HSBC Collective Investment Trust HSBC Asia Pacific ex Japan Equity Volatility Focused Fund

Transcription

1 Important information: The Fund invests mainly in Asia Pacific ex Japan Equity. The Fund is subject to the risks of investing in emerging markets. The Fund may invest in financial derivative instruments for investment purpose and may suffer substantial loss if the relevant issuers default or the relevant instruments cannot be realised or perform badly. For certain classes of the Fund, the Fund may pay dividends out of capital or pay dividend gross of expenses. Investors should note that the payment of dividends out of capital or effectively out of capital represents a return or withdrawal of part of the amount they originally invested or from any capital gains attributed to the original investment. Such distributions may result in an immediate decrease in the net asset value of the Fund. The Fund s investment may involve substantial market, currency, volatility, regulatory and political risk. Investors may suffer substantial loss of their investments in the Fund. Unit trusts are NOT equivalent of 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. This document does not constitute an offering document. HSBC Collective Investment Trust HSBC Asia Pacific ex Japan Equity Volatility Focused Fund March 2018 Fund objective and strategy The Fund aims to provide long term total return by investing in a portfolio of equities. The Fund invests (normally a minimum 90% of its net assets) in equities and equity equivalent securities of companies which have their registered office in, and with an official listing on a major stock exchange or other regulated market of any Asia Pacific country (excluding Japan) as well as companies which carry out a preponderant part of their economic activities in the Asia Pacific region (excluding Japan). The Fund may invest the remaining assets in money market instruments, cash instruments and cash. The Fund aims for lower portfolio volatility relative to that of the MSCI AC Asia Pacific ex Japan USD Net Index through portfolio optimisation to lower overall portfolio volatility by selecting a combination of lower volatility stocks and higher volatility stocks that are less correlated and thereby diversifying the portfolio. Product features Aims to provide long term total return by investing in a portfolio of equities Aims for lower portfolio volatility relative to that of the MSCI AC Asia Pacific ex Japan USD Net through portfolio constructions Uses portfolio optimisation to lower overall portfolio volatility by selecting a combination of lower volatility stocks and higher volatility stocks that are less correlated and thereby diversifying the portfolio Price Indexed Performance (%) YTD 3 mths 6 mths 1 yr 3 yrs 5 yrs Since Inception Fund ( AM2-USD) Reference Performance Benchmark Mar Jun Sep 16 Mar Jun Sep 17 Mar Jun Sep 18 Feb Fund ( AM2-USD) Reference Performance Benchmark 1 Source: Morningstar, Inc. as at 28 February Bid to Bid price with dividend reinvested, in USD Percent Change Calendar year performance (%) Fund Reference ( Performance AM2-USD) Benchmark 1 Since launch to 31/12/ Fund details Launch date AM2-USD / AM2-HKD 26 March 2015 Fund size USD million Base currency USD Bid price AM2-USD USD AM2-HKD HKD Fund manager Hugh Lee / Sanjiv Duggal Investment adviser HSBC Global Asset Management (HK) Limited Minimum investment USD1,000 / HKD10,000 Initial charge 5.25% Management fee 1.75% per annum Switching charge 1% Dealing Daily ISIN code AM2-USD HK AM2-HKD HK Bloomberg ticker AM2-USD HSJEAMU HK AM2-HKD HSJEAMH HK Financial Y/E 31 March Dividend policy AM2-USD Monthly, if any AM2-HKD Monthly, if any Portfolio characteristics Annualised volatility (3-year) Sharpe ratio (3-year) Download the offering documents from site/media/pdf/documents/amhk_hcit.pdf Please refer to the offering document for details of other fees. Source: HSBC Investment Funds (Hong Kong) Limited as at 28 February Reference Performance Benchmark: MSCI AC Asia Pacific ex Japan USD Net. Due to the Volatility Focused approach, investors in this Fund may have less sensitivity to the market both in up and down markets, especially during periods where the market is momentum driven. Investment involves risk. Past performance is not indicative of future performance. Please refer to the offering document for further details including the risk factors. The document has not been reviewed by the Securities and Futures Commission. Issued by HSBC Global Asset Management (Hong Kong) Limited

