List of mutual fund schemes offered as part of Investment Advisory Services

Transcription

1 List of mutual fund schemes offered as part of This document provides the list of mutual fund schemes offered by The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India) as part of the. The purpose of the document is to enable you to understand the key objectives, asset class categorisation and characteristics of the schemes while availing the provided by HSBC India. Additional information is also provided wherever necessary. You are requested to refer this document along with the Scheme Document and Key Memorandum of the respective schemes issued by the asset management companies before investing. Sr. HSBC s Description 1 P1 HSBC Cash Cash #It is an open ended liquid #The objective of the fund is to provide reasonable returns, commensurate with low risk while providing a high level of liquidity, through a portfolio of money market and debt securities. AMC (ometer) 2 P2 Birla Sun Life Savings 3 P2 HSBC Income - Short-term Plan #It is an open-ended shortterm income #Given the positioning of the fund, the risk-return profile lies in between that of a cash fund and a shortterm debt fund; with a conservative approach, the fund has been classified as a short-term debt fund for investment advisory services purpose. #It is an open ended shortterm income fund. #The objective of the fund is to provide reasonable income through a diversified portfolio of fixed income securities. The fund manager has the flexibility to manage duration of the scheme between 1-3 years. #Given the fund s average maturity being lower than that of short-term debt funds, the returns can be lower. #There may also be potential reinvestment risk, which refers to the interest rate levels at which cash flows received for the securities in the scheme are reinvested. Interest rates prevailing on interest or maturity due dates may differ from the original coupon of the bond, which might result in the proceeds being invested at a lower rate.

2 4 P2 HSBC Ultra Shortterm 5 P2 ICICI Pru Flexi Income 6 P2 IDFC Super Saver Income Short-term Plan 7 P3 Birla Sun Life Dynamic Debt - Long-term Description #It is an open-ended debt #The fund seeks to provide liquidity and reasonable returns by investing primarily in a mix of short-term debt and money market instruments. #Given the positioning of the fund, the risk-return profile lies in between that of a cash fund and a short-term debt fund; with a conservative approach, the fund has been classified as a short-term debt fund for investment advisory services purpose. #It is an open-ended income is to generate income through investments in a range of debt and money market instruments of various maturities with a view to maximising income while maintaining the optimum balance of yield, safety and liquidity. The fund intends seeks to invest predominantly in well researched AAA/ A1+and sovereign rated debt instruments. #The fund seeks to maintain low duration with an aim to limit volatility. #Given the positioning of the fund, the risk-return profile lies in between that of a cash fund and a short-term debt fund; with a conservative approach, the fund has been classified as a short term debt fund for investment advisory services purpose. #It is a short-term income fund. #The objective of the fund is income generation through investments in a mix of short duration debt and money market instruments. The average portfolio maturity will not ordinarily exceed around 2 years. #It is an income fund that aims to generate optimal returns through active management by capturing positive price and credit spread movements. is to generate optimal returns with high liquidity through active management of the portfolio by investing in high quality debt and money market instruments. #Given the fund s average maturity being lower than that of short-term debt funds, the returns can be lower. #There may also be potential reinvestment risk, which refers to the interest rate levels at which cash flows received for the securities in the scheme are reinvested. Interest rates prevailing on interest or maturity due dates may differ from the original coupon of the bond, which might result in the proceeds being invested at a lower rate. #Given the fund s average maturity being lower than that of short-term debt funds, the returns can be lower. #There may also be potential reinvestment risk, which refers to the interest rate levels at which cash flows received for the securities in the scheme are reinvested. Interest rates prevailing on interest or maturity due dates may differ from the original coupon of the bond, which might result in the proceeds being invested at a lower rate. AMC (ometer)

