Value Partners Greater China High Yield Income Fund HKD/USD classes and AUD/CAD/NZD/EUR/GBP/SGD hedged classes* available Value Partners Greater China High Yield Income Fund (the Fund ) primarily invests in a portfolio of fixed and floating rate bonds and other debt securities, including convertible bonds, in the Greater China region. The Fund may invest in high yielding securities which may be unrated or below investment grade and debt securities issued by special purpose vehicles. The Fund is therefore exposed to higher credit/insolvency risk and default risk. The Fund primarily invests in the Greater China region and therefore is subject to emerging market and concentration 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. Adverse development in such region may affect the value of the underlying securities in which the Fund invests. In respect of the distribution shares 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 of the net asset value per share of the Fund. 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. You should not make investment decision on the basis of this marketing material alone. Please read the explanatory memorandum for details and risk factors. Why Invest in Value Partners Greater China High Yield Income Fund? 1 China high-yield bond market presents value opportunities Asian markets remain soft due to prolonged political noise and a temporarily heavy supply pipeline. However, a fundamentally sound global economy and gradual normalization of global risk-free rates will continue to be constructive for credit investments Asian credits present more value opportunities, especially in the China high-yield bond space, where spreads are the widest (300bps) versus US high-yield, since September 2015 Fundamentals for Chinese property developers continue to look solid and buying opportunities are emerging in select Chinese industrial names Q3 2018 China high yield is offering a wide spread over US high yield Yield to Worst (%) 11 10 9 8 7 6 5 4 09/2015 12/2015 03/2016 06/2016 09/2016 12/2016 03/2017 06/2017 09/2017 12/2017 03/2018 Bank of America Merrill Lynch Asian Dollar High Yield Corporate China Issuers Index Bank of America Merrill Lynch US High Yield Index Source: Bloomberg, data as of 31 July 2018 2 3 Find alpha in lower-rated or lesser-known bonds Alpha continues to be crucial for achieving outperformance in 2018 The fund not only screens for the best high-yield bonds that bring in a compelling level of income, but also seeks opportunities in lower-rated credits, special-situations/ distressed-debts and under-researched names to generate alpha Rigorous due diligence and bottom-up analysis are required for credit selection in this universe Pioneer of Greater China high yield bond investing One of the largest Greater China high-yield bond strategies in the market (latest AUM at USD5.5 billion); has posted positive returns in all calendar years since inception Managed by our award-winning fixed income team, which has a proven track record in uncovering value and delivering superior return Focus on lower-rated, under-researched credits Buy & Hold Trading Investment Grade Equitylinked New Issues Trading Special Situation/ Event Driven/ Distressed opportunities Preference Shares/ AT1 Active Hedging High Yield Strong Yield + Capital Appreciation for Portfolio Long-term track records across market cycles Fund s AUM (USD million) China s 6,000 European A-share 5,000 debt crisis RMB correction depreciation 4,000 US 3,000 tapering 2,000 1,000 0 2012 2013 2014 2015 2016 2017 Calendar year return* +13.0% +1.2% +1.1% +6.1% +15.9% +10.1% * P Acc USD class 4 Regular income 2 and better return potential The Fund s (P USD MDis) dividend payouts have been steady since launch 2 In addition to attractive income, high-yield bonds are less sensitive to interest rate hikes and offer equity-like longterm return potential with lower volatility Ex-dividend date Dividend history of Class P USD MDis over the past six months Ex-dividend date NAV (USD) Dividend per unit (USD) Annualized yield 1, 2 29/6/2018 8.57 0.0621 8.7% 31/5/2018 8.78 0.0621 8.5% 30/4/2018 8.94 0.0621 8.3% 29/3/2018 9.09 0.0621 8.2% 28/2/2018 9.18 0.0621 8.1% 31/1/2018 9.30 0.0632 8.2% All fund information is quoted as of 29 June 2018. Source: HSBC Institutional Trust Services (Asia) Limited and Bloomberg. Performance in USD, NAV to NAV, is net of fees and with dividends reinvested. * 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 SGD/AUD/CAD/NZD/EUR/GBP Hedged Classes are not recommended for investors whose base currency of investment is not in the aforesaid currencies. 1. Annualized yield of MDis Class is calculated as follows: (Latest dividend amount/nav as of ex-dividend date) x 12. 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. 2. The manager intends to declare and pay monthly dividends equal to all or substantially all of the net income attributable to each of the Distribution Classes. However, there is neither a guarantee that such dividends will be made nor will there be a target level of dividend payout. No dividends will be paid with respect to the Accumulation Classes. 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. Please refer to the explanatory memorandum for further details including the distribution policy.
Value Partners Greater China High Yield Income Fund Q3 2018 Investment objective and strategy To provide capital appreciation to investors through primarily investing in Greater China debt securities including but not limited to high yield, convertible, and mainland Chinese offshore bonds. The Fund invests in a broadly diversified portfolio of debt securities in Greater China including non-investment grade bonds, debt securities issued by special purpose vehicles to maximize return potential. Fund facts Share classes P Acc USD/ HKD P MDis USD/ HKD Launch date 27 Mar 2012 P MDis SGD Hedged* 26 Sep 2014 A MDis AUD/CAD/ NZD Hedged* 23 Sep 2013 A MDis EUR Hedged* 5 Feb 2015 A MDis GBP Hedged* 14 Apr 2015 Base currency USD Minimum subscription HKD80,000/ USD10,000 or equivalent Dividend policy aims at monthly distribution subject to manager s discretion 2 Subscription fee Up to 5% Management fee p.a. Performance fee Nil Dealing frequency Daily Administrator HSBC Trustee (Cayman) Limited Custodian HSBC Institutional Trust Services (Asia) Limited Performance P Acc USD P MDis USD 3 months -3.7% -3.7% 6 months -2.9% -2.8% 1 year +1.2% +1.3% Since launch +51.9% +51.7% 2012 (since launch) +13.0% +12.9% 2013 +1.2% +1.2% 2014 +1.1% +1.0% 2015 +6.1% +6.1% 2016 +15.9% +15.9% 2017 +10.1% +10.0% 2018 (year-to-date) -2.9% -2.8% Senior investment staff Chairman & Co-Chief Investment Officer: Deputy Chairman & Co-Chief Investment Officer: Deputy Chief Investment Officer: Senior Investment Director: Fixed income investment team: Chief Investment Officer, Fixed Income: Senior Fund Managers: Fund Manager: Cheah Cheng Hye Louis So Renee Hung Norman Ho, CFA Gordon Ip, CFA Elaine Hu; Jason Yan, CFA, ACCA Edwin Kam, CFA Sector exposure 3, 4 Real estate Energy Diversified financials Cash 5 Materials Others Transportation Retailing Media Capital goods Consumer durables & apparel Banks Consumer services Software & services Technology, hardware & equipment Apparel Utilities Telecommunication services Food, beverage & tobacco Geographical exposure 4 China/Hong Kong Others Cash 5 Indonesia Australia Latin America CEEMEA Singapore Mongolia India Korea Credit ratings A BBB BB B & Below Non-Rated 7 Cash 5 Currency breakdown USD HKD CNY KRW EUR AUD SGD IDR TWD GBP JPY Recent awards 0.4% 0.3% 7.1% 50.6% 35.4% 6.3% 4.8% 1.1% 0.6% 0.5% 0.4% 0.3% 0.3% 0.1% 0.1% 8.2% 8.0% 6.3% 5.7% 5.4% 3.0% 2.9% 2.4% 1.8% 1.7% 1.4% 1.3% 1.2% 1.1% 7.8% 6.3% 6.1% 3.1% 2.6% 2.5% 2.0% 1.7% 1.2% 1.2% 43.6% 65.5% Investment grade High yield Average credit rating 8 90.3% The Asset Benchmark Research Awards 2017 9 Top Investment House in Asian G3 Bonds for 2017 Ranked 1 st in the Hedge Fund category HFM Asia Performance Awards 2017 10 Best Fixed Income Fund Average duration Yield to worst 6 Number of bond issuers 2.0 years 11.2% 209 0.7% 57.7% B 3. Classification is based on Global Industry Classification Standard (GICS). 