HSBC Global Investment Funds - Global Emerging Markets Multi- Asset Income Share Class AM3ORMB

Transcription

1 HSBC Global Investment Funds - Global Emerging Markets Multi- Asset Income Share Class 28 Feb Feb 2019 Risk Disclosure The Fund invests mainly in global emerging markets equities, bonds and other related investments. The Fund is subject to the risks of investing in emerging markets. Non-investment grade bonds and unrated bonds are subject to additional risks and volatility. The Fund may invest in onshore Chinese securities through various market access schemes and China A-shares Access Products. Such investments involve additional risks, including the risks associated with China s tax rules and practices. The Fund may invest in other funds and need to bear the underlying funds fees and expenses on top of the Fund s own fees and expenses. The Fund may invest in financial derivative instruments for investment purpose which may lead to higher volatility to its net asset value. The Fund may pay dividends out of capital or gross of expenses. Dividend is not guaranteed and may result in capital erosion and reduction in net asset value. Because the Fund, its investments and its classes of shares may be denominated in different currencies, investors may be affected adversely by exchange controls and exchange rate fluctuations. There is no guarantee that the currency hedging strategy applied to the relevant classes will achieve its desired result. The Fund s investments may involve substantial credit, currency, volatility, liquidity, interest rate, tax and political risks. Investors may suffer substantial loss of their investments in the Fund. Unit trusts are NOT equivalent to time deposits. Investors should not invest in the Fund solely based on the information provided in this document and should read the offering document of the Fund for details. H Fund Objective and Strategy Investment Objective The Fund invests for income and moderate capital growth in a diversified portfolio of shares, bonds, money market instruments, cash and other investments. In normal market conditions, at least 90% of the Fund s assets are invested in assets from issuers in emerging markets. Investment Strategy The Fund can invest up to 10% of its assets in asset-backed securities (ABS) and mortgage-backed securities (MBS). The Fund may invest in shares of Chinese companies, including up to 15% of its assets in China A-shares. The Fund's maximum exposure to China A- shares and China B-shares is 30% of its assets. The Fund may invest in Chinese fixed income securities including up to 20% of its assets in fixed income securities from issuers in China and traded on the China Interbank Bond Market. There aren t restrictions on the market values of the companies held in the fund. The Fund can also invest up to 10% of its assets in contingent convertible securities. The Fund may invest up to 90% of its assets into other funds. See the Prospectus for a full description of the investment objectives and derivative usage. Performance (%) Performance (%) Fund Size Bloomberg Ticker Calendar Year Performance (%)⁴ Fund YTD 1M 3M 1Y 3Y¹ 5Y¹ Vol 2 S.R Past performance is not an indicator of future returns. The figures are calculated in the share class base currency, NAV to NAV basis with dividend reinvested, net of fees. If investment performance is not denominated in or, or based investors are exposed to exchange rate fluctuations. Source: HSBC Global Asset Management, data as at 28 February 2019 Fund change that may have material impact on performance: 16 Nov Change in the manner of charging sales charge / switching charge. To download the offering documents from ments/english/amhk_hgif.pdf Share Class Details UCITS V Compliant Distribution Type Distribution Frequency Dealing Frequency Min. Initial Investment Max. Initial Charge Management Fee Base Currency Domicile ISIN Inception Date NAV per Share Manager Yes Distributing Monthly Daily RMB 10, % 1.35% CNH Luxembourg LU Apr 2018 CNH ,072,315 HSGA3OR LX David J McNay Nishant Upadhyay Zeke Anurag Diwan Nicholas Timberlake 1 Result is cumulative when calculation period is over one year. 2 Volatility since inception, a measure of how much a fund's price goes up or down as a percentage of its average performance. 3 Sharpe ratio since inception, a measure for calculating risk-adjusted return, and this ratio has become the industry standard for such calculations. 4 The calendar year return of the first year is calculated between share class inception date and calendar year end of first year if the share class has less than 5-year history.

2 Monthly Performance Commentary Summary Global Equities continued their positive start to 2019, with the MSCI All Country World Index rising a further 2.67% in February. Markets were boosted by easing concerns over US-China trade tensions. Investors risk appetite was further supported by broadly upbeat US economic data: the labour market continues to surprise on the upside. The US Federal Reserve (Fed) struck a more dovish tone in their latest minutes, removing reference to gradual increases and adopting a more patient approach to determining interest rates. The minutes also show that before too long the committee intends to announce a plan to stop reducing the Fed s balance sheet. Emerging markets delivered a marginally positive month, despite negative returns being seen in Brazil and South Africa equity. Within the EM complex, Asian markets were the strongest performers; the MSCI China A onshore index increased by c.15%. Trade negotiations between the US and China continued. Little tangible progress was made during the month, however news that the two countries would extend their trade truce (postponing the imposition of further tariffs) by an additional 60 days was well received by markets. Chinese equities benefited strongly as did other Asian equity markets e.g. Taiwan and Hong Kong. Conversely, South African asset markets had a very difficult month. The state owned power company Eskom instituted a week of scheduled power cuts. Market participants fear that if the outages continue they would materially impact economic growth. Furthermore, the release of South Africa s latest budget brought a series of bad news including rising government debt, floundering returns from state owned companies and falling levels of investment in both the public and private sector. Portfolio strategy GEMMAI continues to be positioned overweight equity, neutral EMD Hard Currency, and underweight EMD Local and EM FX. Portfolio Performance Following a very strong January, markets remained more subdued during February. As a result, the fund delivered flat performance during the month. After a difficult start, EM markets began to rally towards the middle of the month, finishing February with strong positive momentum. The fund s tactical underweight to EM local currency contributed to performance, as it was the worst returning asset class over the period. Emerging Market Hard Currency Debt Performance EM hard currency assets continued to achieve positive returns in February following a very strong January. While momentum slowed, the sustained pace of inflows to the asset class supported performance. The sleeve outperformed its benchmark during the month. The largest driver of outperformance was the overweight position to the Mexico quasi-sovereign, Pemex. This position was opened following a widening in spreads which proceeded to tighten and we took profits on the position. The overweight to Egypt also contributed to performance as the country posted positive returns given relative underperformance entering the month combined with new issuance in February. In addition, the overweight to Oman helped returns as the country outperformed on the news that government borrowing would be lower than the market had expected. The off-benchmark exposure to Corporates boosted returns as the asset class outperformed sovereigns in the month. The largest detractor during February was Argentina which fell as the political noise generated by the upcoming election weighed on investor sentiment. Positioning Following the strong performance of the asset class year-to-date, we have reduced the risk profile of the sleeve. The reduction in risk primarily came from cutting exposure in Turkey, PEMEX, and Indonesia. Emerging Market Local Currency Debt Performance Local debt assets experienced negative returns in February, driven primarily by currency. The fund achieved positive relative performance versus the benchmark. Within local rates, the overweight to the South Africa drove most of the outperformance. The position was opened due to attractive valuations following prior underperformance. The sleeve benefited as the position rebounded in the second half of the month. Similarly, we added to the Mexican peso following a sharp depreciation in early February and the currency proceeded to rally and contributed to performance. In other currency positions, the overweights to the Colombian peso and Indian rupee also helped relative performance. In terms of detractors, the overweight position to the Turkish lira hurt performance as the currency experienced negative returns in the month. Positioning In local rates, we remain defensively positioned. We closed the overweight position to Russia local rates and moved overweight to South Africa rates. Overall we continue to focus our overweight positions in higher yielding countries including Indonesia, South Africa and Mexico versus underweight positioning in lower yielding countries including Czech Republic, Poland and Thailand. In local currency, we ended the month with a net long EM currency exposure of 2%. We reduced the exposure to the Colombian peso and Indian rupee following strong performance. We added to our positions in the Polish zloty and Mexican peso while moving underweight to the Israeli shekel and Chilean peso. Emerging Market Equity The country and sector positioning is mainly a reflection of the bottom-up investment approach where we find attractive investment opportunities. The fund focuses on companies that offer an attractive combination of profitability and valuation. Currently the main country overweight is Russia. Russia presents several compelling investment opportunities: valuations are attractive in general relative to other EM countries and the domestic economic recovery continues to support earnings growth. Themes that currently run through the portfolio are the: China Supply Side reforms and favorable impact on commodity prices such as Steel, Cement, high quality Iron ore, and other base metals. IMO 2020 regulations aim to reduce sulphur emissions in the shipping industry.

