillary basis, according to different market conditions. Fund features Distribution classes 3 and currency hedged classes available Distribution classes aim at monthly distribution, subject to manager s discretion. Dividend payout is determined by the Fund s income and reviewed by the Fund Manager regularly, with an aim to preserve asset growth potential over the long term while paying dividends Proven track record, managed by experienced team One of the longest standing high-dividend equity funds, which achieved 1 years of positive calendar year return in the past 16 years 5 About 70 investment professionals employ the bottom up approach to pick the best high-dividend stocks and bonds in Asia Flexible asset allocation Active asset allocation among equities, bonds, gold and cash according to different market conditions No benchmarking - the portfolio can adjust its cash and short positions in a timely manner to help increase the defensiveness Well-diversified universe of high yield products including REITs, Asian high-yield bonds and convertible bonds Fund facts Share class A1 (USD) 6 RMB hedged / RMB A Acc unhedged A MDis USD Distribution classes 3 A MDis HKD/ AUD hedged / NZD hedged / CAD hedged A MDis GBP hedged A MDis RMB hedged / RMB unhedged A MDis SGD hedged Launch date Sep 00 Apr Sep 01 3 Sep Mar 015 Apr Jan 017 Subscription fee Up to 5% Management fee 1.5% p.a. Performance fee 7 15% of profit (high-on-high principle) Dealing frequency Daily Base currency USD Performance 5 Geographical exposure by listing 9 Hong Kong H Shares South Korea Taiwan Red Chips Indonesia Others 10 Cash China A Shares India Sector exposure 9, 11 Real estate Consumer discretionary Industrials Information technology Banks Insurance Other financials 10 Cash Others Telecom services Utilities Consumer staples Health care Recent awards The Fund (Class A1) The Fund (Class A MDis) 11% 10% 9% 6% 5% 4% 3% 3% 18% 17% 16% 15% 1% 9% 7% 7% 4% 3% 3% 3% % % Thomson Reuters Lipper Fund Awards 016 & Best Asia Pacific ex-japan Equity (10 Years) Index* One year +19.8% +18.9% +5.8% Three years +4.6% +3.3% +31.8% Since launch % +60.3% % Annualized return 8 (since launch) +15.7% +9.0% +11.6% Annualized volatility 8 (since launch) 18.3% 1.9% 19.9% * Index refers to MSCI AC Asia Pacific (ex-japan) Total Return Index up to 30 April 016, thereafter it is the MSCI AC Asia (ex-japan) Total Return Index. The index is for reference only 31% Senior investment staff Chairman & Co-Chief Investment Officer Cheah Cheng Hye Deputy Chairman & Co-Chief Investment Officer Louis So Deputy Chief Investment Officer Renee Hung Senior Investment Director Investment Directors Senior Fund Managers All fund information is quoted as of 9 March 018. Source: Morningstar, HSBC Institutional Trust Services (Asia) Ltd., Bloomberg. 5. Performance in USD, NAV to NAV, is net of fees and with dividend reinvested. Calendar year return of the Fund (Class A1): 00 (since inception on September): +10.5%; 003: +79.7%; 004: +8.9%; 005: +1.%; 006: +35.0%; 007: +44.%; 008: -46.8%; 009: +8.8%; 010: +5.8%; 011: -11.9%; 01: +5.%; 013: +8.1%; 014: +9.4%; 015: -3.7%; 016: -0.%; 017: +3.9%. Calendar year return of the Fund (Class A MDis): 01 (since inception on 8 September): +7.%; 013: +7.5%; 014: +9.4% ; 015: -3.8%; 016: -0.3%; 017: +31.7%. 6. Certain distributors may accept payment for subscription fee in HKD for Class A1, please contact relevant distributors for details. Please note that Class A1 is denominated in USD, investors may have to bear the foreign exchange costs or fees involved. 7. Performance fee will only be charged if the NAV at the end of the financial year or upon realization of units exceeds the high watermark, which is the all-time year-end high of the fund s NAV. If in any one year, the fund suffers a loss, no performance fee can be charged in subsequent years until the loss is recovered fully (the high-on-high principle). 8. Annualized return and volatility are calculated from inception on September 00. Volatility is a measure of the theoretical risk in terms of standard deviation; in general, the lower the number, the less risky the investment, and vice versa. 9. Exposure refers to net exposure (long exposure minus short exposure). Due to rounding, percentages shown may not add up to 100%. 10. Cash refers to net cash including cash equivalents, investment in money market funds but excluding cash for collaterals and margins. 11. Classification is based on Global Industry Classification Standard (GICS). 1. The award reflecting performance as at December 016 and December 015 respectively. 13. The award winners were selected among funds with Accredited Investor status in Singapore, based on performance data from 30 June 01 to 30 June 015 and voting from a panel of industry fund selectors. The views expressed are the views of Value Partners Hong Kong Limited only and are subject to change based on market and other conditions. The information provided does not constitute investment advice and it should not be relied on as such. All materials have been obtained from sources believed to be reliable, but its accuracy is not guaranteed. This material contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Investors should note investment involves risk. The price of units may go down as well as up and past performance is not indicative of future results. Investors should read the explanatory memorandum for details and risk factors in particular those associated with investment in emerging markets. Investors should seek advice from a financial adviser before making any investment. In the event that you choose not to do so, you should consider whether the investment selected is suitable for you. This material has not been reviewed by the Securities and Futures Commission. Issuer: Value Partners Hong Kong Limited. For Singapore investors: The Fund is registered as a restricted foreign scheme in Singapore and will only be distributed to (i) institutional investors and (ii) accredited investors and certain other persons in Singapore in accordance with section 304 and 305 of the Securities and Futures Act. Value Partners Asset Management Singapore Pte Ltd, Singapore Company Registration No G Follow us on Norman Ho, CFA Chung Man Wing; Kenny Tjan, CFA; Michelle Yu, CFA; Yu Xiao Bo Anthony Chan, CFA; Kelly Chung, CFA; Doris Ho; Glenda Hsia; Philip Li, CFA; Luo Jing, CFA; Kai Mak; Yu Chen Jun Fund Selector Asia Singapore Awards Asia Pacific Equity (Platinum Winner) Hong Kong: ( 85 ) Singapore: ( 65)

3 Value Partners High-Dividend Stocks Fund NAV per unit : Class A1 USD - USD91.7 Fund size : USD3,064.6 million HHHH Morningstar Rating TM1 As at Class A MDis USD - USD11.64 June 018 Value Partners High-Dividend Stocks Fund (The Fund ) primarily invests in higher yielding debt and equity securities in the Asian region. The Fund may invest in higher-yielding debt and equity securities that are below investment grade. Such investments can involve greater risks due to the speculative nature. The Fund may invest in China and other markets of the Asian region, therefore is subject to emerging market risks. Generally, investments in emerging markets are more volatile than investments in developed markets due to additional risks relating to political, social, economic and regulatory uncertainty. The value of the Fund can be extremely volatile and could go down substantially within a short period of time. It is possible that the entire value of your investment could be lost. The Fund may also invest in derivatives which can involve material risks, e.g. counterparty default risk, insolvency or liquidity risk, and may expose the Fund to significant losses. In respect of the distribution units for the Fund, the Manager currently intends to make monthly dividend distribution. However, the distribution rate is not guaranteed. Distribution yield is not indicative of the return of the Fund. Distribution may be paid from capital of the Fund. Investors should note that where the payment of distributions are paid out of capital, this represents and amounts to a return or withdrawal of part of the amount you originally invested or capital gains attributable to that and may result in an immediate decrease in the value of units. You should not make investment decision on the basis of this material alone. Please read the explanatory memorandum for details and risk factors. Investment objective The Fund aims to provide capital appreciation to unitholders by investing primarily in a portfolio of relatively higher yielding debt and equity securities in Asian region. Performance since launch % 1, The Fund (Class A1, USD) Index* Performance update % +45.% Class A1 Class A Class A USD MDis USD Acc RMB Index* One month -5.5% -5.6% -.4% -4.8% Year-to-date -4.% -4.3% -.7% -4.8% One year +7.6% +7.0% +5.7% +9.9% Three years +9.3% +8.% +16.1% +6.0% Five years +43.8% +4.9% N/A +47.0% Since launch +8.% +5.5% +48.7% +45.% Annualized return ^ +15.1% +7.6% +9.7% +11.0% Annualized volatility ^ 18.% 1.9% 1.7% 19.9% Dividend information Class A MDis Classes 3 Dividend per Annualized Ex-dividend unit 4 yield 5 date Class A MDis USD % Class A MDis HKD % Class A MDis AUD Hedged % Class A MDis CAD Hedged % Class A MDis GBP Hedged % Class A MDis NZD Hedged % Class A MDis RMB Hedged % Class A MDis RMB Unhedged % Class A MDis SGD Hedged % NAVs & codes Classes 3 NAV ISIN Bloomberg Class A1 USD 91.7 HK VALASHY HK Class A1 HKD HK VALASHY HK Class A Acc RMB Hedged 13.1 HK VALHAHR HK Class A Acc RMB Unhedged HK VALHAUR HK Class A MDis USD HK VALHYA HK Class A MDis HKD HK VALHAH HK Class A MDis AUD Hedged HK VALHAA HK Class A MDis CAD Hedged 10.1 HK VALHAC HK Class A MDis GBP Hedged 9.66 HK VALHDSF HK Class A MDis NZD Hedged HK VALHAN HK Class A MDis RMB Hedged HK VALHRMB HK Class A MDis RMB Unhedged HK VAHYRMB HK Class A MDis SGD Hedged HK VALHAS HK The Fund Class A1 USD: Monthly performance from 1 Jan 009 to 9 Jun 018 Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual % +1.% +7.5% +8.9% +18.9% +5.4% +9.% -3.8% +3.3% +10.% +3.9% +.1% +8.8% % +0.% +7.0% +5.1% -6.4% +3.5% +.4% +1.5% +8.0% +5.6% +0.0% -1.% +5.8% % -1.6% +.6% +5.7% -.3% -.1% +.5% -5.% -15.1% +9.% -4.7% +0.% -11.9% % +4.7% -1.7% +.% -6.5% +1.5% +.4% +0.4% +5.5% +3.1% +1.7% +.4% +5.% % +0.4% -0.8% +1.5% +1.7% -5.6% +.3% -0.1% +.5% +.7% +1.6% -1.5% +8.1% % +1.8% +0.7% +0.% +3.8% +1.8% +5.9% +1.% -4.1% +0.3% +1.8% +0.6% +9.4% % +1.% +1.1% +11.% -0.7% -1.8% -6.4% -9.5% -1.6% +6.4% -3.8% +0.9% -3.7% % -1.7% +9.7% +0.4% -.7% +.6% +4.1% +.0% +.3% -.% -0.6% -.3% -0.% % +3.% +1.7% +1.1% +.8% +1.9% +3.5% +0.4% +1.0% +3.3% +1.% +.4% +3.9% 018 (YTD) +6.8% -4.8% -1.1% -0.0% +0.8% -5.5% -4.% * Index refers to MSCI AC Asia Pacific (ex-japan) Index (Total Net Return) up to 30 Apr 016, thereafter it is the MSCI AC Asia (ex-japan) Index (Total Net Return) due to a change in investment profile. MSCI Total Net Return Indices takes into account of dividend reinvestment after deduction of withholding tax. ^ Annualized return and volatility are calculated from inception on Sep 00. Volatility is a measure of the theoretical risk in terms of standard deviation; in general, the lower the number, the less risky the investment, and vice versa. 9th Floor, Nexxus Building, 41 Connaught Road Central, Hong Kong Hotline: Hong Kong (85) Singapore (65) [email protected] Follow us on