3 Debt - Long-term Description AMC (ometer) 8 P3 Birla Sun Life Income Plus #It is a fund that invests in a combination of bonds and Government securities of varying maturities from time to time with an aim to optimise returns. #It is an Open-ended Income Scheme to generate consistent income through superior yields on its investments at moderate levels of risk through a diversified investment approach. This income may be complemented by price changes of instruments in the portfolio. 9 P3 HDFC Income Debt - Long-term #It is an open-ended income is to optimise returns over medium to long-term while maintaining a balance of safety, yield and liquidity. 10 P3 HSBC Flexi Debt Debt - Long-term #It is an open ended debt is to deliver returns in the form of interest income and capital gains, along with high liquidity, commensurate with the current view on the markets and the interest rate cycle, through active investment in debt and money market instruments. 11 P3 IDFC Dynamic Debt - Long-term #It is an open-ended income #The objective of the fund is to take exposure across the yield curve depending upon the fund manager s underlying interest rate view. 12 P3 L&T Triple Ace Debt - Long-term #It is an open-ended income #The objective of the fund is to generate regular and stable income for the unit holders by investing primarily in debt market securities such as nonconvertible debentures, bonds issued by corporates, bank and government, commercial paper, certificate of deposits and other money market instruments. The scheme would invest predominantly in securities rated by the Credit and Services of India Limited (CRISIL), or any other rating agency.

4 13 P3 Franklin India Ultra S/T 14 P3 HDFC Regular savings fund 15 P3 ICICI Pru Short-term 16 P3 Franklin India Corporate Opportunities (*GEM Fixed Income - Corporate s) Description #It is an open-ended income is to provide a combination of regular income and high liquidity by investing primarily in a mix of short term debt and money market instruments. #Given the positioning of the fund, the risk-return profile lies in between that of a cash fund and a short-term debt fund; with a conservative approach, the fund has been classified as a short-term debt fund for investment advisory services purpose. #It is an open ended income is to generate regular income through investments in debt and money market instruments with a short to medium-term maturity (average maturity profile of 1-3 years). #It is an open ended income fund. #The objective of the fund is short-term income generation and capital appreciation by investing in a range of debt and money market instruments of various maturities. # An open ended income fund. # The fund seeks to provide regular income and capital appreciation through a focus on corporate securities. # The fund is managed as a concentrated high conviction driven approach based on bottom-up credit research with a small degree of macro overlay. #Historically the fund has maintained modified duration within years range. The manager follows a laddered approach in portfolio construction. #Given the fund s average maturity being lower than that of short-term debt funds, the returns can be lower. #There may also be potential reinvestment risk, which refers to the interest rate levels at which cash flows received for the securities in the scheme are reinvested. Interest rates prevailing on interest or maturity due dates may differ from the original coupon of the bond, which might result in the proceeds being invested at a lower rate. # This is a credit focused fund which strives to regular income and capital appreciation through a focus on medium to long term corporate securities while keeping the average maturity of the portfolio below 36 months and no exposure to dated government securities are permitted in this fund. # The fund has majority of exposure in AA and A rated securities. Top 10 holdings comprise ~40% of the fund. # Considering the higher exposure to corporate credits in the product, the portfolio is susceptible higher liquidity risks. # The fund benchmark is Crisil Short-Term Index. * classification in strategy of the fund, hence this is classified as GEM Fixed Income - Corporate s in WD. AMC (ometer)