3 Portfolio Portfolio Asset Allocation (%) Currency Exposure at Portfolio Level (%) Global Emerging Markets Equity Global Fixed Income Global Emerging Markets Debt - Hard Currency Global Emerging Markets Debt - Local Currency Cash 3.59 US dollar Hong Kong dollar South Korean won Mexican peso Indonesian rupiah Brazilian real Indian rupee New Taiwan dollar Turkish lira Russian ruble Other Currencies Portfolio Top 10 Holdings Weight (%) HSBC GIF GEM EQUITY VOLATILITY FOC ZC 4.91 TREASURY BILL 3.99 TREASURY BILL 3.97 HSBC US DOLLAR LIQUIDITY Y 3.59 BUY MXN SELL FFX_MXN 2.95 BUY PLN SELL FFX_PLN_EXT: 2.84 LETRA TESOURO NACIONAL JUL BUY SELL BRL FFX_ 2.55 TREASURY BILL 2.41 BUY CNY SELL FFX_CNY 2.10 Source: HSBC Global Asset Management, data as at 28 February 2019.

4 Equity Equity Characteristics Equity Average Market Cap Breakdown ( Mil, %) P/E Ratio ,000 Weighted Average Market Cap ( Mil) 79, Dividend Yield ,000-50,000 50, , , , , Equity Sector Allocation (%) Equity Geographical Allocation (%) Financials Information Technology Communication Services Consumer Discretionary Energy Materials Industrials Real Estate Consumer Staples Utilities Health Care Cash & Others China South Korea India Taiwan Brazil Russia Hong Kong South Africa Turkey Indonesia Other Locations Cash & Others Equity Top 10 Holdings Location Sector Weight (%) TENCENT HOLDINGS LTD China Communication Services 1.05 SAMSUNG ELECTRONICS CO LTD South Korea Information Technology 1.03 ALIBABA GROUP HOLDING-SP ADR China Communication Services 1.01 BANCO BRADESCO SA-PREF Brazil Financials 0.63 CHINA CONSTRUCTION BANK China Financials 0.63 TSMC LTD Taiwan Information Technology 0.59 INDUSTRIAL & COMMERCIAL BANK OF CHINA Hong Kong Financials 0.52 PING AN INSURANCE CO LTD China Financials 0.49 RELIANCE INDUSTRIES LTD India Energy 0.48 ICICI BANK LTD-SPON ADR India Financials 0.42 Please note some securities are unclassified against these sector and/or country schemes and will therefore appear under the Cash & Others category. The data displayed in above sections is shown on a look-through basis. This means that the fund may not directly hold these securities and the investment in these securities may be via other funds. Source: HSBC Global Asset Management, data as at 28 February 2019.

5 Fixed Income Fixed Income Characteristics Fixed Income Characteristics Average Yield to Maturity 5.66 Effective Duration 4.62 Portfolio Yield 5.66 Average Credit Quality BBB+/BBB Fixed Income Quality Rating Allocation (%) Fixed Income Sector Allocation (%) AAA 4.12 Local FX AA 6.02 Local Sovereign Bonds A Sovereign (Hard Ccy) BBB BB 6.79 Quasi (Hard Ccy) 7.40 B 3.25 Corporate (Hard Ccy) 6.32 No Rating 0.00 Cash 4.34 Fixed Income Geographical Allocation (%) Mexico 8.19 Russian Federation 5.67 Indonesia 5.51 Colombia 4.35 China 3.07 Poland 3.01 Turkey 2.90 India 2.65 Malaysia 2.63 United States 2.57 Other Locations Fixed Income Top 10 Holdings Location Instrument Type Weight (%) LETRA TESOURO NACIONAL JUL-19 Brazil Treasury Bills 2.63 RUSSIA GOVT BOND - OFZ AUG-23 Russian Federation Government Bond 1.15 REPUBLIC OF SOUTH AFRICA FEB-31 South Africa Government Bond 1.11 REPUBLIC OF PHILIPPINES JAN-29 Philippines Government Bond 1.04 REPUBLIC OF SOUTH AFRICA DEC-26 South Africa Government Bond 0.95 MEX BONOS DESARR FIX RT JUN-27 Mexico Government Bond 0.94 TITULOS DE TESORERIA B AUG-26 Colombia Government Bond 0.92 PHOSAGRO(PHOS BOND FUND) APR-23 Russian Federation Corporate Bond 0.90 NOTA DO TESOURO NACIONAL JAN-21 Brazil Treasury Notes 0.90 INDONESIA GOVERNMENT MAR-24 Indonesia Government Bond 0.87 Please note that the fixed income allocation tables are calculated using contributions to the fixed income portion, with the equity portion excluded here. The data displayed in above sections is shown on a look-through basis. This means that the fund may not directly hold these securities and the investment in these securities may be via other funds. Source: HSBC Global Asset Management, data as at 28 February 2019.

