Monthly Commentary Emerging Markets Debt

Size: px
Start display at page:

Download "Monthly Commentary Emerging Markets Debt"

Transcription

1 HSBC Global Asset Management November 2010 Monthly Commentary Emerging Markets Debt Emerging Markets Debt Core Supplemental information and characteristics for periods ending November 30, 2010 Month Year-to-date 1 Year Emerging Markets Debt Core (Gross of Fees) Sector Distribution JP Morgan EMBI Global Yield to Maturity Average Duration (Years) Average Years to Maturity Average Quality* Emerging Markets Debt Core 5.78% BBB- JP Morgan EMBI Global 5.99% Source: HSBC Global Asset Management (USA) Inc., JP Morgan. Currency is in USD. Past performance is no guarantee of future results. and characteristics are supplemental to the GIPS compliant information provided at the end. * S&P average rating BB+ Sovereign (External) Quasi-Sovereign (External) Local bonds Corporate Rates & Special Situations Performance summary The Emerging Markets Debt Core strategy returned -3.38% in November versus the strategy s benchmark return of -3.18%. Negative attribution was driven by an underweight in Lebanon, where prices held given a supportive technical backdrop, an overweight in Argentina which underperformed, and security selection in select BB countries. This was partially offset by positive attribution from off-benchmark investments in corporates and underweight allocations to EMEA countries such as Hungary, Poland and Croatia. The strategy closed the month fully invested with a relatively neutral duration versus the benchmark. Emerging Markets Local Debt Supplemental information and characteristics for periods ending November 30, 2010 Month Year-to-date 1 Year Emerging Markets Local Debt (Gross of Fees) JP Morgan GBI-EM Global Diversified Regional Distribution 28.4 Yield to Maturity Duration Average Maturity Average Quality* Emerging Markets Local Debt 6.45% BBB JP Morgan GBI-EM Global Diversified (Unhedged) 6.66% BBB+ Asia Europe Latin America M iddle East/Africa Other Source: HSBC Global Asset Management (USA) Inc., JP Morgan. Currency is in USD. Past performance is no guarantee of future results. and characteristics are supplemental to the GIPS compliant information provided at the end. * S&P average rating Performance summary The Emerging Markets Local Debt strategy returned -4.28% in November versus the strategy s benchmark return of -4.65%. It was one of the worst months for local debt since the height of the crisis in Positive attribution was driven by our underweight duration position, which we have continued to decrease slowly, an underweight to Hungary, and an overweight in Brazil that was a relative outperformer. Detracting from performance was a small overweight to Columbia, as the Columbian peso sold off sharply. The strategy closed the month fully invested with an underweight duration versus the benchmark.

2 Emerging Markets Debt Total Return Supplemental information and characteristics for periods ending November 30, 2010 Month Year-to-date 1 Year Emerging Markets Debt Total Return (Gross of Fees) Merrill Lynch 3 Month Constant Maturity LIBOR Yield to Maturity Average Duration (Years) Average Years to Maturity Average Quality* Long Exposure Short Exposure Emerging Markets Debt Total Return (Gross Invested) 3.56% BBB % 31.10% Source: HSBC Global Asset Management (USA) Inc., JP Morgan. Currency is in USD. Past performance is no guarantee of future results. and characteristics are supplemental to the GIPS compliant information provided at the end. * S&P average rating % 80.0% 60.0% 40.0% 20.0% 0.0% 30.9% Sovereigns Gross strategy distribution 9.5% 10.6% Quasi Corporates 1.1% Special Situations 23.7% 25.1% Local Rates Local FX 5.3% FX Options 18.9% Pair Trades Performance Summary The Emerging Markets Debt Total Return strategy returned -1.52% in November. Negative attribution was driven by both external debt and local currency bond exposures. Positive attribution was generated from short positions, particularly in Hungary. As of month-end, the strategy was approximately 63% net invested. Review and market outlook In November, global markets came under pressure from heightened concerns over solvency issues in the EU. Ireland joined Greece at the end of the month in receiving a bailout package from the EU and IMF. With neighboring countries such as Portugal and Spain already addressing their own hefty debt burdens, markets viewed the bailout as a short-term band-aid. As spreads in developed Europe widened as a result, global markets repriced in tandem, leaving asset classes across