4 Value Partners High-Dividend Stocks Fund June 018 Top 10 securities holdings 7 Name Industry 8 % China Construction Banks 5.5 Bank Corporation Longfor Properties Co Ltd Real estate 4.3 Ping An Insurance (Group) Co Insurance 3. of China Ltd Taiwan Semiconductor Semiconductors &.9 Manufacturing Co Ltd semiconductor equipment Far East Horizon Ltd Diversified financials.7 SITC International Holdings Transportation.7 Co Ltd China Lilang Ltd Consumer durables & apparel.6 China Resources Power Utilities.6 Holdings Co Ltd Far East Consortium Real estate.5 International Ltd Qingdao Port International Co Ltd Transportation.5 These stocks constitute 3% of the Fund. Portfolio characteristics As at 9 Jun Price/earnings ratio 8.7 times Price/book ratio 1. times Portfolio yield 4.3% Yield to maturity/put N/A 35% Hong Kong Geographical exposure by listing 10 H Shares 18% Red Chips 10% South Korea 10% Taiwan 9% Indonesia 5% China A Shares 3% India 3% Singapore 3% Others % Thailand % 18% Real estate Sector exposure 8, 10 Consumer discretionary 16% Industrials 16% Banks 11% Information technology 10% Insurance 7% Other financials 7% Telecom services 4% Utilities 4% Others 3% Consumer staples % Health care % Fund facts Manager: Value Partners Hong Kong Limited Base currency: USD Trustee: HSBC Institutional Trust Services (Asia) Limited Custodian: HSBC Institutional Trust Services (Asia) Limited Launch date: Class A1 USD - Sep 00 Class A MDis USD - 8 Sep 01 Class A MDis HKD - 3 Sep 013 Class A MDis AUD/CAD/NZD Hedged - 3 Sep 013 Class A Acc RMB Unhedged - 0 Mar 014 Class A MDis RMB Unhedged - 1 Sep 014 Class A MDis RMB Hedged - 10 Sep 014 Class A Acc RMB Hedged - 11 Sep 014 Class A MDis GBP Hedged - 1 Mar 015 Class A MDis SGD Hedged - 3 Jan 017 Dividend policy : Class A MDis aim at monthly distribution, subject to Manager s discretion Fee structure Minimum subscription Minimum subsequent subscription Class A1 Class A MDis Class A Acc USD10,000 / HKD80,000 / USD10,000 or AUD10,000 / CAD10,000 / RMB60,000 HKD equivalent 6 GBP10,000 / RMB60,000 / NZD10,000 / SGD10,000 USD5,000 or HKD equivalent 6 USD5,000 / HKD40,000 / AUD5,000 / CAD5,000 / GBP5,000 / RMB30,000 / NZD5,000 / SGD5,000 Subscription fee Up to 5% Management fee 1.5% p.a. Performance fee 11 15% of profit (High-on-high principle) Redemption fee Nil Dealing day Daily Senior investment staff RMB30,000 Chairman & Co-Chief Investment Officer: Cheah Cheng Hye Deputy Chairman & Co-Chief Investment Officer: Louis So Deputy Chief Investment Officer: Renee Hung Senior Investment Director: Norman Ho, CFA Investment Directors: Chung Man Wing; Kenny Tjan, CFA; Michelle Yu, CFA; Yu Xiao Bo Senior Fund Managers: Anthony Chan, CFA; Kelly Chung, CFA; Doris Ho; Glenda Hsia; Philip Li, CFA; Luo Jing, CFA; Kai Mak; Yu Chen Jun Recent fund awards Thomson Reuters Lipper Fund Awards 016 & Best Asia Pacific ex-japan Equity (10 Years) ~ Thomson Reuters Fund Selector Asia Singapore Awards Asia Pacific Equity (Platinum Winner) ~ Fund Selector Asia Scan QR code for fund documents 14 : Source: HSBC Institutional Trust Services (Asia) Limited and Bloomberg, data as at the last valuation date of the month as stated above, unless stated otherwise. Performance is calculated on NAV to NAV in base currency with dividend reinvested and net of fees. All indices are for reference only Morningstar, Inc. All Rights Reserved (for Class A1).. The Manager currently intends to make monthly dividend distribution in respect of the A MDis Classes; actual dividend payout will be subject to the Manager s discretion. Distribution may be paid from capital of the Fund. Investors should note that where the payment of distributions are paid out of capital, this represents and amounts to a return or withdrawal of part of the amount that have been originally invested or capital gains attributable to that and may result in an immediate decrease in the value of units. For A1 Class units, Manager will review dividend distribution at its discretion once a year (last dividend payout date: 1 Nov 005). Please refer to the explanatory memorandum for more details. 3. The Fund may invest in financial derivative instruments ( FDI ) for hedging purposes. In adverse situations, the Fund s use of FDI may become ineffective in hedging and the Fund may suffer significant losses. Each hedged share class will hedge the Fund s base currency back to its currency of denomination on a best efforts basis. However, the volatility of the hedged classes measured in the Fund s base currency may be higher than that of the equivalent class denominated in the Fund s base currency. Risks associated with FDI include counterparty risk, credit risk and liquidity risk. Such exposure may lead to a high risk of capital loss. The AUD/CAD/GBP/NZD/RMB/SGD Hedged Classes are not recommended for investors whose base currency of investment is not in the aforesaid currencies. 4. The receiving bank may charge a fee for incoming payments. Such fees will reduce the actual amount of dividends received by the investor. 5. Annualized yield of MDis Class is calculated as follows: (Latest dividend amount/ NAV as of ex-dividend date) x 1. Investors should note that yield figures are estimated and for reference only and do not represent the performance of the Fund, and that there is no guarantee as to the actual frequency and/or amount of dividend payments. 6. Investors should note that the base currency of the Fund is in USD. The HKD equivalent NAV per unit is for reference only and should not be used for subscription or redemption purpose. Conversion to the base currency of the Fund will normally take place at the prevailing rate (as determined by the Fund s Trustee or Custodian) on the corresponding fund dealing day. Investors should be aware of possible risks resulting from fluctuations of exchange rates against USD. 7. Our portfolio disclosure policy can be obtained from the Investment Manager upon request to [email protected]. 8. Classification is based on Global Industry Classification Standard (GICS). 9. The profile is based on market consensus forecast as derived from S&P Capital IQ and Bloomberg. Harmonic mean methodology is applied to calculate the forecast P/E ratio and P/B ratio. Note that the manager s internal estimates may differ significantly from S&P Capital IQ and Bloomberg estimates. Investors should note that all yield figures are for reference only and do not represent the actual performance of the Fund or the dividend yield received by investors, nor does a positive yield imply a positive return. Dividend yield is calculated based on the equity portion of the Fund, whereas Yield to maturity/put is calculated based on the debt portion of the Fund by taking the average of yields of individual holdings (being the higher of the yield to maturity and yield to put of each bond/convertible bond) after excluding event-driven investment with extremely high yield. 10. Exposure refers to net exposure (long exposure minus short exposure). Due to rounding, percentages shown may not add up to 100%. 11. Performance fee will only be charged if the NAV at the end of the financial year or upon realization of units exceeds the high watermark, which is the all-time year-end high of the Fund s NAV. If in any one year, the Fund suffers a loss, no performance fee can be charged in subsequent years until the loss is recovered fully (the high-on-high principle). 1. The award reflecting performance as at Dec 016 and Dec 015 respectively. 13. The award winners were selected among funds with Accredited Investor status in Singapore, based on performance data from 30 Jun 01 to 30 Jun 015 and voting from a panel of industry fund selectors. 14. For Hong Kong investors only. Investors should note investment involves risk. The price of units may go down as well as up and past performance is not indicative of future results. Investors should read the explanatory memorandum for details and risk factors in particular those associated with investment in emerging markets. Information in this report has been obtained from sources believed to be reliable but Value Partners Hong Kong Limited does not guarantee the accuracy or completeness of the information provided by third parties. Investors should seek advice from a financial adviser before making any investment. In the event that you choose not to do so, you should consider whether the investment selected is suitable for you. For Singapore investors: The Fund is registered as a restricted foreign scheme in Singapore and will only be distributed to (i) institutional investors and (ii) accredited investors and certain other persons in Singapore in accordance with section 304 and 305 of the Securities and Futures Act. Value Partners Asset Management Singapore Pte Ltd, Singapore Company Registration No G This document has not been reviewed by the Securities and Futures Commission of Hong Kong. Issuer: Value Partners Hong Kong Limited. HDF_Master+SG_01806