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

7 Terms of Glossary Convertible bond: is a type of bond that the holder can convert into a specified number of shares of common stock in the issuing company or cash of equal value. Corporate bond: is bond issued by a company in order to raise financing. Coupon: the annual interest rate paid on a bond, expressed as a percentage of the face value. Credit quality: one of the principal criteria for judging the investment quality of a bond or bond mutual fund. Developed markets: countries that are most developed in terms of its economy and capital markets. Duration: a measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates. Emerging markets (EM): nations' economies in the process of fast economic growth. Investments in emerging markets are generally considered to be with higher risk. Government bond or Gilt: a loan to a national government in return for regular payments (known as the coupon) and a promise that the original investment (principal) is paid back at a specified date. Gilts are loans to the UK government. High yield bond / Non-investment grade bond: fixed income security with a low credit rating from a recognised credit rating agency. They are considered to be at higher risk of default, but have the potential for higher rewards. Information ratio: is a ratio of portfolio returns above/under the returns of a benchmark to the volatility of those returns. Investment grade bond: is considered investment grade or IG if its credit rating is BBB- or higher by Standard & Poor's or Baa3 or higher by Moody's. Maturity: the period of time for which a financial instrument remains outstanding. Modified duration to worst: the lowest potential duration that will achieve on a bond without the issuer actually defaulting. Effective Duration: is a duration value based on the probability of early redemption call by the bond issuer. Option adjusted spread duration (OASD): estimates the price sensitivity of a bond to a 100 basis-point movement (either widening or narrowing) in its spread relative to Treasuries, taking into account the likelihood of early redemption. Sharpe ratio: a measure for calculating risk-adjusted return, and this ratio has become the industry standard for such calculations. Tracking error: a measure of how closely a portfolio follows the index to which it is benchmarked. Volatility: a measure of how much a fund's price goes up or down as a percentage of its average performance. Yield to maturity: the total return anticipated on a bond if the bond is held until the end of its lifetime, excluding strategic currency hedges for Portfolio/Benchmark calculations. Number is shown in percentage. Portfolio Yield: the lowest potential yield that can be received on a bond without the issuer actually defaulting, excluding strategic currency hedges for Portfolio/Benchmark calculations. Number is shown in percentage. Rating: rating of a debtor (credit rating) by rating agencies is based on specific criteria such as debt situation, country risk etc. Ratings from Moody's and Standard & Poor's is the most widely used systems in the international markets with range from AAA and Aaa (highest credit rating) to D ( Debtor in financial difficulties, repayment already distressed). NAV: stands for net asset value. It is used on funds and represents the value of all assets and receivables less debt, liability and costs. Typically, it is reported as a value per share. Swap: a derivative contract through which two parties exchange financial instruments. E.g. in an interest swap, typically one contracting party pays a fixed interest while the other pays a variable interest. Futures: a financial contract obligating the buyer to purchase an asset (or the seller to sell an asset), such as a physical commodity or a financial instrument, at a predetermined future date and price. Shares: units of ownership interest in a corporation or financial asset that provide for an equal distribution in any profits, if any are declared, in the form of dividends. The two main types of shares are common shares and preferred shares. Physical paper stock certificates have been replaced with electronic recording of stock shares, just as mutual fund shares are recorded electronically. Bond: a fixed income investment in which an investor loans money to an entity (typically corporate or governmental) which borrows the funds for a defined period of time at a variable or fixed interest rate. Bonds are used by companies, municipalities, states and sovereign governments to raise money and finance a variety of projects and activities. Owners of bonds are debt holders, or creditors, of the issuer. Price Earnings (P/E) Ratio: is the price paid for a share divided by the annual profit earned by the firm per share. Dividend Yield: represents the ratio of distributed income over the last 12 months to the fund s current Net Asset Value. Market capitalization: refers to the total dollar market value of a company's outstanding shares. Commonly referred to as "market cap," it is calculated by multiplying a company's shares outstanding by the current market price of one share.

8 HSBC Global Investment Funds - Global Emerging Markets Multi- Asset Income Supplement Information Sheet 28 Feb 2019 Share Class Base Currency CNH CNH CNH CNH CNH CNH CNH CNH CNH Distribution Frequency Dividend ex-date Dividend Amount Annualised Yield (Distribution is not guaranteed and may be paid out of capital) Monthly 28 Feb % Monthly 31 Jan % Monthly 28 Dec % Monthly 30 Nov % Monthly 31 Oct % Monthly 28 Sep % Monthly 29 Aug % Monthly 26 Jul % Monthly 29 Jun % Monthly 28 Feb % Monthly 31 Jan % Monthly 28 Dec % Monthly 30 Nov % Monthly 31 Oct % Monthly 28 Sep % Monthly 29 Aug % Monthly 26 Jul % Monthly 29 Jun % Monthly 25 May % Monthly 27 Apr % Monthly 04 Apr % Monthly 28 Mar % Monthly 28 Feb % Monthly 31 Jan % Monthly 28 Dec % Monthly 30 Nov % Monthly 31 Oct % Monthly 28 Sep % Monthly 29 Aug % Monthly 26 Jul % Monthly 29 Jun % Monthly 25 May % Monthly 27 Apr % Monthly 04 Apr % Monthly 28 Mar % Monthly 28 Feb % Monthly 31 Jan % Monthly 28 Dec % Monthly 30 Nov % Monthly 31 Oct % Monthly 28 Sep % Monthly 29 Aug % Monthly 26 Jul % Monthly 29 Jun % Monthly 25 May % Monthly 27 Apr % Monthly 04 Apr % Monthly 28 Mar % Monthly 28 Feb % Monthly 31 Jan % Monthly 28 Dec % Monthly 30 Nov % Monthly 31 Oct % Monthly 28 Sep % Monthly 29 Aug % Monthly 26 Jul % Monthly 29 Jun % Monthly 25 May % Monthly 27 Apr % Monthly 04 Apr % Monthly 28 Mar %

9 HSBC Global Investment Funds - Global Emerging Markets Multi- Asset Income Supplement Information Sheet 28 Feb 2019 Share Class Base Currency Distribution Frequency Dividend ex-date Dividend Amount Annualised Yield (Distribution is not guaranteed and may be paid out of capital) Monthly 28 Feb % Monthly 31 Jan % Monthly 28 Dec % Monthly 30 Nov % Monthly 31 Oct % Monthly 28 Sep % Monthly 29 Aug % Monthly 26 Jul % Monthly 29 Jun % Monthly 25 May % Monthly 27 Apr % Monthly 04 Apr % Monthly 28 Mar % The above table cites the last dividend paid within the last 12 months only. Dividend is not guaranteed and may be paid out of capital, which will result in capital erosion and reduction in net asset value. A positive distribution yield does not imply a positive return. Past payout yields and payments do not represent future payout yields and payments. Historical payments may be comprised of both distributed income and capital. The calculation method of annualised yield: (dividend value / NAV per share or unit as of ex-dividend date) x n, n depends on the distributing frequency. Annually distribution is 1; semi-annually distribution is 2; quarterly distribution is 4; monthly distribution is 12. The annualised dividend yield is calculated based on the dividend distribution on the relevant date with dividend reinvested, and may be higher or lower than the actual annual dividend yield.