debt and equities overall negative for the month. Emerging market bonds fell into negative territory in November after five straight months of positive performance. External sovereign debt was down -3.2% on average for the month. EMEA countries, such as Hungary (-8.8%) and Croatia (-6.4%), were among the worst performers, driven by concerns over contagion effects from developed Europe. Higher-beta countries such as Ivory Coast (-6.2%), Venezuela (-5.8%), and Argentina (-5.5%) were also among the underperformers. External sovereign debt spreads closed the month at +322bps on average, with spreads widening +39bps MTD, even on the back of US Treasuries widening as well. The 10yr UST ended November at +2.80%, or +20bps wider MTD. Meanwhile, emerging market corporate debt outperformed sovereigns, falling -1.3% over the month. Local debt underperformed, with local currency bonds down nearly -4.7% as the USD strengthened and the EUR weakened. Looking forward, we continue to expect spread compression for emerging market bonds, but are growing increasingly cautious on US Treasury rates, and acknowledge that some of the spread compression is likely to be partially offset by UST widening. Though the 10yr UST widened only +20bps in November, this masks fluctuations of nearly 50bps intra-month. The sharp movements in UST underscore the tug of war between investor confidence in the Fed and the likelihood that quantitative easing cannot keep rates low over the longer term. Thus, we continue to be positioned with underweights in UST-sensitive investment-grade sovereigns, and favor diversification in EM corporate bonds which offer room for significant spread compression, and local currency bonds with high carry and lower capital controls. We are also underweight EMEA countries which are more exposed to contagion effects from developed Europe, such as Hungary. FIRM DISCLOSURE HSBC Global Asset Management is a group of companies in many countries and territories throughout the world that are engaged in investment advisory and fund management activities, which are ultimately owned by HSBC Holdings plc. Statistical information pertaining to personnel, as well as assets, may be aggregated in reference to the above-mentioned group of companies including satellite affiliates unless indicated otherwise. Funds under advice (other than direct management) may comprise assets managed by affiliates of HSBC Global Asset Management or Halbis, which provide advice in the form of portfolio construction, sector allocations and / or stock list recommendations. HSBC Global Asset Management (USA) Inc. and Halbis Capital Management (USA) Inc. are U.S. based companies and are separate legal entities. As of September 30, 2010, HSBC Global Asset Management (USA) Inc. managed/advised $58.5 billion, representing 13.2% of all assets under management/advice by HSBC Global Asset Management. As of September 30, 2010, Halbis Capital Management (USA) Inc. managed/advised $7.6 billion, representing 1.7% of all assets under management/advice by HSBC Global Asset Management. Halbis Capital Management (USA) Inc. was created in June This material has been prepared or is distributed for informational purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading or investment strategy. All opinions and assumptions included in this presentation are based upon current market conditions as of the date of this presentation and are subject to change. All investments involve risk including the loss of principal. This presentation contains data compiled from third party sources believed to be reliable, but the accuracy of such data has not been verified. Any portfolio characteristics shown herein, including position sizes and sector allocations among others, are generally averages and are for illustrative purposes only and do not reflect the investments of an actual portfolio unless otherwise noted. The investment guidelines of an actual portfolio may permit or restrict investments that are materially different in size, nature and risk from those shown. International investing involves a greater degree of risk and increased volatility due to various factors which can impact performance. The products and/or services discussed are: Not a deposit or other obligation of the bank or any of its affiliates; Not FDIC insured or insured by any federal government agency of the United States; Not obligations guaranteed by the bank or any of its affiliates; and are subject to investment risk, including possible loss of principal invested. Past performance is not indicative of future performance.

