PRODUCT HIGHLIGHTS SHEET

Transcription

1 Prepared n: 15 March 2018 This Prduct Highlights Sheet is an imprtant dcument. It highlights the key terms and risks f this investment prduct and cmplements the Singapre Prspectus 1. It is imprtant t read the Singapre Prspectus befre deciding whether t purchase units in the prduct. If yu d nt have a cpy, please cntact us t ask fr ne. Yu shuld nt invest in the prduct if yu d nt understand it r are nt cmfrtable with the accmpanying risks. If yu wish t purchase the prduct, yu will need t make an applicatin in the manner set ut in the Singapre Prspectus. FULLERTON LUX FUNDS ASIAN CURRENCY BONDS (the "Fund") Prduct Type Investment cmpany Inceptin Date 6 Octber Management Cmpany Investment Manager and Singapre Representative Lemanik Asset Management S.A. Fullertn Fund Management Cmpany Ltd. Depsitary Bank Dealing Frequency Capital Guaranteed N Expense Rati fr perid ended 31 March PRODUCT SUITABILITY WHO IS THE PRODUCT SUITABLE FOR? The Fund is nly suitable fr investrs wh: are seeking t cmbine capital grwth pprtunities with incme in the relative stability f debt markets ver the lng term; and are cmfrtable with the risk f a fund that invests in fixed incme r debt securities with expsure t the Asian regin, and denminated primarily in Asian currencies. The Fund may nt be suitable fr investrs wh are uncmfrtable with the level f risk assciated with bnds and credit instruments, and investing in emerging markets. KEY PRODUCT FEATURES WHAT ARE YOU INVESTING IN? Yu are investing in a fund perated by Fullertn Lux Funds ("Cmpany"). The Cmpany is an umbrella-structured pen-ended investment cmpany rganised as a sciété annyme under the laws f Luxemburg and qualifies as a SICAV. The investment bjective f the Fund is t generate lng term capital appreciatin fr investrs. Distributins (if any) may be declared at the Cmpany s abslute discretin ut f incme, capital gains and/r capital, and may have the effect f lwering the Fund s NAV. Distributins ut f capital may amunt t a partial return f yur riginal investment and may als reduce future returns. The base currency f the Fund is the US Dllar. BNP Paribas Securities Services, Luxemburg Branch Every Business Day Class A (SGD) Dist 1.18% Class A (USD) Dist 1.18% Class I (EUR) Acc 0.73% Class I (USD) Acc 0.73% Further Infrmatin Refer t paragraphs 3 and 5.4 n pages [12] and [19] f the Singapre n prduct suitability. Refer t paragraphs 1 and 3 n pages [5] and [12] f the Singapre n features f the prduct. 1 The Singapre Prspectus is available frm the Singapre Representative r authrised distributrs. It is als available at 2 This refers t the earliest launched Share Class that is ffered under the Singapre Prspectus. 3 As f 31 March 2017, expense ratis are nt available fr the ther Share Classes being ffered fr subscriptin by investrs in Singapre. Page 1

2 Investment Strategy The Fund invests in fixed incme r debt securities (which may be unrated r rated nn-investment grade), including cnvertibles, denminated primarily in Asian currencies and primarily issued by cmpanies, gvernments, quasigvernments, gvernment agencies r supranatinals in the Asian regin. The Investment Manager intends t adpt a cmbinatin f tp-dwn macr research fr duratin r interest rate management and sectr allcatin, and bttm-up analysis fr credit selectin and yield curve psitining. The Fund may use FDIs as part f the investment strategy, in additin t efficient prtfli management and hedging purpses. Parties Invlved WHO ARE YOU INVESTING WITH? The Management Cmpany is Lemanik Asset Management S.A. The Investment Manager and Singapre Representative is Fullertn Fund Management Cmpany Ltd. The Depsitary Bank is BNP Paribas Securities Services, Luxemburg Branch. KEY RISKS WHAT ARE THE KEY RISKS OF THIS INVESTMENT? The value f the prduct and its distributins may rise r fall. Yu shuld cnsider the risks f investing in the Fund, which are detailed in the Singapre Prspectus. Generally, sme f the risk factrs that shuld be cnsidered are market, credit, liquidity, prduct-specific and ther risks. These risk factrs, sme f which are set ut belw, may cause yu t lse sme r all f yur investment. Market and Credit Risks Yu are expsed t the risk f investing in emerging and less develped markets. The legal, judicial and regulatry infrastructure f such markets is still develping and there is much legal uncertainty. Yu are expsed t plitical, regulatry and ecnmic risks. Ecnmic and/r plitical instability culd lead t legal, fiscal and regulatry changes. Taxes r exchange cntrls can be impsed suddenly. Assets culd be cmpulsrily re-acquired withut adequate cmpensatin. Inflatin and deflatin may result in a decline in the value f the Fund's prtfli. Tax law and practice in certain cuntries is nt clearly established. Additinal taxatin that is nt anticipated when investments are made, valued r dispsed f may be impsed. Yu are expsed t market custdy and settlement risks. Securities markets in sme cuntries lack the liquidity, efficiency and regulatry cntrls f mre develped markets. Prvisins fr custdy and legal/beneficial interests and settlement prcedures may be less develped than mre mature markets. Depsitary Bank and subcustdians may default. The Fund may be affected by inability t repatriate incme, capital r sale prceeds. Yu are expsed t credit risks. The issuer f securities and cunterparties t transactins may default n their bligatins. Credit ratings f an investment are largely based n histrical infrmatin and may nt reflect current financial, vlatility r liquidity cnditins. Lwer rated, higher yielding debt securities are subject t greater market and credit risks than higher rated securities. Yu are expsed t interest rate risk. Values f bnds and ther debt instruments usually rise and fall in respnse t changes in interest rates. Yu are expsed t exchange rate risks. The Fund's investments may be denminated in different currencies and affected by exchange rate fluctuatins. Refer t paragraph 3 n page [12] f the Singapre n the investment strategy f the prduct. Refer t paragraph 2 n page [7] f the Singapre n their rles and respnsibilities. Refer t paragraph 5 n page [18] f the Singapre n risks f the prduct. Page 2