10 滙豐環球投資基金 - 環球新興市場多元資產入息 H 股份類別 2019 年 2 月 28 日 28/02/2019 風險披露 本基金主要投資於環球新興市場股票 債券及其他相關投資 本基金涉及與投資於新興市場有關的風險 非投資級別債券及未獲評級債券涉及額外風險及波動性 本基金可透過各項市場准入計劃及中國 A 股連接產品投資於中國在岸證券 該等投資涉及額外風險, 包括與中國稅務規則和慣例有關的風險 本基金或會投資於其他基金, 須承擔本基金及所投資的基金的費用及開支 本基金可投資於金融衍生工具作投資用途, 可能使本基金的資產淨值較波動 本基金可從資本中或未扣除開支前撥付股息 派息不獲保證及會導致資本蠶食及資產淨值減少 由於本基金的基本貨幣 投資及份額類別可按不同的貨幣計值, 故此, 外匯管制及匯率波動可能對投資者構成不利影響 並不保證有關份額類別的貨幣對沖策略可達致其預期效果 本基金之投資可能涉及重大的信貸 貨幣 波動性 流動性 利率 稅務及政治風險 投資者投資於本基金可能蒙受重大損失 基金產品並不等同於定期存款 投資者不應僅就此文件提供之資料作出投資決定, 而應細閱本基金之銷售文件 基金投資目標及策略投資目標本基金旨在透過投資由股票 債券 貨幣市場工具 現金及其他投資組成的多元化投資組合, 產生收益及適度資本增長 在正常市況下, 本基金至少將 90% 的資產投資於來自新興市場發行商的資產 投資策略本基金最多可將其資產的 10% 投資資產抵押證券及按揭證券 本基金可投資中國企業的股票, 包括最多可將其資產的 15% 投資於中國 A 股 本基金投資中國 A 股及中國 B 股的上限是其資產的 30% 本基金可投資中國固定收益證券, 包括最多可將其資產的 20% 投資於由中國發行商發行並在中國銀行間債券市場買賣的固定收益證券 本基金持有的公司並無市值限制 此外, 本基金最多可將其資產的 10% 投資於或有可轉換證券 本基金最多可將其資產的 90% 投資於其他基金 請參閱基金說明書, 了解關於投資目標及衍生工具使用的完整說明 基金表現 (%) 基金表現 (%) 年初至今 基金 1 個月 3 個月 1 年 3 年 ¹ 5 年 ¹ 夏普 2 波幅 3 比率 基金規模 彭博代號 年度回報表現 (%)⁴ 過去的業績並不代表將來的表現 表現以股份類別基本貨幣計算, 資產淨值對資產淨值, 將股息再作投資, 並已扣除費用 如投資業績非以港元或美元計算, 以港元或美元作投資的投資者須承受匯率波動的風險 資料來源 : 滙豐環球投資管理, 數據截至 2019 年 2 月 28 日 對本基金表現可能有重大影響的變動 :2018 年 11 月 16 日 - 變更收取銷售費 / 轉換費用的方式 從此處下載銷售文件 ts/english/amhk_hgif.pdf 股份類別詳情 UCITS V 合規派息類型派息頻率交易頻率最低初始認購額首次認購費最高達管理費基本貨幣註冊地 ISIN 代號股份類別成立日期每股資產淨值 基金經理 是派息每月每日 RMB 10, % 1.35% 離岸人民幣盧森堡 LU 年 4 月 19 日離岸人民幣 9.10 美元 248,072,315 HSGA3OR LX David J McNay Nishant Upadhyay Zeke Anurag Diwan Nicholas Timberlake 1 當計算期超過一年, 業績為累積表現 2 成立至今數據, 作爲衡量基金的價格變動 ( 上升或下跌 ) 相對基金平均表現的百分比 3 成立至今數據, 作爲計算風險調整後回報的衡量指標, 並為業内的計算標準 4 如股份類別成立少於五年, 其首年年度表現為成立日至年底

11 投資組合 投資組合資產分佈 (%) 投資組合貨幣組別分佈 (%) 環球新興市場股票 環球固定收益 環球新興市場債券 - 主流貨幣 環球新興市場債券 - 當地貨幣 現金 3.59 美元港元韓圜墨西哥比索印尼盾巴西雷亞爾印度盧比新台幣土耳其里拉俄羅斯盧布其他貨幣 投資組合十大持倉 比重 (%) HSBC GIF GEM EQUITY VOLATILITY FOC ZC 4.91 TREASURY BILL 3.99 TREASURY BILL 3.97 HSBC US DOLLAR LIQUIDITY Y 3.59 BUY MXN SELL FFX_MXN 2.95 BUY PLN SELL FFX_PLN_EXT: 2.84 LETRA TESOURO NACIONAL JUL BUY SELL BRL FFX_ 2.55 TREASURY BILL 2.41 BUY CNY SELL FFX_CNY 2.10 資料來源 : 滙豐環球投資管理, 數據截至 2019 年 02 月 28 日

12 股票 股票特點股票平均市值分佈 ( 百萬美元, %) 市盈率 ,000 平均市值 ( 百萬美元 ) 79, 股息率 ,000-50,000 50, , , , , 股票行業分佈 (%) 股票地區分佈 (%) 金融資訊科技通信服務可選消費品能源物料工業房地產消費必需品公用事業健康護理現金及其他 中國韓國印度台灣地區巴西俄羅斯香港南非土耳其印尼其他地區現金及其他 股票十大持倉 地區 行業 比重 (%) TENCENT HOLDINGS LTD 中國 通信服務 1.05 SAMSUNG ELECTRONICS CO LTD 韓國資訊科技 1.03 ALIBABA GROUP HOLDING-SP ADR 中國 通信服務 1.01 BANCO BRADESCO SA-PREF 巴西 金融 0.63 CHINA CONSTRUCTION BANK 中國 金融 0.63 TSMC LTD 台灣地區 資訊科技 0.59 INDUSTRIAL & COMMERCIAL BANK OF CHINA 香港 金融 0.52 PING AN INSURANCE CO LTD 中國 金融 0.49 RELIANCE INDUSTRIES LTD 印度 能源 0.48 ICICI BANK LTD-SPON ADR 印度 金融 0.42 請注意, 一些證券未能根據這些行業和 / 或地區分類, 因此歸類在 現金及其他 類別下 以上所示數據按透視基準列示 這表示基金未必直接持有該等證券及可能透過其他基金投資該等證券 資料來源 : 滙豐環球投資管理, 數據截至 2019 年 02 月 28 日

13 固定收益 固定收益特點 固定收益特點 平均到期收益率 5.66 有效存續期 4.62 投資組合收益率 5.66 平均信貸評級 BBB+/BBB 固定收益信貸評級分佈 (%) 固定收益行業分佈 (%) AAA 4.12 當地貨幣外匯 AA 6.02 當地主權債 A 主權債 ( 主流貨幣 ) BBB BB 6.79 半主權債券 ( 主流貨幣 ) 7.40 B 3.25 企業債券 ( 主流貨幣 ) 6.32 無評級 0.00 現金 4.34 固定收益地區分佈 (%) 墨西哥俄羅斯印尼哥倫比亞中國波蘭土耳其印度馬來西亞美國其他地區 固定收益十大持倉 地區 證券類型 比重 (%) LETRA TESOURO NACIONAL JUL-19 巴西 短期國庫券 2.63 RUSSIA GOVT BOND - OFZ AUG-23 俄羅斯 政府債券 1.15 REPUBLIC OF SOUTH AFRICA FEB-31 南非 政府債券 1.11 REPUBLIC OF PHILIPPINES JAN-29 菲律賓 政府債券 1.04 REPUBLIC OF SOUTH AFRICA DEC-26 南非 政府債券 0.95 MEX BONOS DESARR FIX RT JUN-27 墨西哥 政府債券 0.94 TITULOS DE TESORERIA B AUG-26 哥倫比亞 政府債券 0.92 PHOSAGRO(PHOS BOND FUND) APR-23 俄羅斯 企業債券 0.90 NOTA DO TESOURO NACIONAL JAN-21 巴西 國庫票據 0.90 INDONESIA GOVERNMENT MAR-24 印尼政府債券 0.87 請注意, 固定收益分佈是根據固定收入部分的貢獻計算, 不包含股票的部分 以上所示數據按透視基準列示 這表示基金未必直接持有該等證券及可能透過其他基金投資該等證券 資料來源 : 滙豐環球投資管理, 數據截至 2019 年 02 月 28 日