5 17 P3 ICICI Prudential Regular Savings (*GEM Fixed Income - Corporate s) Description # An open ended income fund. # The fund intends to provide reasonable returns, by maintaining an optimum balance of safety, liquidity and yield, through investments in a basket of debt and money market instruments with a view to delivering consistent performance. # The fund tactically identifies opportunities across different sectors of the Indian fixed income universe based on prevailing market conditions and their relative valuations. # Since the start of 2013, fund s duration has ranged from years and the manager typically does not take large bets on duration in the portfolio. # The fund primarily (since start of 2015, the corporate bond exposure has ranged from ~88% to 97%) invests in corporate bonds and has the flexibility to invest in G-secs as well as money market instruments. # The investment process is driven primarily by bottomup credit selection as well as some degree of sector allocation. # Considering the higher exposure to corporate credits in the product, the portfolio is susceptible higher liquidity risks. # The fund benchmark is Crisil Short Term Index. * classification in this is classified as GEM Fixed Income - Corporate s in WD. AMC (ometer) 18 P3 Franklin India Short-term Income Plan # An open ended income # The fund aims to provide investors stable returns by investing in fixed income securities. # The fund is managed within a low duration band and more focus is on adding corporate short dated bonds. # Historically (in the last 2 years), the fund has maintained modified duration within years range. # This is a credit focused fund which tactically identifies opportunities across shorter dated NCDs, CDs and CPs while striving to provide a steady stream of income along with trying to avoid interest rate volatility. # The fund has majority of exposure in AA and A rated securities. Top 10 holdings comprise ~27-32% of the fund. # Owing to the concentrated exposures to credits which are conviction driven (can be relatively lower in the credit quality spectrum), the fund is susceptible higher liquidity risks. # The fund benchmark is Crisil Short Term Index.

6 19 P3 Franklin India Income Opportunities (*GEM Fixed Income - Corporate s) 20 P4 Birla Sun Life Frontline Equity 21 P4 DSP BlackRock Top 100 Equity 22 P4 Franklin India Bluechip Description # An open ended income fund. # The fund seeks to provide regular income and capital appreciation by investing in fixed income securities across the yield curve. # This is a credit focused fund which strives to generate higher yields with manager trying to expose portfolio to relatively lower to medium interest rate risk. # Historically the fund has maintained modified duration within years range. #It is an open ended diversified equity fund. #It is an open ended growth scheme with the objective of long-term growth of capital, through a portfolio with a target allocation of 100% equity by aiming at being as diversified across various industries and or sectors as its chosen benchmark index, S&P BSE 200. #It is an open ended growth #The objective of the scheme is to generate capital appreciation, from a portfolio that is substantially constituted of equity securities and equity related securities of the 100 largest corporates, by market capitalisation, listed in India. #It is an open-end growth fund that invests in largecap stocks. #The investment objective of Bluechip is primarily to provide medium to long-term capital appreciation. # The fund is managed based on bottom-up credit research with a small degree of macro overlay. The fund s duration band is as lower as compared to peers and more focus is on adding corporate bond. # The fund has majority of exposure in AA and A rated securities. # Considering the higher exposure to corporate credits in the product, the portfolio is susceptible higher liquidity risks. # The fund benchmark is Crisil Short Term Index. * classification in this is classified as GEM Fixed Income - Corporate s in WD. AMC (ometer)

7 23 P4 Franklin India Prima Plus (*Domestic Equity -Thematic All cap) 24 P4 HDFC Equity 25 P4 HDFC Top 200 (*Domestic Equity -Thematic All cap) Description #It is an open-ended growth fund with the investment objective to provide growth of capital plus regular dividend through a diversified portfolio of equities, fixed income securities and money market instruments. #The fund manager seeks capital appreciation over the long-term by focusing on wealth creating companies (companies that generate return on capital in excess of their cost of capital) across all sectors. #This is an all market cap equity fund which allocates across large, mid and small cap companies. The average allocation to large caps on a monthly basis has been around 65% for last 10 years. Basis this allocation, the fund has been classified as a large cap fund for investment advisory services purpose. #It is an open-ended growth scheme with the investment objective to achieve capital appreciation. #The fund has a predominantly large-cap portfolio with limited exposure to mid-caps. #The current allocation of the fund towards large cap stocks is around 79%. Basis this allocation,the fund has been classified as large cap fund for investment advisory services purpose. #It is an open ended growth #The investment objective of the Scheme is to generate long-term capital appreciation from a portfolio of equity and equity linked instruments. The investment portfolio for equity and equity linked instruments will be primarily drawn from the companies in the BSE 200 Index. 26 P4 HSBC Equity #It is an open ended diversified equity is to generate long-term capital growth from an actively managed portfolio that primarily comprises of large cap stocks. #Given the fund has the flexibility to take exposure across small and mid cap stocks, this can potentially affect the risk-return characteristics of the fund (small and mid cap stocks are generally considered to be more volatile as compared to large cap stocks). * classification in this is classified as Domestic Equity - Thematic (All cap) in WD. #Given the fund has the flexibility to take exposure across small and mid cap stocks, this can potentially affect the risk-return characteristics of the fund (small and mid cap stocks are generally considered to be more volatile as compared to large cap stocks). * classification in this is classified as Domestic Equity - Thematic (All cap) in WD. AMC (ometer)