3 The Fund and certain Share Classes are nt denminated in the Singapre Dllar and investrs may be expsed t exchange rate risks. The Investment Manager may nt fully hedge the freign currency expsure, althugh it may have the discretin t d s. Yu are expsed t currency cntrl risks. Certain Asian currencies are nt freely cnvertible and are subject t freign exchange cntrl plicies and repatriatin restrictins. The Fund's investments may als be affected by changes in currency and exchange cntrl plicies and regulatins. Yu are expsed t risks arising frm the withdrawal f UK frm EU. The withdrawal f UK frm EU is likely t lead t nging plitical and ecnmic uncertainty and perids f exacerbated vlatility in the UK and the Eurpean and glbal markets. This may have an adverse effect n the ecnmy generally and n the ability f the Fund t execute its strategy and t generate attractive returns. Currency vlatility and the ptential dwngrading f the UK s svereign credit rating, may als have an impact n perfrmance. Liquidity Risks The Fund is nt listed and yu can redeem nly n Dealing Days via the Singapre Representative r apprved distributrs. There is n secndary market fr the Fund. Prduct-Specific Risks Yu are expsed t nn-investment grade securities risks. Issuers f nn-investment grade securities are expsed t adverse business, financial r ecnmic cnditins, which culd lead t nnpayment f interest and principal. Prices f nn-investment grade securities may be affected by individual crprate develpments, ecnmic cnditins and illiquid markets t a greater extent than investment grade securities. Yu are expsed t derivatives risks. The Fund may use FDIs and these investments carry their wn specific risks. Certain investments may be subject t greater vlatility, cunterparty risks and higher degree f risks. Further, futures transactins may be "leveraged" r "geared". Yu are expsed t China QFII risks. The Fund may invest directly in QFII Eligible Securities via the QFII status f the Investment Manager. If this QFII status is lst, the Fund may have t dispse f its hldings and suffer adverse cnsequences. The Fund may be expsed t limited investment capabilities, QFII investment restrictins, illiquidity f the Chinese dmestic securities market, delay/disruptin in the executin and settlement f trades, and/r uncertainties f China taxatin plicies. Yu are expsed t P-Ntes risks. Investment indirectly thrugh P-Ntes are subject t cunterparty and default risks. They may als be illiquid and cstly. FEES AND CHARGES WHAT ARE THE FEES AND CHARGES OF THIS INVESTMENT? Payable directly by yu: Yu will need t pay the fllwing fees and charges: Share Class Class A Class I Class R Initial Charge (% f the subscriptin amunt) Up t 5% Redemptin Charge (based n the NAV per Up t 2%, currently nne Share) Yu may need t pay ther fees and charges t the relevant distributr. Payable by the Fund frm invested prceeds: The Fund will pay the fllwing fees and charges t the Management Refer t paragraph 4 n page [16] f the Singapre n fees and charges. Page 3