4. Exposure refers to net exposure (long exposure minus short exposure). Due to rounding, percentages shown may not add up to 100%. 5. Cash refers to net cash on hand excluding cash for collaterals and margins. 6. Investors should note that yield to worst is for reference only and does not represent the actual performance of the Fund or the dividend yield received by investors, nor does a positive yield imply a positive return. 7. Including bonds whose issuers do not seek credit ratings (Greater China Paper 14.8%; Equity-linked Investments 11.2%; Others 4.1%; Loan 3.0%; Mongolia Bonds 1.6%; Dim Sum Bonds 0.8%). 8. The average credit rating is calculated by assigning a sequential integer to all credit ratings from AAA (highest) to D (lowest), taking a simple, assetweighted average of debt holdings by market value and rounding to the nearest rating. The letter rating may be based on bond ratings from different agencies and is provided to indicate the average credit rating of the portfolio s underlying bonds without taking into account derivative positions and unrated securities. As the risk of default increases disproportionately as a bond s rating decreases, the simple weighted average of credit ratings is not a statistical measurement of the portfolio s default risk. 9. Announced in Oct 2017 by The Asset Benchmark Research in the Asian G3 Bond Benchmark Review, which ranks the Top Investment Houses (Hedge Funds category) based on the number of votes won by their astute investors. All votes are subject to a weighting methodology. 10. The awards were judged based on performance over the past 12 months, up to 30 April 2017. 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 and past performance is not indicative of future results. Investors should refer to the explanatory memorandum for details and risk factors in particular those associated with investment in China and other markets in the Asian region, non-investment grade debt securities, and in companies with medium or small capitalization. The fund may also invest in derivatives and structured products which can involve material additional risks, e.g. counterparty default risk or insolvency, and may expose the fund to significant losses. 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 of Hong Kong. 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. 200808225G Follow us on Hong Kong: ( 852 ) 2143 0688 Singapore: ( 65) 6718 0380 www.valuepartners-group.com
Value Partners Greater China High Yield Income Fund NAV per unit : USD15.29 (P Acc USD) / USD8.56 (P MDis USD) Fund size : USD5,507.7 million July 2018 Value Partners Greater China High Yield Income Fund (the Fund ) primarily invests in a portfolio of fixed and floating rate bonds and other debt securities, including convertible bonds, in the Greater China region. The Fund may invest in high yielding securities which may be unrated or below investment grade and debt securities issued by special purpose vehicles. The Fund is therefore exposed to higher credit/insolvency risk and default risk. The Fund primarily invests in the Greater China region and therefore is subject to emerging market and concentration 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. Adverse development in such region may affect the value of the underlying securities in which the Fund invests. In respect of the distribution shares 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 of the net asset value per share of the Fund. 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. You should not make investment decision on the basis of this marketing material alone. Please read the explanatory memorandum for details and risk factors. Investment objective To provide capital appreciation to investors through primarily investing in Greater China debt securities including but not limited to high yield, convertible, and mainland Chinese offshore bonds. Commentary Portfolio review: Asian credit markets recovered strongly in July after the China Banking and Insurance Regulatory Commission (CBIRC) asked financial institutions to earnestly implement plans to lend to small- to micro-sized companies and lower their funding costs. During the month, a combination of outright buying and short covering pushed the market higher. High-yield issues, especially lower-rated ones, outperformed the rest of the market. We added risks in China as well as selectively bought a few high-yield names that were subject to forced selling earlier in the month. Outlook: Asian credit markets remain relatively cheap on a historical basis. The US- China trade dispute will likely take more time to unfold, but the current market seems to have priced in at least some of the worst possible outcomes. The overall yield of Asian high-yield bonds is still about 300bps higher than that of comparable US high yield a level last seen in 2014-2015. Investors should look past the current turbulence and focus on the fundamentally sound global economy. A gradual normalization of global risk-free rates will be constructive to credit investments and other risk assets. We will continue to deploy our capital into opportunities that offer an attractive risk-reward tradeoff. Performance since launch % 60 The Fund (P Acc USD) 50 +52.9% 40 30 20 10 0-10 3/2012 7/2013 7/2014 7/2015 7/2016 7/2017 7/2018 Performance update The Fund (P Acc USD) One month +0.7% Year-to-date -2.2% One year +0.9% Three years +24.0% Five years +40.4% Since launch +52.9% Annualized return +6.9% Annualized volatility 5.9% Dividend information Class MDis 1 Classes 2 Dividend amount / unit Annualized yield 3 Ex-dividend date P MDis USD 0.0621 8.7% 31-7-2018 P MDis HKD 0.0622 8.7% 31-7-2018 P MDis SGD Hedged 0.0630 8.1% 31-7-2018 A MDis AUD Hedged 0.0609 8.7% 31-7-2018 A MDis CAD Hedged 0.0595 8.4% 31-7-2018 A MDis EUR Hedged 0.0482 6.3% 31-7-2018 A MDis GBP Hedged 0.0576 7.9% 31-7-2018 A MDis NZD Hedged 0.0652 8.9% 31-7-2018 Top 10 securities holdings Name Sector 4 Country % Energy Resources LLC Materials Mongolia 1.8 Float 30/09/2022 MNC Investama Tbk PT Media Indonesia 1.6 9% 11/05/2021 Geo Coal International Pte Ltd Energy Singapore 1.3 8% 10/04/2022 Golden Wheel Tiandi Holdings Real estate China/Hong Kong 1.3 Co Ltd 8.25% 11/03/2019 Sunac China Holdings Ltd 7.35% 19/07/2021 Real estate China/Hong Kong 1.2 Powerlong Real Estate Real estate China/Hong Kong 1.1 Holdings Ltd 5.95% 07/19/2020 China Evergrande Group Real estate China/Hong Kong 1.1 4.25% 02/14/2023 AMTD Group Co Ltd Diversified financials China/Hong Kong 1.1 5% 03/21/2019 Yida China Holdings Ltd Real estate China/Hong Kong 1.1 6.95% 04/19/2020 Times China Holding Ltd 7.85% 06/04/2021 Real estate China/Hong Kong 1.0 The Fund P Acc USD: Monthly performance from 27 Mar 2012 to 31 Jul 2018 Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual 2012 N/A N/A -0.3% +1.2% -1.7% +2.7% +1.6% +1.0% +1.4% +2.1% +2.3% +2.1% +13.0% 2013 +0.0% +1.3% -0.6% +1.4% -1.1% -5.0% +0.5% -0.8% +2.6% +2.1% +0.2% +0.9% +1.2% 2014-0.7% +0.7% -0.7% +0.8% +1.3% +2.3% +1.0% +0.9% -2.2% +0.8% -0.2% -2.9% +1.1% 2015 +0.3% +2.0% +0.3% +3.5% +1.6% -0.2% -0.8% -3.6% -1.1% +5.5% -0.2% -1.0% +6.1% 2016 - +0.2% +3.6% +2.2% +0.6% +1.8% +2.9% +1.8% +1.6% + -0.2% +0.6% +15.9% 2017 +2.8% +2.6% +0.7% +1.6% -1.9% -0.3% +0.9% +0.7% +0.7% +1.7% -0.4% +0.6% +10.1% 2018 (YTD) +1.8% -0.6% -0.3% -1.0% -1.2% -1.7% +0.7% -2.2% 9th Floor, Nexxus Building, 41 Connaught Road Central, Hong Kong Hotline: Hong Kong (852) 2143 0688 Singapore (65) 6718 0380 Email: fis@vp.com.hk www.valuepartners-group.com Follow us on
