Eastspring Investments Product Key Facts. October 2017

Transcription

1 Eastspring Investments Product Key Facts October 2017

2 PRODUCT KEY FACTS Table of Contents Contents Page 1. Eastspring Investments Asian Bond Fund 1 2. Eastspring Investments Asian Equity Fund 8 3. Eastspring Investments Asian Equity Income Fund Eastspring Investments Asian High Yield Bond Fund Eastspring Investments Asian Local Bond Fund Eastspring Investments Asian Low Volatility Equity Fund Eastspring Investments Asian Property Securities Fund Eastspring Investments China Equity Fund Eastspring Investments Dragon Peacock Fund Eastspring Investments European Investment Grade Bond Fund Eastspring Investments Global Emerging Markets Dynamic Fund Eastspring Investments Global Market Navigator Fund Eastspring Investments Greater China Equity Fund Eastspring Investments Hong Kong Equity Fund Eastspring Investments India Equity Fund Eastspring Investments Indonesia Equity Fund Eastspring Investments Japan Dynamic Fund Eastspring Investments North American Value Fund Eastspring Investments US Corporate Bond Fund Eastspring Investments US High Investment Grade Bond Fund Eastspring Investments US High Yield Bond Fund Eastspring Investments US Investment Grade Bond Fund Eastspring Investments World Value Equity Fund 120 i

3 PRODUCT KEY FACTS Eastspring Investments Asian Bond Fund Issuer: Eastspring Investments (Luxembourg) S.A. October 2017 This statement provides you with key information about Eastspring Investments Asian Bond Fund (the Sub-Fund ). This statement is a part of the Hong Kong Summary Prospectus. You should not invest in the Sub-Fund based on this statement alone. Quick facts Management Company: Investment Manager: Depositary: Eastspring Investments (Luxembourg) S.A. Eastspring Investments (Singapore) Limited (internal delegation, in Singapore) The Bank of New York Mellon SA/NV Luxembourg branch Ongoing Charges over a year # : Class A: 1.59% Class A HDM : 1.55% Class A DM : 1.59% Class A ADM (hedged): 1.59% Class A GDM (hedged): 1.59% Class A NDM (hedged): 1.59% Class A DQ : 1.59% # The ongoing charges figure is based on expenses for the year ended 31 December This figure may vary from year to year. Dealing Frequency: Daily (A full bank business day in Luxembourg and Hong Kong, and in the country or countries where the assets of the Sub-Fund are primarily invested) Base Currency: USD Dividend Policy: Class A No dividends will be declared or paid Financial Year End of this Sub-Fund: Class A DM, Class A HDM, Class A ADM (hedged), Class A GDM (hedged), Class A NDM (hedged) Dividends may be declared on a monthly basis Class A DQ Dividends may be declared on a quarterly basis Dividends, at the discretion of the board of directors of Eastspring Investments, may be sourced from gross income, net realised capital gains and partially from capital from time to time. Any distributions involving payment of dividends out of capital and/or effectively out of capital may result in an immediate reduction of the net asset value. 31 December Minimum Investment: Share Class Initial Subsequent Class A, Class A DM USD500 USD50 and Class A DQ Class A HDM HKD4,000 HKD400 Class A ADM (hedged) AUD1,000 AUD100 Class A GDM (hedged) GBP500 GBP50 Class A NDM (hedged) NZD1,000 NZD100 1

4 Eastspring Investments Asian Bond Fund What is this product? Eastspring Investments Asian Bond Fund is a sub-fund of Eastspring Investments which is an open-ended investment company registered in Luxembourg. Its home regulator is Commission de Surveillance du Secteur Financier ( CSSF ), Luxembourg. Objective and Investment Strategy Objective and Strategy The Sub-Fund invests in a diversified portfolio consisting primarily of fixed income/debt securities issued by Asian Entities 1 or their subsidiaries. This Sub-Fund s portfolio primarily consists of securities denominated in US dollars as well as the various Asian currencies and aims to maximize total returns through investing in fixed income/debt securities that are rated as well as unrated. This Sub-Fund may invest up to 20% of its net assets in asset backed securities, mortgage backed securities, Contingent Convertible Bonds ( CoCos ), distressed securities and defaulted securities, with a limit of 10% for distressed securities and defaulted securities combined. In addition, this Sub-Fund may invest up to 10% of its net assets in synthetic fixed income instruments (including credit-linked notes). It may also hold up to 10% of its net assets in equity securities to the extent that such securities result from the conversion or exchange of a preferred stock or debt obligation. This Sub-Fund may make investments up to 10% of its net assets in Chinese onshore debt securities through the China interbank bond market direct access program and/or China Hong Kong Bond Connect. The Sub-Fund may use financial derivative instruments extensively for hedging and efficient portfolio management purposes. However, financial derivative instruments will not be extensively used for investment purposes. The Management Company will, for the time being, not enter into repurchase and reverse repurchase transactions nor engage in securities lending transactions. Should the Management Company decide to use such techniques and instruments in the future, this can be done so at the Management Company s discretion and the Summary Prospectus will be updated accordingly thereafter, subject to regulatory approval. At least one month s prior notice will also be given to Hong Kong investors accordingly. 1 Government, quasi-government, corporate or supranational entities as well as their subsidiaries, related or associated entities which are established, incorporated, or have significant business/operational activity in Asia. 2