8 27 P4 HSBC India Opportunities (*Domestic Equity -Thematic All cap) 28 P4 ICICI Pru Dynamic 29 P4 ICICI Pru Focused Bluechip Equity (*Multi Asset ) Description # It is an open-ended flexi-cap equity # It seeks long-term capital growth through investments across all market capitalisations, including small, mid and large cap stocks. It aims to be predominantly invested in equity and equity related securities. However it could move a significant portion of its assets towards fixed income securities if the fund manager becomes negative on equity markets. # This is an all market cap equity fund which allocates across large, mid and small cap companies. It s a large cap biased fund with at least 65% in large cap oriented stocks and in last 36 months the fund s exposure to large cap stocks has been around 69%.Basis this allocation, the fund has been classified as a large cap fund for investment advisory services purpose. #It is an open-ended equity fund with the objective of longterm wealth creation. #It seeks to generate capital appreciation by actively investing in equity and equity related securities. For defensive considerations, the fund may invest in debt, money market instruments and derivatives. The investment manager will have the discretion to take aggressive asset calls i.e. by staying 100% invested in equity market/ equity related instruments at a given point of time and 0% at another, in which case, the fund may be invested in debt related instruments at its discretion. #This is a multi-cap fund with the flexibility to allocate across equity, debt, money market instruments and derivatives. The current allocation to equity is around 88%. Of equity allocation, 70% is in large cap stocks. Basis this allocation, the fund has been classified as a large cap fund for investment advisory services purpose. #It is an open ended equity fund. #It is a focused large cap equity fund that aims for growth by investing in companies in the large cap category. #Given the fund has the flexibility to take exposure across small and mid cap stocks, this can potentially affect the risk-return characteristics of the fund (small and mid cap stocks are generally considered to be more volatile as compared to large cap stocks). * classification in this is classified as Domestic Equity - Thematic (All cap) in WD. #Given the fund has the flexibility to take exposure across market cap stocks within equity, this can potentially affect the riskreturn characteristics of the fund (small and mid cap stocks are generally considered to be more volatile as compared to large cap stocks). #Given the fund has the flexibility to take exposure across debt, money market instruments and derivatives, there could be potential liquidity, interest rate, credit and derivatives risks. * classification in this is classified as Multi- Asset in WD. AMC (ometer)

9 30 P4 DSP BlackRock Small and Mid-cap 31 P4 Franklin India Prima Description #It is an open ended equity fund. #The primary investment objective is to seek to generate long-term capital appreciation from a portfolio that is substantially constituted of equity and equity related securities which are not part of the top 100 stocks by market capitalisation. From time to time, the fund manager will also seek participation in other equity and equity related securities to achieve optimal portfolio construction. #It is an open ended growth scheme that invests in mid and small cap stocks. #The investment objective of Prima is to provide medium to long-term capital appreciation as a primary objective and income as a secondary objective. 32 P4 HDFC Gold Gold #It is an open ended fund of fund #The investment objective of the scheme is to seek capital appreciation by investing in units of HDFC Gold Exchange Traded. 33 P4 Tata Equity Opportunities (*Domestic Equity -Thematic All cap) # it s an open ended equity fund. # The fund seeks to generate capital appreciation and provide long-term growth opportunities by investing in a portfolio constituted of equity and equity related instruments and the secondary objective is to generate consistent returns by investing in debt and money market securities. # The fund invests across all market capitalisation and sector. # Allocation to mid and small caps is likely to vary from 10% to 40% of the portfolio. The investment approach is a mix of top down and bottom up with bias toward latter. # The fund maintains 60-65% Minimum allocation to Large Caps in the portfolio. * classification in this is classified as Domestic Equity - Thematic (All cap) in WD. AMC (ometer)