14 重要資訊本文件只提供一般性資料, 並不針對任何可能收到本文件的人士的具體投資目標 財務狀況和特別需求 在此表達之意見可因應情況修改而不作另行通知 本文件並非銷售文件, 且不構成建議 要約出售或招攬購買或認購任何投資 本文件所載任何預測 預計或目標僅供説明用途, 且並非任何形式的保證 滙豐環球投資管理 ( 香港 ) 有限公司 ( 滙豐環球投資管理 ) 就預測 預計或目標未能達成概不承擔任何責任 本文件內的資料乃取自滙豐環球投資管理合理地相信可靠的來源 然而, 無論明示或暗示, 滙豐環球投資管理不保證 擔保或代表本文件內該等資料的準確性 有效性或完整性 投資附帶風險, 過去的業績並不代表將來的表現 請參閱銷售文件以便獲取其它資料, 包括風險因素 此文件並未經證券及期貨事務監察委員會批閱 版權 HSBC Global Asset Management (Hong Kong) Limited ( 滙豐環球投資管理 ( 香港 ) 有限公司 )2019 版權所有 本文件由 HSBC Global Asset Management (Hong Kong) Limited ( 滙豐環球投資管理 ( 香港 ) 有限公司 ) 刊發

15 詞彙表可換股債券 : 持有人可轉換成發行公司特定數量普通股或等同現金值的一種債券 企業債券 : 公司所發行用以融資的債券 票息 : 對債券支付的年利率, 表現為面值的百分比 信貸質素 : 判斷債券或債券互惠基金投資質素的主要準則之一 發達市場 : 在經濟和資本市場方面最發達的國家 存續期 : 一個量度一項定息投資的價格 ( 本金值 ) 對利率變化的敏感度之數值 新興市場 : 此等國家的經濟正經歷快速增長 投資於新興市場通常被認為是風險較高 政府債券或金邊債券 : 一種予某國家政府的貸款, 以換取定期付款 ( 稱為票息 ), 以及承諾原有投資 ( 本金 ) 將在指定的日期償還 金邊債券為一種予英國政府的貸款 高收益債券 非投資級別債券 : 獲認可評級機構賦予較低信貸評級的固定收益證券 該等證券被視為具有更高的違約風險, 但回報潛力亦更大 信息比率 : 是一個投資組合的回報高於 / 低於某個基準相對於此等回報的波動性之比率 投資級別債券 : 如其信貸評級為標準普爾的 BBB- 或以上, 或穆迪的 Baa3 或以上, 將被認為是投資級別或 IG 期限 : 為一項金融投資工具仍未償付的期間 修正存續期 : 指一隻債券在發行人並無實際違約時所達致的最低潛在存續期 有效存續期 : 是根據債券發行人提早贖回的機率計算的存續期值 期權調整利差存續期 : 估計一隻債券於其相對於國庫券之利差就著 100 個點子移動的價格敏感度 ( 擴闊或縮窄 ), 並考慮到提早贖回的可能性 夏普比率 : 作爲計算風險調整後回報的衡量指標, 並為業内的計算標準 追踪誤差 : 量度一個投資組合追踪其基準指數的密切程度 波幅 : 作爲衡量基金的價格變動 ( 上升或下跌 ) 相對基金平均表現的百分比 到期收益率 : 一隻債券持有直至到期的預期總回報, 不包括投資組合 基準計算的戰略貨幣對沖 數據以百分比表示 投資組合收益率 : 一隻債券在發行人實際上並無違約時的最低潛在收益率, 不包括投資組合 基準計算的戰略貨幣對沖 數據以百分比表示 評級 : 是指評級機構根據具體的標準, 如債券狀況 國家風險等對債務人 ( 信用 ) 做出的評級 國際上最廣泛採用的是穆迪和標普的評級標準, 包含從 AAA 和 Aaa( 最高評級 ) 至 D( 債務人處於財務困境, 已無還債能力 ) 資產淨值 (NAV): 是指資產的淨值, 通常用於基金, 表示全部資產和應收款項減去債務 負債和成本後的價值, 通常以每股價值表示 交換契約 : 是指一種交換 ( 一般為權益 ) 交易的衍生物合約 例如在利息交換契約中, 通常契約一方支付固定利息, 而另一方支付浮動利率 期貨 : 是一項金融合約, 規定買方以預定的未來日期和價格購買資產 ( 或賣方出售資產 ), 例如實物商品或金融資產 股份 : 是指一家企業或金融資產中所有權權益的單位, 用於以股利方式提供平均分配之任何利潤 ( 若宣布 ) 普通股和特別股為股份的兩種主要類型 實體紙本股份已由電子記錄股份取代, 正如共同基金股份透過電子方式記錄 債券 : 是一種固定收益投資, 其中投資者向一家實體 ( 通常為企業或政府機構 ) 提供貸款, 而該家實體以浮動或固定利率於指定期限借貸該資金 公司 地方政府 州及主權政府透過債券方式籌資, 為各類專案和活動提供資金 債券所有人稱為發行人的債務持有者或債權人 市盈率 : 指公司的每股市價除以每股年盈利 股息收益率 : 代表過去 12 個月所分派收益與本基金現時資產淨值的比例 這是追蹤 12 個收益率的總額 市場資本化值 : 是指一家公司流動股份的市場價值總額, 通常稱為 市值 市值計算方法是將公司的流通在外股份乘以一股股份的當期市價