5 Eastspring Investments Asian Bond Fund What are the key risks? Investment involves risks. Please refer to the Hong Kong Summary Prospectus for details including the risk factors. 1. General Investment Risk The Sub-Fund s investment portfolio may fall in value due to any of the key risk factors below and therefore your investment in the Sub-Fund may suffer losses. You may not get back your original investment. Past performance is not a guide to future performance. The level of investment return is not fixed and will vary. 2. Risks of Investing in Bonds Interest rate risk: Bonds are subject to interest rate fluctuations. In general, the prices of debt securities rise when interest rates fall, whilst their prices fall when interest rates rise. Credit risk: Investments in bonds are subject to credit default risk of the issuers of the bonds. Adverse economic conditions, unanticipated rise in interest rate, unavailability of additional funding, may impair the issuer s ability to meet its debt obligations, which may lead to potential default by the issuer. Risk associated with below investment grade bonds: Bonds that are below-investment-grade or are unrated are more susceptible to credit risk, and in particular high yield bonds offer higher yields to compensate for the reduced creditworthiness or increased risk of default that these securities carry. Such securities are generally subject to lower liquidity, higher volatility and greater risk of loss of principal and interest than high-rated debt securities. Counterparty risk: The Sub-Fund will be exposed to the credit risk on counterparties with which it trades and any default by such a counterparty (for example, due to insolvency) could result in substantial losses to the Sub-Fund. Risk of credit rating downgrades: The credit rating of a debt instrument or its issuer may subsequently be downgraded. In the event of such downgrading, the value of the Sub-Fund may be adversely affected. The investment manager may or may not be able to dispose of the debt instruments that are being downgraded. Valuation risk: Valuation of the Sub-Fund s investments may involve uncertainties and judgmental determinations. If such valuation turns out to be incorrect, this may affect the net asset value calculation of the Sub-Fund. Credit rating risk: Credit ratings assigned by rating agencies are subject to limitations and do not guarantee the creditworthiness of the security and/or issuer at all times. 3

6 Eastspring Investments Asian Bond Fund 3. Derivatives Risk Derivatives involve risks different from, and, in some cases, greater than, the risks presented by more traditional securities investments. Some of the risks associated with derivatives are market risk, management risk, credit risk, counterparty risk, liquidity risk, volatility risk, operational risk, leverage risk, valuation risk and over-the-counter transaction risk. The Sub-Fund may use financial derivative instruments (FDIs) extensively for hedging and efficient portfolio management purposes whilst FDIs will not be extensively used for investment purposes, however, the Sub-Fund s use of derivatives may become ineffective in such endeavours and the Sub-Fund may suffer significant losses. 4. Concentration Risk The Sub-Fund s investments may be concentrated in any one single country within Asia. The value of the Sub-Fund may be more volatile than that of a fund having a more diverse portfolio of investments. The value of the Sub-Fund may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting any one single country in the Asian market. 5. Emerging Markets Risk The Sub-Fund invests in Asian bonds, which may from time to time include bonds in emerging markets. Investing in emerging markets involves increased risks and special considerations not typically associated with investment in more developed markets due to, among other factors, greater political, tax, economic, foreign exchange controls, liquidity, higher degree of volatility, settlement, custody and legal/regulatory risks. 6. Liquidity Risk The Sub-Fund may have investments which have high liquidity risks (for example, low trading volumes), and may incur substantial losses if it is unable to sell these investments at opportune times or prices. 7. Currency and Exchange Rates Risk The assets that the Sub-Fund invests in may be denominated in currencies different from the Sub-Fund s base currency and the currency of the Shares held by you. Also, a Share Class may be designated in a currency other than the base currency of the Sub-Fund. The NAV of the Sub-Fund may be affected unfavourably by adverse movements in foreign currency exchange rates between the currencies of the underlying assets and the base currency of the Sub-Fund and the currency of the Shares held by you, as well as by changes in exchange rate controls. 4