10 34 P4 Birla Sun Life Dividend Yield Plus Equity Large Cap (*Domestic Equity -Thematic All cap) Description # it s an open ended growth fund. #The objective of the scheme is to provide capital growth and income by investing primarily in a well diversified portfolio of dividend paying companies that have a relatively high dividend yield. # The fund has c65% exposure to large cap stocks over the last one year period. # The fund manager invests in companies with stable cash flows and are in position to pay dividends regularly and at a steady rate. Large cap stocks are relatively better positioned to pay regular dividends than a diversified peer. # While the bulk of investments (<65%) would be in high dividend yielding stocks, the scheme may, from time to time invest in special situations like share buy-backs, delisting opportunities or during mergers and acquisitions. * classification in this is classified as Domestic Equity - Thematic (All cap) in WD. AMC (ometer) 35 P4 Birla Sun Life MNC # An open ended growth # The fund invest in securities of multinational companies in order to achieve long-term growth of capital with relatively moderate levels of risk. # The investment emphasis of the Schemes would be on identifying companies with sound corporate managements and prospects of good future growth. # A portion of the funds will also be invested in IPOs and other primary market offerings that meet our investment criteria. # This fund invests into Multinational companies listed in India preferably with strong long-term fundamentals and which have an established business and brand value in the market. The promoters of these MNCs are usually global organisations that can offer a strong backing to these companies.

11 36 P5 DSP BlackRock Global Allocation 37 P5 HDFC Prudence Equity - International (*Multi Asset ) (*Multi Asset ) Description #It is an open-ended fund of funds scheme investing in an international fund. #The primary investment objective of the scheme is to seek capital appreciation by investing predominantly in units of BlackRock Global s Global Allocation (BGF - GAF). The scheme may, at the discretion of the Manager, also invest in the units of other similar overseas mutual fund schemes, which may constitute a significant part of its corpus. The Scheme may also invest a certain portion of its corpus in money market securities and/ or money market/liquid schemes of DSP BlackRock Mutual, in order to meet liquidity requirements from time to time. #The fund s asset allocation takes a top-down view of industries/regions and security selection. The asset allocation benchmark is 60% equities and 40% fixed Income. #Given the asset allocation of the fund is biased towards global equity, it has been classified as a Global Equity for investment advisory services purpose. #It is an open-ended balanced is to provide periodic returns and capital appreciation over a long period of time, from a judicious mix of equity and debt investments, with the aim to prevent/minimize any capital erosion. Under normal circumstances, it is envisaged that the debt : equity mix would vary between 25:75 and 40:60 respectively. This mix may achieve the investment objective, may result in regular income, capital appreciation and may also prevent capital erosion. #The fund currently has around 74% exposure to equity and of this, around 65% allocation is towards largecap stocks. Basis this allocation, the fund has been classified as largecap fund for investment advisory services purpose. # This fund typically maintains an equity exposure of up to 60% and around 40% towards debt. Given the debt exposure of around 40% makes the fund relatively conservative to a pure equity fund, this could lead to relatively lower returns compared to a pure equity fund. * classification in this is classified as Multi- Asset in WD. #Given the fund has the flexibility to take exposure across market cap stocks within equity, this can potentially affect the riskreturn characteristics of the fund (small and mid cap stocks are generally considered to be more volatile as compared to large cap stocks). #Given the fund has the flexibility to take exposure across debt and money market instruments, there could be potential liquidity, interest rate and credit risks. * classification in this is classified as Multi- Asset in WD. AMC (ometer)