2 Portfolio composition Country allocation % China 25.2 Australia 14.0 Hong Kong 14.0 India 10.5 Korea 9.8 Singapore 7.5 Taiwan 6.6 Thailand 4.5 Malaysia 4.1 Cash & others 3.7 Percentage may not total 100 due to rounding. Top 10 holdings % Baidu.Com Software & services 2.2 Petronas Chemical Group Materials 2.1 Swire Properties Real estate 2.1 Industrial Bank of Korea Banks 2.1 Petronas Gas Utilities 2.1 HKT Trust and HKT Ltd Telecommunications 2.1 CLP Holdings Electricity 2.0 Samsung Fire & Marine Insurance Insurance 2.0 China Telecom Telecommunications 2.0 Commonwealth Bank of Australia Banks 2.0 Dividend history of AM2-USD (Dividend is not guaranteed and may be paid out of capital) # Month Dividend amount Bid price as of ex-dividend date Annualised yield Mar - 17 USD USD % Apr - 17 USD USD % May - 17 USD USD % Jun - 17 USD USD % Jul - 17 USD USD % Aug - 17 USD USD % Sep - 17 USD USD % Oct - 17 USD USD % Nov - 17 USD USD % Dec - 17 USD USD % Jan - 18 USD USD % Feb - 18 USD USD % # Dividend is not guaranteed and will result in reduction in net asset value. A positive distribution yield does not imply a positive return. The calculation method of annualised yield: (dividend value/ bid price as of ex-dividend date) x 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. Dividend may be paid out of capital and will result in capital erosion. The performance and dividend yield of a may be affected by many factors such as, where applicable, exchange rate fluctuation, currency hedging costs and interest rate differentiation between different currencies. Therefore, different es may have different performance and dividend yield, and the performance and dividend yield of a cannot be used to represent the performance and dividend yield of another. Due to the Volatility Focused approach, investors in this Fund may have less sensitivity to the market both in up and down markets, especially during periods where the market is momentum driven. Source: MSCI, the MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an as is basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the MSCI Parties ) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. ( Investment involves risk. Past performance is not indicative of future performance. Please refer to the offering document for further details including the risk factors. The document has not been reviewed by the Securities and Futures Commission. Issued by HSBC Global Asset Management (Hong Kong) Limited

3 PRODUCT KEY FACTS HSBC Collective Investment Trust HSBC Asia Pacific ex Japan Equity Volatility Focused Fund July This statement provides you with key information about the HSBC Asia Pacific ex Japan Equity Volatility Focused Fund This statement is part of the offering document You should not invest in this product based on this statement alone Quick facts Fund manager HSBC Investment Funds (Hong Kong) Limited / Investment adviser HSBC Global Asset Management (Hong Kong) Limited (Internal delegation) / Trustee HSBC Institutional Trust Services (Asia) Limited / Ongoing charges over a year AM2 USD / AM2 2.17%^ AM2 HKD / AM2 2.17%^ AM3H RMB / AM3H 2.17%^^ AM3H AUD / AM3H 2.17%^^ AM3H CAD / AM3H 2.17%^^ AM3H EUR / AM3H 2.17%^^ AM3H GBP / AM3H 2.17%^^ Dealing frequency Daily on every dealing day, i.e. each business day on which banks in Hong Kong and regulated markets in countries where the Sub-Fund is materially invested are normally open for business Base currency USD / Dividend policy AM2 USD, AM2 HKD, AM3H RMB, AM3H AUD, AM3H CAD, AM3H EUR and AM3H GBP: The Manager aims to declare dividends 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. Payment of dividends out of capital or effectively out of capital may result in an immediate reduction of the net asset value of the relevant. AM2 AM2 AM3H AM3H AM3H AM3H AM3H # Financial year end 31 March / 3 31 Minimum investment (initial and subsequent) / AM2 USD / AM2 HKD / AM3H RMB / AM3H AUD / AM3H CAD / AM3H EUR / AM3H GBP / AM2 AM2 USD1,000 / HKD10,000 / 10,000 RMB10,000 / 10,000 AUD1,500 / 1,500 CAD1,000 / EUR850 / 850 GBP650 / 650