7 Eastspring Investments Asian Bond Fund 8. Hedged Share Class Risk If the Shares of a Share Class can be subscribed and redeemed in a currency other than the base currency of the Sub-Fund, a fluctuation in exchange rates could affect the value of an investment performance and therefore substantially impact the performance of such Share Class. The hedging strategy is to reduce but not eliminate currency risk. If these hedging transactions are imperfect or are only placed over a portion of the foreign exchange exposure, such Share Class will bear the resulting benefit or loss. 9. Risks associated with Payment of Dividends out of/effectively out of Capital Investors should note that where distributions are declared and paid out of the Sub-Fund, the board of directors of Eastspring Investments may at its discretion pay dividends out of the capital of the Sub-Fund or pay dividends out of gross income while charging/paying all or part of the Sub-Fund s fees and expenses to/out of the capital of the Sub-Fund, resulting in an increase in distributable income for the payment of dividends by the Sub-Fund and therefore, the Sub-Fund may effectively pay dividends out of capital. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any distributions involving payment of dividends out of the Sub-Fund s capital or payment of dividends effectively out of the Sub-Fund s capital (as the case may be) may result in an immediate reduction of the net asset value per share. How has the fund performed? 35% 30% 25% 20% 15% 10% 5% 0% -5% -10% -15% -20% 28.5% 9.4% 12.5% 7.1% 3.0% 4.5% 2.3% 1.0% % -13.9% Note: Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the calendar year end, NAV-to-NAV, with dividend reinvested. These figures show by how much Class A increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD, including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Fund launch date: 2004 Class A launch date: 2005 The Management Company views Class A, being the retail share class offered and available for sale in Hong Kong, as the most appropriate representative share class. 5

8 Eastspring Investments Asian Bond Fund Is there any guarantee? This Sub-Fund does not have any guarantees. You may not get back the full amount of money you invest. What are the fees and charges? Charges which may be payable by you You may have to pay the following fees when dealing in the shares of the Sub-Fund. Fee Subscription fee Switching fee Redemption fee What you pay Maximum 3% of the amount you buy Nil (You should note that an individual distributor may charge a switching fee, which is subject to such distributor s discretion.) Nil Ongoing fees payable by the Sub-Fund The following expenses will be paid out of the Sub-Fund. They affect you because they reduce the return you get on your investments. Annual rate (as a % of the Sub-Fund s net asset value) Management fee Class A: Maximum 1.25% Depositary fee Maximum 0.12% (related to safekeeping of assets) Performance fee N/A Administration fee Class A: Maximum 0.25% (payable to the Management Company) Other fees You may have to pay other fees when dealing in the shares of the Sub-Fund. 6

9 Eastspring Investments Asian Bond Fund Additional Information You generally buy and redeem shares at the Sub-Fund s next-determined net asset value (NAV) after an authorised distributor receives your request in good order prior to 3:00pm (Hong Kong time) being the dealing cut-off time on each valuation day. However, before placing your subscription or redemption orders, please check with your distributor for the Sub-Fund s business day and the distributor s internal dealing cut-off time (which may be earlier than the Sub-Fund s dealing cut-off time). The net asset value of this Sub-Fund is calculated and the price of shares published each business day on The Dividend Composition Information i.e. the relative amounts paid out of (i) net distributable income and (ii) capital, is available from the Hong Kong Representative upon request, and will be published on Please note that the Dividend Composition Information will only show information on a rolling 12-month period. Investors may obtain the past performance information of other share classes offered to Hong Kong investors from The aforementioned website has not been reviewed by the SFC. Important If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. 7

10 PRODUCT KEY FACTS Eastspring Investments Asian Equity Fund Issuer: Eastspring Investments (Luxembourg) S.A. October 2017 This statement provides you with key information about Eastspring Investments Asian Equity Fund (the Sub-Fund ). This statement is a part of the Hong Kong Summary Prospectus. You should not invest in the Sub-Fund based on this statement alone. Quick facts Management Company: Investment Manager: Depositary: Eastspring Investments (Luxembourg) S.A. Eastspring Investments (Singapore) Limited (internal delegation, in Singapore) The Bank of New York Mellon SA/NV Luxembourg branch Ongoing Charges over a year # : Class A: 2.15% # The ongoing charges figure is based on expenses for the year ended 31 December This figure may vary from year to year. Dealing Frequency: Base Currency: Dividend Policy: Financial Year End of this Sub-Fund: Minimum Investment: Daily (A full bank business day in Luxembourg and Hong Kong, and in the country or countries where the assets of the Sub-Fund are primarily invested) USD No dividends will be declared or paid 31 December USD500 (Initial); USD50 (Subsequent) What is this product? Eastspring Investments Asian Equity Fund is a sub-fund of Eastspring Investments which is an open-ended investment company registered in Luxembourg. Its home regulator is Commission de Surveillance du Secteur Financier ( CSSF ), Luxembourg. 8