5 PRODUCT KEY FACTS Value Partners High-Dividend Stocks Fund Issuer: Value Partners Hong Kong Limited March 018 This statement provides you with key information about the Value Partners High-Dividend Stocks Fund (the Fund ). This statement is a part of the offering document. You should not invest in this product based on this statement alone. Quick facts Manager: Trustee and Custodian: Dealing frequency: Base currency: Ongoing charges over a year # : Value Partners Hong Kong Limited HSBC Institutional Trust Services (Asia) Limited Daily (Hong Kong business days) US dollars (US$) Exclusive of performance fees Inclusive of performance fees Class A1 1.46% γ 5.86% γ Class A MDis 1.47% γ 7.03% γ Class A MDis HKD 1.46% γ 6.40% γ Class A MDis AUD Hedged 1.47% γ 7.06% γ Class A MDis CAD Hedged 1.46% γ 6.58% γ Class A MDis GBP Hedged 1.44% γ 4.40% γ Class A MDis NZD Hedged 1.47% γ 6.61% γ Class A Acc RMB Unhedged 1.46% γ 5.54% γ Class A Acc RMB Hedged 1.48% γ 7.05% γ Class A MDis RMB Unhedged 1.45% γ 4.54% γ Class A MDis RMB Hedged 1.45% γ 5.30% γ Class A MDis SGD Hedged 1.43% γ 4.64% γ Dividend policy: Class A Acc HKD Hedged, Class A Acc SGD Hedged, Class A Acc RMB Unhedged, Class A Acc RMB Hedged, and Class A Acc JPY Hedged: It is the current intention of the Manager that distributions of income will not be made from the Fund Class A1: Manager to review dividend distribution at its discretion once a year. Last dividend payout date: 1 November 005 Class A MDis, Class A MDis HKD, Class A MDis AUD Hedged, Class A MDis CAD Hedged, Class A MDis GBP Hedged, Class A MDis NZD Hedged, Class A MDis HKD Hedged, Class A MDis SGD Hedged, Class A MDis RMB Unhedged, Class A MDis RMB Hedged, Class A MDis JPY Hedged: Value Partners High-Dividend Stocks Fund - Product Key Facts 1

6 Value Partners High-Dividend Stocks Fund Minimum investment: Financial year-end of this Fund: At its discretion, the Manager currently intends to make monthly dividend distribution. In respect of the above classes, dividends may be paid out of the capital of the relevant class and may result in an immediate reduction of the net asset value ( NAV ) per unit of the Fund. US$10,000 initial, and US$5,000 subsequent (for Class A1 and Class A MDis) HKD80,000 initial, and HKD40,000 subsequent (for Class A Acc HKD Hedged, Class A MDis HKD and Class A MDis HKD Hedged) AUD10,000 initial and AUD5,000 subsequent (for Class A MDis AUD Hedged) CAD10,000 initial and CAD5,000 subsequent (for Class A MDis CAD Hedged) GBP10,000 initial and GBP5,000 subsequent (for Class A MDis GBP Hedged) NZD10,000 initial and NZD5,000 subsequent (for Class A MDis NZD Hedged) SGD10,000 initial and SGD5,000 subsequent (for Class A Acc SGD Hedged and Class A MDis SGD Hedged) RMB60,000 initial, and RMB30,000 subsequent (for Class A Acc RMB Unhedged, Class A Acc RMB Hedged, Class A MDis RMB Unhedged and Class A MDis RMB Hedged) JPY1,000,000 initial and JPY500,000 subsequent (for Class A Acc JPY Hedged and Class A MDis JPY Hedged) 31 December # γ The ongoing charges figure is expressed as a percentage of the sum of expenses over the average net asset value of the class of units for the corresponding period as described below. This figure may vary from year to year. The performance fees to be paid as at year end, where applicable, may vary subject to market conditions. Information is updated as at 15 March 018. This figure is based on the expenses for the year ended 31 December 017. What is this product? The Fund was originally a unit trust constituted under the laws of the Cayman Islands. With effect on and from April 016, the jurisdiction of the Fund was changed from the Cayman Islands to Hong Kong. Objectives and Investment Strategy Objectives The Fund aims to provide capital appreciation to unitholders by investing primarily (i.e. not less than 70% of the Fund s NAV) in a portfolio of relatively higher yielding debt and equity securities in the Asian region. The Fund will concentrate on investing in interest-bearing or dividend-distributing debt and equity securities of companies or issuers in the Asian markets. There are no fixed geographical, sectoral or industry weightings in the allocation of assets and the Manager does not intend to follow benchmark indices in determining the geographical, sectoral or industry weightings of the Fund. For the avoidance of doubt, not less than 70% of the Fund s NAV will be invested in equity securities. Value Partners High-Dividend Stocks Fund - Product Key Facts

7 Value Partners High-Dividend Stocks Fund Strategy The Fund may invest in securities issued by companies of any market size and in such proportions as the Manager deems appropriate. Debt and equity securities that the Fund may invest in include but are not limited to listed debt securities, bonds, sovereign debts, listed equities, real estate investment trusts ( REITs ), and Exchange Traded Funds ( ETFs ). The Manager may invest in debt securities that are below investment grade or unrated and investors should be aware of the greater risks which may be involved in investing in these securities. Below investment grade refers to a credit rating of BB+ or below from Standard & Poor s, Ba1 or below from Moody s or an equivalent rating from an internationally recognized rating agency. The Manager may invest not more than 30% of the Fund s latest available NAV in debt securities that are below investment grade or unrated. In addition, the Fund s assets may from time to time include cash, deposits, short-term papers, such as treasury bills, certificates of deposit, banker s acceptances, short-term commercial paper and other fixed income instruments. However, the Fund will not invest more than 10% of its NAV in debt securities issued and/or guaranteed by a single sovereign issuer (including its government, public or local authority) which is below investment grade. The Manager may also place a substantial portion of the portfolio in cash or cash equivalents. Under exceptional circumstances (e.g. market crash or major crisis), the Fund may be invested temporarily up to 100% in liquid assets such as deposits, treasury bills, certificates of deposit. The Fund may invest in China A Shares via the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect (collectively the Stock Connects ), China A Shares Access Products ( CAAPs ) and/or collective investment schemes directly investing in China A Shares through qualified foreign institutional investors ( QFIIs ) or Renminbi qualified foreign institutional investors ( RQFIIs ) ( A Shares CIS ). The investment in China A Shares through the Stock Connects, CAAPs and A Shares CIS is subject to a maximum exposure of 0% of the Fund s latest available NAV and not more than 10% of the Fund s latest available NAV may be invested in CAAPs issued by any single CAAP Issuer. The aggregate exposure to China A Shares and China B Shares will not exceed 0% of the Fund s latest available NAV. For the avoidance of doubt, the Fund will not in aggregate invest more than 0% of its non-cash assets in the Mainland China market. The Fund will have a limited exposure to investments denominated in RMB. Assets of the Fund denominated in RMB are valued with reference to the CNH rate. Under the current regulations, the rate at which RMB may be exchanged outside Mainland China (in the case of Hong Kong, the CNH rate) may be different from the exchange rate within Mainland China (the CNY rate). Please refer to the offering document for details. To the extent permitted by the SFC s Code on Unit Trusts and Mutual Funds and the provisions set out under the section Investment Restrictions and Prohibition in the Explanatory Memorandum, the Fund may also, on an ancillary basis, invest less than 30% of its NAV in commodities, futures contracts, options, depository receipts, warrants, convertible bonds and units in any unit trust or shares in any mutual fund corporation or any other collective investment scheme. For the purposes of hedging market and currency risks, the Fund may invest in index and currency swaps and currency forwards. The Fund does not invest in any asset backed securities (including asset backed commercial papers) or mortgage backed securities for hedging or non-hedging purposes. Nor does the Fund intend to engage in repurchase and reverse repurchase transactions or other similar over-the-counter transactions. However, the Fund may enter into securities lending arrangements provided that the value of the securities to be loaned, together with the value of all other securities which are the subject of a loan by the Fund does not exceed 10% of its latest available NAV. * The SFC s authorisation is not a recommendation or endorsement of a collective investment scheme nor does it guarantee the commercial merits of such collective investment scheme or its performance. It does not mean the collective investment scheme is suitable for all investors nor is it an endorsement of its suitability for any particular investor or classes of investors. Value Partners High-Dividend Stocks Fund - Product Key Facts 3