4 Minimum holding Minimum redemption ^ AM2 USD / AM2 of USD1,000 / AM2 USD / AM2 of USD1,000 / AM2 HKD / AM2 of HKD10,000 / 10,000 AM2 HKD / AM2 of HKD10,000 / 10,000 AM3H RMB / of RMB10,000 / 10,000 AM3H RMB / of RMB10,000 / 10,000 AM3H AUD / of AUD1,500 / 1,500 AM3H AUD / of AUD1,500 / 1,500 AM3H CAD / AM3H of CAD1,000 / AM3H CAD / of CAD1,000 / AM3H EUR / of EUR850 / 850 AM3H EUR / of EUR850 / 850 AM3H GBP / of GBP650 / 650 AM3H GBP / of GBP650 / 650 The figure is an estimate only as the trustee fee was reduced with effect from 1 July It represents the sum of the estimated ongoing expenses chargeable to the Unit expressed as a percentage of the estimated average net asset value of the Unit over a 12-month period. This figure may vary from year to year ^^ The figure is an estimate only (as the class has not been launched) 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. It has taken into account a reduction of the trustee fee with effect from 1 July This figure may vary from year to year. The actual figure may be different from the estimated figure # The Manager may at its discretion pay dividend 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 thereby effectively pay distributions out of capital of the Sub-Fund. / What is this product? HSBC Asia Pacific ex Japan Equity Volatility Focused Fund is constituted in the form of a unit trust. It is a sub-fund (the Sub-Fund ) of an umbrella fund, HSBC Collective Investment Trust (the Fund ). Objectives and Investment Strategy The Sub-Fund aims to provide long term total return by investing in a portfolio of equities. The Sub-Fund invests (normally a minimum 90% of its net assets) in equities and equity equivalent securities of companies which have their registered office in, and with an official listing on a major stock exchange or other regulated market of any Asia Pacific country (excluding Japan) as well as companies which carry out a preponderant part of their economic activities in the Asia Pacific region (excluding Japan). The Sub-Fund may invest the remaining assets in money market instruments, cash instruments and cash. 90% The Sub-Fund aims to deliver lower portfolio volatility relative to the MSCI AC Asia Pacific ex Japan USD Net Index through portfolio optimisation to lower overall portfolio volatility by selecting a combination of lower volatility stocks and higher volatility stocks that are less correlated and thereby diversifying the portfolio. There is no guarantee that such an approach will always produce a portfolio of lower volatility than the relevant index. The Sub-Fund may rely on market research and quantitative analysis to estimate individual stock volatility and intra-stock correlation as part of its portfolio optimisation process. The Sub-Fund normally invests across a range of market capitalisations without any capitalisation restriction. The Sub-Fund will not invest more than 10% of its net assets in convertible bonds. 10%

5 The Sub-Fund may invest in China A-Shares and B-Shares listed on stock exchanges in the PRC, H-Shares listed on the Hong Kong Stock Exchange ( SEHK ) and other China-related shares or securities listed on the above exchanges as well as on other exchanges outside of the PRC, Hong Kong and Macau ( other China-related listed securities ). For other China-related listed securities, the Sub-Fund will invest in securities of companies which carry out or possess a preponderant part of their business activities in or are related to China. A B H The Sub-Fund may directly access China A-Shares through the Shanghai-Hong Kong Stock Connect or indirectly access China A-Shares through China A-Shares Access Products (CAAPs). The Sub-Fund s total exposure to China A-Shares and B-Shares will not be more than 10% of its net asset value. AACAAP A A B 10% Notwithstanding the foregoing, at present, the Manager does not intend to invest in China A-Shares (through the Shanghai-Hong Kong Stock Connect), CAAPs or B-Shares in respect of the Sub-Fund. The Manager will give at least one month's prior notice to Unitholders if there is a change in such intention. A CAAP B The Manager will not enter into securities lending, repurchase or reverse repurchase transactions or similar over-the-counter transactions in respect of the Sub-Fund. Prior approval will be obtained from the SFC and at least one month s prior notice will be given to Unitholders if there is a change in such intention. The Sub-Fund may use derivative instruments such as deliverable / non-deliverable forwards for hedging purpose. The Sub-Fund may also use on-exchange traded index futures for hedging purposes and non-hedging purposes such as cash flow management and cash equitisation. Cash equitisation refers to the use of idle cash of the portfolio to simulate equity exposure with the prospect of generating additional gains from the long-term growth in equity markets. The Sub-Fund may use on-exchange traded index futures for up to 15% of the net asset value of the Sub-Fund for purposes other than hedging. 15% Financial derivative instruments may also be embedded in other instruments used by the Sub-Fund (for example, CAAPs, participation notes and convertible bonds). The Sub-Fund may use such instruments for up to 15% of the net asset value of the Sub-Fund for purposes other than hedging. CAAP 15% Save as mentioned above, the Sub-Fund will not invest in other derivative instruments for investment purposes. The Sub-Fund will normally be exposed to currencies of Asia Pacific (excluding Japan) as well as other emerging and developed market currencies. What are the Key Risks? Investment involves risks. Please refer to the offering document for details including the risk factors. Investment risk The Sub-Fund is an investment fund. The Sub-Fund s investment portfolio may fall in value and therefore you may suffer losses by investing in the Sub-Fund. Investing in the Sub-Fund is not the same as deposits with a bank. There is no guarantee in respect of repayment of principal. There is no guarantee on regular payment of distributions and, if distribution is made, the rate of such distributions is not guaranteed. There is no guarantee that the Sub-Fund s investment objective can be achieved. Risk in connection with the investment strategy Whilst the Sub-Fund aims to for lower portfolio volatility compared to the MSCI AC Asia Pacific ex Japan USD Net Index, there is no guarantee that such investment objective and strategy (i.e. to lower portfolio volatility) can be achieved. There is a possibility that portfolio optimisation may not be achieved and the Sub-Fund s value may be adversely affected.

