Investment Adviser s Report 1. Statement of Financial Position 2. Portfolio Statement 3. Statement of Movements in Portfolio Holdings 5

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1 HSBC Global Investment Trust Interim Report 2018

2 Contents Page Investment Adviser s Report 1 Statement of Financial Position 2 Portfolio Statement 3 Statement of Movements in Portfolio Holdings 5 Performance Record 6 Distribution Disclosure 9 Administration 10

3 Investment Adviser s Report Market review The offshore renminbi bond market performed very well in the reporting period, as the renminbi strengthened against the US dollar by around 6.8%. A robust trade balance, sufficient FX reserves, broad dollar weakness and contained capital outflows all provided support for the currency. In line with its onshore peers, offshore government bond yields increased across the curve, with the magnitude of the increase more moderate relative to US treasuries. Spreads tightened in particular for non investment grade credit amid favourable supply-demand dynamics, which provided support for offshore renminbi bonds with shorter duration and solid credit quality. The fund performed well and posted a good positive return in USD terms during the period. The appreciation of the renminbi helped lift the fund s return. Meanwhile, the fund s exposure to property and cyclical issues added. On the other hand, our positions in offshore China government bonds weighed on the fund s performance, with the broad rise in offshore sovereign yields. Going forward, we continue to favour better quality bonds over lower rated ones, and look for relative opportunities with solid credit fundamentals. While there was a slight pickup in offshore renminbi bond issuance in November 2017, we believe that issuance size should stay muted in 2018 given the smaller issue size of potential bond redemption. Meanwhile, demand for the strategy has remained overall resilient with bond maturities reinvested into the secondary market. Greater confidence in the renminbi will also likely improve offshore renminbi liquidity gradually. Hence, we think that favourable supplydemand dynamics should continue to provide support for offshore bonds. HSBC Global Asset Management (Hong Kong) Limited 31 January

4 Statement of Financial Position 31 January July 2017 ASSETS Financial assets at fair through profit or loss 667,649, ,516,905 Interest receivable 6,724,610 8,457,887 Subscriptions receivable 1,677,765 4,100,186 Other receivable Cash and cash equivalents 3,731,890 2,773, ,784, ,848,747 LIABILITIES Bank overdrafts 0 3,838 Redemptions payable 2,101, ,280 Amounts due to brokers 2,570,000 1,933,560 Distributions payable 7,513,894 8,216,385 Other payables 661, ,318 12,847,020 11,504,381 Net assets attributable to unitholders 666,937, ,344,366 Representing: Financial liabilities 666,937, ,344,366 Total number of units in issue AQ2 HKD class income unit 27,733,603 28,077,841 AQ2 class income unit 33,621,979 34,490,296 AQ2 USD class income unit 1,880,613 2,140,863 ID2 USD class income unit 77,240 40,365 Net asset per unit AQ2 HKD class income unit AQ2 class income unit AQ2 USD class income unit ID2 USD class income unit