3 GIPS DISCLOSURES Emerging Markets Debt Core Firm Definition - Halbis Halbis Capital Management ('the firm') consists of discretionary accounts and sub-accounts managed as discrete mandates within Halbis Capital Management entities worldwide. The firm excludes portfolios and funds managed by the Alternative Investments teams and French regulated employee (FCPE) schemes as these products operate under a materially different philosophy and process and/or regulatory environment. GIPS Compliance Note (Halbis) Halbis Capital Management has prepared and presented this report in compliance with GIPS (Global Investment Performance Standards). Complete list of composites and calculation of returns A complete list and description of all of the firm's composites, as well as additional information regarding policies for calculating and reporting returns, is available on request from the contact shown on the document or presentation to which this report is attached. Gross Performance Performance returns are calculated gross of investment management fees. Withholding Tax Treatment Dividends, interest income, and capital gains are net of any applicable withholding taxes. Leverage and Derivatives The management process for accounts in this composite uses leverage and short sales instruments as a source of potential return. The firm also may employ the following derivative instruments both for hedging and return enhancement purposes; Options on Securities & Securities Indices, Currency transactions, Repurchase agreements, Interest rate swaps, caps, floors, and collars, and Forward contracts on securities or currencies. The firm also reserves the right to use new derivative techniques and instruments that may be developed in the future. Exchange Rates The exchange rates used by accounts in this composite may be different than those used by the benchmark. Form ADV, Custody fees, performance fees Please refer to Part II of HSBC Global Asset Management (USA) Inc's Form ADV for additional information on advisory fees. Actual client fees may be less. Annual custody fees are not included. Fees are negotiable at the discretion of HSBC Global Asset Management (USA) Inc. Calculation of Additional information regarding policies for calculating and reporting returns is available upon request. Significant Event - Atlantic Advisors Atlantic Advisors was acquired by HSBC Global Asset Management (USA) Inc. in June The members of Atlantic Advisors are now the global emerging markets fixed income team at Halbis Capital Management (USA) Inc. (formerly HSBC Halbis Partners (USA) Inc.). The composite performance results represent historical composite returns produced by the global emerging markets fixed income team while employed at the previous advisor linked, pursuant to GIPS Guidelines, with the performance results produced by the global emerging markets fixed income team since joining the firm. Significant Event In May 2008, Brazil's credit rating was elevated to investment grade causing the JPM EMBI Global Index average rating to also become investment grade. Brazil comprises 15% of the JPM index and has a significant impact in the Emerging Market space. Due to this change, a portfolio was removed from the composite because its has a client specific benchmark that is comprised of only non-investment grade EMD countries and as such the portfolio's benchmark no longer reflects the investment strategy represented by the composite. The impact of this change in the benchmark had a dramatic effect throughout the 3rd & 4th quarters of 2008 as the investment grade component of EMD considerably outperformed the below investment grade component. To coincide with the timing of this event, the HALBIS GIPS Composite Committee recommended removal of the account from the composite from 1 June The HALBIS Executive Committee approved this move on 24 March Warnings The historical performance presented in these reports should not be seen as an indication of future performance. The value of your investment and any income from it can go down as well as up. Where overseas securities are held the rate of exchange may cause the value of the investment to go down as well as up. Investors should also be aware that other performance calculation methods may produce different results, and that the results for specific portfolios and for different periods may vary from the returns presented in these reports. Comparisons of investment returns should consider qualitative circumstances and should be made only to portfolios with generally similar investment objectives. In the USA, this information is intended for use solely in one-on-one presentations. Usage of Pre 2000 data The performance for periods presented prior to 1 January 2000 is not GIPS compliant as not all funds managed by the Firm have been allocated to composites for these periods. All funds which are eligible for inclusion in this composite have been included in the performance shown. Composite Description The Emerging Markets Debt composite consists of all portfolios managed on a fully discretionary