11 Eastspring Investments Asian Equity Fund Objective and Investment Strategy Objective and Strategy The Sub-Fund aims to maximize long-term total return by investing in equity and equity-related securities of companies, which are incorporated, or have their area of primary activity, in the Asia Pacific ex Japan Region. The Sub-Fund may also invest in depository receipts, including ADRs and GDRs, debt securities convertible into common shares, preference shares and warrants. The Sub-Fund may use financial derivative instruments extensively for hedging and efficient portfolio management purposes. However, financial derivative instruments will not be extensively used for investment purposes. The Management Company will, for the time being, not enter into repurchase and reverse repurchase transactions nor engage in securities lending transactions. Should the Management Company decide to use such techniques and instruments in the future, this can be done so at the Management Company s discretion and the Summary Prospectus will be updated accordingly thereafter, subject to regulatory approval. At least one month s prior notice will also be given to Hong Kong investors accordingly. What are the key risks? Investment involves risks. Please refer to the Hong Kong Summary Prospectus for details including the risk factors. 1. General Investment Risk The Sub-Fund s investment portfolio may fall in value due to any of the key risk factors below and therefore your investment in the Sub-Fund may suffer losses. You may not get back your original investment. Past performance is not a guide to future performance. The level of investment return is not fixed and will vary. 2. Equity Market Risk The Sub-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. 3. Concentration Risk The Sub-Fund s investments may be concentrated in any one single country within the Asia Pacific ex Japan Region. The value of the Sub-Fund may be more volatile than that of a fund having a more diverse portfolio of investments. The value of the Sub-Fund may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting any one single country in the Asia Pacific ex Japan market. 9

12 Eastspring Investments Asian Equity Fund 4. Emerging Markets Risk The Sub-Fund invests in Asian equities, which may from time to time include equities in emerging markets. Investing in emerging markets involves increased risks and special considerations not typically associated with investment in more developed markets due to, among other factors, greater political, tax, economic, foreign exchange controls, liquidity, higher degree of volatility, settlement, custody and legal/regulatory risks. 5. Liquidity Risk The Sub-Fund may have investments which have high liquidity risks (for example, low trading volumes), and may incur substantial losses if it is unable to sell these investments at opportune times or prices. 6. Currency and Exchange Rates Risk The assets that the Sub-Fund invests in may be denominated in currencies different from the Sub-Fund s base currency and the currency of the Shares held by you. The NAV of the Sub- Fund may be affected unfavourably by adverse movements in foreign currency exchange rates between the currencies of the underlying assets and the base currency of the Sub-Fund and the currency of the Shares held by you, as well as by changes in exchange rate controls. 7. Derivatives Risk Derivatives involve risks different from, and, in some cases, greater than, the risks presented by more traditional securities investments. Some of the risks associated with derivatives are market risk, management risk, credit risk, counterparty risk, liquidity risk, volatility risk, operational risk, leverage risk, valuation risk and over-the-counter transaction risk. The Sub-Fund may use financial derivative instruments (FDIs) extensively for hedging and efficient portfolio management purposes whilst FDIs will not be extensively used for investment purposes, however, the Sub-Fund s use of derivatives may become ineffective in such endeavours and the Sub-Fund may suffer significant losses. 10

13 Eastspring Investments Asian Equity Fund How has the fund performed? 100% 80% 60% 40% 20% 0% -20% -40% -60% -80% 76.5% 33.7% 18.7% 19.9% 5.6% 3.9% % -5.8% -17.3% -54.3% Note: Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the calendar year end, NAV-to-NAV, with dividend reinvested. These figures show by how much Class A increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD, including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Fund launch date: 2003 Class A launch date: 2005 The Management Company views Class A, being the retail share class offered and available for sale in Hong Kong, as the most appropriate representative share class. Is there any guarantee? This Sub-Fund does not have any guarantees. You may not get back the full amount of money you invest. 11

14 Eastspring Investments Asian Equity Fund What are the fees and charges? Charges which may be payable by you You may have to pay the following fees when dealing in the shares of the Sub-Fund. Fee Subscription fee Switching fee Redemption fee What you pay Maximum 5% of the amount you buy Nil (You should note that an individual distributor may charge a switching fee, which is subject to such distributor s discretion.) Nil Ongoing fees payable by the Sub-Fund The following expenses will be paid out of the Sub-Fund. They affect you because they reduce the return you get on your investments. Management fee Maximum 1.50% Depositary fee Maximum 0.12% (related to safekeeping of assets) Performance fee N/A Administration fee Maximum 0.50% (payable to the Management Company) Annual rate (as a % of the Sub-Fund s net asset value) Other fees You may have to pay other fees when dealing in the shares of the Sub-Fund. Additional Information You generally buy and redeem shares at the Sub-Fund s next-determined net asset value (NAV) after an authorised distributor receives your request in good order prior to 3:00pm (Hong Kong time) being the dealing cut-off time on each valuation day. However, before placing your subscription or redemption orders, please check with your distributor for the Sub-Fund s business day and the distributor s internal dealing cut-off time (which may be earlier than the Sub-Fund s dealing cut-off time). The net asset value of this Sub-Fund is calculated and the price of shares published each business day on The aforementioned website has not been reviewed by the SFC. Important If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. 12