4 Cmpany, the Investment Manager and ther parties: Share Class Class A Class I Class R Management Cmpany's Fees (payable t the Management Cmpany) (based n the NAV f the Fund) Management Fee (payable t the Investment Manager) (based n the NAV f the Share Class) Depsitary Fee (payable t the Depsitary Bank) (based n the average NAVs f the different Funds f the Cmpany) Up t 1% p.a. Other fees and expenses may be payable by the Fund. Up t 0.04% p.a. Up t 0.6% p.a. Up t 0.5% p.a. Up t 0.6% p.a. VALUATIONS AND EXITING FROM THIS INVESTMENT HOW OFTEN ARE VALUATIONS AVAILABLE? The Fund is valued n each Dealing Day. The price per Share f all Share Classes is quted n a frward-pricing basis, and is nrmally available n the website within tw (2) Business Days f the actual transactin dates and may als be available n Blmberg and SIX Telekurs. Yu may als request fr the indicative price per Share frm the Singapre Representative (where nt available as stated abve). T cunter dilutin and prtect investrs interest, the Fund may apply a technique knwn as swing pricing r dilutin adjustment f up t 2% f the NAV as part f its valuatin plicy. HOW CAN YOU EXIT FROM THIS INVESTMENT AND WHAT ARE THE RISKS AND COSTS IN DOING SO? Yu can redeem yur Shares n any Dealing Day by submitting a written redemptin request thrugh the Singapre Representative's apprved distributrs r ther appinted agents. Redemptin prceeds are nrmally paid in the currency f the relevant Share Class within three (3) Business Days frm the Dealing Day n which the redemptin request is received and prcessed by the Administratr. Yur redemptin price is determined as fllws: If yu submit yur redemptin request by 5pm Singapre time n a Dealing Day, yu will be paid a price based n the NAV per Share determined n that Dealing Day. If yu submit yur redemptin request after 5pm Singapre time n a Dealing Day yur request shall be treated as having been received n the next Dealing Day. Redemptin requests sent t apprved distributrs may be subject t an earlier dealing cut-ff time. Please check with the relevant distributr fr details. The net redemptin prceeds that yu will receive will be the redemptin price per Share multiplied by the number f Shares redeemed, less any charges. An example is as fllws: 1, Shares Yur redemptin request USD 1, Grss redemptin prceeds x - USD NAV per Share USD Redemptin Charge (2%) = = USD 1, Grss redemptin prceeds USD Net redemptin prceeds CONTACT INFORMATION HOW DO YOU CONTACT US? If yu have any queries r feedback, yu may cntact the Singapre Representative at: Telephne N : (65) inf@fullertn.cm.sg Refer t paragraphs 9 and 11 n pages [26] and [28] f the Singapre n valuatin and exiting frm the prduct. Page 4

5 Acc Asian regin Business Day Dealing Day Dist Emerging and less develped markets EU FDIs nn-investment grade NAV ver-the-cunter P-Ntes QFII QFII Securities Shares Share Class Eligible APPENDIX: GLOSSARY OF TERMS Accumulatin Shares, shares which accumulate their incme s that the incme is included in the price f the shares. Includes but is nt limited t China (including Hng Kng Special Administratin Regin and Taiwan), Suth Krea, India, Thailand, Malaysia, Singapre, Indnesia, the Philippines and Vietnam. A week day n which banks are nrmally pen fr business in Luxemburg and Singapre. A Business Day which des nt fall within a perid f suspensin f calculatin f the NAV per Share f the Fund and such ther day as the directrs f the Cmpany may decide frm time t time. Distributin Shares, shares which distribute their incme. Cuntries with emerging and less develped markets include, but are nt limited t (1) cuntries that have an emerging stck market in a develping ecnmy as defined by the Internatinal Finance Crpratin, (2) cuntries that have lw r middle incme ecnmies accrding t the Wrld Bank, and (3) cuntries listed in Wrld Bank publicatin as develping. Eurpean Unin. Financial derivative instruments, which may include but is nt limited t ptins n securities, ver-the-cunter ptins, interest rate swaps, crss currency swaps, credit default swaps, futures, currency frwards, cntract fr difference, credit derivatives r structured ntes such as credit-linked ntes, equity-linked ntes and index-linked ntes. In respect f fixed incme r debt securities, means a security with a lng-term credit rating f belw BBB- by Standard & Pr's Ratings Grup, a divisin f McGraw- Hill Cmpanies, Inc.; r Baa3 by Mdy's Investrs Services, Inc.; r BBB- by Fitch Ratings Limited. Net asset value as determined in accrdance with the Singapre Prspectus. Securities traded in sme cntext ther than n a frmal exchange, such as a dealer netwrk. Participatry ntes, which entitle the hlder t certain cash payments, calculated by reference t the underlying equity securities t which the instrument is linked. Qualified Freign Institutinal Investr, as prescribed under the prevailing regulatins in the Peple's Republic f China. The securities that a QFII may invest in, as prescribed under the prevailing regulatins in the Peple's Republic f China. Shares in the Fund. Class f Shares in the Fund. Page 5

6 SICAV UK USD / US Dllar Sciété d'investissement à Capital Variable, being an investment cmpany with variable capital that is established in the Grand-Duchy f Luxemburg. The Fullertn Lux Funds qualifies as a SICAV under Part I f the Luxemburg law f 2010 Law relating t undertakings f cllective investment. United Kingdm. United States dllars. Page 6