16 滙豐環球投資基金 - 環球新興市場多元資產入息 補充資料 2019 年 2 月 28 日 股份類別基本貨幣派息頻率除息日每股股息 離岸人民幣離岸人民幣離岸人民幣離岸人民幣離岸人民幣離岸人民幣離岸人民幣離岸人民幣離岸人民幣 美元美元美元美元美元美元美元美元美元 美元 美元美元美元港元港元港元港元港元港元港元港元港元港元港元港元港元澳元 澳元澳元 澳元 澳元 澳元 澳元 澳元 澳元 澳元 澳元 澳元 澳元 歐元歐元 年化股息率 ( 派息不獲保證及可從股本中分派 ) 每月 2019 年 2 月 28 日 % 每月 2019 年 1 月 31 日 % 每月 2018 年 12 月 28 日 % 每月 2018 年 11 月 30 日 % 每月 2018 年 10 月 31 日 % 每月 2018 年 9 月 28 日 % 每月 2018 年 8 月 29 日 % 每月 2018 年 7 月 26 日 % 每月 2018 年 6 月 29 日 % 每月 2019 年 2 月 28 日 % 每月 2019 年 1 月 31 日 % 每月 2018 年 12 月 28 日 % 每月 2018 年 11 月 30 日 % 每月 2018 年 10 月 31 日 % 每月 2018 年 9 月 28 日 % 每月 2018 年 8 月 29 日 % 每月 2018 年 7 月 26 日 % 每月 2018 年 6 月 29 日 % 每月 2018 年 5 月 25 日 % 每月 2018 年 4 月 27 日 % 每月 2018 年 4 月 4 日 % 每月 2018 年 3 月 28 日 % 每月 2019 年 2 月 28 日 % 每月 2019 年 1 月 31 日 % 每月 2018 年 12 月 28 日 % 每月 2018 年 11 月 30 日 % 每月 2018 年 10 月 31 日 % 每月 2018 年 9 月 28 日 % 每月 2018 年 8 月 29 日 % 每月 2018 年 7 月 26 日 % 每月 2018 年 6 月 29 日 % 每月 2018 年 5 月 25 日 % 每月 2018 年 4 月 27 日 % 每月 2018 年 4 月 4 日 % 每月 2018 年 3 月 28 日 % 每月 2019 年 2 月 28 日 % 每月 2019 年 1 月 31 日 % 每月 2018 年 12 月 28 日 % 每月 2018 年 11 月 30 日 % 每月 2018 年 10 月 31 日 % 每月 2018 年 9 月 28 日 % 每月 2018 年 8 月 29 日 % 每月 2018 年 7 月 26 日 % 每月 2018 年 6 月 29 日 % 每月 2018 年 5 月 25 日 % 每月 2018 年 4 月 27 日 % 每月 2018 年 4 月 4 日 % 每月 2018 年 3 月 28 日 % 每月 2019 年 2 月 28 日 % 每月 2019 年 1 月 31 日 %

17 滙豐環球投資基金 - 環球新興市場多元資產入息 補充資料 2019 年 2 月 28 日 股份類別基本貨幣派息頻率除息日每股股息 年化股息率 ( 派息不獲保證及可從股本中分派 ) 歐元 每月 2018 年 12 月 28 日 % 歐元 每月 2018 年 11 月 30 日 % 歐元 每月 2018 年 10 月 31 日 % 歐元 每月 2018 年 9 月 28 日 % 歐元 每月 2018 年 8 月 29 日 % 歐元 每月 2018 年 7 月 26 日 % 歐元 每月 2018 年 6 月 29 日 % 歐元 每月 2018 年 5 月 25 日 % 歐元 每月 2018 年 4 月 27 日 % 歐元 每月 2018 年 4 月 4 日 % 歐元 每月 2018 年 3 月 28 日 % 每月 2019 年 2 月 28 日 % 每月 2019 年 1 月 31 日 % 每月 2018 年 12 月 28 日 % 每月 2018 年 11 月 30 日 % 每月 2018 年 10 月 31 日 % 每月 2018 年 9 月 28 日 % 每月 2018 年 8 月 29 日 % 每月 2018 年 7 月 26 日 % 每月 2018 年 6 月 29 日 % 每月 2018 年 5 月 25 日 % 每月 2018 年 4 月 27 日 % 每月 2018 年 4 月 4 日 % 每月 2018 年 3 月 28 日 % 以上表格只提供過去 12 個月內最近的股息資料 派息不獲保證及可從股本中分派, 導致資本侵蝕以及資產淨值的減少 正股息派發不代表正回 報 過去的支付收益率和付款不代表未來的支付收益率和付款 歷史付款可以包括分配的收入和資本 年化股息率的計算方法 :( 股息 除息日的基金每股淨值價格 )x n n 視乎派息頻率 每年派息為 1; 每半年派息為 2; 每季派息為 4; 每月派息為 12 年化股息率乃基於在有關日期的股息並將股息再作投資計算, 可能高於或低過實際全年派息率

18 PRODUCT KEY FACTS 產品資料概要 HSBC Global Investment Funds Global Emerging Markets Multi-Asset Income 滙豐環球投資基金 環球新興市場多元資產入息 March 2019 This statement provides you with key information about the HSBC Global Investment Funds Global Emerging Markets Multi-Asset Income 本概要提供有關滙豐環球投資基金 - 環球新興市場多元資產入息的重要資料 This statement is part of the offering document 本概要是銷售文件的一部分 You should not invest in this product based on this statement alone 投資者切勿單憑本概要作投資決定 Quick facts 基本資料 Fund manager 基金經理 HSBC Investment Funds (Luxembourg) S.A 年 3 月 Investment adviser 投資顧問 HSBC Global Asset Management (UK) Limited (Internal delegation, UK / 內部委託, 英國 ) Sub-investment adviser 副投資顧問 HSBC Global Asset Management (USA) Inc. (Internal delegation, US 內部委託, 美國 ) Custodian 保管人 HSBC France, Luxembourg Branch Ongoing charges over a year Class AC / AC 類 1.70%^ 全年經常性開支比率 Class / 類 1.70%^ Class / 類 1.70^ Class / 類 1.76%^ Class AM3OGBP / AM3OGBP 類 1.76%^ Class / 類 1.76%^ Class / 類 1.76%^ Dealing frequency 進行交易 Daily on every dealing day / 每一個交易日 Base currency 基本貨幣 / 美元 Dividend policy 股息政策 Class AC No dividends will be declared or paid; Class / / / AM3OGBP / / Declared monthly on a discretionary basis, and if declared, dividends will be paid monthly. Dividends may be paid out of the capital or effectively out of capital # of the relevant Class. Payment of dividends out of capital or effectively out of capital will result in an immediate reduction of the net asset value of the relevant Class. AC 類 將不宣佈或派發股息; / / / AM3OGBP / / 類 按酌情基準每月宣佈, 如獲宣佈, 將會每月派發股息 股息可從相關類別的資本中或實際上從相關類別的資本 # 中支付 從資本中或實際上從資本中支付股息, 將導致相關類別的資產淨值即時減少 Financial year end 財政年度終結日 31 March / 3 月 31 日 Minimum investment (initial and subsequent) Class A 1,000 or 10,000 or 1,500 or GBP650 or 850 or RMB10,000 最低認購額 ( 首次及其後 ) A 類 1,000 美元或 10,000 港元或 1,500 澳元或 650 英鎊或 850 歐元或 10,000 人民幣 # The Board of Directors may at its discretion pay dividend out of gross income while charging/ paying all or part of the Fund s fees and expenses to/ out of the capital of the Fund (resulting in an increase in distributable income for the payment of dividends by the Fund), and thereby effectively pay distributions out of capital of the Fund. 董事會可酌情決定從總收入撥付股息, 同時從本基金的資本中扣除 支付本基金的全部或部分費用及支出 ( 導致可供本基金支付股息的可分派收入增加 ), 因此實際上從本基金的資本中支付股息 ^ The figure is an estimate only (as this fund is newly set up) and represents the sum of the estimated ongoing expenses chargeable to the class expressed as a percentage of the class's estimated average net asset value. This figure may vary from year to year. The actual figure may be different from the estimated figure. 此僅為估計數字 ( 因為此基金最近成立 ), 指可向類別收取的估計經常性開支總額, 並以類別的估計平均資產淨值的百分比表示 此數字每年均可能有所變動 實際數字可能有別於估計數字