15 PRODUCT KEY FACTS Eastspring Investments Asian Equity Income Fund Issuer: Eastspring Investments (Luxembourg) S.A. October 2017 This statement provides you with key information about Eastspring Investments Asian Equity Income Fund (the Sub-Fund ). This statement is a part of the Hong Kong Summary Prospectus. You should not invest in the Sub-Fund based on this statement alone. Quick facts Management Company: Investment Manager: Depositary: Eastspring Investments (Luxembourg) S.A. Eastspring Investments (Singapore) Limited (internal delegation, in Singapore) The Bank of New York Mellon SA/NV Luxembourg branch Ongoing Charges over a year # : Class A: 1.63% Class A DM : 1.63% Class A ADM (hedged): 1.61% # The ongoing charges figure is based on expenses for the year ended 31 December This figure may vary from year to year. Dealing Frequency: Base Currency: Daily (A full bank business day in Luxembourg and Hong Kong, and in the country or countries where the assets of the Sub-Fund are primarily invested) USD Dividend Policy: Class A No dividends will be declared or paid Class A DM, Class A ADM (hedged) Dividends may be declared on a monthly basis. Dividends, at the discretion of the board of directors of Eastspring Investments, may be sourced from gross income, net realised capital gains and partially from capital from time to time. Any distributions involving payment of dividends out of capital and/or effectively our of capital may result in an immediate reduction of the net asset value. Financial Year End of this Sub-Fund: 31 December Minimum Investment: Share Class Initial Subsequent Class A, Class A DM USD500 USD50 Class A ADM (hedged) AUD1,000 AUD100 13

16 Eastspring Investments Asian Equity Income Fund What is this product? Eastspring Investments Asian Equity Income Fund is a sub-fund of Eastspring Investments which is an open-ended investment company registered in Luxembourg. Its home regulator is Commission de Surveillance du Secteur Financier ( CSSF ), Luxembourg. Objective and Investment Strategy Objective and Strategy The Sub-Fund aims to maximize income by investing primarily in equity and equity-related securities of companies, which are incorporated, listed in or have their area of primary activity, in the Asia Pacific ex Japan Region. The Sub-Fund may also invest in depository receipts, including ADRs and GDRs, debt securities convertible into common shares, preference shares and warrants. The Sub-Fund may use financial derivative instruments extensively for hedging and efficient portfolio management purposes. However, financial derivative instruments will not be extensively used for investment purposes. The Management Company will, for the time being, not enter into repurchase and reverse repurchase transactions nor engage in securities lending transactions. Should the Management Company decide to use such techniques and instruments in the future, this can be done so at the Management Company s discretion and the Summary Prospectus will be updated accordingly thereafter, subject to regulatory approval. At least one month s prior notice will also be given to Hong Kong investors accordingly. What are the key risks? Investment involves risks. Please refer to the Hong Kong Summary Prospectus for details including the risk factors. 1. General Investment Risk The Sub-Fund s investment portfolio may fall in value due to any of the key risk factors below and therefore your investment in the Sub-Fund may suffer losses. You may not get back your original investment. Past performance is not a guide to future performance. The level of investment return is not fixed and will vary. 2. Equity Market Risk The Sub-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. 3. Concentration Risk The Sub-Fund s investments may be concentrated in any one single country within the Asia Pacific ex Japan Region. The value of the Sub-Fund may be more volatile than that of a fund having a more diverse portfolio of investments. The value of the Sub-Fund may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting any one single country in the Asia Pacific ex Japan market. 14

17 Eastspring Investments Asian Equity Income Fund 4. Emerging Markets Risk The Sub-Fund invests in Asian equities, which may from time to time include equities in emerging markets. Investing in emerging markets involves increased risks and special considerations not typically associated with investment in more developed markets due to, among other factors, greater political, tax, economic, foreign exchange controls, liquidity, higher degree of volatility, settlement, custody and legal/regulatory risks. 5. Liquidity Risk The Sub-Fund may have investments which have high liquidity risks (for example, low trading volumes), and may incur substantial losses if it is unable to sell these investments at opportune times or prices. 6. Currency and Exchange Rates Risk The assets that the Sub-Fund invests in may be denominated in currencies different from the Sub-Fund s base currency and the currency of the Shares held by you. Also, a Share Class may be designated in a currency other than the base currency of the Sub-Fund. The NAV of the Sub-Fund may be affected unfavourably by adverse movements in foreign currency exchange rates between the currencies of the underlying assets and the base currency of the Sub-Fund and the currency of the Shares held by you, as well as by changes in exchange rate controls. 7. Hedged Share Class Risk If the Shares of a Share Class can be subscribed and redeemed in a currency other than the base currency of the Sub-Fund, a fluctuation in exchange rates could affect the value of an investment performance and therefore substantially impact the performance of such Share Class. The hedging strategy is to reduce but not eliminate currency risk. If these hedging transactions are imperfect or are only placed over a portion of the foreign exchange exposure, such Share Class will bear the resulting benefit or loss. 8. Derivatives Risk Derivatives involve risks different from, and, in some cases, greater than, the risks presented by more traditional securities investments. Some of the risks associated with derivatives are market risk, management risk, credit risk, counterparty risk, liquidity risk, volatility risk, operational risk, leverage risk, valuation risk and over-the-counter transaction risk. The Sub-Fund may use financial derivative instruments (FDIs) extensively for hedging and efficient portfolio management purposes whilst FDIs will not be extensively used for investment purposes, however, the Sub-Fund s use of derivatives may become ineffective in such endeavours and the Sub-Fund may suffer significant losses. 15