6 Equity securities risk Investment in equity securities is subject to market risk. The prices of such securities may also be volatile and are affected by the business, performance and activities of individual companies as well as general market and economic conditions. If the market value of equity securities in which the Sub-Fund invests in goes down, its net asset value may be adversely affected, and investors may suffer substantial losses. Investors may not get back the amount they initially invested in the Sub-Fund. Geographical concentration risk The Sub-Fund invests primarily in the Asia Pacific (ex Japan) markets which involve higher concentration risks. The value of the Sub-Fund may be more volatile than that of a fund having a more diverse portfolio of investments. Emerging markets risk The Sub-Fund invests primarily in the Asia Pacific (ex Japan) markets which include countries considered as emerging markets. 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, market volatility (such as interest rate and price volatility) and regulatory risks. The Sub-Fund s investment in emerging markets may be subject to significant losses. The net asset value of the Sub-Fund may be adversely affected, and, as a result, investors may suffer a loss in their investment in the Sub-Fund. Foreign exchange risk Because the Sub-Fund s assets and liabilities may be denominated in currencies different from the Sub-Fund s base currency (USD), the Sub- Fund may be affected unfavourably by exchange control regulations or changes in the exchange rates between the Sub-Fund s base currency and other currencies. An investor may suffer losses arising from changes in currency exchange rates of investments held by the Sub-Fund. Dividends (for the distribution es of Units only) will be paid in the relevant Currency, which may involve currency conversion of the proceeds obtained from realisation of the Sub-Fund s assets. Currency conversion involves foreign exchange risks as the exchange rates are subject to fluctuations. Currency conversion risk for RMB denominated es The Sub-Fund offers RMB denominated es of Units. Subscriptions and redemptions for the Sub-Fund may involve conversion of currency. Currency conversion will be conducted at the applicable exchange rate and subject to the applicable spread. If currency hedging between RMB and the base currency is not effective, and depending on the exchange rate movements of RMB relative to the base currency of the Sub-Fund and/or other currency(ies) of the non-rmb-denominated underlying investments, an investor (i) may still suffer losses even if there are gains or no losses in the value of the non-rmb-denominated underlying investments; or (ii) may suffer additional losses if the non-rmb-denominated underlying investments of the Sub-Fund fall in value. (i) (ii) Currency conversion is also subject to the Sub-Fund s ability to convert the proceeds into RMB which may also affect the Sub-Fund s ability to meet redemption requests from Unitholders in RMB denominated es of Units or to make distributions, and may delay the payment of redemption proceeds or dividends. As RMB is not freely convertible, currency conversion is subject to availability of RMB at the relevant time. The Sub-Fund may not have sufficient RMB for its investments. Further, in case of sizable redemption requests for the RMB es, the Manager has the absolute discretion to delay any payment in respect of redemption of the RMB es (for a period not exceeding one calendar month of receipt of a properly documented redemption request). When calculating the net asset value of Units of a RMB denominated, the Manager will apply the exchange rate for offshore RMB market in Hong Kong, i.e. the CNH exchange rate, which may be at a premium or discount to the exchange rate for onshore RMB market in the PRC, i.e. the CNY exchange rate. Consequently, there may be significant trading costs incurred and investors investing in es of Units denominated in RMB may suffer losses. CNH CNY