19 What is this product? 本基金是甚麼產品? This is a sub-fund (the Fund ) of an umbrella fund constituted in the form of a mutual fund. It is domiciled in Luxembourg and its home regulator is Commission de Surveillance du Secteur Financier. 本附屬基金 ( 基金 ) 所屬的傘子基金以互惠基金形式組成 本基金在盧森堡註冊成立, 在當地由 Commission de Surveillance du Secteur Financier 監管 Objectives and Investment Strategy 目標及投資策略 Investment Objectives and Strategy 投資目標及策略 The Fund aims to provide income and moderate capital growth through an active asset allocation in a diversified portfolio of fixed income securities and equity securities, money market and cash instruments and other instruments in Emerging Markets. 本基金旨在透過對新興市場的固定收益證券及股票證券 貨幣市場和現金工具以及其他工具組成的多元化投資組合進行積極式資產配置, 以提供收益及溫和的資本增長 The Fund invests in normal market conditions a minimum of 90% of its net assets in or gains exposure to the following assets in Emerging Markets: 本基金於正常市況下將其至少 90% 的淨資產投資於或取得投資於以下新興市場資產 : Fixed income and equity securities either directly, through financial derivative instruments, and/or through investments in UCITS and/or other Eligible UCIs. 直接 透過金融衍生工具及 / 或透過投資於 UCITS 及 / 或其他合資格 UCIs, 而取得投資於固定收益及股票證券 Money market and cash instruments either directly, through financial derivative instruments, and/or through investments in UCITS and/or other Eligible UCIs. 直接投資 透過金融衍生工具及 / 或透過投資於 UCITS 及 / 或其他合資格 UCIs, 而取得投資於貨幣市場和現金工具 Currency forwards and non-deliverable forwards linked to the currency of securities issued in Emerging Markets. 與在新興市場所發行證券的貨幣掛鈎的貨幣遠期及非可交付遠期 Other UCITS eligible asset classes including, but not limited to, real estate, commodities, Asset Backed Securities ( ABS ), Mortgage Backed Securities ( MBS ) and alternative investment strategies through investment in either transferable securities, financial derivative instruments, UCITS and other Eligible UCIs. 透過投資於可轉讓證券 金融衍生工具 UCITS 及其他合資格 UCIs, 而取得投資於其他 UCITS 合資格資產類別, 包括但不限於房地產 商品 資產抵押證券 ( 資產抵押證券 ) 按揭證券 ( 按揭證券 ) 及另類投資策略 Currency exposure will be actively managed and will be achieved through the abovementioned assets held in the portfolio or through financial derivative instruments (for example, currency forwards). 貨幣風險將主動管理, 並透過投資組合持有的上述資產或透過金融衍生工具 ( 例如, 貨幣遠期 ) 達致 The Fund invests in Investment Grade, Non-Investment Grade rated and unrated fixed income and other similar securities issued or guaranteed by governments, government agencies or supranational bodies of Emerging Markets or by companies which are domiciled in, based in, or carry out the larger part of their business activities in, Emerging Markets. These securities are denominated either in US Dollars, other developed market currencies, some of which will be hedged to US Dollars, or Emerging Market currencies. 本基金投資於由新興市場的政府 政府機構或超國家組織或由在新興市場註冊 設於新興市場或在新興市場進行大部分商業活動的公司所發行或擔保的投資級別 非投資級別及未獲評級固定收益及其他相近類型證券 該等證券以美元 其他已發展市場貨幣 ( 其中一些用美元對沖 ) 或新興市場貨幣計價 Investment in onshore Chinese fixed income securities include, but are not limited to, onshore fixed income securities denominated in RMB, issued within the People s Republic of China ("PRC") and traded on the China Interbank Bond Market ("CIBM"). The Fund may invest in the CIBM either through Bond Connect and/or the CIBM Initiative. The Fund may invest up to 20% of its net assets in onshore Chinese bonds issued by, amongst others, municipal and local governments, companies and policy banks. 投資中國在岸固定收益證券包括但不限於以人民幣計價 在中華人民共和國 ( 中國 ) 境內發行及在中國銀行間債券市場 ( CIBM ) 買賣的在岸固定收益證券 本基金可透過債券通及 / 或中國銀行間債券市場計劃投資於中國銀行間債券市場 本基金可將其最多 20% 的淨資產投資於由 ( 其中包括 ) 市級及地方政府 公司及政策銀行發行的中國在岸債券 The Fund will not invest more than 20% of its net assets in fixed income securities which are rated below Investment Grade, as assigned by either market recognised rating agencies or by a PRC local credit rating agency, or which are unrated. 本基金可將其最多 20% 的淨資產投資於評級為低於投資級別 ( 獲市場認可評級機構或中國本地信貸評級機構評定 ) 或未評級的固定收益證券 The Fund will not invest more than 10% of its net assets in securities issued by or guaranteed by any single sovereign issuer with a credit rating below Investment Grade. 本基金可將其最多 10% 的淨資產投資於由任何單一主權發行人所發行或擔保的低於投資級別信貸評級的證券 The Fund may invest up to 10% of its net assets in convertible bonds (excluding contingent convertible securities). 本基金可將其最多 10% 的淨資產投資於可轉換債券 ( 不包括或有可轉換證券 ) The Fund may invest up to 10% of its net assets in contingent convertible securities; however such investment is not expected to exceed 5%. 本基金可將其最多 10% 的淨資產投資於或有可轉換證券, 惟該投資預期不會超過 5% The Fund invests in equities and equity equivalent securities of companies which are domiciled in, based in, or operating in Emerging Markets. The Fund normally invests across a range of market capitalisations without any capitalisation restriction. These securities are denominated in developed or Emerging Market currencies. 本基金投資於由在新興市場註冊 設於新興市場或在新興市場經營的公司的股票及等同股票的證券 本基金通常投資於不同市值的公司, 沒有任何市值限制 該等證券以已發展或新興市場貨幣計值 2