basis with an investment objective that seeks to achieve an above average risk-adjusted total return by investing in emerging market debt instruments. The strategy would consist of fixed income bonds and that are both investment grade and noninvestment grade rated bonds and other similar securities either issued by emerging market companies, primarily denominated in US dollars, or bonds which are issued or guaranteed by governments, government agencies and supranational bodies of emerging markets. Benchmark: JP Morgan EMBI Global. Composite creation date: August 31, 2006 The returns expressed in this material are in USD. Realignment and Re-branding of the Organization HSBC Global Asset Management has realigned the investment management structure; this will not have any impact on the organization, philosophies and processes of our investment teams. The existing firm definition will change this year, but the structure and account allocation of the core composites will not be materially affected. Emerging Markets Debt Core Year YTD Nov Inception Total Gross of Fees Return Benchmark Return No. of A/Cs *Total firm assets reflect the previous month s firm assets. 90 th th Ex-Post Tracking Error (1 Year) Market Value (millions) 1, , Percentage Firm Assets Total Firm s Assets at End of Period (m) in Base Currency 88, , , , , , , , , , ,769.59

4 Emerging Markets Debt Local Debt Firm Definition - Halbis Halbis Capital Management ('the firm') consists of discretionary accounts and sub-accounts managed as discrete mandates within Halbis Capital Management entities worldwide. The firm excludes portfolios and funds managed by the Alternative Investments teams and French regulated employee (FCPE) schemes as these products operate under a materially different philosophy and process and/or regulatory environment. GIPS Compliance Note (Halbis) Halbis Capital Management has prepared and presented this report in compliance with GIPS (Global Investment Performance Standards). Complete list of composites and calculation of returns A complete list and description of all of the firm's composites, as well as additional information regarding policies for calculating and reporting returns, is available on request from the contact shown on the document or presentation to which this report is attached. Gross Performance Performance returns are calculated gross of investment management fees. Withholding Tax Treatment Dividends, interest income, and capital gains are net of any applicable withholding taxes. Leverage and Derivatives The management process for accounts in this composite uses leverage and short sales instruments as a source of potential return. The firm also may employ the following derivative instruments both for hedging and return enhancement purposes; Options on Securities & Securities Indices, Currency transactions, Repurchase agreements, Interest rate swaps, caps, floors, and collars, and Forward contracts on securities or currencies. The firm also reserves the right to use new derivative techniques and instruments that may be developed in the future. Exchange Rates The exchange rates used by accounts in this composite may be different than those used by the benchmark. Form ADV, Custody fees, performance fees Please refer to Part II of HSBC Global Asset Management (USA) Inc's Form ADV for additional information on advisory fees. Actual client fees may be less. Annual custody fees are not included. Fees are negotiable at the discretion of HSBC Global Asset Management (USA) Inc. Calculation of Additional information regarding policies for calculating and reporting returns is available upon request. Significant Event - Atlantic Advisors Atlantic Advisors was acquired by HSBC Global Asset Management (USA) Inc. in June The members of Atlantic Advisors are now the global emerging markets fixed income team at Halbis Capital Management (USA) Inc. (formerly HSBC Halbis Partners (USA) Inc.). The composite performance results represent historical composite returns produced by the global emerging markets fixed income team while employed at the previous advisor linked, pursuant to GIPS Guidelines, with the performance results produced by the global emerging markets fixed income team since joining the firm. Composite Name Change In December 2008, the EMD Local Debt Composite changed its name from EMD Local Currency Warnings The historical performance presented in these reports should not be seen as an indication of future performance. The value of your investment and any income from it can go down as well as up. Where overseas securities are held the rate of exchange may cause the value of the investment to go down as well as up. Investors should also be aware that other performance calculation methods may produce different results, and that the results for specific portfolios and for different periods may vary from the returns presented in these reports. Comparisons of investment returns should consider qualitative circumstances and should be made only to portfolios with generally similar investment objectives. In the