Value Partners Greater China High Yield Income Fund July 2018 NAVs & Codes Classes 2 NAV ISIN Bloomberg P Acc USD 15.29 KYG9319N1097 VPGCPUA KY P Acc HKD 15.34 KYG9319N1253 VPGCPHA KY P MDis USD 8.56 KYG9319N1170 VPGPUMD KY P MDis HKD 8.61 KYG9319N1337 VPGPHMD KY P MDis SGD Hedged 9.31 KYG9319N1824 VPPSHMA KY A Acc EUR Hedged 10.17 KYG9319N3804 VPGAEHA KY A MDis AUD Hedged 8.44 KYG9319N2327 VPGCAUD KY A MDis CAD Hedged 8.53 KYG9319N2400 VPGCCAD KY A MDis GBP Hedged 8.79 KYG9319N3317 VPGCAGH KY A MDis EUR Hedged 9.20 KYG9319N3499 VCHAMEH KY A MDis NZD Hedged 8.79 KYG9319N2574 VPGCHNZ KY Sector exposure 4, 5 Real estate Cash 6 Others Energy Diversified financials Materials Transportation Media Retailing Capital goods Consumer durables & apparel Utilities Software & services Technology, hardware & equipment Banks Consumer services Apparel Telecommunication services Average duration 1.9 years Yield to worst 7 11.2% Number of bond issuers 192 Geographical exposure 5 9.6% 7.5% 7.1% 7.0% 5.6% 2.6% 2.4% 2.3% 1.8% 1.4% 1.4% 1.3% 1.3% 1.2% 1.2% 43.3% Credit ratings A BBB BB B & Below Non-Rated 8 Cash 6 Fund facts 0.3% 0.7% 7.4% 47.9% 34.2% 9.6% Investment grade 1.0% High yield 55.3% Average credit rating 9 B Manager: Value Partners Hong Kong Limited Base currency: USD Administrator: HSBC Trustee (Cayman) Limited Custodian: HSBC Institutional Trust Services (Asia) Limited Launch date: P Acc & MDis USD/HKD 27 Mar 2012 A MDis AUD/CAD/NZD 23 Sep 2013 P MDis SGD 26 Sep 2014 A MDis EUR 5 Feb 2015 A MDis GBP 14 Apr 2015 A Acc EUR 16 Jul 2018 Dividend policy 1 : MDis Aim at Monthly distribution, subject to Manager s discretion Fee structure (Class A and Class P) Minimum subscription HK$80,000/USD10,000 or equivalent Subscription fee Up to 5% Management fee p.a. Performance fee Nil Dealing day Daily 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: Norman Ho, CFA Fixed income investment team: Chief Investment Officer, Fixed Income: Gordon Ip, CFA Senior Fund Managers: Elaine Hu; Jason Yan, CFA, ACCA Fund Manager: Edwin Kam, CFA Recent awards on fixed income capabilities China/Hong Kong Cash 6 Others Indonesia CEEMEA Australia Latin America Singapore Mongolia India Currency breakdown USD HKD CNY EUR SGD TWD AUD IDR GBP 4.5% 1.3% 0.4% 0.4% 0.4% 0.3% 0.3% 0.1% 9.6% 6.9% 6.1% 3.1% 3.0% 2.5% 2.0% 1.8% 1.2% 63.8% 92.3% 2017 Asian G3 Bonds Top Investment House 10 Value Partners - Ranked Number 1 in Hedge Fund category ~ The Asset Benchmark Research Awards 2017 Best Fixed Income Fund 11 ~ HFM Asia Performance Awards 2017 Fund Manager of the Year Long-only Fixed Income (Highly Commended) 12 Value Partners Chief Investment Officer, Fixed Income Gordon Ip ~ The Asset, Triple A, Asset Servicing, Investor and Fund Management Awards 2017 Scan QR code for fund documents 13 : 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. 1. The manager intends to declare and pay monthly dividends equal to all or substantially all of the net income attributable to each of the Distribution Classes. However, there is neither a guarantee that such dividends will be made nor will there be a target level of dividend payout. No dividends will be paid with respect to the Accumulation Classes. 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. Please refer to the Explanatory Memorandum for further details including the distribution policy. 2. 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. The AUD/CAD/EUR/GBP/NZD/SGD Hedged Classes are not recommended for investors whose base currency of investment is not in the aforesaid currencies. 3. Annualized yield of MDis Class is calculated as follows: (Latest dividend amount/nav as of ex-dividend date) x 12. 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. Classification is based on Global Industry Classification Standard (GICS). 5. Exposure refers to net exposure (long exposure minus short exposure). Due to rounding, percentages shown may not add up to 100%. 6. Cash refers to net cash on hand excluding cash for collaterals and margins. 7. Investors should note that Yield to worst is for reference only and does not represent the actual performance of the Fund or the dividend yield received by investors, nor does a positive yield imply a positive return. 8. Including bonds whose issuers do not seek credit ratings (Greater China Paper 14.1%; Equity-linked Investments 10.2%; Dim Sum Bonds 3.6%; Loan 3.5%; Mongolia Bonds 1.8%; Others 1.0%). 9. The average credit rating is calculated by assigning a sequential integer to all credit ratings from AAA (highest) to D (lowest), taking a simple, asset-weighted average of debt holdings by market value and rounding to the nearest rating. The letter rating may be based on bond ratings from different agencies and is provided to indicate the average credit rating of the portfolio s underlying bonds without taking into account derivative positions and unrated securities. As the risk of default increases disproportionately as a bond s rating decreases, the simple weighted average of credit ratings is not a statistical measurement of the portfolio s default risk. 10. Announced in Oct 2017 by The Asset Benchmark Research in the Asian G3 Bond Benchmark Review, which ranks the Top Investment Houses (Hedge Funds category) based on the number of votes won by their astute investors. All votes are subject to a weighting methodology. 11. The awards were judged based on performance over the past 12 months, up to 30 Apr 2017. 12. The period covered by the awards is from 1 Jan 2016 to 31 Dec 2016. 13. For Hong Kong investors only. The views expressed are the views of Value Partners Hong Kong Limited ( VPHK ) 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 their 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 and past performance is not indicative of future results. Investors should refer to the explanatory memorandum for details and risk factors in particular those associated with investment in Greater China markets, non-investment grade debt securities, and debt securities issued by special purpose vehicles. 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. 200808225G This document has not been reviewed by the Securities and Futures Commission of Hong Kong. Issuer: Value Partners Hong Kong Limited. GCHY_Master+SG_201807 2