12 38 P5 HSBC Mid-cap Equity 39 P5 Franklin India Feeder - Franklin US Opportunities 40 P5 HSBC Asia Pacific (Ex-Japan) Dividend Yield Description #It is an open ended diversified equity is to generate long-term capital growth from an actively managed portfolio of equity and equity related securities primarily being midcap stocks. However, it could move a portion of its assets towards fixed income securities if the fund manager becomes negative on the Indian equity markets. # A fund of funds investing in # Since this is an Indian an overseas equity fund having fund which feeds into an US exposure to US. fund investing in US equity # The seeks to provide asset class, there can be capital appreciation by investing considerable differences in predominantly in units of the return profile between Franklin US Opportunities, the feeder and parent fund an overseas Franklin Templeton due to currency fluctuations. mutual fund, which primarily invests in securities in the United States of America. # The fund identifies companies with long-term revenue growth, superior profitability, and sustainable and meaningful competitive advantages, along with firms poised to benefit from favourable trends. # An open ended fund of funds # The objective of the Scheme is to Scheme is to provide long-term capital appreciation by investing predominantly in units of HSBC Global s (HGIF) Asia Pacific Ex-Japan Equity High Dividend (HEHDF). The Scheme may also invest a certain proportion of its corpus in money market instruments and/or units of liquid mutual fund schemes, in order to meet liquidity requirements from time to time. However, there is no assurance that the investment objective of the Scheme will be achieved. # Since this is an Indian fund which feeds into an Asian fund, there can be considerable differences in the return profile between the feeder and parent fund due to currency fluctuations. AMC (ometer)

13 41 P5 DSP BlackRock World Energy 42 P5 HSBC Global Consumer Opportunities 43 P5 HSBC Infrastructure Equity 44 P5 Birla Sun Life Banking and Financial Services Description # An open ended fund of funds scheme, investing in international funds. # The primary investment objective of the Scheme is to seek capital appreciation by investing predominantly in the units of BlackRock Global s World Energy and BlackRock Global s New Energy. The Scheme may, at the discretion of the Manager, also invest in the units of other similar overseas mutual fund schemes, which may constitute a significant part of its corpus. # The Scheme may also invest a certain portion of its corpus in money market securities and/or money market/liquid schemes of DSP BlackRock Mutual, in order to meet liquidity requirements from time to time. # An open ended fund of funds. # The objective of the Scheme is to provide long-term capital appreciation by investing predominantly in units of HSBC Global s (HGIF) China Consumer Opportunities (Underlying scheme). The Scheme may also invest a certain proportion of its corpus in money market instruments and/or units of liquid mutual fund schemes, in order to meet liquidity requirements from time to time. # An open ended equity # The fund aims to generate long-term capital appreciation from an actively managed portfolio of equity and equity related securities by investing predominantly in equity and equity related securities of companies engaged in or expected to benefit from growth and development of Infrastructure in India. # An open ended banking and financial services # The fund aims to generate growth and capital appreciation by building a portfolio that predominantly invest in the Banking and Financial Services related companies in India. # since this is an Indian fund (INR denominated) which feeds into 2 Luxemburg funds (USD denominated) investing in Energy Equity; there can be considerable differences in the return profile between the feeder and parent funds due to currency fluctuations. # Since this is an Indian fund which feeds into an Asian fund, there can be considerable differences in the return profile between the feeder and parent fund due to currency fluctuations. # Combination of top down and bottom up fundamental research aimed at constructing high conviction driven portfolio. Benchmark agnostic with considerable OW/UW position in some of the large stocks. AMC (ometer)