18 Eastspring Investments Asian Equity Income Fund 9. Risks associated with Payment of Dividends out of/effectively out of Capital Investors should note that where distributions are declared and paid out of the Sub-Fund, the board of directors of Eastspring Investments may at its discretion pay dividends out of the capital of the Sub-Fund or pay dividends out of gross income while charging/paying all or part of the Sub-Fund s fees and expenses to/out of the capital of the Sub-Fund, resulting in an increase in distributable income for the payment of dividends by the Sub-Fund and therefore, the Sub-Fund may effectively pay dividends out of capital. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any distributions involving payment of dividends out of the Sub-Fund s capital or payment of dividends effectively out of the Sub-Fund s capital (as the case may be) may result in an immediate reduction of the net asset value per share. How has the fund performed? 80% 60% 40% 20% 0% -20% -40% -60% -43.5% 55.1% 16.7% 20.9% % -12.9% 1.2% 5.3% 6.6% Note: Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the calendar year end, NAV-to-NAV, with dividend reinvested. These figures show by how much Class A increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD, including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Where no past performance is shown, there was insufficient data available in that year to provide performance. Fund launch date: 2007 Class A launch date: 2007 The Management Company views Class A, being the retail share class offered and available for sale in Hong Kong, as the most appropriate representative share class. Is there any guarantee? This Sub-Fund does not have any guarantees. You may not get back the full amount of money you invest. 16

19 Eastspring Investments Asian Equity Income Fund What are the fees and charges? Charges which may be payable by you You may have to pay the following fees when dealing in the shares of the Sub-Fund. Fee Subscription fee Switching fee Redemption fee What you pay Maximum 5% of the amount you buy Nil (You should note that an individual distributor may charge a switching fee, which is subject to such distributor s discretion.) Nil Ongoing fees payable by the Sub-Fund The following expenses will be paid out of the Sub-Fund. They affect you because they reduce the return you get on your investments. Management fee Maximum 1.50% Depositary fee Maximum 0.12% (related to safekeeping of assets) Performance fee N/A Administration fee Maximum 0.50% (payable to the Management Company) 17 Annual rate (as a % of the Sub-Fund s net asset value) Other fees You may have to pay other fees when dealing in the shares of the Sub-Fund. Additional Information You generally buy and redeem shares at the Sub-Fund s next-determined net asset value (NAV) after an authorised distributor receives your request in good order prior to 3:00pm (Hong Kong time) being the dealing cut-off time on each valuation day. However, before placing your subscription or redemption orders, please check with your distributor for the Sub-Fund s business day and the distributor s internal dealing cut-off time (which may be earlier than the Sub-Fund s dealing cut-off time). The net asset value of this Sub-Fund is calculated and the price of shares published each business day on The Dividend Composition Information i.e. the relative amounts paid out of (i) net distributable income and (ii) capital, is available from the Hong Kong Representative upon request, and will be published on Please note that the Dividend Composition Information will only show information on a rolling 12-month period. Investors may obtain the past performance information of other share classes offered to Hong Kong investors from The aforementioned website has not been reviewed by the SFC. Important If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness.

20 PRODUCT KEY FACTS Eastspring Investments Asian High Yield Bond Fund Issuer: Eastspring Investments (Luxembourg) S.A. October 2017 This statement provides you with key information about Eastspring Investments Asian High Yield Bond Fund (the Sub-Fund ). This statement is a part of the Hong Kong Summary Prospectus. You should not invest in the Sub-Fund based on this statement alone. Quick facts Management Company: Investment Manager: Depositary: Eastspring Investments (Luxembourg) S.A. Eastspring Investments (Singapore) Limited (internal delegation, in Singapore) The Bank of New York Mellon SA/NV Luxembourg branch Ongoing Charges over the year # : Class A: 1.64% Class A DM : 1.64% Class A ADM (hedged): 1.63% Class A NDM (hedged): 1.63% # The ongoing charges figure is based on expenses for the year ended 31 December This figure may vary from year to year. Dealing Frequency: Base Currency: Daily (A full bank business day in Luxembourg and Hong Kong, and in the country or countries where the assets of the Sub-Fund are primarily invested) USD Dividend Policy: Class A No dividends will be declared or paid Class A DM Class A ADM (hedged) Class A NDM (hedged) Dividends may be declared on a monthly basis Dividends, at the discretion of the board of directors of Eastspring Investments, may be sourced from gross income, net realised capital gains and partially from capital from time to time. Any distributions involving payment of dividends out of capital and/or effectively out of capital may result in an immediate reduction of the net asset value. Financial Year End of this Sub-Fund: 31 December Minimum Investment: Share Class Initial Subsequent Class A, Class A DM USD500 USD50 Class A ADM (hedged) AUD1,000 AUD100 Class A NDM (hedged) NZD1,000 NZD100 18