PRODUCT KEY FACTS Value Partners Greater China High Yield Income Fund Issuer: Value Partners Hong Kong Limited April 2018 This statement provides you with key information about the Value Partners Greater China High Yield Income 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: Administrator: Custodian: Ongoing charges over a year # : Value Partners Hong Kong Limited HSBC Trustee (Cayman) Limited HSBC Institutional Trust Services (Asia) Limited Class A AUD Hedged MDis Shares Class A CAD Hedged MDis Shares Class A EUR Hedged Acc Shares Class A EUR Hedged MDis Shares Class A GBP Hedged MDis Shares Class A NZD Hedged MDis Shares Class P USD Acc Shares Class P USD MDis Shares Class P HKD Acc Shares Class P HKD MDis Shares Class P SGD Hedged MDis Shares 1.66% β 1.66% β 1.66% ^ 1.66% β 1.65% β 1.66% β 1.66% β 1.66% β 1.64% β 1.65% β 1.65% β Dealing frequency: Base currency: Dividend policy: Minimum investment: Daily (each day (other than a Saturday or a Sunday) on which banks in Hong Kong are open for general business) US dollars (US$) Class A AUD Hedged MDis Shares, Class A CAD Hedged MDis Shares, Class A EUR Hedged MDis Shares, Class A GBP Hedged MDis Shares, Class A NZD Hedged MDis Shares, Class P USD MDis Shares, Class P HKD MDis Shares and Class P SGD Hedged MDis Shares: Declared monthly on a discretionary basis and dividends, if declared, will be paid monthly. Dividends may be paid out of the capital of the relevant Class and may result in an immediate reduction of the net asset value ( Net Asset Value ) per Participating Share of the Fund. Class A EUR Hedged Acc Shares, Class P USD Acc Shares and Class P HKD Acc Shares: No dividends will be paid on these Classes and the Fund s income and capital gains attributable to these Classes will be reinvested. For Class A AUD Hedged MDis Shares, Class A CAD Hedged MDis Shares, Class A EUR Hedged Acc Shares, Class A EUR Hedged MDis Shares, Class A GBP Hedged MDis Shares and Class A NZD Hedged MDis Shares: (i) AUD, CAD, EUR, GBP, NZD: US$10,000 initial, and US$5,000 subsequent or their equivalent amount in the relevant currency (ii) HKD: HK$80,000 initial, and HK$40,000 subsequent Value Partners Greater China High Yield Income Fund - Product Key Facts 1
Value Partners Greater China High Yield Income Fund Financial year end of this Fund: For Class P USD Acc Shares, Class P USD MDis Shares, Class P HKD Acc Shares, Class P HKD MDis Shares, and Class P SGD Hedged MDis Shares: (i) USD, SGD: US$10,000 initial and US$5,000 subsequent or their equivalent amount in SGD (ii) HKD: HK$80,000 initial and HK$40,000 subsequent 31 December # β ^ The ongoing charges figure is expressed as a percentage of the sum of expenses over the average Net Asset Value of the class of shares for the corresponding period as described below. This figure may vary from year to year. Information is updated as at 11 April 2018. This figure is based on the expenses for the year ended 31 December 2017. This class of shares is newly launched. The ongoing charges figure is an estimate only and is based on the expenses of Class A EUR Hedged MDis Shares with similar fee structure for the relevant financial period. The actual ongoing charges figure may be different from the estimate and may vary from year to year. What is this product? The Fund is a single fund which is an open-ended mutual fund corporation registered under the laws of the Cayman Islands. Objective and Investment Strategy Investment Objective The Fund aims to provide capital appreciation for investors. In addition, in respect of the Distribution Classes, the Fund also intends to pay monthly dividends equal to all or substantially all of the net income attributable to each of the Distribution Classes. Please note that there is neither a guarantee that such dividends will be made nor will there be a target level of dividend payout. Investment Policies Debt securities in general The Fund aims to achieve its investment objective by investing not less than 70% of its Net Asset Value in a portfolio of debt securities issued by or fully guaranteed by (i) listed or unlisted corporations which have their main operations (or majority of assets) in, or have their majority of their income derived from Greater China (comprising the People s Republic of China ( PRC ), Hong Kong, Macau and Taiwan), and (ii) governments and/or government related entities in Greater China; and where the Manager believes such debt securities are being traded at significant discount to their underlying intrinsic values. For the avoidance of doubt, the issuers of the debt securities who have a majority of their income derived from Greater China as mentioned in (i) above may be based in or outside Greater China. Selection of debt securities for investment by the Fund will be based on the creditworthiness of the issuer (and the parent company or associated company guarantor, in the case of debt securities issued by a special purpose vehicle ( SPVs ) which is fully guaranteed by the parent company or associated company) by forecasting the issuer s (and/or parent company or associated company guarantor s) credit profile by at least 2 years with a primary focus on the issuer s (and or parent company or associated company guarantor s) corporate profile, corporate strategy, forecasted cash flow and financial profile. Investment analysis will also take into account the leverage, liquidity, management and business of the issuer (and the parent company or associated company guarantor, in the case of debt securities issued by a SPV which is fully guaranteed by the parent company or associated company). The debt securities in which the Fund may invest shall include, but are not limited to, convertible and nonconvertible debt securities, fixed and floating rate bonds and high-yield bonds. Such debt securities are across all ratings and thus, may be rated or unrated or rated below investment grade credit rating, such as below Moody s Baa3 or below Standard & Poor s BBB-. Also, the Fund may invest significantly in below investment grade debt securities. The Fund however, will not invest more than 10% of its Net Asset Value in debt securities issued or guaranteed by any single country with a credit rating below investment grade. For the avoidance of doubt, a single country shall include a country, its government, a public or local authority or nationalized industry of that country. Also, the debt securities in which the Fund may invest are mainly denominated in USD. Value Partners Greater China High Yield Income Fund - Product Key Facts 2
Value Partners Greater China High Yield Income Fund The Manager will invest in a broadly diversified portfolio of debt securities with no fixed duration, term structure or industry sector weightings in the allocation of assets in Greater China. Selection of investments will be determined by the availability of attractive investment opportunities. RMB denominated debt securities issued outside the PRC The Fund may also invest up to 30% of its latest Net Asset Value in Renminbi ( RMB ) denominated debt securities issued outside the PRC including RMB denominated debt securities with settlements, coupon payments and principal repayments paid in another currency based on prevailing foreign exchange rates against the RMB. The Fund may invest up to 15% of its latest Net Asset Value in Synthetic RMB Debt Securities, being offshore debt securities denominated in RMB but settled in other currencies. Debt securities issued by SPVs The Fund s investment in subordinated debt securities issued by SPVs will not exceed 15% of its latest Net Asset Value. Currently, the Fund intends to invest only in debt securities issued by SPVs which are fully, unconditionally and irrevocably guaranteed by its parent company or associated company. Such parent company or associated company will be of substance and is not a SPV itself. Equity securities The Fund may invest in equity securities and may invest up to 10% of the Fund s latest Net Asset Value in China B-Shares. Currently, the Fund does not intend to invest either directly or