USA, this information is intended for use solely in one-on-one presentations. Composite Description The Emerging Markets Debt Local debt composite consists of all portfolios managed on a fully discretionary basis with an investment objective that seeks to achieve an above average risk-adjusted total return by investing in emerging market instruments. The strategy would consist of fixed income securities issued primarily by governments, their agencies, local authorities and corporate entities in local currencies. The base currency of the composite is USD. Benchmark: JP Morgan GBI-EM Global Diversified. Composite creation date: April 29, 2008 The returns expressed in this material are in USD. Realignment and Re-branding of the Organization HSBC Global Asset Management has realigned the investment management structure; this will not have any impact on the organization, philosophies and processes of our investment teams. The existing firm definition will change this year, but the structure and account allocation of the core composites will not be materially affected. Emerging Markets Debt Local Debt Year YTD Nov Inception Total Gross of Fees Return Benchmark Return No. of A/Cs 90 th th Ex-Post Tracking Error (1 Year) Market Value (millions) Percentage Firm Assets Total Firm s Assets at End of Period (m) in Base Currency 88, , *Total firm assets reflect the previous month s firm assets.

5 Emerging Markets Debt Total Return Firm Definition - Halbis Halbis Capital Management ('the firm') consists of discretionary accounts and sub-accounts managed as discrete mandates within Halbis Capital Management entities worldwide. The firm excludes portfolios and funds managed by the Alternative Investments teams and French regulated employee (FCPE) schemes as these products operate under a materially different philosophy and process and/or regulatory environment. GIPS Compliance Note (Halbis) Halbis Capital Management has prepared and presented this report in compliance with GIPS (Global Investment Performance Standards). Complete list of composites and calculation of returns A complete list and description of all of the firm's composites, as well as additional information regarding policies for calculating and reporting returns, is available on request from the contact shown on the document or presentation to which this report is attached. Gross Performance Performance returns are calculated gross of investment management fees. Withholding Tax Treatment Dividends, interest income, and capital gains are net of any applicable withholding taxes. Leverage and Derivatives The management process for accounts in this composite uses leverage and short sales instruments as a source of potential return. The firm also may employ the following derivative instruments both for hedging and return enhancement purposes; Options on Securities & Securities Indices, Currency transactions, Repurchase agreements, Interest rate swaps, caps, floors, and collars, and Forward contracts on securities or currencies. The firm also reserves the right to use new derivative techniques and instruments that may be developed in the future. Exchange Rates The exchange rates used by accounts in this composite may be different than those used by the benchmark. Form ADV, Custody fees, performance fees Please refer to Part II of HSBC Global Asset Management (USA) Inc's Form ADV for additional information on advisory fees. Actual client fees may be less. Annual custody fees are not included. Fees are negotiable at the discretion of HSBC Global Asset Management (USA) Inc. Calculation of Additional information regarding policies for calculating and reporting returns is available upon request. Significant Event - Atlantic Advisors Atlantic Advisors was acquired by HSBC Global Asset Management (USA) Inc. in June The members of Atlantic Advisors are now the global emerging markets fixed income team at Halbis Capital Management (USA) Inc. (formerly HSBC Halbis Partners (USA) Inc.). The composite performance results represent historical composite returns produced by the global emerging markets fixed income team while employed at the previous advisor linked, pursuant to GIPS Guidelines, with the performance results produced by the global emerging markets fixed income team since joining the firm. Warnings The historical performance presented in these reports should not be seen as an indication of future performance. The value of your investment and any income from it can go down as well as up. Where overseas securities are held the rate of exchange may cause the value of the investment to go down as well as up. Investors should also be aware that other performance calculation methods may produce different results, and that the results for specific portfolios and for different periods may vary from the returns presented in these reports. Comparisons of investment returns should consider qualitative circumstances and should be made only to portfolios with generally similar investment objectives. In the USA, this information is intended for use solely in one-on-one