7 Risks concerning Hedged es of Units Investment in Hedged es which do not hedge underlying portfolio currency exposures back to the investor s own currency may result in the investor taking speculative currency positions which may be volatile and may have a material impact on Unitholders returns. A Hedged aims to hedge the currency risk between the base currency and the Currency of the Hedged. Investment in Hedged es may preclude Unitholders from benefiting from an increase in the value of the Sub-Fund s base currency relative to the Currency of the Hedged es. There is no guarantee that (a) any hedging objective will be achieved, or (b) any hedging strategy will fully and effectively eliminate the effects of exchange rate fluctuations. (a)(b) The Sub-Fund s underlying assets (which may be denominated in various currencies different from the Sub-Fund s base currency) may not be hedged either to the base currency of the Sub-Fund or to the Currency of the Hedged. Investors will still be subject to currency risks of the underlying investments in the Sub-Fund s portfolio. Investors should note that the implementation of currency hedging strategies in relation to Hedged es is distinct from the various currency hedging strategies that the Manager may implement at a portfolio level to manage risks at the portfolio level. Derivative risk The Sub-Fund may invest in derivatives for hedging and non-hedging purposes. Investment in derivative instruments can be illiquid, if there is no active market in these instruments. Derivatives are subject to insolvency or default risk of the issuers or counterparties. Besides, many derivative instruments involve an embedded leverage and their prices may be volatile. A relatively small adverse market movement could expose the Sub-Fund to the possibility of a loss exceeding the original amount invested. Investment in derivatives may result in significant losses to the Sub-Fund and hence investors may also suffer significant losses. Where the Sub-Fund invests in derivatives (e.g. forward contracts) for hedging purposes, there can be no assurance that any hedging techniques will fully and effectively eliminate the risk exposure of the Sub-Fund. The Sub-Fund may suffer significant losses if the issuers or counterparties of the derivative instruments default in their obligations, or if the use of derivatives becomes ineffective in hedging. Risks associated with distribution out of capital For distribution es, if payment of dividends is made out of capital or effectively out of capital, it represents a return or withdrawal of part of the amount they originally invested or from any capital gains attributable to the original investment. Any distributions involving payment of dividends out of the Sub-Fund s capital or effectively out of the Sub-Fund s capital will result in an immediate reduction in the net asset value of the relevant of Units.

8 How has the Sub-Fund performed? HSBC Collective Investment Trust HSBC Asia Pacific ex Japan Equity Volatility Focused Fund ( AM2-USD) (AM2 ) Past performance 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 the unit increased or decreased in value during the calendar year being shown. Performance data has been calculated in HKD including ongoing charges and excluding subscription fee and redemption fee you might have to pay. The reference performance benchmark of the Sub-Fund is MSCI AC Asia Pacific ex Japan USD Net. The reference performance benchmark is shown for comparison purposes only and the Sub-Fund may not be managed to the reference performance benchmark. (MSCI AC Asia Pacific ex Japan USD Net) Where no past performance is shown there was insufficient data available in that year to provide performance. Sub-Fund launch date: 26 March AM2 USD launch date: 26 March 2015 AM AM2 USD is a Unit class open for investment by Hong Kong retail investors and denominated in the Sub-Fund s base currency. AM2 Is there any guarantee? This Sub-Fund does not have any guarantees. You may not get back the full amount of money you invest.

9 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 Sub-Fund. Fees Subscription fee Switching fee Redemption fee What you pay Up to 5.25% of the offer price* 5.25%* Up to 1.0% of the offer price* 1.0%* 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. Fees Annual rate (as a % of the net asset value of the Sub-Fund) % Management fee 1.75%* Trustee fee 0.07%* Performance fee Administration fee Not applicable Not applicable Other fees You may have to pay other fees and charges when dealing in the Sub-Fund. * The fees and charges may also be increased up to maximum level as specified in the offering document by giving at least one month s prior notice to investors. Please refer to the offering document for further details. 1 Additional information You generally buy and redeem units at the Sub-Fund s next-determined subscription price and redemption price with reference to the net asset value (NAV) after the intermediaries receive your request in good order on or before 4:00 pm (HK Time), being the dealing cut-off time. 4 Intermediaries who sell the Sub-Fund may impose earlier cut-off times for receiving instructions for subscriptions, redemptions or switching. Investors should pay attention to the arrangements of the intermediary concerned. Investors may obtain the past performance information of other unit classes offered to Hong Kong investors at (the website has not been reviewed by the SFC). Investors may obtain information on the intermediaries online at (the website has not been reviewed by the SFC). The net asset value of the Sub-Fund is calculated and the price of the Sub-Fund published on each dealing day. The composition of the latest dividends (i.e. the relative amounts paid out of (i) net distributable income and (ii) capital) (if any) for the last 12 months is available from the Manager on request and on the website (the website has not been reviewed by the SFC). 12 (i) (ii) 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. Issued by HSBC Global Asset Management (Hong Kong) Limited