indirectly in China A-Shares. Prior approval of the SFC will be sought and not less than one month s prior notice will be given to the Shareholders in the event the Manager wishes to change the investment policy in relation to China A-Shares and China B-Shares as aforesaid. In such circumstance, the Explanatory Memorandum and the Product Key Facts Statement will be updated to reflect such change as soon as reasonably practicable. Financial derivative instruments and other investments The Fund currently does not intend to use financial derivative instruments extensively for hedging or investment purposes. The Fund may invest in index and currency swaps and currency forwards (which are normally traded over-the-counter) for hedging purposes only. Currently, the Fund does not intend to (i) invest in structured products and mortgaged-backed securities; and (ii) engage in stock lending arrangements, repurchase and reverse repurchase transactions or other similar over-thecounter transactions. The Fund also does not intend to engage in any over-the counter transactions other than index and currency swaps and currency forwards. Prior approval of the Securities and Futures Commission ( SFC ) will be sought and not less than one month s prior notice will be given to the shareholders in the event the Manager wishes to invest in the aforesaid instruments or engage in any of the aforesaid transactions. In such circumstance, the Explanatory Memorandum and the Product Key Facts Statement will be updated to reflect such change as soon as reasonably practicable. Subject to the above investment strategy and the investment restrictions as set out in the Explanatory Memorandum, the Fund may also invest in commodities, futures contracts, options, depository receipts, warrants, units in any unit trust or shares in any mutual fund corporation or any other collective investment scheme (including those managed by the Manager or its connected persons), currencies and interest rates and may hold cash, short-term deposits, and other money instruments (as considered appropriate by the Manager). Currently, the Fund does not intend to invest more than 10% of its latest Net Asset Value in such instruments. Value Partners Greater China High Yield Income Fund - Product Key Facts 3
Value Partners Greater China High Yield Income Fund What are the key risks? Investment involves risks. Please refer to the Explanatory Memorandum for details including the risk factors. 1. Investment risk The Fund s investment portfolio may fall in value due to any of the key risk factors below and therefore your investment in the Fund may suffer losses. The income of the Fund and its Net Asset Value may be adversely affected. There is no guarantee of the repayment of principal. 2. Interest rates risks Investment in the Fund is subject to interest rates risks. In general, the prices of debt securities rise when interest rates fall, whilst their prices fall when interest rates rise. 3. Debt securities issued by SPVs Investments in debt securities issued by SPVs may expose the Fund to additional risks such as the credit/default risk of both the SPV and the parent company or associated company (see Credit risk below) and risks relating to the enforceability of the guarantee issued by the parent company or associated company of such SPV. If the parent company or associated company defaults in any of its other debt obligations, this may trigger a cross-default which may then affect the ability of the parent company or associated company to meet its obligations under the guarantee. This may adversely affect the value of the debt securities issued by the SPV and guaranteed by its parent company or associated company. Investments in debt securities of a subordinated nature issued by SPVs will have a lower priority of claim in the event of the relevant issuer s liquidation or bankruptcy as they rank behind holders of unsubordinated debt securities but before holders of equity securities. The Fund is therefore exposed to higher credit / insolvency risk of its counterparties as a holder of subordinated debt securities than as a holder of unsubordinated debt securities. 4. Credit risk The Fund is exposed to the credit or default risk of issuers of bonds or other debt securities that the Fund invests in. The issuers of such instruments may incur difficulties in making full and timely repayments of principal and interest, which may lead to a default and, ultimately, a fall in the value of the Fund. Some of the debt securities are offered on an unsecured basis without collateral. As a result, if the issuer becomes bankrupt, the Fund will become an unsecured creditor of such issuers. 5. Unrated or below investment grade and high yielding debt securities risk The Fund may significantly invest in high yielding securities which may be unrated or rated below investment grade. Such securities are generally subject to lower liquidity, higher volatility and greater risk of loss of principal and interest than high-rated debt securities. 6. Credit rating downgrading risk The credit rating of a debt instrument or its issuer may subsequently be downgraded. Credit ratings assigned by rating agencies are subject to limitations and do not guarantee the creditworthiness of the security and/or issuers at all times. In the event of such downgrading, the value of the Fund may be adversely affected. The Manager may or may not dispose of the securities that are being downgraded. 7. Sovereign debt risk The Fund s investment in securities issued or guaranteed by governments may be exposed to political, social and economic risks. In adverse situations, the sovereign issuers may not be able or willing to repay the principal and/ or interest when due or may request the Fund to participate in restructuring such debts. The Fund may suffer significant losses when there is a default of sovereign debt issuers. 8. Valuation risk Valuation of the Fund s investments may involve uncertainties and judgmental determinations. If such valuation turns out to be incorrect, this may affect the Net Asset Value calculation of the Fund. Value Partners Greater China High Yield Income Fund - Product Key Facts 4
Value Partners Greater China High Yield Income Fund 9. Liquidity of Investment Portfolio The debt securities in the Greater China region 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 and the Fund may incur significant trading costs. The debt securities in which the Fund invests (including debt securities issued by SPVs) may not be listed on a stock exchange or a securities market where trading is conducted on a regular basis. Even if the debt securities are listed, the market for such securities may be inactive and the trading volume may be low. If sizeable redemption requests are received, the Fund may need to liquidate its investments at a substantial discount in order to satisfy such requests and the Fund may suffer losses in trading such securities. 10. RMB denominated debt securities risks RMB is currently not freely convertible and is subject to exchange controls and restrictions. 