5 Portfolio Statement as at 31 January 2018 Holdings Market % of net asset Holdings Market % of net asset Debt securities Bonds Listed investments AIR LIQUIDE FINANCE SA 3.95% 19 SEPTEMBER ,000,000 15,075, AUSTRALIA AND NEW ZEALAND BANKING GROUP VAR 30 JANUARY ,000,000 25,057, BANK OF CHINA LTD (NEW YORK BRANCH) 3.6% 12 JULY ,000,000 17,953, BOC AVIATION LTD 4.2% 5 NOVEMBER ,970,000 12,957, BP CAPITAL MARKETS PLC 3.65% 28 FEBRUARY ,000,000 18,888, BSH BOSCH UND SIEMENS HA 4% 28 SEPTEMBER ,000,000 19,988, CHINA CONSTRUCTION BANK CORP VAR 12 NOVEMBER ,000,000 20,147, CHINA DEVELOPMENT BANK 4.2% 19 JANUARY ,000,000 15,729, CHINA GOVERNMENT BOND 3.1% 29 JUNE ,000,000 2,872, CHINA GOVERNMENT BOND 3.16% 27 JUNE ,000,000 19,007, CHINA GOVERNMENT BOND 3.3% 4 JULY ,000,000 9,569, CHINA GOVERNMENT BOND 3.36% 21 MAY ,000,000 3,872, CHINA GOVERNMENT BOND 3.38% 21 NOVEMBER ,000,000 10,443, CHINA GOVERNMENT BOND 3.38% 4 JULY ,000,000 14,078, CHINA GOVERNMENT BOND 3.39% 21 MAY ,000,000 22,724, CHINA GOVERNMENT BOND 3.55% 12 DECEMBER ,000,000 7,832, CHINA GOVERNMENT BOND 3.6% 21 MAY ,000,000 5,548, CHINA GOVERNMENT BOND 3.6% 27 JUNE ,000,000 3,771, CHINA GOVERNMENT BOND 3.9% 4 JULY ,000,000 9,298, CHINA GOVERNMENT BOND 4% 22 MAY ,000, , CHINA GOVERNMENT BOND 4% 30 NOVEMBER ,000,000 8,543, CHINA GOVERNMENT BOND 4.1% 26 JUNE ,000,000 13,959, CHINA GOVERNMENT BOND 4.15% 12 DECEMBER ,000,000 9,712, CHINA GOVERNMENT BOND 4.29% 22 MAY ,000,000 3,999, CNI CAPITAL LTD 4.3% 11 NOVEMBER ,500,000 7,456, COMMONWEALTH BANK OF AUSTRALIA 4.2% 26 OCTOBER ,000,000 4,992, COMMONWEALTH BANK OF AUSTRALIA VAR 11 MARCH ,000,000 15,192, COOPERATIEVE RABOBANK 4.3% 8 FEBRUARY ,570,000 2,570, DORSETT HOSPITALITY INTERNATIONAL 6% 3 APRIL ,000,000 15,016, EXPORT-IMPORT BANK OF KOREA 3.625% 27 JANUARY ,000,000 6,958, EXPORT-IMPORT BANK OF KOREA 3.7% 28 NOVEMBER ,000,000 9,889, FANTASIA HOLDINGS GROUP CO LTD 9.5% 4 MAY ,000,000 1,040, FONTERRA COOPERATIVE GROUP 3.6% 29 JANUARY ,000,000 16,891, HUNGARY GOVERNMENT BOND 6.25% 25 APRIL ,590,000 2,649, ICBC LTD 3.75% 19 NOVEMBER ,000,000 20,913, INDUSTRIAL AND COMMERCIAL BANK OF CHINA LTD VAR PERP 21,740,000 22,240, ITNL OFFSHORE PTE LTD 7.5% 18 JANUARY ,200,000 2,214, KOREA DEVELOPMENT BANK 3.55% 19 JUNE ,000,000 9,973, KOREA DEVELOPMENT BANK 4.1% 24 AUGUST ,000,000 9,969, LAI FUNG HOLDINGS LTD 6.875% 25 APRIL ,000,000 23,111, LONGFOR PROPERTIES CO LTD 6.75% 28 MAY ,130,000 11,199, NATIONAL BANK OF CANADA 4.3% 11 OCTOBER ,000,000 15,039, NEW WORLD CHINA LAND 5.5% 6 FEBRUARY ,000,000 6,999, ROYAL BANK OF CANADA 4.25% 29 SEPTEMBER ,000,000 10,010,