14 45 P5 Birla Sun Life India GenNext 46 P5 DSP BlackRock India T.I.G.E.R. 47 P5 ICICI Prudential Technology 48 P5 Birla Sun Life Pure value fund Equity Small/Mid Description # An open ended growth # The fund strives to benefit from the rising consumption pattern in India, fuelled by high disposable incomes of the young generation (Generation Next) # The fund seeks to invest in companies that are in products or services, which cater to the young consumers, or companies that have distinct brand identities and therefore enable choice. # An open ended diversified equity # The fund aims to seek to generate capital appreciation, from a portfolio that is substantially constituted of equity securities and equity related securities of corporates, which could benefit from structural changes brought about by continuing liberalisation in economic policies by the Government and/or from continuing investments in infrastructure, both by the public and private sector. # An open ended sectoral fund. # The fund aims to generate long-term capital appreciation by creating a portfolio that is invested in equity and equity related securities of technology and technology dependent companies. Birla Sun Life Pure Value is an open-ended diversified equity fund that follows value investing strategy to generate consistent long-term capital appreciation. With investments spanning across sectors and market caps, the fund is ideal for a bottom-up play to benefit investors on a long-term basis. # is managed with a benchmark agnostic approach. The fund manager follows a mix of top down and bottom up research process with a Growth style, however higher emphasis is placed on top down sector views which accounts for almost 50% of the investment process. # Thematic fund investing into companies/sectors linked to infrastructure growth and economic reforms in India, which includes sectors like engineering and construction, banks, toll road operators, utilities and basic material companies, and historically excluded FMCG, Pharma and IT sector. may also invest in sectors that can gain from the government s policies or reform. # This is a value based fund and invests into deep value stocks i.e. where the intrinsic value of the stock is greater than the current market price of the stock. Value driven benchmark agnostic approach with top down sector rotation play This fund maintains overweight positioning towards undervalued sectors. It has bench marked against S&P BSE 200. AMC (ometer) Disclaimer: This document has been issued by HSBC India for the information of its Premier customers availing non-discretionary. This document should not be distributed to any other persons and in particular should not be distributed to persons from United States of America, Canada, Australia or New Zealand. It cannot be reproduced or further disseminated HSBC India is duly authorised by SEBI to provide portfolio management services (including investment advisory services) vide Registration Number INP and act as a portfolio manager under the SEBI PMS Regulations pursuant to which the Bank provides non-discretionary investment advisory services This document will henceforth be updated on a quarterly basis

15 This document does not constitute investment advice or an offer to sell, or a solicitation of an offer to purchase or subscribe for any investment. The information herein is derived from publicly available sources that HSBC considers reliable but which has not been independently verified. Whilst every care has been taken in compiling the information, HSBC makes no guarantee, representation or warranty and accepts no responsibility or liability as to its accuracy or completeness. Expressions of opinion are those of HSBC only and are subject to change without notice Opinions expressed herein do not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this publication. Before investing or formulating a view to invest, Investors should seek financial advice regarding the appropriateness of investing in any securities or investment strategies that may have been discussed in this publication and should understand that the views regarding future prospects may or may not be realised This document is issued for circulation in India only. The Bank makes no representations that the products or services mentioned in this document are available to persons of any other country or are necessarily suitable for any particular person or appropriate in accordance with their local law. Among other things, this means that the disclosures set forth in this document may not conform to rules of the regulatory bodies of any other country and investment in the products discussed will not afford the protection offered by the local regulatory regime in any other country The information contained herein is confidential to the recipients thereof and may not be reproduced or otherwise disseminated The Bank or its affiliates or their officers, directors and employees may have investments in any of the products mentioned in this publication (or in any related products) and may from time to time, add to or dispose of any such investment involves risk, value of investment may increase or decrease, and may become valueless. Past performance figures shown are not indicative of future performance. The relevant product offering documents should be read for further details The contents of this document have not been reviewed by any regulatory authority in India or any other country PAS INV 09/17 Issued by The Hongkong and Shanghai Banking Corporation Limited, India. Incorporated in Hong Kong SAR with limited liability.