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 CNY ( CNY ) are the same currency, they trade at different rates. Any divergence between CNH and CNY may adversely impact investors. As the quantity of RMB denominated debt securities issued outside the PRC that are available to the Fund is currently limited, the Fund may not have exposure to RMB denominated debt securities as it intended. The Dim Sum bond (i.e. bonds issued outside of the PRC but denominated in RMB) market is still a relatively small market which is more susceptible to volatility and illiquidity. The operation of the Dim Sum bond market as well as new issuances could be disrupted causing a fall in the Net Asset Value of the Fund should there be any promulgation of new rules which limit or restrict the ability of issuers to raise RMB by way of bond issuances and/or reversal or suspension of the liberalisation of the offshore RMB (CNH) market by the relevant regulator(s). 11. Risk relating to dividends paid out of capital The Manager may at its discretion pay dividend out of the capital of the Fund. In respect of the Distribution Classes, investors should note that payment of dividends out of capital amounts to a return or withdrawal of part of their original investment or from any capital gains attributable to the original investment. Any such distributions will generally result in an immediate reduction of the Net Asset Value per Participating Share of the Fund. The distribution amount and Net Asset Value of the hedged share classes may be adversely affected by differences in the interest rates of the reference currency of the hedged share classes and the Fund s base currency (i.e. US dollars), 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 this policy subject to the SFC s prior approval and by giving not less than one month s prior notice to investors. 12. Dividend risk For the Distribution Classes, the Manager may determine if, and to what extent, dividends may be paid out of capital where the income/capital gain generated by the Fund is insufficient to pay a distribution declared by the Fund. However, there is neither a guarantee that such dividends will be made nor will there be a target level of dividend payout. A high distribution yield does not imply a positive or high return. The Manager currently does not intend to pay dividends in respect of the Accumulation Classes. Accordingly, an investment in the Accumulation Classes may not be suitable for investors seeking income returns for financial or tax planning purposes. Value Partners Greater China High Yield Income Fund - Product Key Facts 5
Value Partners Greater China High Yield Income Fund 13. Geographical concentration risk The Fund s investments are concentrated in the Greater China region. The value of the Fund may be more volatile than that of a fund having a more diverse portfolio of 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 Greater China region. The Fund invests in the China and Taiwan markets which may involve increased risks and special considerations not typically associated with investment in more developed economies or markets, such as liquidity risks, currency risks/ control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk and the likelihood of a high degree of volatility. 14. China tax considerations There are risks and uncertainties associated with the current PRC tax laws, regulations and practice in respect of the Fund s investments in RMB denominated debt securities issued by PRC issuers (which may have retrospective effect). Any increased tax liabilities on the Fund may adversely affect the Fund s value. Currently, based on professional and independent advice from tax advisor, the Manager will not make any tax provisions for PRC taxes in respect of the Fund. In case of any actual tax liabilities imposed on the Fund which will be debited from the Fund s assets, the Fund s Net Asset Value will be adversely affected. Depending on the timing of their subscriptions and/or redemptions, investors may be disadvantaged. 15. Risks of investing in convertible bonds Convertible bonds are a hybrid between debt and equity, permitting holders to convert into shares in the company issuing the bond at a specified future date. As such, convertibles will be exposed to equity movement and greater volatility than straight bond investments. Investments in convertible bonds are subject to the same interest rate risk, credit risk, liquidity risk and prepayment risk associated with comparable straight bond investments. 16. Foreign exchange risk The Fund is denominated in US dollars but may issue classes designated in a currency other than its base currency. In addition, underlying investments of the Fund may be denominated in a currency other than its base 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. 17. 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 Greater China High Yield Income Fund - Product Key Facts 6
Value Partners Greater China High Yield Income Fund How has the Fund performed? 18% 16% 15.9% 14% 12% 10% 10.1% 8% 6% 6.1% 4% 2% 0% 1.2% 1.0% 2013 2014 2015 2016 2017 Note: 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. The figures show by how much Class P USD Acc 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. Where no past performance is shown there was insufficient data available in that year to provide performance Fund launch date: 27 March 2012 Class P USD Acc launch date: 27 March 2012 Class P USD Acc 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. Value Partners Greater China High Yield Income Fund - Product Key Facts 7
Value Partners Greater China High Yield Income Fund 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 shares of the Fund. Fee What you pay Subscription fee (Initial Charge) Up to 5% of the subscription price per share (in the case of Class A Shares and Class P Shares) Switching fee (conversion charge) Up to 3% of the subscription price per share of the subsequent class Redemption fee Nil* * Note: The redemption fee may be increased from the current rate to up to 5% of the redemption price per share by giving one month s prior notice to investors. 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. Management fee Annual rate (as a % of the Net Asset Value of each class) * (in the case of Class A Shares and Class P Shares) Administration and Custodian fees Net Asset Value Annual rate (as a % of the Net Asset Value) First US$400 million 0.17%* Next US$400 million 0.15%* Portion on top of US$800 million 0.13%* (subject to a monthly minimum fee of US$5,000) Performance fee Other fees Not applicable You may have to pay other fees when dealing in the shares of the Fund. Please refer to the section of the Explanatory Memorandum entitled Charges and Expenses for further details of the other fees payable. * Please note that some fees may be increased up to a specified permitted maximum on giving shareholders at least one month s prior notice. Please refer to the section of the Explanatory Memorandum entitled Charges 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 Greater China High Yield Income Fund - Product Key Facts 8
Value Partners Greater China High Yield Income Fund Additional Information You generally buy and redeem shares at the Fund s next-determined Net Asset Value after the Administrator s Delegate receives your request, directly or via a distributor, in good order at or before 6:00 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 latest Net Asset Value of the Fund and the share prices are available online at www.valuepartnersgroup.com* on each business day. Investors may obtain the past performance information of other share classes offered to Hong Kong investors from the website of the Manager at www.valuepartners-group.com*. Investors may obtain information on the distributor(s) appointed in respect of the Fund by making a telephone enquiry with the Manager on (852) 2143 0688. In respect of the Distribution Classes, the composition of the latest dividends (i.e. the relative amounts paid out of net distributable income and capital) for the last 12 months are available by the Manager on request and also on the Manager s website www.valuepartners-group.com*. * 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 Greater China High Yield Income Fund - Product Key Facts 9