8 Value Partners High-Dividend Stocks Fund What are the key risks? Investment involves risks. Please refer to the offering document for details including the risk factors. 1. Investment risk The Fund is an investment fund. The Fund s investment portfolio may fall in value due to any of the key risk factors below and therefore you may lose a substantial proportion or all of your investment in the Fund. There is no guarantee of the repayment of principal.. Geographical concentration risk The concentration of the Fund s investments in Asian markets may result in greater volatility in the value of the Fund than more diverse portfolios which comprise broad-based global investments. The value of the Fund may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting the Asian market. 3. Risk of investing in Mainland China and other emerging markets Mainland China is an emerging market. Investing in Mainland China-related companies and emerging markets involves certain increased risks and special considerations not typically associated with investment in more developed economies or markets, such as greater political, tax, economic, foreign exchange risks/controls, liquidity, settlement, custody, legal and regulatory risk, and the likelihood of higher degree of volatility. 4. Equity risk The Fund's investment in equity securities is subject to general market risks, whose value may fluctuate due to various factors, such as changes in investment sentiment, political and economic conditions and issuer-specific factors. To achieve the investment objective, the Fund may invest in high dividend stocks. There is no guarantee that dividends will be declared by such companies. Also investors should not expect the dividend policy of such companies is tantamount to the dividend policy of the Fund. 5. Risk associated with high volatility of the equity market in the Asian region High market volatility and potential settlement difficulties in the markets may also result in significant fluctuations in the prices of the securities traded on such markets and thereby may adversely affect the value of the Fund. 6. Risk associated with regulatory/exchanges requirements/policies of the equity market in the Asian region Securities exchanges in the Asian region typically have the right to suspend or limit trading in any security traded on the relevant exchange. The government or the regulators may also implement policies that may affect the financial markets. All these may have a negative impact on the Fund. 7. Risks relating to China A Shares market The China A Shares market may be more volatile and unstable (for example, due to the risk of suspension of a particular stock or government intervention). Market volatility and potential lack of liquidity due to low trading volume in the China A Shares markets may result in prices of securities traded on such markets fluctuating significantly resulting in substantial changes in the NAV of the Fund. Value Partners High-Dividend Stocks Fund - Product Key Facts 4

9 Value Partners High-Dividend Stocks Fund 8. Risk relating to debt securities Credit risk - The Fund may be subject to the risk that an issuer will fail to make principal and interest payments when due, which may lead to a default and, ultimately, a fall in the value of the Fund. Interest rate risk - The Fund may invest in fixed income securities which are subject to interest rate risk. A fixed income security s value will decrease in value when interest rates rise. Volatility and liquidity risk - The debt securities in the Mainland China market may be subject to higher volatility and lower liquidity compared to more developed markets. It is possible that there may be no liquidity for certain securities that the Fund may invest in, in particular debt securities and securities that are not listed on a recognised stock exchange. The Fund s ability to sell or liquidate investments at favourable times or for favourable prices may be restricted. The prices of securities traded in such markets may be subject to fluctuations. The bid and offer spreads of the price of such securities may be large and the Fund may incur significant trading costs. As a result, the Fund s value will be adversely affected. Credit rating downgrading risk - Investment grade securities may be subject to the risk of being downgraded to below investment grade securities, and its issuer s credit rating may also subsequently be downgraded. The Fund s investment value in such security may be adversely affected. The Manager may or may not dispose of the securities, subject to the investment objectives of the Fund. Unrated or below investment grade and high yielding debt securities risk - The Fund may invest in high yielding securities which may be unrated or rated below investment grade. Such investments are considered to have a higher credit risk, lower liquidity, higher volatility and greater possibility of default than securities which are investment grade with respect to payment of interest and the return of principal. Valuation risk Valuation of the Fund s investments may involve uncertainties and judgmental determinations. If such valuation turns out to be incorrect, this may affect the NAV calculation of the Fund. Credit rating risk Credit ratings assigned by credit agencies are subject to limitations and do not guarantee the creditworthiness of the issuers. 9. Foreign exchange risk The Fund is denominated in US dollars but may issue classes of units denominated in a currency other than its base currency. In addition, the Fund may invest in assets that are denominated in a currency other than its base currency or the relevant class currency. The NAV of the Fund may therefore be affected unfavorably by fluctuations in the exchange rates between these currencies and the base currency and by changes in exchange rate controls. 10. Risks relating to currency hedging and the currency hedged classes ( Currency Hedged Classes ) The Manager may (but is not obliged to) enter into certain currency related transactions in order to hedge the currency exposure of the assets of the Fund attributable to a particular class into the class currency of the relevant class. Investors in the Currency Hedged Classes may have exposure to currencies other than the currency of that Currency Hedged Class. Investors should also be aware that the hedging strategy may substantially limit the benefits of any potential increase in value of a Currency Hedged Class expressed in the class currency, if the Currency Hedged Class denominating currency falls against the base currency of the Fund. The precise hedging strategy applied to a particular Currency Hedged Class may vary. In addition, there is no guarantee that the desired hedging instruments will be available or hedging strategy will achieve its desired result. In such circumstances, investors of the Currency Hedged Class may still be subject to the currency exchange risk on an unhedged basis. If the counterparties of the instruments used for hedging purposes default, investors of the Currency Hedged Classes may be exposed to the currency exchange risk on an unhedged basis and may therefore suffer further losses. Value Partners High-Dividend Stocks Fund - Product Key Facts 5

10 Value Partners High-Dividend Stocks Fund 11. Performance fee risk The performance fee payable to the Manager may create an incentive for the Manager to make investments that are riskier or more speculative than would be the case in the absence of a performance fee. There is no adjustment of equalisation credit or equalisation losses on an individual unitholder basis. A unitholder redeeming units may still incur performance fee in respect of the units, even though a loss in investment capital has been suffered by the redeeming unitholder. In addition, performance fees may be paid on unrealised gains which may never be realised by the Fund. 1. Risks associated with RMB Classes of Units Investors may invest in Class A Acc RMB Unhedged, Class A Acc RMB Hedged, Class A MDis RMB Unhedged, Class A MDis RMB Hedged ( RMB classes ). It should be noted that the RMB is currently not a freely convertible currency as it is subject to foreign exchange control policies of the Chinese government. Non-RMB based investors are exposed to foreign exchange risk and there is no guarantee that the value of RMB against the investors base currencies will not depreciate. Any depreciation of the RMB could adversely affect the investors investments in the Fund. Although offshore RMB ( CNH ) and onshore RMB ( CNY ) are the same currency, they trade at different rates. Any divergence between CNH and CNY may adversely impact investors. Under exceptional circumstances, payment of redemptions and/or dividend payment in RMB may be delayed due to the exchange controls and restrictions applicable to RMB. 13. Risks associated with investments in derivative instruments Risks associated with derivative instruments include counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk. The leverage element/ component of a derivative instrument and adverse changes in the value or level of the underlying asset, rate or index can result in a loss significantly greater than the amount invested in the derivative instrument itself. Exposure to derivative instruments may lead to a high risk of significant loss by the Fund. 14. Dividend risk and risk relating to dividends paid out of capital There is neither guarantee of distribution/dividend payments nor distribution rate or dividend yield. Payment of dividends out of capital represents a return or withdrawal of part of an investor s original investment or from any capital gains attributable to the original investment. Any such distributions may result in an immediate reduction of the NAV per unit of the Fund. The distribution amount and NAV of the Currency Hedged Classes may be adversely affected by differences in the interest rates of the reference currency of the Currency Hedged Classes and the Fund s base currency, resulting in an increase in the amount of distribution that is paid out of capital and hence a greater erosion of capital than other non-hedged classes. The Manager may amend the distribution policy subject to obtaining the SFC s prior approval and by giving not less than one month s prior notice to unitholders. Value Partners High-Dividend Stocks Fund - Product Key Facts 6

11 Value Partners High-Dividend Stocks Fund How has the Fund performed? 100% 80% 8.8% 60% 40% 5.8% 5.% 3.9% 0% 8.1% 9.4% 0% -0% % -3.7% -0.% -40% -60% -46.8% Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the calendar year end, NAV-to-NAV, with dividend reinvested. These figures show by how much Class A1 increased or decreased in value during the calendar year being shown. Performance data has been calculated in US$ including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Fund launch date: September 00 Class A1 launch date: September 00 Class A1 has the longest history and is broadly indicative of the Fund s performance characteristics. Is there any guarantee? This Fund does not have any guarantees. You may not get back the full amount of money you invest. What are the fees and charges? Charges which may be payable by you You may have to pay the following fees when dealing in the units of the Fund. Fee Subscription fee (Preliminary Charge) Switching fee Redemption fee What you pay Up to 5% of the amount you buy Nil* Nil * Certain distributors may impose a charge for each switching of units acquired through it for units in another class, which will be deducted at the time of the switching and paid to the relevant distributor. Unitholders who intend to switch their units from one class to units in another class should check with their respective distributors for the charge on switching. Value Partners High-Dividend Stocks Fund - Product Key Facts 7

12 Value Partners High-Dividend Stocks Fund Ongoing fees payable by the Fund The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. Annual rate (as a % of the Fund s NAV) Management fee 1.5%* Trustee fees First US$400 million of the Fund s NAV %* (Including fees of the Next US$400 million of the Fund s NAV % Custodian and Thereafter % Registrar s Agent) The trustee fees are subject to a monthly minimum of US$4,000. Under the terms of the Trust Deed, the Trustee is also entitled to a fixed annual fee of US$3,000. Performance fee Other fees 15% of the appreciation in the NAV per unit in the relevant class in the relevant performance period over the high water mark calculated annually on a high-onhigh basis. High water mark is initially set at the initial issue price of the relevant class. Each performance period corresponds to the financial year of the Fund. Where a performance fee is payable to the Manager for a performance period, the NAV per unit of that class (after deduction of performance fee and any distribution declared or paid) on the last valuation day of that performance period will be set as the high water mark for the next performance period. For details and illustrative examples of the performance fee calculation, please refer to the section headed Performance Fee in the Fund s offering document. You may have to pay other fees when dealing in the units of the Fund. * Please note that some fees may be increased up to a specified permitted maximum on giving unitholders at least one month s prior notice. Please refer to the section of the offering document entitled Fees and Expenses for further details of the fees and charges payable and the permitted maximum of such fees, as well as other ongoing expenses that may be borne by the Fund. Value Partners High-Dividend Stocks Fund - Product Key Facts 8