21 Eastspring Investments Asian High Yield Bond Fund What is this product? Eastspring Investments Asian High Yield Bond Fund is a sub-fund of Eastspring Investments which is an open-ended investment company registered in Luxembourg. Its home regulator is Commission de Surveillance du Secteur Financier ( CSSF ), Luxembourg. Objective and Investment Strategy Objective and Strategy The Sub-Fund invests in a diversified portfolio consisting primarily of high yield fixed income/ debt securities issued by Asian Entities 1 or their subsidiaries. This Sub-Fund s portfolio primarily consists of securities denominated in US dollars as well as the various Asian currencies and aims to maximize total returns through investing primarily (at least 66% of the Sub-Fund s net asset value) in fixed income/debt securities rated below BBB- 2 (i.e. non-investment grade). This Sub-Fund may invest up to 20% of its net assets in asset backed securities, mortgage backed securities, Contingent Convertible Bonds ( CoCos ), distressed securities and defaulted securities, with a limit of 10% for distressed securities and defaulted securities combined. In addition, this Sub-Fund may invest up to 10% of its net assets in synthetic fixed income instruments (including credit-linked notes). It may also hold up to 10% of its net assets in equity securities to the extent that such securities result from the conversion or exchange of a preferred stock or debt obligation. This Sub-Fund may make investments up to 10% of its net assets in Chinese onshore debt securities through the China interbank bond market direct access program and/or China Hong Kong Bond Connect. The Sub-Fund applies a top-down and bottom-up investment approach to derive its duration, credit and currency allocation strategies. The strongest investment ideas are included in the portfolio. Strong emphasis is also placed on risk management in the portfolio construction process to ensure that active risks are taken in a diversified manner and that potential returns commensurate with the risks taken on each investment. The Sub-Fund may invest more than 10% (but no more than 35%) in fixed income/debt securities issued or guaranteed by each sovereign in Asia that is rated below investment grade based on the professional judgement of the Investment Manager. The Sub-Fund may use financial derivative instruments extensively for hedging and efficient portfolio management purposes. However, financial derivative instruments will not be extensively used for investment purposes. The Management Company will, for the time being, not enter into repurchase and reverse repurchase transactions nor engage in securities lending transactions. Should the Management Company decide to use such techniques and instruments in the future, this can be done so at the Management Company s discretion and the Summary Prospectus will be updated accordingly thereafter, subject to regulatory approval. At least one month s prior notice will also be given to Hong Kong investors accordingly. 1 Government, quasi-government, corporate or supranational entities as well as their subsidiaries, related or associated entities which are established, incorporated, or have significant business/operational activity in Asia. 2 BBB- as issued by Standard & Poor s or comparable ratings by Fitch or Moody s Investors Services. Credit ratings below BBB- are considered as below investment grade. 19

22 Eastspring Investments Asian High Yield Bond Fund What are the key risks? Investment involves risks. Please refer to the Hong Kong Summary Prospectus for details including the risk factors. 1. General Investment Risk The Sub-Fund s investment portfolio may fall in value due to any of the key risk factors below and therefore your investment in the Sub-Fund may suffer losses. You may not get back your original investment. Past performance is not a guide to future performance. The level of investment return is not fixed and will vary. 2. Risks of Investing in Bonds Interest rate risk: Bonds are subject to interest rate fluctuations. In general, the prices of debt securities rise when interest rates fall, whilst their prices fall when interest rates rise. Credit risk: Investments in bonds are subject to credit default risk of the issuers of the bonds. Adverse economic conditions, unanticipated rise in interest rate, unavailability of additional funding, may impair the issuer s ability to meet its debt obligations, which may lead to potential default by the issuer. Risk associated with below investment grade bonds: Bonds that are below-investment-grade or are unrated are more susceptible to credit risk, and in particular high yield bonds offer higher yields to compensate for the reduced creditworthiness or increased risk of default that these securities carry. Such securities are generally subject to lower liquidity, higher volatility and greater risk of loss of principal and interest than high-rated debt securities. Counterparty risk: The Sub-Fund will be exposed to the credit risk on counterparties with which it trades and any default by such a counterparty (for example, due to insolvency) could result in substantial losses to the Sub-Fund. Risk of credit rating downgrades: The credit rating of a debt instrument or its issuer may subsequently be downgraded. In the event of such downgrading, the value of the Sub-Fund may be adversely affected. The investment manager may or may not be able to dispose of the debt instruments that are being downgraded. Sovereign debt risk: The Sub-Fund s investment in securities issued or guaranteed by governments may be exposed to political, social, and economic risks. In adverse situations, the sovereign issuers may not be able or willing to repay the principal and/or interest when due or may request the Sub-Fund to participate in restructuring such debts. The Sub-Fund may suffer significant loses when there is a default of sovereign debt issuers. Valuation risk: Valuation of the Sub-Fund s investments may involve uncertainties and judgmental determinations. If such valuation turns out to be incorrect, this may affect the net asset value calculation of the Sub-Fund. Credit rating risk: Credit ratings assigned by rating agencies are subject to limitations and do not guarantee the creditworthiness of the security and/or issuer at all times. 20