20 Investments in Chinese equities include, but are not limited to, China A-shares and China B-shares (and such other securities as may be available) listed on stock exchanges in the PRC. The Fund may directly invest in China A-shares through the Shanghai-Hong Kong Stock Connect and/or the Shenzhen-Hong Kong Stock Connect, subject to applicable quota limitations. Furthermore, the Fund may gain exposure to China A-shares indirectly through China A-shares Access Products ("CAAP") such as, but not limited to, participation notes linked to China A-shares. 於中國股票的投資包括但不限於在中國的證券交易所上市的中國 A 股及中國 B 股 ( 及可能供認購的該等其他證券 ) 本基金可透過滬港通及 / 或深港通直接投資於中國 A 股, 惟須受適用額度限制所規限 此外, 本基金可透過中國 A 股連接產品 ( 中國 A 股連接產品, 例如但不限於與中國 A 股掛鈎的參與票據 ) 間接投資於中國 A 股 The Fund may invest up to 15% of its net assets in China A-shares through the Shanghai-Hong Kong Stock Connect and/or the Shenzhen-Hong Kong Stock Connect and up to 15% of its net assets in CAAPs. The Fund's maximum exposure to China A-shares (through the Shanghai-Hong Kong Stock Connect, the Shenzhen-Hong Kong Stock Connect or CAAP) and China B-shares is 30% of its net assets. The Fund will not invest more than 10% of its net assets in CAAPs issued by any single issuer of CAAPs. 本基金可將其最多 15% 的淨資產透過滬港通及 / 或深港通投資於中國 A 股及將其最多 15% 的淨資產投資於中國 A 股連接產品 本基金對中國 A 股 ( 透過滬港股票市場交易互聯互通機制 深港股票市場交易互聯互通機制或中國 A 股連接產品 ) 及中國 B 股的最大投資參與為其淨資產的 30% 本基金最多將其 10% 的淨資產投資於由中國 A 股連接產品任何單一發行人發行的中國 A 股連接產品 The Fund may also invest in eligible closed-ended Real Estate Investment Trusts ("REITs"). 本基金亦可投資於合資格封閉式房地產投資信託基金 ( REITs ) The Fund may invest up to 90% of its net assets in units or shares of UCITS and/or other Eligible UCIs (including other sub-funds of HSBC Global Investment Funds and other sub-funds managed or affiliated with the HSBC Group). 本基金可將其最多 90% 的淨資產投資於 UCITS 及 / 或其他合資格 UCIs( 包括滙豐環球投資基金的其他附屬基金及由滙豐集團所管理或與匯豐集團有聯屬關係的其他附屬基金 ) 的單位或股份 The Fund may also invest in additional financial derivative instruments such as futures, swaps, options, credit default swaps, as well as other structured products. The Fund intends to use such financial derivative instruments for, inter alia, return enhancement, hedging, tax-advantage access to instruments and whenever the Investment Adviser believes the investment in financial derivative instruments will assist the Fund in achieving its investment objectives. The Fund does not intend to use financial derivative instruments extensively for investment purposes. 本基金亦可投資於其他金融衍生工具, 例如期貨 掉期 期權 信貸違約掉期, 以及其他結構性產品 本基金擬將此等金融衍生工具用作 ( 當中包括 ) 提高回報 對沖, 亦會使用工具的稅務優勢, 以及在投資顧問認為投資於金融衍生工具將有助本基金達致其投資目標時使用此等金融衍生工具 本基金不擬廣泛使用金融衍生工具作投資用途 The Fund s main currency exposure, being no less than 50% of its net assets, is to Emerging Markets. 本基金的主要貨幣投資為新興市場 ( 不少於其淨資產的 50%) Asset class exposure limits 資產類別投資限額 For the specific groups of asset classes described in the table below, the Fund has a total maximum exposure limit as follows: 本基金對下表所述的特定資產類別的最高總投資限額如下 : Asset Class* 資產類別 * Equity 股票 50% Fixed Income 固定收益 100% Asset Backed Securities / Mortgage Backed Securities 資產抵押證券 / 按揭證券 Real Estate Investment Trusts 房地產投資信託基金 Commodities** 商品 ** Alternative Investment Strategies 另類投資策略 Money Market Instruments, Cash Instruments and Cash 貨幣市場工具 現金工具及現金 Maximum exposure (% of net assets of the Fund) 最高投資 ( 佔本基金淨資產之 %) 10% 10% 10% 10% 25% * Exposure may be achieved through direct investments, financial derivative instruments and/or investment in units or shares of UCITS and/or other Eligible UCIs. 對該等資產類別的配置可透過直接投資 金融衍生工具及 / 或投資於 UCITS 及 / 或其他合資格 UCIs 的單位或股份實現 ** The Fund will not invest directly in commodities. 本基金將不會直接投資於商品 3

21 What are the Key Risks? 本基金有哪些主要風險? Investments involve risks. Please refer to the offering document for details including the risk factors. 投資附帶風險 請參閱銷售文件以便獲取其他資料, 包括風險因素 Investment risk 投資風險 The Fund is an investment fund. There is no guarantee of the repayment of principal. 本基金為投資基金, 並不保證償付投資本金 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. 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, 而閣下在本基金的投資亦可能蒙受虧損 Asset allocation strategy risk 資產配置風險 The performance of the Fund is dependent on the success of the asset allocation strategy employed by the Fund. There is no assurance that the strategy employed by the Fund will be successful and therefore, there is no assurance that the investment objectives will be achieved. 本基金的表現取決於本基金所運用的資產配置策略之成功 並不保證本基金所運用的策略將會成功, 因此, 並不保證投資目標將會達致 The investments of the Fund may be periodically rebalanced and therefore the Fund may incur greater transaction costs than a fund with a buyand-hold allocation strategy. 本基金的投資可能定期調整, 因此本基金產生的交易成本可能高於採用買入及持有策略的基金 Emerging market risk 新興市場風險 Investing in emerging markets involves a greater risk of loss than investing in more developed markets due to, among other factors, greater political, tax, economic, foreign exchange, liquidity, settlement, custodial, market volatility (such as interest rate and price volatility), legal and regulatory risks. 相對投資於較成熟市場, 投資於新興市場須承受較高損失風險, 由於 ( 包括其他因素 ) 較高的政治 稅務 經濟 外匯 流動性 結算 託管 市場波動 ( 如利率及價格波動 ) 法律及監管風險 Securities exchanges in emerging markets in which the Fund invests 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. 本基金投資的新興市場之證券交易所通常有權暫停或限制在相關交易所買賣的任何證券的交易 政府或監管機構亦可能實施可能影響金融市場的政策 所有有關因素可能對本基金造成負面影響 Foreign exchange risk 外匯風險 Because the Fund s assets and liabilities and classes of shares may be denominated in currencies different from the base currency, the Fund may be affected favourably or unfavourably by exchange control regulations or changes in the exchange rates between the base currency and other currencies. 由於本基金的資產與負債及股份類別可按有別於基本貨幣的貨幣計值, 故此, 外匯管制規例或該基本貨幣兌其他貨幣的匯率變動可能對本基金構成有利或不利的影響 Equity risk 股票風險 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. 本基金投資於股票證券, 須承受一般市場風險, 其價值可能因受到不同因素 ( 例如投資氣氛 政治及經濟狀況之改變及發行人相關風險因素 ) 的影響而波動 Concentration risk 集中性風險 The Fund s investments are concentrated in emerging markets (e.g. China). The value of the Fund may be more volatile than that of a fund having a more diverse portfolio of investments. 本基金集中投資於新興市場 ( 例如中國 ) 本基金的價值可能比具有更廣泛投資組合的基金更反覆波動 The value of the Fund may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting the emerging markets. 本基金的價值可能較容易受到新興市場的不利經濟 政治 政策 外匯 流動性 稅務 法律或監管事件的影響 High volatility of the equity market in China 中國股票市場的高波動性 High market volatility and potential settlement difficulties in the China equity market 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. 中國股票市場的高市場波動性及潛在結算困難亦可能導致在該等市場所買賣證券的價格出現大幅波動, 繼而可能對本基金的價值造成不利影響 Regulatory policies of the equity market in China 中國股票市場的監管政策 Securities exchanges in China 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. 中國證券交易所通常有權暫停或限制在相關交易所買賣的任何證券的交易 政府或監管機構亦可能實施可能影響金融市場的政策 所有有關因素可能對本基金造成負面影響 4