13 Value Partners High-Dividend Stocks Fund Additional Information You generally buy and redeem units at the Fund s next-determined NAV after the Registrar s Agent receives your request, directly or via a distributor, in good order at or before 5:00 p.m. (Hong Kong time), being the Fund s dealing cut-off time on each dealing day of the Fund. Before placing your subscription or redemption orders, please check with your distributor for the distributor s internal dealing cut-off time (which may be earlier than the Fund s dealing cut-off time). The NAV of the Fund is calculated and the price of units of each of the classes which are offered to the retail public of Hong Kong is published on each business day in the South China Morning Post, the Hong Kong Economic Times and the Hong Kong Economic Journal. Unit prices are available online at This website has not been reviewed or authorized by the SFC. Investors may obtain the past performance information of other unit classes offered to Hong Kong investors from This website has not been reviewed or authorized by the SFC. Investors may obtain information on the distributor(s) appointed in respect of the Fund by making a telephone enquiry with the Manager on (85) Where dividends comprise amounts from both income and capital, the composition of the dividends (i.e. the relative amounts paid out of (i) net distributable income and (ii) capital) (if any) for the last 1 months is available by the Manager on request and also on the Manager s website This website has not been reviewed or authorized by the SFC. Important If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. Value Partners High-Dividend Stocks Fund - Product Key Facts 9

14 惠理高息股票基金 TM 提供港元 / 美元 / 人民幣類別及 澳元 / 加元 / 英鎊 / 紐元 / 人民幣 / 新加坡元對沖類別 018 年第 季 惠理高息股票基金 ( 基金 ) 主要投資於亞洲區中較高回報的債務及股票證券組合 基金可投資於低於投資評級的債務及股票證券 基於這類投資存有投機成份, 基金或因此涉及較高風險 基金可投資於中國及其他亞洲地區市場, 故涉及新興市場風險 一般而言, 由於與新興市場有關之政治 社會 經濟及監管方面之不明朗因素會造成額外風險, 投資於新興市場比投資於發達市場較為波動 基金之價值或會巨幅波動及可於短時間內大幅下滑 閣下可能損失投資的全部價值 基金可投資於涉及重大風險如交易方違約風險 無力償還或流動性風險的衍生產品, 故可能使本基金承受重大損失 就派息單位而言, 基金經理目前有意每月分派股息 然而, 息率並不保證 派息率並非基金回報之準則 基金在支付派息時, 可從資本中支付派息 投資者應注意從資本中支付派息時, 即表示及相當於從閣下原本投資的金額中, 或從該等金額賺取的資本收益中退回或提取部份款項, 可能即時導致單位價值下跌 閣下不應僅就此文件提供之資料而作出投資決定 請參閱有關基金之解釋備忘錄, 以了解基金詳情及風險因素 為何投資惠理高息股票基金? 1 亞洲 ( 日本除外 ) 盈利保持上升趨勢 環球經濟增長持續靠穩, 推動企業利潤率和盈利能力上升 018 年亞洲 ( 日本除外 ) 企業盈利料將維持雙位數增長 ( 018 年預測為 13.5), 多個行業有望獲估值上調 亞洲區的 1 個月預測市盈率 ( 約 13 倍 ) 仍然吸引, 並低於美國等發達國家 ( 約 17 倍市盈率 ) MSCI 明晟亞洲 ( 日本除外 )018 年盈利預測穩健 盈利增長 (%) FY FY18 10 FY FY11 FY1 FY14 FY15 FY /010 1/011 1/01 1/013 1/014 1/015 1/016 1/017 資料來源 :Factset MSCI 湯森路透 里昂,018 年 3 月 FY 指財政年度 亞洲股息增長強勁 亞洲 ( 日本除外 ) 股息於過去 15 年來持續錄得蓬勃增長, 年均複合增長率為 15%, 當中以中國為增長亮點 亞洲 ( 日本除外 ) 股市派息率約為 30%, 遠低於歐美市場的大概 40-70%, 故料亞洲派息仍有增長空間 股息年均 複合增長率 (%) 中國菲律賓 印度 泰國 亞洲股息於過去 15 年增長強勁 馬來西亞 印尼 亞洲 ( 日本除外 ) 台灣 日本 韓國 香港 新加坡 9.0 美國 7.4 歐洲 資料來源 :CLSA, Dividend Wave 018 年 4 月 年均複合增長率以當地貨幣及現時成分股計算 3 受穩健資產負債表及強勁現金流支持 受穩健的資產負債表及強勁的自由現金流支持, 亞洲派息率的可持續性一向較高 亞洲的自由現金流持續改善, 尤其是在中國 現時 A/H 股的自由現金流收益率正處於高水平, 足以支持企業持續派息 隨著利率趨升反映量化寬鬆時代結束, 投資者著眼增長潛力外, 亦應重視企業的自由現金流及盈利能力 自由現金流收益率 (%) 中國自由現金流顯著上升 1/009 06/010 1/010 06/011 1/011 06/01 1/01 06/013 1/013 06/014 1/014 06/015 1/015 06/016 MSCI 明晟中國 MSCI 明晟中國 A 股資料來源 :CLSA, Dividend Wave 018 年 4 月 1/016 06/017 1/017 4 提供可觀派息的往績紀錄 本基金派息類別 (A MDis 類別美元 ) 自 01 年 1 月 3 以來持續每月派息 股息一直是亞洲 ( 日本除外 ) 股票回報的重要來源, 自 000 年 1 月以來, 佔近總回報的一半 當市況不明朗時, 股息亦可提供一定程度的緩衝 3 A MDis 類別 ( 美元 ) 過去半年之派息記錄 除息日資產淨值每單位派息 ( 美元 ) ( 美元 ) 4 年度化息率 9/3/ % 8// % 31/1/ % 9/1/ % 30/11/ % 31/10/ % Morningstar 版權所有 晨星星號評級 數據截至 018 年 3 月 31 日 ( A1 類別 ). 現時推出對沖類別, 分別為 A MDis 澳元對沖類別 ( 澳元對沖 ) A MDis 加元對沖類別 ( 加元對沖 ) A MDis 英磅對沖類別 ( 英磅對沖 ) A MDis 紐元對沖類別 ( 紐元對沖 ) A MDis 人民幣對沖類別 ( 人民幣對沖 ) 及 A MDis 新加坡元對沖類別 ( 新加坡元對沖 ) 基金可能投資於金融衍生工具以進行對沖 在不利情況下, 基金使用金融衍生工具或未能有效地對沖, 基金可能承受重大虧損 各對沖單位類別將盡量把基金之基本貨幣對沖為對沖類別的類別貨幣 然而, 若以基金基本貨幣量度對沖單位類別表現的波動性, 可能較以基金基本貨幣單位類別為高 涉及金融衍生工具的風險包括對手方風險 信貸風險 流動性風險, 該等投資或須承受高度的資本虧損風險 澳元對沖 加元對沖 紐元對沖 人民幣對沖及新加坡元對沖單位類別並不適合基本貨幣並非前述貨幣的投資者 3. 基金經理目前有意就 A MDis 類別每月分派股息, 實際派息將由基金經理酌情決定 基金在支付派息時, 可從資本中支付派息 投資者應注意從資本中支付派息時, 即表示及相當於從閣下原本投資的金額中, 或從該等金額賺取的資本收益中退回或提取部份款項, 可能即時導致單位價值下跌 A1 類別派息由基金經理酌情決定, 基金經理將審核分派股息 ( 每年一次 ); 上次分派股息日期為 005 年 11 月 1 日 有關詳情請參閱有關基金之解釋備忘錄 年率化息率的計算方法 : 以 MDis 類別為基礎 -( 最近一次之股息 除息日的基金資產淨值 )x 1 投資者應注意, 息率數據只屬估算並作參考之用, 並不表示本基金的實際表現, 亦不保證實際的派息週期及 或金額 4. 收款銀行或會對匯入款項收取手續費, 而該費用將會令投資者實際所得的股息減少