* 惠理大中華高收益債券基金 ( 基金 ) 主要投資於大中華地區內的固定及浮動利率債券, 以及其他債務證券 ( 包括可換股債券 ) 基金可投資於低於投資評級的高收益債券及特殊目的機構所發行的債務證券 因此, 基金面對更高的對手方的信貸 無力償債風險及違約風險 基金主要投資於大中華地區, 故涉及新興市場風險及集中風險 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 若該市場發展形勢出現逆轉, 可能會影響基金所投資相關證券的價值 就基金派息單位而言, 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, 可能即時導致基金單位價值下跌 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 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 為何投資惠理大中華高收益債券基金? 1 政治噪音及短期供應大幅增加或令亞洲債券市場繼續疲軟, 但全球經濟基本面穩健, 無風險利率逐步正常化, 均繼續利好信貸投資 亞洲信貸的價值正逐漸顯現, 特別是中國高收益債券, 其收益率與美國高收益債券的差距為 300 個基點, 幅度為 2015 年 9 月以來最大 中國房地產商基本面維持穩健, 而個別中國工業公司亦呈現一些投資機會 中美高收益債券的收益率差距擴闊最低收益率 (%) 11 10 9 8 7 6 5 4 09/2015 12/2015 03/2016 06/2016 09/2016 12/2016 03/2017 06/2017 09/2017 12/2017 03/2018 美銀美林中國高收益債券指數 資料來源 : 彭博, 截至 2018 年 7 月 31 日 美銀美林美國高收益債券指數 20183 2 在 2018 年, 額外回報繼續成為基金表現能否跑贏大市的關鍵 基金挑選具吸引收益的高收益債券, 同時致力發掘蘊藏於特殊情況 受壓債券 (Distressed Debt) 及尚未被深入研究的機遇, 以爭取額外回報 要篩選相關債券, 基金經理必須進行充分的調研及嚴謹的由下而上分析 買入並持有 交易 聚焦低評級或尚未被深入研究的債券 投資級別 股票掛鉤 新發行交易 特殊機會 優先股 / AT1 積極避險 潛在收益率吸引 + 組合資本增值 高收益債券 3 市場上規模最大的大中華高收益債券投資策略之一 ( 現時資產規模為 55 億美元 ), 成立以來於所有歷年均取得正回報 固定收益投資團隊屢獲殊榮, 兼備發掘價值及締造理想回報的亮麗往績 經歷多個經濟週期的卓越往績 ( 百萬美元 ) A 股熔斷 6,000 歐債危機機制 5,000 人民幣貶值 4,000 美國退市 3,000 陰霾 2,000 1,000 0 2012 2013 2014 2015 2016 2017 全年表現 * * P 類 Acc 美元 +13.0% +1.2% +1.1% +6.1% +15.9% +10.1% 4 2 2 本基金 (P 類 MDis 美元 ) 自成立以來一直持續派息 除了帶來可觀收入, 高收益債券對加息的敏感度較低, 同時能以較低波幅提供近似股票的長期回報潛力 PMDis 1, 2 29/6/2018 8.57 0.0621 8.7% 31/5/2018 8.78 0.0621 8.5% 30/4/2018 8.94 0.0621 8.3% 29/3/2018 9.09 0.0621 8.2% 28/2/2018 9.18 0.0621 8.1% 31/1/2018 9.30 0.0632 8.2% 所有基金資料截至 2018 年 6 月 29 日 資料來源 : 滙豐機構信託服務 ( 亞洲 ) 有限公司及彭博資訊 表現數據以美元及按資產淨值對資產淨值基準計算, 及已扣除所有費用, 股息將再作投資 * 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 新加坡元對沖 澳元對沖 加元對沖 紐元對沖 歐元對沖及英鎊對沖單位類別並不適合基本貨幣並非前述貨幣的投資者 1. 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 12 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 2. 管理人現計劃就基金各派息類別每月宣佈及派發等同有關類別單位全數或大部分之淨收入的股息, 然而並不保證實際派息與否, 亦未有設定預期派息率 基金累積股份類別不設派息 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 請參閱有關基金之解釋備忘錄, 以了解基金派息政策等詳情
20183 主要透過投資於大中華區內債務證券, 旨在為投資者帶來資本增值, 包括但不限於高收益債券 可轉換債券及中國離岸債券 本基金投資於廣泛和多元化的大中華區債務證券組合, 包括非投資級別債券及特殊目的投資機構發行的債務證券, 以爭取最大的回報潛力 股份類別 成立日期 P 類 Acc 美元 港元 P 類 MDis 美元 港元 2012 年 3 月 27 日 P 類 MDis 新加坡元對沖 * 2014 年 9 月 26 日 A 類 MDis 澳元 加元 紐元對沖 * 2013 年 9 月 23 日 A 類 MDis 歐元對沖 2015 年 2 月 5 日 基礎貨幣 美元 最低認購額 HKD80,000/ USD10,000 或等值 派息政策 2 旨在提供每月派息, 由基金經理酌情決定 認購費用 最多 5% 管理費用 每年 表現費用 無 交易日 每日 管理人 HSBC Trustee (Cayman) Limited 託管人 滙豐機構信託服務 ( 亞洲 ) 有限公司 A 類 MDis 英鎊對沖 * 2015 年 4 月 14 日 P Acc P MDis -3.7% -3.7% -2.9% -2.8% +1.2% +1.3% +51.9% +51.7% 2012 +13.0% +12.9% 2013 +1.2% +1.2% 2014 +1.1% +1.0% 2015 +6.1% +6.1% 2016 +15.9% +15.9% 2017 +10.1% +10.0% 2018-2.9% -2.8% 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 : 固定收益投資團隊 : 首席投資總監 - 固定收益投資 : 高級基金經理 : 基金經理 : 謝清海 蘇俊祺 洪若甄 何民基,CFA 葉浩華,CFA 胡文倩 ; 嚴煜稀,CFA, ACCA 金楚泓,CFA 3, 4 4 A BBB BB B 8.2% 8.0% 6.3% 5.7% 5.4% 3.0% 2.9% 2.4% 1.8% 1.7% 1.4% 1.3% 1.2% 1.1% 7.8% 6.3% 6.1% 3.1% 2.6% 2.5% 2.0% 1.7% 1.2% 1.2% 0.4% 0.3% 7.1% 50.6% 35.4% 6.3% 4.8% 1.1% 0.6% 0.5% 0.4% 0.3% 0.3% 0.1% 0.1% 43.6% 平均存續期最低收益率發債人數目 65.5% 投資級別高收益平均信貸評級 8 The Asset 財資雜誌 基準研究 9 2017G3 1 6 90.3% 2.0 年 11.2% 209 0.7% 57.7% B HFM Asia Performance Awards 2017 10 3. 分類是根據全球行業分類標準 4. 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% 5. 現金表示除現金抵押品及保證金之手頭現金淨額 6. 投資者應注意最低收益率數據只作參考之用, 並不表示本基金的實際表現或投資者所收取的股息率, 正收益率亦不暗示正回報 7. 包括債券, 其發行人不尋求信用評級 ( 大中華區債券 14.8%; 股票掛鈎債券 11.2%; 其他 4.1%; 貸款 3.0%; 蒙古債券 1.6%; 點心債券 0.8%) 8. 平均信貸評級的計算方法為對所有信貸評級 ( 即從最高的 AAA 級到最低的 D 級 ) 分配一個連續整數, 並根據市場價值對債券持有量進行簡單的資產加權平均, 然後舍入最近的評級 此信貸評級可能基於來自不同機構的債券評級, 並用於反映投資組合的相關債券平均信貸評級, 而並無考慮到衍生工具和無評級證券 由於債券評級的降幅及違約風險的增幅不成比例, 信貸評級的簡單加權平均值並非對投資組合違約風險的量化基準 9. 財資 The Asset Benchmark Research 於 2017 年 10 月亞洲 G3 債券評選中宣佈的 頂尖投資公司 ( 對沖基金組別 ) 名單 排名是根據各投資公司的 明智投資者 所獲已加權的票數而釐定 10. 獎項根據截至 2017 年 4 月 30 日過去 12 個月之表現計算 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, 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, 以了解基金詳情及風險因素, 投資者應特別注意投資於中國及亞洲區其他市場 非投資級別的債務證券與及中小型市值公司所涉及之風險 基金可能投資於衍生工具及結構性產品, 該投資工具可涉及重大風險, 例如交易對手違約或破產, 有可能引致基金蒙受嚴重損失 此文件未並經證監會審閱 刊發人 : 惠理基金管理香港有限公司 關注我們 (852) 2143 0688 www.valuepartners-group.com
15.29 PAcc/ 8.56 PMDis 5,507.7 20187 (CBIRC) 7 3002014 2015 % 60 PAcc 50 +52.9% 40 30 20 10 0-10 3/2012 7/2013 7/2014 7/2015 7/2016 7/2017 7/2018 PAcc +0.7% -2.2% +0.9% +24.0% +40.4% +52.9% +6.9% 5.9% MDis 1 2 3 PMDis 0.0621 8.7% 31-7-2018 PMDis 0.0622 8.7% 31-7-2018 PMDis 0.0630 8.1% 31-7-2018 AMDis 0.0609 8.7% 31-7-2018 AMDis 0.0595 8.4% 31-7-2018 AMDis 0.0482 6.3% 31-7-2018 AMDis 0.0576 7.9% 31-7-2018 AMDis 0.0652 8.9% 31-7-2018 4 % Energy Resources LLC 1.8 Float 30/09/2022 MNC 9% 11/05/2021 1.6 Geo Coal International Pte Ltd 1.3 8% 10/04/2022 1.3 8.25% 11/03/2019 1.2 7.35% 19/07/2021 1.1 5.95% 07/19/2020 1.1 4.25% 02/14/2023 1.1 5% 03/21/2019 1.1 6.95% 04/19/2020 7.85% 06/04/2021 1.0 PAcc20123272018731 2012-0.3% +1.2% -1.7% +2.7% +1.6% +1.0% +1.4% +2.1% +2.3% +2.1% +13.0% 2013 +0.0% +1.3% -0.6% +1.4% -1.1% -5.0% +0.5% -0.8% +2.6% +2.1% +0.2% +0.9% +1.2% 2014-0.7% +0.7% -0.7% +0.8% +1.3% +2.3% +1.0% +0.9% -2.2% +0.8% -0.2% -2.9% +1.1% 2015 +0.3% +2.0% +0.3% +3.5% +1.6% -0.2% -0.8% -3.6% -1.1% +5.5% -0.2% -1.0% +6.1% 2016 - +0.2% +3.6% +2.2% +0.6% +1.8% +2.9% +1.8% +1.6% + -0.2% +0.6% +15.9% 2017 +2.8% +2.6% +0.7% +1.6% -1.9% -0.3% +0.9% +0.7% +0.7% +1.7% -0.4% +0.6% +10.1% 2018 +1.8% -0.6% -0.3% -1.0% -1.2% -1.7% +0.7% -2.2% (852) 2143 0688 (65) 6718 0380 fis@vp.com.hk www.valuepartners-group.com
20187 2 ISIN PAcc 15.29 KYG9319N1097 VPGCPUA KY PAcc 15.34 KYG9319N1253 VPGCPHA KY PMDis 8.56 KYG9319N1170 VPGPUMD KY PMDis 8.61 KYG9319N1337 VPGPHMD KY PMDis 9.31 KYG9319N1824 VPPSHMA KY A Acc 10.17 KYG9319N3804 VPGAEHA KY A MDis 8.44 KYG9319N2327 VPGCAUD KY A MDis 8.53 KYG9319N2400 VPGCCAD KY A MDis 8.79 KYG9319N3317 VPGCAGH KY A MDis 9.20 KYG9319N3499 VCHAMEH KY A MDis 8.79 KYG9319N2574 VPGCHNZ KY 4, 5 1.9 7 11.2% 192 5 9.6% 7.5% 7.1% 7.0% 5.6% 2.6% 2.4% 2.3% 1.8% 1.4% 1.4% 1.3% 1.3% 1.2% 1.2% 43.3% A BBB BB B 0.3% 0.7% 7.4% 47.9% 34.2% 9.6% 1.0% 55.3% 9 B HSBC Trustee (Cayman) Limited PAccMDis 2012327 AMDis 2013923 PMDis 2014926 AMDis 201525 AMDis 2015414 AAcc 2018716 1 MDis AP 80,000 10,000 5% CFA CFA CFA, ACCA CFA 9.6% 6.9% 6.1% 3.1% 3.0% 2.5% 2.0% 1.8% 1.2% 63.8% 2017G3 10 ~ The Asset Benchmark Research Awards 2017 11 ~ HFM Asia Performance Awards 2017 12 ~ The Asset20173A 4.5% 1.3% 0.4% 0.4% 0.4% 0.3% 0.3% 0.1% 92.3% 13 1. 2. 3. MDis x 12 4. 5. 100% 6. 7. 8. 14.1% 10.2%3.6%3.5%1.8%1.0%9. AAAD 10. The Asset Benchmark Research201710G3 11. 201743012 12. 2016112016 1231 13. (Restricted Scheme) (i)(ii)304305 Value Partners Asset Management Singapore Pte Ltd 200808225G GCHY_Master+SG_201807 2