10 Important information: The Fund invests mainly in Asia Pacific ex Japan Equity. The Fund is subject to the risks of investing in emerging markets. The Fund may invest in financial derivative instruments for investment purpose and may suffer substantial loss if the relevant issuers default or the relevant instruments cannot be realised or perform badly. For certain classes of the Fund, the Fund may pay dividends out of capital or pay dividend gross of expenses. Investors should note that the payment of dividends out of capital or effectively out of capital represents a return or withdrawal of part of the amount they originally invested or from any capital gains attributed to the original investment. Such distributions may result in an immediate decrease in the net asset value of the Fund. The Fund s investment may involve substantial market, currency, volatility, regulatory and political risk. Investors may suffer substantial loss of their investments in the Fund. Unit trusts are NOT equivalent of 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. This document does not constitute an offering document. HSBC Collective Investment Trust HSBC Asia Pacific ex Japan Equity Volatility Focused Fund Dividend history (Dividend is not guaranteed and may be paid out of capital) # AM2-USD (ISIN Code: HK ) Month Ex-dividend Date Dividend Amount Bid price as of ex-dividend date Annualised Yield AM2-HKD (ISIN Code: HK ) Month Ex-dividend Date Dividend Amount Bid price as of ex-dividend date Annualised Yield Feb Feb-18 USD USD % Feb Feb-18 HKD HKD % Jan Jan-18 USD USD % Jan Jan-18 HKD HKD % Dec Dec-17 USD USD % Dec Dec-17 HKD HKD % Nov Nov-17 USD USD % Nov Nov-17 HKD HKD % Oct Oct-17 USD USD % Oct Oct-17 HKD HKD % Sep Sep-17 USD USD % Sep Sep-17 HKD HKD % Aug Aug-17 USD USD % Aug Aug-17 HKD HKD % Jul Jul-17 USD USD % Jul Jul-17 HKD HKD % Jun Jun-17 USD USD % Jun Jun-17 HKD HKD % May May-17 USD USD % May May-17 HKD HKD % Apr Apr-17 USD USD % Apr Apr-17 HKD HKD % Mar Mar-17 USD USD % Mar Mar-17 HKD HKD % Feb Feb-17 USD USD % Feb Feb-17 HKD HKD % Jan Jan-17 USD USD % Jan Jan-17 HKD HKD % Dec Dec-16 USD USD % Dec Dec-16 HKD HKD % Nov Nov-16 USD USD % Nov Nov-16 HKD HKD % Oct Oct-16 USD USD % Oct Oct-16 HKD HKD % Sep Sep-16 USD USD % Sep Sep-16 HKD HKD % Aug Aug-16 USD USD % Aug Aug-16 HKD HKD % Jul Jul-16 USD USD % Jul Jul-16 HKD HKD % Jun Jun-16 USD USD % Jun Jun-16 HKD HKD % May May-16 USD USD % May May-16 HKD HKD % Apr Apr-16 USD USD % Apr Apr-16 HKD HKD % Mar Mar-16 USD USD % Mar Mar-16 HKD HKD % # Dividend amount is rounded up to four decimal places. Dividend is not guaranteed and will result in reduction in net asset value. A positive distribution yield does not imply a positive return. The calculation method of annualised yield: (dividend value/ bid price as of ex-dividend date) x 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. Dividend may be paid out of capital and will result in capital erosion. The performance and dividend yield of a may be affected by many factors such as, where applicable, exchange rate fluctuation, currency hedging costs and interest rate differentiation between different currencies. Therefore, different es may have different performance and dividend yield, and the performance and dividend yield of a cannot be used to represent the performance and dividend yield of another. Investment involves risks. Past performance is not indicative of future performance. Please refer to the offering document for further details including the risk factors. The document has not been reviewed by the Securities and Futures Commission. Issued by HSBC Global Asset Management (Hong Kong) Limited