15 惠理高息股票基金 018 年第 季 投資目標及策略 透過主要投資於亞洲區內較高回報的債務及股票證券組合, 為單位持有人提供資本增值 本基金無固定地區或行業比重, 可投資於高收益的投資, 並可以輔助形式按不同市況靈活配置於不同的資產類別, 包括商品 集體投資計劃 衍生工具及現金等 基金特色 3 提供派息類別及外幣對沖類別 派息類別旨在每月分派股息, 實際派息取決於資產收益, 由基金經理定期檢討, 務求在派息同時保留基金長期資本增值潛力 由往績卓越及經驗豐富的團隊管理 歷史最悠久的高息股票基金之一, 成立逾 16 年, 共有 1 年 5 錄得正回報 約 70 人的投資團隊以由下而上方式精選亞洲區內高息股債靈活資產配置 可按各種市況, 彈性調配股票 債券及現金的投資比重 不受基準限制, 可適時增加現金及短倉之配置, 有助組合在市況不明朗時提高防守性 高息投資產品包括房地產信託基金 亞洲高收益債券及可轉換債券, 提高組合的多元性 基金資料 股份類別 A1( 美元 ) 6 成立日期 00 年 9 月 日 A 累積人民幣對沖 / 人民幣非對沖 016 年 4 月 日 A MDis 美元 01 年 9 月 8 日 A MDis 港元 / 澳元對沖 / 紐元對沖 / 加元對沖 013 年 9 月 3 日 認購費用 最高為 5% 管理費用 每年 1.5% 7 表現費用 15% 以新高價計算 交易日 每日 基礎貨幣 美元 派息類別 3 A MDis 英鎊對沖 015 年 3 月 1 日 A MDis 人民幣對沖 / 人民幣非對沖 016 年 4 月 日 A MDis 新加坡元對沖 017 年 1 月 3 日 基金表現 5 組合 ( 上市 ) 地區分佈 9 組合行業分佈 近期獎項 10 A 9, 基金 (A1 類別 ) 基金 (A MDis 類別 ) 11% 10% 9% 6% 5% 4% 3% 3% 18% 17% 16% 15% 1% 9% 7% 7% 4% 3% 3% 3% % % 指數 * 一年 +19.8% +18.9% +5.8% 三年 +4.6% +3.3% +31.8% 成立至今總回報 % +60.3% % 年度化回報 ( 成立至今 ) % +9.0% +11.6% 年度化波幅 ( 成立至今 ) % 1.9% 19.9% * 指數在 016 年 4 月 30 日前以 MSCI 明晟所有國家亞太 ( 日本除外 ) 總回報指數計算, 其後以 MSCI 明晟所有國家亞洲 ( 日本除外 ) 總回報指數計算 指數僅供參考之用 31% 湯森路透理柏基金香港年獎 016 及 最佳亞太區 ( 日本除外 ) 股票基金 ( 十年組別 ) 資深投資成員 主席兼聯席首席投資總監副主席兼聯席首席投資總監副投資總監高級投資董事投資董事高級基金經理 謝清海蘇俊祺洪若甄何民基,CFA 鍾民頴 ; 陳星邦,CFA; 于霄,CFA; 余小波陳子棟,CFA; 鍾慧欣,CFA; 何佩詩 ; 夏菁 ; 李以立,CFA; 羅景,CFA; 麥靈佳 ; 余辰俊 Fund Selector Asia Singapore Awards 亞太區股票 ( 白金獎 ) 所有基金數據截至 018 年 3 月 9 日 資料來源 : 晨星, 匯豐機構信託服務 ( 亞洲 ) 有限公司及彭博資訊 ( 基金表現按美元資產淨值計算, 經已扣除所有費用, 股息再投資 ) 5. 基金 (A1 類別 ) 業績表現 :00 年 ( 自 9 月 日成立日起 ):+10.5%;003 年 :+79.7%;004 年 :+8.9%;005 年 :+1.%;006 年 :+35.0%;007 年 :+44.%;008 年 :-46.8%;009 年 : +8.8%;010 年 :+5.8%;011 年 :-11.9%;01 年 :+5.%;013 年 :+8.1%;014 年 :+9.4%;015 年 :-3.7%;016 年 :-0.%;017 年 :+3.9% 基金 (AMDis 類別 ) 業績表現 :01( 自 9 月 8 日成立日起 :+7.%;013 年 :+7.5%;014 年 :+9.4%;015 年 :-3.8%;016 年 :-0.3%;017 年 :+31.7% 6. 部份分銷商接受以港元支付 A1 類別認購款項, 請聯絡有關分銷商查詢有關詳情 請注意, 有關類別以美元結算, 投資者或須承擔外幣兌換之相關成本 費用 7. 表現費用是按表現年度或贖回單位時之單位資產淨值的增幅以 新高價 為基礎而計算 倘在任何一年內基金蒙受虧損, 將不會收取表現費用, 直至該等虧損完全獲彌補為止, 此為以新高價計算之原則 8. 年度化收益率及波幅率乃自 00 年 9 月 日基金成立起計 波幅為根據標準差計算理論風險之量衡 ; 其數值愈小, 反映投資項目之風險愈低 ; 反之亦然 9. 投資分佈表示淨額投資分佈 ( 長倉投資減去短倉投資 ) 由於四捨五入的原故, 分佈的總和未必為 100% 10. 現金表示現金淨額包括現金等值及貨幣市場基金之投資, 除現金抵押品及保證金外 11. 分類是根據全球行業分類標準 1. 獎項分別根據截至 016 年 1 月及 015 年 1 月之表現計算 13. 獲獎基金是從新加坡的 認可投資者 基金當中根據 01 年 6 月 30 日至 015 年 6 月 30 日的基金表現及評審投票選出 本文提供之意見純屬惠理基金管理香港有限公司 ( 惠理 ) 之意見, 會因市場及其他情況而改變 以上資料並不構成任何投資建議, 亦不可視作倚賴之依據 所有資料是搜集自被認為是可靠的資料來源, 但惠理不保證資料的準確性 本文包含之部分陳述可能被視為前瞻性陳述, 此前瞻性陳述不保證任何將來表現, 實際情況或發展可能與該等前瞻性陳述有重大落差 投資涉及風險, 基金單位價格可升亦可跌, 基金過往業績並不表示將來的回報 投資者應參閱有關基金之解釋備忘錄, 以瞭解基金詳情及風險因素, 投資者應特別注意投資新興市場涉及之風險 本報告所列出的數據是搜集自被認為是可靠的資料來源, 然而惠理基金管理公司並不保證由第三方提供的資料的準確性或完整性 本文件並未經證監會審閱 刊發人 : 惠理基金管理香港有限公司 關注我們 (85)

16 A ,064.6 HHHH TM A MDis % 1, A % +45.% A1 A MDis A Acc * -5.5% -5.6% -.4% -4.8% -4.% -4.3% -.7% -4.8% +7.6% +7.0% +5.7% +9.9% +9.3% +8.% +16.1% +6.0% +43.8% +4.9% +47.0% +8.% +5.5% +48.7% +45.% ^ +15.1% +7.6% +9.7% +11.0% ^ 18.% 1.9% 1.7% 19.9% A MDis A MDis % A MDis % A MDis % A MDis % A MDis % A MDis % A MDis % A MDis % A MDis % ISIN A HK VALASHY HK A HK VALASHY HK AAcc 13.1 HK VALHAHR HK AAcc HK VALHAUR HK A MDis HK VALHYA HK A MDis HK VALHAH HK A MDis HK VALHAA HK A MDis 10.1 HK VALHAC HK A MDis 9.66 HK VALHDSF HK A MDis HK VALHAN HK A MDis HK VALHRMB HK A MDis HK VAHYRMB HK A MDis HK VALHAS HK A % +1.% +7.5% +8.9% +18.9% +5.4% +9.% -3.8% +3.3% +10.% +3.9% +.1% +8.8% % +0.% +7.0% +5.1% -6.4% +3.5% +.4% +1.5% +8.0% +5.6% +0.0% -1.% +5.8% % -1.6% +.6% +5.7% -.3% -.1% +.5% -5.% -15.1% +9.% -4.7% +0.% -11.9% % +4.7% -1.7% +.% -6.5% +1.5% +.4% +0.4% +5.5% +3.1% +1.7% +.4% +5.% % +0.4% -0.8% +1.5% +1.7% -5.6% +.3% -0.1% +.5% +.7% +1.6% -1.5% +8.1% % +1.8% +0.7% +0.% +3.8% +1.8% +5.9% +1.% -4.1% +0.3% +1.8% +0.6% +9.4% % +1.% +1.1% +11.% -0.7% -1.8% -6.4% -9.5% -1.6% +6.4% -3.8% +0.9% -3.7% % -1.7% +9.7% +0.4% -.7% +.6% +4.1% +.0% +.3% -.% -0.6% -.3% -0.% % +3.% +1.7% +1.1% +.8% +1.9% +3.5% +0.4% +1.0% +3.3% +1.% +.4% +3.9% % -4.8% -1.1% -0.0% +0.8% -5.5% -4.% * MSCI MSCI MSCI ^ 009 (85) (65) [email protected]

17 % % A1-009 A MDis A MDis A MDis / / A Acc A MDis A MDis A Acc A MDis A MDis A MDis % 35% 10 18% 10% 10% 9% 5% A 3% 3% 3% % % 18% 8, 10 16% 16% 11% 10% 7% 7% 4% 4% 3% % % 11 A1 A MDis A Acc 10,000 / 80,000 / 10,000 10,000 / 10,000 / 60, ,000 / 60,000 / 10,000 / 10,000 5, ,000 / 40,000 / 5,000 / 5,000 / 5,000 / 30,000 / 5,000 / 5,000 5% 1.5% 15% 30,000 CFA 頴 CFACFA CFACFACFA CFA ~ Fund Selector Asia Singapore Awards ~ Fund Selector Asia MorningstarA1. A MDis A MDis x [email protected] S&P Capital IQ S&P Capital IQ % (Restricted Scheme) (i)(ii) Value Partners Asset Management Singapore Pte Ltd G HDF_Master+SG_01806