23 Eastspring Investments Asian High Yield Bond Fund 3. Derivatives Risk Derivatives involve risks different from, and, in some cases, greater than, the risks presented by more traditional securities investments. Some of the risks associated with derivatives are market risk, management risk, credit risk, counterparty risk, liquidity risk, volatility risk, operational risk, leverage risk, valuation risk and over-the-counter transaction risk. The Sub-Fund may use financial derivative instruments (FDIs) extensively for hedging and efficient portfolio management purposes whilst FDIs will not be extensively used for investment purposes, however, the Sub-Fund s use of derivatives may become ineffective in such endeavours and the Sub-Fund may suffer significant losses. 4. Concentration Risk The Sub-Fund s investments may be concentrated in any one single country within Asia. The value of the Sub-Fund may be more volatile than that of a fund having a more diverse portfolio of investments. The value of the Sub-Fund may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting any one country in the Asian market. 5. Emerging Markets Risk The Sub-Fund invests in Asian bonds, which may from time to time include bonds in emerging markets. Investing in emerging markets involves increased risks and special considerations not typically associated with investment in more developed markets due to, among other factors, greater political, tax, economic, foreign exchange controls, liquidity, higher degree of volatility, settlement, custody and legal/regulatory risks. 6. Liquidity Risk The Sub-Fund may have investments which have high liquidity risks (for example, low trading volumes), and may incur substantial losses if it is unable to sell these investments at opportune times or prices. 7. Currency and Exchange Rates Risk The assets that the Sub-Fund invests in may be denominated in currencies different from the Sub-Fund s base currency and the currency of the Shares held by you. Also, a Share Class may be designated in a currency other than the base currency of the Sub-Fund. The NAV of the Sub-Fund may be affected unfavourably by adverse movements in foreign currency exchange rates between the currencies of the underlying assets and the base currency of the Sub-Fund and the currency of the Shares held by you, as well as by changes in exchange rate controls. 8. Hedged Share Class Risk If the Shares of a Share Class can be subscribed and redeemed in a currency other than the base currency of the Sub-Fund, a fluctuation in exchange rates could affect the value of an investment performance and therefore substantially impact the performance of such Share Class. The hedging strategy is to reduce but not eliminate currency risk. If these hedging transactions are imperfect or are only placed over a portion of the foreign exchange exposure, such Share Class will bear the resulting benefit or loss. 21

24 Eastspring Investments Asian High Yield Bond Fund 9. Risks associated with Payment of Dividends out of/effectively out of Capital Investors should note that where distributions are declared and paid out of the Sub-Fund, the board of directors of Eastspring Investments may at its discretion pay dividends out of the capital of the Sub-Fund or pay dividends out of gross income while charging/paying all or part of the Sub-Fund s fees and expenses to/out of the capital of the Sub-Fund, resulting in an increase in distributable income for the payment of dividends by the Sub-Fund and therefore, the Sub-Fund may effectively pay dividends out of capital. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any distributions involving payment of dividends out of the Sub-Fund s capital or payment of dividends effectively out of the Sub-Fund s capital (as the case may be) may result in an immediate reduction of the net asset value per share. How has the fund performed? 13.0% 11.0% 11.0% 9.0% 7.0% 5.0% 5.0% 3.0% 1.0% 0.0% -1.0% % 2.3% Note: Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the calendar year end, NAV-to-NAV, with dividend reinvested. These figures show by how much Class A increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD, including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Where no past performance is shown, there was insufficient data available in that year to provide performance. Fund launch date: 2011 Class A launch date: 2012 The Management Company views Class A, being the retail share class offered and available for sale in Hong Kong, as the most appropriate representative share class. Is there any guarantee? This Sub-Fund does not have any guarantees. You may not get back the full amount of money you invest. 22

25 Eastspring Investments Asian High Yield Bond Fund What are the fees and charges? Charges which may be payable by you You may have to pay the following fees when dealing in the shares of the Sub-Fund. Fee Subscription fee Switching fee Redemption fee What you pay Maximum 3% of the amount you buy Nil (You should note that an individual distributor may charge a switching fee, which is subject to such distributor s discretion.) Nil Ongoing fees payable by the Sub-Fund The following expenses will be paid out of the Sub-Fund. They affect you because they reduce the return you get on your investments. Annual rate (as a % of the Sub-Fund s net asset value) Management fee Maximum 1.25% Depositary fee Maximum 0.12% (related to safekeeping of assets) Performance fee N/A Administration fee Maximum 0.25% (payable to the Management Company) Other fees You may have to pay other fees when dealing in the shares of the Sub-Fund. 23