產品資料概要惠理大中華高收益債券基金 發行人 : 惠理基金管理香港有限公司 本概要提供有關惠理大中華高收益債券基金 ( 本基金 ) 的重要資料 本概要乃銷售文件的一部分 請勿單憑本概要作投資決定 2018 年 4 月 資料便覽 管理人 : 執行人 : 託管人 : 惠理基金管理香港有限公司 HSBC Trustee (Cayman) Limited 滙豐機構信託服務 ( 亞洲 ) 有限公司 全年經常性開支比率 # : A 類別澳元對沖每月分派股份 1.66% β A 類別加元對沖每月分派股份 A 類別歐元對沖累積股份 A 類別歐元對沖每月分派股份 A 類別英鎊對沖每月分派股份 A 類別紐元對沖每月分派股份 P 類別美元累積股份 P 類別美元每月分派股份 P 類別港元累積股份 P 類別港元每月分派股份 P 類別新加坡元對沖每月分派股份 1.66% β 1.66% ^ 1.66% β 1.65% β 1.66% β 1.66% β 1.66% β 1.64% β 1.65% β 1.65% β 交易頻密程度 : 每日 ( 香港的銀行開門進行一般業務的每日, 惟星期六或星期日除外 ) 基礎貨幣 : 美元派息政策 : A 類別澳元對沖每月分派股份 A 類別加元對沖每月分派股份 A 類別歐元對沖每月分派股份 A 類別英鎊對沖每月分派股份 A 類別紐元對沖每月分派股份 P 類別美元每月分派股份 P 類別港元每月分派股份及 P 類別新加坡元對沖每月分派股份 : 酌情每月宣派股息, 而倘宣派股息, 則會每月派付 股息可從有關類別的資本中撥付, 並可能導致本基金的每股參與股份資產淨值 ( 資產淨值 ) 即時減少 最低投資金額 *: A 類別歐元對沖累積股份 P 類別美元累積股份及 P 類別港元累積股份 : 不會就該等類別派付股息, 而該等類別應佔的本基金收入及資本收益將用作再投資 就 A 類別澳元對沖每月分派股份 A 類別加元對沖每月分派股份 A 類別歐元對沖累積股份 A 類別歐元對沖每月分派股份 A 類別英鎊對沖每月分派股份及 A 類別紐元對沖每月分派股份而言 : (i) 澳元 加元 歐元 英鎊 紐元 : 首次投資為 10,000 美元, 隨後投資為 5,000 美元或等值有關貨幣 (ii) 港元 : 首次投資為 80,000 港元, 隨後投資為 40,000 港元 就 P 類別美元累積股份 P 類別美元每月分派股份 P 類別港元累積股份 P 類別港元每月分派股份及 P 類別新加坡元對沖每月分派股份而言 : (i) (ii) 本基金財政年度終結日 : 12 月 31 日 # 美元 新加坡元 : 首次投資為 10,000 美元, 隨後投資為 5,000 美元或等值新加坡元港元 : 首次投資為 80,000 港元, 隨後投資為 40,000 港元 經常性開支比率是於下列相應期間, 以有關股份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 資料更新至 2018 年 4 月 11 日 惠理大中華高收益債券基金 產品資料概要 1
惠理大中華高收益債券基金 β 此數字是根據截至 2017 年 12 月 31 日止年度的費用計算 ^ 此類別股份為新推出 該經常性開支比率數字僅為估計, 並為根據具有相似收費結構的 A 類別歐元對沖每月分派股份於相關的財政期間的開支計算 實際經常性開支比率數字可能與估計不同, 且每年均可能有所變動 本產品是甚麼產品? 本基金為單一基金, 為根據開曼群島法律註冊的開放式互惠基金公司 目標及投資策略 投資目標 本基金旨在為投資者提供資本增值 此外, 就分派類別而言, 本基金亦擬每月派付相等於全部或絕大部分各分派類別應佔淨收入的股息 務請注意, 本基金並不保證會派付有關股息, 且不對所派付股息設定目標水平 投資政策 一般債務證券 本基金旨在透過將其資產淨值不少於 70% 投資於 (i) 其主要業務 ( 或大部分資產 ) 位於或其大部分收入來自大中華地區 ( 包括中華人民共和國 ( 中國 ) 香港 澳門及台灣的地區 ) 的上市或非上市企業 ; 及 (ii) 大中華地區的政府及 / 或政府相關實體所發行或全面擔保的債務證券組合, 以達致其投資目標, 而管理人相信有關債務證券按其相關內在價值大幅折讓的價格買賣 為免生疑問, 上文 (i) 所述其大部分收入來自大中華地區的債務證券發行人可能位於大中華地區內或以外地區 本基金挑選債務證券作投資時, 將以發行人 ( 如為特殊目的機構 ( 特殊目的機構 ) 所發行並由母公司或聯營公司全面擔保的債務證券, 則亦包括母公司或聯營公司擔保人 ) 的信用可靠程度為依據, 方法是預測發行人 ( 及 / 或母公司或聯營公司擔保人 ) 最少兩年的信貸概況, 主要聚焦於發行人 ( 及 / 或母公司或聯營公司擔保人 ) 的企業概況 企業策略 預測現金流量及財政概況 投資分析亦將考慮發行人 ( 如為特殊目的機構所發行並由母公司或聯營公司全面擔保的債務證券, 則亦包括母公司或聯營公司擔保人 ) 的槓桿 流動資金 管理及業務 本基金可投資的債務證券包括但不限於可轉換及不可轉換債務證券 固定及浮動利率債券及高收益債券 有關債務證券包括所有評級的債券, 因此可能獲給予信貸評級或無評級或評為低於投資級別, 例如低於穆迪的 Baa3 級或低於標準普爾的 BBB- 級 此外, 本基金可大量投資於低於投資級別的債務證券 然而, 本基金不會將超過其資產淨值的 10% 投資於信貸評級低於投資級別的任何單一國家所發行或擔保的債務證券 為免生疑問, 單一國家 包括某一國家 其政府以及該國家的公共或地方機構或國有行業 此外, 本基金可投資的債務證券主要以美元計值 管理人將廣泛投資於多元化的債務證券組合, 於分配大中華地區的資產上並無固定期間 期限結構或行業比重 投資選擇將根據投資機遇的吸引力釐定 於中國境外發行的人民幣計值債務證券 本基金亦最多可將其最近期資產淨值的 30% 投資於中國境外發行的人民幣 ( 人民幣 ) 計值債務證券, 包括以按現行外幣兌人民幣匯率換算的另一種貨幣進行結算 支付票息及償還本金的人民幣計值債務證券 本基金最多可將其最近期資產淨值的 15% 投資於合成人民幣債務證券, 即以人民幣計值但以其他貨幣結算的離岸債務證券 由特殊目的機構所發行的債務證券 本基金於特殊目的機構所發行的次級債務證券之投資, 不會超過其最近期資產淨值的 15% 目前, 本基金擬僅投資於由特殊目的機構發行並由其母公司或聯營公司作全面 無條件及不可撤回擔保的債務證券 該母公司或聯營公司將為實質公司, 而且本身並非特殊目的機構 惠理大中華高收益債券基金 產品資料概要 2
惠理大中華高收益債券基金 股本證券 本基金可投資於股本證券, 並可將其最近期資產淨值的最多 10% 投資於中國 B 股 目前, 本基金不擬直接或間接投資於中國 A 股 倘管理人有意更改上述有關中國 A 股及中國 B 股的投資政策, 將會尋求證監會的事先批准, 並向股東發出不少於一個月的事先通知 在此情況下, 解釋備忘錄及產品資料概要將會在合理可行情況下盡快更新, 以反映該等更改 金融衍生工具及其他投資 本基金目前不擬廣泛地使用金融衍生工具作對沖或投資用途 本基金僅可就對沖用途投資於指數及貨幣掉期和貨幣遠期 ( 一般於場外買賣 ) 目前, 本基金並不擬 (i) 投資於結構性產品及按揭抵押證券 ; 及 (ii) 參與借股安排 回購及反向回購交易或其他類似場外交易 本基金亦不擬參與任何場外交易, 惟指數及貨幣掉期和貨幣遠期除外 倘管理人有意投資於上述工具或參與任何上述交易, 必須尋求證券及期貨事務監察委員會 ( 證監會 ) 的事先批准, 並向股東發出不少於一個月的事先通知 在此情況下, 解釋備忘錄及產品資料概要將會在合理可行情況下盡快更新, 以反映該等更改 在上述投資策略及解釋備忘錄所載的投資限制的規限下, 本基金亦可能投資於商品 期貨合約 期權 存託憑證 認股權證及任何單位信託的單位或任何互惠基金公司或任何其他集體投資計劃 ( 包括由管理人或其關連人士所管理者 ) 的股份 貨幣及利率, 並可持有現金 短期存款及其他貨幣工具 ( 如管理人認為屬合適 ) 目前, 本基金不擬將其最近期資產淨值的 10% 以上投資於該等工具 本基金有哪些主要風險? 投資涉及風險 有關風險因素等詳情, 請參閱解釋備忘錄 1. 投資風險 本基金的投資組合價值可能因下列任何主要風險因素而下跌, 因此, 閣下於本基金的投資可能蒙受損失 本基金的收入及其資產淨值可能受到不利影響 概不保證償還本金 2. 利率風險 投資於本基金須承受利率風險 一般而言, 當利率下跌時, 債務證券的價格上升, 而當利率上升時, 其價格則下跌 3. 由特殊目的機構所發行的債務證券 投資特殊目的機構所發行的債務證券, 可能令本基金承受額外風險, 例如特殊目的機構及母公司或聯營公司的信貸 / 違約風險 ( 見下文 信貸風險 ), 以及有關該特殊目的機構的母公司或聯營公司所發出擔保的可執行性的風險 倘母公司或聯營公司於任何其他債務責任中違約, 則可能觸發交叉違約, 從而或影響母公司或聯營公司根據擔保履行責任的能力 這可能對由特殊目的機構發行及由其母公司或聯營公司作擔保的債務證券價值造成不利影響 倘相關發行人清盤或破產, 於特殊目的機構所發行的次級性質債務證券的投資將有較低的索償次序, 因為有關投資者的索償次序後於非次級債務證券持有人, 但先於股本證券持有人 因此, 本基金作為次級債務證券持有人, 較非次級債務證券持有人面對更高的對手方的信貸 / 無力償債風險 4. 信貸風險 本基金須承受本基金所投資的債券或其他債務證券發行人的信貸或違約風險 該等工具的發行人可能於全數及適時償還本金及利息方面出現困難, 因而可能導致違約, 並最終引致本基金的價值下跌 某些債務證券乃以無抵押品的無抵押基準提呈發售 因此, 倘發行人破產, 本基金將成為該等發行人的無抵押債權人 惠理大中華高收益債券基金 產品資料概要 3
惠理大中華高收益債券基金 5. 未評級或低於投資級別及高收益債務證券的風險 本基金可能大量投資於未評級或評級可能低於投資級別的高收益證券 相比高評級債務證券, 該等證券一般流動性較低 波動較大及面臨較高的損失本金及利息的風險 6. 信貸評級下調風險 債務工具或其發行人的信貸評級可能在其後被下調 評級機構給予的信貸評級存在局限且並不時刻保證證券及 / 或發行人的信用可靠程度 倘有關評級被下調, 本基金的價值可能受到不利影響 管理人可能會或不會出售被下調評級的證券 7. 主權債務風險 本基金投資於由政府發行或擔保的證券或須承受政治 社會及經濟風險 在不利的情況下, 主權發行人可能無法或可能不願意在本金及 / 或利息到期時還款或可能要求本基金參與該等債務的重組 當主權債務發行人違約時, 本基金可能蒙受重大損失 8. 估值風險 本基金投資的估值可能涉及不明朗因素及判斷性決定 倘證實有關估值不正確, 可能會影響本 基金的 資產淨值計算 9. 投資組合的流動性 相比已發展市場, 大中華地區的債務證券可能承受較高的波動性及較低的流動性 於該等市場買賣的證券價格可能出現波動 該等證券的買賣差價可能較大且本基金可能招致重大交易成本 本基金所投資的債務證券 ( 包括特殊目的機構所發行的債務證券 ) 未必於證券交易所或定期進行買賣的證券市場上市 即使債務證券已經上市, 該等證券的市場可能不活躍及成交量可能偏低 如果收到大規模的贖回要求, 本基金可能需要以大幅折讓將其投資平倉, 以應付有關要求, 而本基金可能在買賣該等證券時蒙受虧損 10. 人民幣計值債務證券的風險 人民幣目前並不可自由兌換, 並受到外匯管制及限制之規限 並非以人民幣作為基礎貨幣的投資者面臨外匯風險, 且概不能保證人民幣兌投資者的基礎貨幣將不會貶值 倘人民幣出現任何貶值, 可能對投資者於本基金的投資造成不利影響 儘管離岸人民幣 ( 離岸人民幣 ) 及在岸人民幣 ( 在岸人民幣 ) 為同一貨幣, 但他們以不同的匯率買賣 離岸人民幣與在岸人民幣間的任何差異可能對投資者造成不利影響 由於可供本基金投資的在中國境外發行的人民幣計值債務證券現時數量有限, 本基金未必能夠如其計劃般投資於人民幣計值債務證券 點心 債券 ( 即於中國境外發行但以人民幣計值的債券 ) 市場的規模仍相對較小, 較易受到波動性及流動性不足影響 若頒佈任何新規則以限制發行人以發行債券的方式籌集人民幣資金的能力, 及 / 或有關監管機構撤銷或暫停開放離岸人民幣市場, 點心 債券市場的運作以及新債發行將會中斷, 導致本基金的資產淨值下跌 11. 有關從資本中派付股息的風險 管理人可酌情決定從本基金的資本中派付股息 就分派類別而言, 投資者應注意, 從資本中派付股息相當於歸還或提取其原先投資額或原先投資額應佔的任何資本收益的一部分 任何該等分派一般將導致本基金的每股參與股份資產淨值即時減少 對沖股份類別的分派金額及資產淨值可能受到對沖股份類別的參考貨幣與本基金的基礎貨幣 ( 即美元 ) 的利率差異之不利影響, 導致從資本中支付的分派金額有所增加, 以及因此相對其他非對沖類別的資本流失更大 管理人可修訂此政策, 惟須取得證監會的事先批准及向投資者發出不少於一個月的事先通知 惠理大中華高收益債券基金 產品資料概要 4
惠理大中華高收益債券基金 12. 股息風險 就分派類別而言, 當本基金所產生的收入 / 資本收益不足以支付本基金所宣派的股息時, 管理人可釐定是否從資本中撥付股息及所撥付的金額 然而, 並不保證會派付有關股息或將有派息率目標水平 高分派收益率不代表可得正或高回報 管理人目前並無意就累積類別派付股息 因此, 投資於累積類別可能並不適合尋求收入回報作財務或稅務規劃用途的投資者 13. 地區集中風險 本基金的投資集中於大中華地區 本基金的價值可能較投資組合更為多元化的基金更為波動 本基金的價值可能對影響大中華地區的不利經濟 政治 政策 外匯 流動性 稅務 法律或監管事件更為敏感 本基金投資於中國及台灣市場, 當中涉及更多與投資於已發展經濟體或市場不常見的風險及特殊考慮因素, 例如流動性風險 貨幣風險 / 管制 政治及經濟不確定性 法律及稅務風險 結算風險 託管風險以及波動程度可能較高 14. 中國稅務考慮因素 與本基金投資於中國發行人所發行的人民幣計值債務證券有關的中國現行稅務法律 規例及慣例存在風險及不確定性 ( 可能具有追溯力 ) 本基金任何增加的稅務責任均可能對本基金的價值構成不利影響 目前, 按照稅務顧問的專業及獨立意見, 管理人將不會就本基金作出任何中國稅項的稅務撥備 倘若對本基金實施的任何實際稅務責任將從本基金的資產中扣除, 則本基金的資產淨值將受到不利影響 視乎認購及 / 或贖回的時機, 投資者可能受到不利影響 15. 投資於可換股債券的風險 可換股債券是一種介乎債券和股票之間的混合型產品, 持有人可於指定未來日期將之轉換為發行債券的公司的股份 因此, 與普通債券投資相比, 可換股債券將須承受股票波動及較高的波動性 投資於可換股債券須承受與可相比的普通債券投資相同的利率風險 信貸風險 流動性風險及提前償還風險 16. 外匯風險 本基金以美元計值, 但可發行以其基礎貨幣以外的貨幣列示的類別 此外, 本基金的相關投資可能以其基礎貨幣以外的貨幣計值 因此, 本基金的資產淨值可能受到該等貨幣與基礎貨幣之間的匯率波動以及匯率管制變動的不利影響 17. 有關貨幣對沖及貨幣對沖類別 ( 貨幣對沖類別 ) 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 惠理大中華高收益債券基金 產品資料概要 5
惠理大中華高收益債券基金 本基金過往的業績表現如何? 附註: 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 P 類別美元累積股份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, 但不包括本子基金可能向閣下收取的認購費及贖回費 如年內沒有顯示有關的業績表現, 即代表當年沒有足夠數據用作提供業績表現之用 本基金發行日: 2012 年 3 月 27 日 P 類別美元累積股份發行日: 2012 年 3 月 27 日 P 類別美元累積股份擁有最長業績表現, 並廣泛地反映本基金的表現特色 惠理大中華高收益債券基金 產品資料概要 6
惠理大中華高收益債券基金 本基金有否提供保證? 本基金並不提供任何保證 閣下未必能全數取回投資本金 投資本基金涉及哪些費用及收費? 閣下或須支付的收費 本基金股份買賣或須繳付以下費用 費用閣下須支付認購費 ( 首次認購費 ) 最高為每股認購價的 5%( 如屬 A 類別股份及 P 類別股份 ) 轉換費最高為後續類別每股認購價的 3% 贖回費無 * * 附註 : 贖回費可由目前費率增加至最高達每股贖回價的 5%, 惟須向投資者發出一個月的事先通知 本基金持續繳付的費用以下開支將從本基金中撥付 閣下的投資回報將會因而減少 每年收費率 ( 佔各類別資產淨值的百分比 ) 管理費 *( 如屬 A 類別股份及 P 類別股份 ) 執行及託管費 資產淨值 每年收費率 ( 佔資產淨值的百分 比 ) 首 4 億美元 0.17%* 隨後的 4 億美元 0.15%* 8 億美元之後的部分 0.13%* ( 需支付每月最低費用 5,000 美元 ) 表現費 其他費用 不適用 閣下買賣本基金股份時可能需支付其他費用 有關其他應付費用的進一步詳情, 請參閱解釋備忘錄 收費及開支 一節 * 請注意, 在給予各股東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 有關本基金可能應付的費用及收費 最高許可費用及本基金可能須承擔的其他持續開支詳情, 請參閱解釋備忘錄內 收費及開支 部分 惠理大中華高收益債券基金 產品資料概要 7
惠理大中華高收益債券基金 其他資料 閣下一般可於執行人的受委人於香港時間下午六時正 ( 即本基金各交易日的本基金交易截止時間 ) 或之前妥為收到閣下直接或經分銷商作出的要求後, 按本基金隨後釐定的資產淨值購買及贖回股份 閣下於作出認購或贖回指示前, 請向閣下的分銷商查詢分銷商的內部交易截止時間 ( 可能較本基金的交易截止時間為早 ) 本基金的最近期資產淨值及股價於每個營業日在網上 www.valuepartners-group.com* 登載 投資者可於管理人的網站 www.valuepartners-group.com* 取得其他向香港投資者提呈發售的股份類別之過往業績資料 投資者可透過致電 (852) 2143 0688 向管理人索取有關就本基金獲委任的分銷商資料 就分派類別而言, 過去 12 個月的最近期股息構成 ( 即從可分派淨收入及資本中撥付的相關金額 ) 可向管理人索取, 亦可從管理人網站 www.valuepartners-group.com* 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 惠理大中華高收益債券基金 產品資料概要 8