18 產品資料概要惠理高息股票基金 發行人 : 惠理基金管理香港有限公司 018 年 3 月 本概要提供有關惠理高息股票基金 ( 本基金 ) 的重要資料 本概要為銷售文件的一部分 閣下不應單憑本概要而投資於本產品 資料便覽 管理人 : 惠理基金管理香港有限公司 信託人及託管人 : 滙豐機構信託服務 ( 亞洲 ) 有限公司 交易頻密程度 : 每日 ( 以香港營業日計 ) 基礎貨幣 : 美元 全年經常性開支比率 # : 不包括表現費包括表現費 A1 類別 1.46% γ 5.86% γ A MDis 類別 1.47% γ 7.03% γ A MDis 港元類別 1.46% γ 6.40% γ A MDis 澳元對沖類別 1.47% γ 7.06% γ A MDis 加元對沖類別 1.46% γ 6.58% γ A MDis 英鎊對沖類別 1.44% γ 4.40% γ A MDis 紐元對沖類別 1.47% γ 6.61% γ A 累積人民幣非對沖類別 1.46% γ 5.54% γ A 累積人民幣對沖類別 1.48% γ 7.05% γ A MDis 人民幣非對沖類別 1.45% γ 4.54% γ A MDis 人民幣對沖類別 1.45% γ 5.30% γ A MDis 新加坡元對沖類別 1.43% γ 4.64% γ 派息政策 : 最低投資金額 : A 累積港元對沖類別 A 累積新加坡元對沖類別 A 累積人民幣非對沖類別 A 累積人民幣對沖類別及 A 累積日圓對沖類別: 管理人目前無意從本基金中作出收入分派 A1 類別 : 由管理人酌情檢討股息分派 ( 每年一次 ) 上次分派股息日期 :005 年 11 月 1 日 A MDis 類別 A MDis 港元類別 A MDis 澳元對沖類別 A MDis 加元對沖類別 A MDis 英鎊對沖類別 A MDis 紐元對沖類別 A MDis 港元對沖類別 A MDis 新加坡元對沖類別 A MDis 人民幣非對沖類別 A MDis 人民幣對沖類別 A MDis 日圓對沖類別 : 由管理人酌情決定, 管理人目前有意每月分派股息 就上述類別而言, 股息可從有關類別的資本中派付, 並可能導致本基金的每單位資產淨值 ( 資產淨值 ) 即時減少 A1 類別及 A MDis 類別 : 首次 10,000 美元, 其後每次 5,000 美元 A 累積港元對沖類別 A MDis 港元類別及 A MDis 港元對沖類別:首次 80,000 港元, 其後 40,000 港元 A MDis 澳元對沖類別 : 首次 10,000 澳元, 其後 5,000 澳元 A MDis 加元對沖類別 : 首次 10,000 加元, 其後 5,000 加元 A MDis 英鎊對沖類別 : 首次 10,000 英鎊, 其後 5,000 英鎊 惠理高息股票基金 產品資料概要 1

19 惠理高息股票基金 本基金的財政年度終結日 : # γ A MDis 紐元對沖類別 : 首次 10,000 紐元, 其後 5,000 紐元 A 累積新加坡元對沖類別及 A MDis 新加坡元對沖類別:首次 10,000 新加坡元, 其後 5,000 新加坡元 A 累積人民幣非對沖類別 A 累積人民幣對沖類別 A MDis 人民幣非對沖類別及 A MDis 人民幣對沖類別:首次人民幣 60,000 元, 其後人民幣 30,000 元 A 累積日圓對沖類別及 A MDis 日圓對沖類別:首次 1,000,000 日圓, 其後 500,000 日圓 1 月 31 日 經常性開支比率是於下列相應期間, 以有關單位類別的開支總和佔平均資產淨值的百分比表達 此數字每年均可能有所變動 將於每年年底支付 ( 在適用情況下 ) 的表現費可能因市況而有所變動 資料更新至 018 年 3 月 15 日 此數字根據截至 017 年 1 月 31 日止年度的費用計算 本基金是甚麼產品? 本基金原本是根據開曼群島法律構成的單位信託基金 於 016 年 4 月 日及由該日起, 本基金的司法管轄區由開曼群島改為香港 目標及投資策略 目標本基金旨在透過主要投資 ( 即不少於本基金資產淨值的 70%) 於亞洲區內較高回報的債務及股票證券組合, 為單位持有人提供資本增值 本基金將集中投資於亞洲市場的公司或發行人的附帶利息或派發股息的債務及股票證券 在資產分配方面, 本基金並無固定的地區 領域或行業比重, 管理人亦無意根據基準指數決定本基金的地區 領域或行業比重 為免產生疑問, 本基金不少於 70% 的資產淨值將投資於股票證券 策略本基金可按管理人認為合適的比例投資於由任何市值的公司所發行的證券 本基金可能投資的債務及股票證券可能包括但不限於上市債務證券 債券 主權債務 上市股票 房地產投資信託 ( REIT ) 及交易所買賣基金 ( ETF ) 管理人可投資於低於投資級別或未評級的債務證券, 投資者應知悉投資於這類型的證券存有較大的風險 低於投資級別是指信貸評級為標準普爾 BB+ 級或以下 穆迪 Ba1 級或以下或由國際認可評級機構授予的等同評級 管理人可將不多於本基金最近期可得資產淨值的 30% 投資於低於投資級別或未評級的債務證券 此外, 本基金的資產可不時包括現金, 存款 短期票據 例如庫券 存款證 銀行承兌票據 短期商業票據及其他固定收入的投資工具 然而, 本基金不會將其多於 10% 的資產淨值投資於由低於投資級別的單一主權發行人 ( 包括其政府 公共或當地機關 ) 所發行及 / 或擔保的債務證券 管理人亦可將投資組合的重大部分配置於現金或現金等價物 在特殊情況下 ( 例如市場下挫或主要危機 ), 本基金可暫時投資最多 100% 於流動性資產, 例如存款 庫券 存款證 本基金可透過滬港股票市場交易互聯互通機制及深港股票市場交易互聯互通機制 ( 統稱 滬港通及深港通 ) 中國 A 股連接產品 ( CAAP ) 及 / 或透過合格境外機構投資者 ( QFII ) 或人民幣合格境外機構投資者 ( RQFII ) 直接投資於中國 A 股的集體投資計劃 ( A 股 CIS ) 投資於中國 A 股 透過滬港通及深港通 CAAP 及 A 股 CIS 投資於中國 A 股最多為本基金最近期可得資產淨值的 0%, 而於任何單一 CAAP 發行人發行的 CAAP 的投資不得多於本基金最近期可得資產淨值的 10% 對中國 A 股及中國 B 股的投資合計將不超過本基金最近期可得資產淨值之 0% 為免產生疑問, 本基金合計不會將其多於 0% 的非現金資產投資於中國內地市場 惠理高息股票基金 產品資料概要

20 惠理高息股票基金 本基金將有限度地作出以人民幣計值的投資 本基金以人民幣計值的資產乃參考 CNH 匯率 根據現行規例, 人民幣在中國內地境外進行兌換的匯率 ( 就香港而言, 指 CNH 匯率 ) 可有別於在中國內地境內的匯率 ( CNY 匯率 ) 有關詳情, 請參閱銷售文件 在證監會的 單位信託及互惠基金守則 及解釋備忘錄 投資限制及禁止事項 一節所載的條文所容許下, 本基金亦可將其少於 30% 的資產淨值以輔助形式投資於商品 期貨合約 期權 存託憑證 認股權證 可換股債券及任何單位信託基金的單位或任何互惠基金公司的股份或任何其他集體投資計劃 為對沖市場及貨幣風險, 本基金可投資於指數及貨幣掉期與貨幣遠期合約 本基金不投資於任何資產抵押證券 ( 包括資產抵押商業票據 ) 或按揭抵押證券作對沖或非對沖用途 本基金亦不擬參與回購及反向回購交易或其他類似場外交易 然而, 本基金可參與證券借貸安排, 惟擬借出之證券之價值, 連同本基金已借出之所有其他證券之價值, 合計不可超過其最近期可得資產淨值的 10% * 證監會認可不等如對集體投資計劃作出推介或認許, 亦不是對該等集體投資計劃的商業利弊或表現作出保證, 更不代表集體投資計劃適合所有投資者, 或認許其適合任何個別投資者或任何類別的投資者 本基金有哪些主要風險? 投資涉及風險 有關風險因素的詳情, 請參閱銷售文件 1. 投資風險 本基金是一個投資基金 本基金投資組合的價值可能因以下任何主要風險因素而下跌, 因此, 閣下可能損失閣下於本基金的大部分或全數投資金額 概不保證可償還本金. 地區集中風險 本基金集中投資在亞洲市場, 可能導致本基金價值的波動性高於由分散的環球投資組成的多元化投資組合 本基金的價值可能更易受影響亞洲市場的不利經濟 政治 政策 外匯 流動性 稅務 法律或監管事件所影響 3. 投資在中國內地及其他新興市場的風險 中國內地為新興市場 投資在中國內地相關公司及新興市場涉及一般不會與投資於較成熟經濟體系或市場相關的若干較大風險及特別考慮因素, 例如較高的政治 稅務 經濟 外匯風險 / 管制 流動性 結算 託管 法律及監管風險, 而且波動性可能較高 4. 股市風險 本基金於股票證券的投資承受一般市場風險, 其價值可能因多項因素而波動, 例如投資情緒 政治及經濟狀況之轉變, 以及與發行人相關的因素 為達致投資目標, 本基金可投資於高息股票 概不保證該等公司將會派息 此外, 投資者不應預期該等公司的股息政策與本基金的股息政策相同 5. 與亞洲地區股市高波動性有關的風險 該等市場的市場波動性較高, 而且潛在結算困難, 亦可能導致在該等市場買賣的證券價格大幅波動, 因而可能對本基金的價值造成不利影響 6. 與亞洲地區股市監管 / 外匯規定 / 政策有關的風險 亞洲地區的證券交易所通常有權暫停或限制任何證券於相關交易所進行買賣 政府或監管機構亦可能實施會影響金融市場政策 所有這些因素均可能對本基金產生負面影響 7. 與中國 A 股市場有關的風險 中國 A 股市場可能會較為波動不穩 ( 例如由於某特定股票暫停交易或政府干預的風險 ) 因中國 A 股市場的交投量低而造成之市場波動及潛在的流動性不足, 可能導致於該等市場進行交易之證券價格大幅波動, 因而使本基金之資產淨值大幅變動 惠理高息股票基金 產品資料概要 3