6 Portfolio Statement as at 31 January 2018 Holdings Market % of net asset Holdings Market % of net asset SHINHAN BANK 4.2% 6 AUGUST ,000,000 19,994, SINOSTRONG INTERNATIONAL LTD 4% 28 MAY ,000,000 9,981, TINGYI CAYMAN ISLAND HOLDING CORP 4.375% 6 AUGUST ,300,000 18,274, TMB BANK PUBLIC CO LTD (CAYMAN ISLANDS BRANCH) 5.5% 9 MARCH ,000,000 15,016, TOTAL CAPITAL SA 3.75% 24 SEPTEMBER ,000,000 18,957, VANKE REAL ESTATE (HONG KONG) COMPANY LIMITED 4.5% 4 DECEMBER ,000,000 22,036, VOLKSWAGEN INTERNATIONAL FINANCE NV 3.5% 23 JANUARY ,000,000 14,914, WESTPAC BANKING CORP VAR 9 FEB ,000,000 10,079, Unlisted but quoted investments 635,602, Certificates of deposit Unlisted but quoted investments CHINA DEVELOPMENT BANK CORP 3.2% 23 SEPTEMBER ,000,000 19,180, ,180, Total debt securities 667,649, Total investments (Total cost of investments: 669,085,508) 667,649, Other net liabilities (711,886) (0.11) Total net assets 666,937, CHINA GOVERNMENT BOND 2.48% 1 DECEMBER ,000,000 2,875, WHARF FINANCE NO 1 LTD 4% 27 MARCH ,000,000 9,991, ,866,

7 Statement of Movements in Portfolio Holdings for the period 1 August 2017 to 31 January 2018 % of net asset 31 January 2018 % of net asset 31 July 2017 Debt securities Listed bonds Unlisted but quoted bonds Unlisted but quoted certificates of deposit Debt securities (Total) Total investments Other net (liabilities)/assets (0.11) 0.55 Total net assets

8 Performance Record Price record (dealing net asset per unit) AQ2 HKD class income unit Bid Offer Year Lowest Highest Lowest Highest HKD HKD HKD HKD August 2017 to January AQ2 class income unit Bid Offer Year Lowest Highest Lowest Highest August 2017 to January AQ2 USD class income unit Bid Offer Year Lowest Highest Lowest Highest USD USD USD USD August 2017 to January

9 Performance Record Price record (dealing net asset per unit) ID2 USD class income unit Bid Offer Year Lowest Highest Lowest Highest USD USD USD USD August 2017 to January

10 Performance Record Total net asset (calculated in accordance with HKFRS) 31 January AQ2 HKD class income unit HKD 275,962, ,835, ,180, ,807,088 AQ2 class income unit 320,115, ,085, ,816,007 1,003,576,584 AQ2 USD class income unit USD 18,661,381 19,848,250 40,305,832 86,209,272 ID2 USD class income unit USD 868, , ,153 1,395,122 Net asset per unit (calculated in accordance with HKFRS) 31 January AQ2 HKD class income unit HKD AQ2 class income unit AQ2 USD class income unit USD ID2 USD class income unit USD

11 Distribution Disclosure Class AQ2 USD Date of Ex-Distribution Date of Payment Distribution Per Unit USD Total Distribution USD Jan Jan Feb , Oct Oct Nov , Jul Jul Aug , Apr Apr May , Class AQ2 HKD Date of Ex-Distribution Date of Payment Distribution Per Unit HKD Total Distribution HKD Jan Jan Feb ,078, Oct Oct Nov ,990, Jul Jul Aug ,130, Apr Apr May ,303, Class AQ2 Date of Ex-Distribution Date of Payment Distribution Per Unit Total Distribution Jan Jan Feb ,701, Oct Oct Nov ,688, Jul Jul Aug ,938, Apr Apr May ,470,

12 Administration Manager and registrar s agent HSBC Investment Funds (Hong Kong) Limited HSBC Main Building 1 Queen s Road Central Hong Kong Directors of the Manager Stuart Glenn BERRY Pedro Augusto BOTELHO BASTOS Guillermo Eduardo MALDONADO-CODINA Chun Pong Stephen TAM Ka Yin Joanne LAU Investment adviser HSBC Global Asset Management (Hong Kong) Limited HSBC Main Building 1 Queen s Road Central Hong Kong Custodian, trustee and registrar HSBC Trustee (Cayman) Limited P.O. Box 484 HSBC House 68 West Bay Road Grand Cayman KY Cayman Islands Auditors KPMG P.O. Box 493 Century Yard Cricket Square Grand Cayman KY Cayman Islands 10

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14 Issued by HSBC Global Asset Management (Hong Kong) Limited HGIT0118I Printed in the Hong Kong SAR