21 惠理高息股票基金 8. 與債務證券有關的風險 信貸風險 - 本基金可能須承受發行人於到期應付本金及利息時未能付款的風險, 因而可能導致違約, 並最終引致本基金的價值下跌 利率風險 - 本基金可能投資於存有利率風險的固定收入證券 在利率上升的時候, 固定收入證券的價值會下降 波動性及流動性風險 - 相比較成熟的市場, 中國內地市場的債務證券或須面對較高波動性和較低流動性 本基金所投資的若干證券 ( 特別是債務證券及並未於認可交易所上市之證券 ) 可能並無流動性 本基金於有利時間或有利價格出售或變賣有關投資可能受到限制 在該等市場買賣的證券價格可能波動 該等證券的買賣價差可能顯著, 本基金可能招致重大交易成本 本基金的價值將因而受到不利影響 信貸評級下調風險 - 投資級別證券可能須承受被下調至低於投資級別證券的風險, 其發行人的信貸評級其後亦可能被下調 本基金於有關證券的投資價值可能受到不利影響 管理人可能會或不會出售證券, 視乎本基金的投資目標而定 未評級或低於投資級別及高收益債務證券的風險 - 本基金可能投資於未評級或評級低於投資級別的高收益證券 就支付利息及歸還本金而言, 該等投資被視為比投資級別證券具有較高信貸風險 較低流動性 較高波動性及有較大的違約可能性 估值風險 - 本基金的投資估值可能涉及不明朗性和判斷性決定 若該估值最終為不正確, 可能影響本基金的資產淨值計算 信貸評級風險 - 信貸機構給予的信貸評級受到局限, 並不保證發行人的信用可靠程度 9. 外匯風險 本基金以美元計值, 但可能發行以其基礎貨幣以外的貨幣計值的單位類別 此外, 本基金可能投資於以其基礎貨幣或有關類別貨幣以外的貨幣計值的資產 因此, 本基金的資產淨值可能因此等貨幣與基礎貨幣之間的匯率波動及匯率管制的變動而受到不利影響 惠理高息股票基金 產品資料概要 4

22 惠理高息股票基金 10. 與貨幣對沖及貨幣對沖類別 ( 貨幣對沖類別 ) 有關的風險 管理人可以 ( 但無責任 ) 訂立若干貨幣相關交易, 以將可歸屬於某特定類別的本基金資產之貨幣風險承擔對沖至相關類別的類別貨幣 貨幣對沖類別的投資者或會承擔該貨幣對沖類別貨幣以外的貨幣風險 投資者亦應注意, 若貨幣對沖類別的計價貨幣對本基金的基礎貨幣貶值, 則該對沖策略可能大幅限制以類別貨幣列示的貨幣對沖類別的任何潛在升值的利益 應用於某個特定貨幣對沖類別的確切對沖策略或會不同 此外, 概不保證將會獲得預期的對沖工具或對沖策略將會達到其預期效果 在該等情況下, 貨幣對沖類別的投資者可能仍須承受未對沖的貨幣兌換風險 倘若用作對沖目的之工具的交易對手方違約, 貨幣對沖類別的投資者可能承擔未對沖的貨幣兌換風險及可能因此蒙受進一步損失 11. 表現費風險 支付予管理人的表現費可激勵管理人作出較高風險或較具投機性的投資 ( 相比在沒有表現費的情況下 ) 表現費不會就個別單位持有人的均分信貸或均分損失作出調整 即使單位持有人在贖回單位時, 其投資資本已蒙受虧損, 該單位持有人仍有可能須就有關單位承擔表現費 此外, 本基金可能就永不變現的未變現收益支付表現費 1. 與人民幣單位類別相關的風險 投資者可投資於 A 累積人民幣非對沖類別 A 累積人民幣對沖類別 A MDis 人民幣非對沖類別 A MDis 人民幣對沖類別 ( 人民幣類別 ) 務須注意, 由於人民幣須受中國政府的外匯管制政策規限, 目前並非可自由轉換的貨幣 以非人民幣為基礎貨幣的投資者可能承受外匯風險, 概不保證人民幣兌投資者的基礎貨幣將不會貶值 人民幣出現任何貶值, 可能會對投資者於本基金的投資造成不利影響 儘管離岸人民幣 ( CNH ) 及在岸人民幣 ( CNY ) 屬同一貨幣, 但以不同的匯率買賣 CNH 與 CNY 之間的任何差異可能對投資者造成不利影響 在特殊情況下, 基於適用於人民幣的外匯管制及限制, 以人民幣支付贖回款項及 / 或股息可能延遲 13. 投資於衍生工具的相關風險 與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 衍生工具的槓桿元素 / 成分及相關資產 利率或指數的價值或水平出現不利變動, 可能導致顯著高於投資於衍生工具本身的金額之損失 投資於衍生工具可能導致本基金面對較高的重大損失風險 14. 股息風險及從資本中派付股息的有關風險 分派 / 股息派付及派息率或股息率不獲保證 從資本中派付股息即代表歸還或提取投資者的原先投資額或原先投資額應佔任何資本增益的一部分 任何該等分派可導致本基金的每單位資產淨值即時減少 貨幣對沖類別的分派金額及資產淨值可能受到貨幣對沖類別的參考貨幣與本基金的基礎貨幣的利率差異的不利影響, 導致從資本中派付的分派金額增加, 從而令資本被侵蝕的程度高於其他非對沖類別 管理人可修訂派息政策, 惟須尋求證監會事先批准, 並向單位持有人發出最少一個月的事先通知 惠理高息股票基金 產品資料概要 5

23 惠理高息股票基金 本基金過往的業績表現如何? 100% 80% 8.8% 60% 40% 5.8% 5.% 3.9% 0% 8.1% 9.4% 0% -0% % -3.7% -0.% -40% -60% -46.8% 往績並非預測日後業績表現的指標 投資者未必能取回全部投資本金 本基金業績表現以曆年末的資產淨值作為比較基礎, 股息會滾存再作投資 上述數據顯示 A1 類別總值在有關曆年內的升跌幅度 業績表現以美元計算, 當中反映出本基金的持續費用, 但不包括本基金可能向閣下收取的認購費及贖回費 本基金發行日: 00 年 9 月 日 A1 類別發行日: 00 年 9 月 日 A1 類別擁有最長業績表現, 並廣泛地反映本基金的表現特色 本基金有否提供保證? 本基金並不提供任何保證 閣下可能無法取回全數投資金額 投資本基金涉及哪些費用及收費? 閣下或須支付的收費 本基金單位交易或須繳付以下費用 費用 閣下須支付 認購費 ( 首次認購費 ) 最高為認購額的 5% 轉換費 無 * 贖回費 無 * 若干分銷商可能會就經手處理的每次單位轉換至另一類別的單位徵收費用 該費用將於轉換時扣除及支付予相關分銷商 擬把某一類別單位轉換至另一個類別單位的單位持有人, 應向其相關分銷商查詢轉換費用 惠理高息股票基金 產品資料概要 6

24 惠理高息股票基金 本基金持續繳付的費用 以下費用將從本基金中扣除 閣下的投資回報將會因而減少 管理費 1.5%* 每年收費率 ( 佔本基金資產淨值百分比 ) 信託人費用 本基金資產淨值的首 400,000,000 美元 %* ( 包括託管人及註冊處 本基金資產淨值的其後 400,000,000 美元 % 代理人費用 ) 之後金額 % 信託人費用為每月最低 4,000 美元 根據信託契約之條款, 信託人亦有權收取 3,000 美元之定額年費 表現費 15%( 就有關表現期之有關類別的每單位資產淨值超出高水位的增幅每年計算, 以 新高價 為計算基礎 ) 高水位最初設定為有關類別的首次發行價 每個表現期與本基金的財政年度相對應 如須就某表現期向管理人支付表現費, 該類別在該表現期的最後估值日的每單位資產淨值 ( 扣除表現費及任何已宣派或支付的分派後 ) 將設定為下一個表現期的高水位 有關詳情及表現費計算的說明例子, 請參閱本基金銷售文件內 表現費 一節 其他費用 閣下買賣本基金的單位時或須支付其他費用 * 請注意, 在給予各單位持有人至少一個月事先通知的前提下, 部分費用可獲調升至某指定許可最高水平 有關本基金應付的費用及收費 該等費用的最高許可水平, 以及本基金可能承擔的其他持續支出的詳情, 請參閱銷售文件內 費用及支出 一節 其他資料 註冊處代理人於下午五時正 ( 香港時間 )( 即本基金各交易日的交易截止時間 ) 或之前收妥閣下直接或經由分銷商提交的認購及贖回單位要求, 一般按隨後釐定的本基金資產淨值執行 閣下在發出認購或贖回指示前, 請向閣下的分銷商查詢其內部交易截止時間 ( 可能早於本基金的交易截止時間 ) 本基金在每個營業日計算資產淨值, 向香港公眾散戶提呈發售的各類別的單位價格刊登於 南華早報 香港經濟日報 及 信報, 亦可於網上瀏覽 此網站並未經證監會審閱或認可 投資者可於 取得其他向香港投資者提呈發售的單位類別之過往業績資料 此網站未經證監會審閱或認可 投資者可致電 (85) 向管理人查詢本基金所委任的分銷商的有關資料 倘股息包括來自收入及資本的金額, 則過去 1 個月的股息構成 ( 即從 (i) 可分派淨收入及 (ii) 資本中派付的相關金額 )( 如有 ) 可向管理人索取, 亦可從管理人網站 取得 此網站未經證監會審閱或認可 重要提示 閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性或完整性亦不作出任何陳述 惠理高息股票基金 產品資料概要 7