presentations. Usage of Pre 2000 data The performance for periods presented prior to 1 January 2000 is not GIPS compliant as not all funds managed by the Firm have been allocated to composites for these periods. All funds which are eligible for inclusion in this composite have been included in the performance shown. Composite Description The Emerging Markets Debt - Total Return composite consists of all portfolios managed on a fully discretionary basis with an investment objective that seeks to achieve an above average risk-adjusted total return by investing in emerging market instruments. The strategy is not constrained by benchmark and will hold long and short positions in emerging market fixed income, equities and currencies. The strategy would consist of fixed income bonds and that are both investment grade and non-investment grade rated bonds and other similar securities either issued by emerging market companies, denominated in US dollars and local currencies, including through the use of foreign currency forward contracts. The base currency of the composite is USD. Benchmark: Merrill Lynch 3 month LIBOR Constant Maturity. Composite creation date: August 31, The returns expressed in this material are in USD. Realignment and Re-branding of the Organization HSBC Global Asset Management has realigned the investment management structure; this will not have any impact on the organization, philosophies and processes of our investment teams. The existing firm definition will change this year, but the structure and account allocation of the core composites will not be materially affected. Emerging Markets Debt Total Return Year YTD Nov Inception Total Gross of Fees Return Benchmark Return No. of A/Cs 90 th th Ex-Post Tracking Error (1 Year) Market Value (millions) 1, , Percentage Firm Assets Total Firm s Assets at End of Period (m) in Base Currency 88, , , , , , , , , , *Total firm assets reflect the previous month s firm assets.

6 Important Information This document is intended for investment professionals only and should not be distributed to or relied upon by Retail Clients The contents of this presentation are confidential and may not be reproduced or further distributed to any person or entity, whether in whole or in part, for any purpose. The material contained in this presentation is for information only and does not constitute investment advice or a recommendation to any reader of this material to buy or sell investments. HSBC Global Asset Management (UK) Limited has based this presentation on information obtained from sources it believes to be reliable but which it has not independently verified. HSBC Global Asset Management (UK) Limited and HSBC Group accept no responsibility as to its accuracy or completeness. This presentation is intended for discussion only and shall not be capable of creating any contractual or other legal obligations on the part of HSBC Global Asset Management (UK) Limited or any other HSBC Group company. Care has been taken to ensure the accuracy of this presentation but HSBC Global Asset Management (UK) Limited accepts no responsibility for any errors or omissions contained therein This presentation and any issues or disputes arising out of or in connection with it (whether such disputes are contractual or noncontractual in nature, such as claims in tort, for breach of statute or regulation or otherwise) shall be governed by and construed in accordance with English law. Any forecast, projection or target where provided is indicative only and is not guaranteed in any way. HSBC Global Asset Management (UK) Limited accepts no liability for any failure to meet such forecast, projection or target. The value of investments and any income from them can go down as well as up. Where overseas investments are held the rate of currency exchange may cause the value of such investments to go down as well as up. Stock market investments should be viewed as a medium to long term investment and should be held for at least five years. The value of the underlying assets is strongly affected by interest rate fluctuations and by changes in the credit ratings of the underlying issuer of the assets. The sub-fund can invest in sub investment grade bonds, which may produce a higher level of income than investment grade bonds, but carry increased risk of default on repayment. Any performance information shown refers to the past should not be seen as an indication of future returns. Investments in emerging markets are by their nature higher risk and potentially more volatile than those inherent in established markets. The sub-fund referred to is a sub-fund of the HSBC Global Investment Funds, a Luxembourg domiciled SICAV. UK based investors in HSBC Global Investment Funds are advised that they may not be afforded some of the protections conveyed by the provisions of the Financial Services and Markets Act The securities representing interests in HSBC Global Investment Funds have not been and will not be registered under the US Securities Act of 1933 and will not be offered for sale or sold in the United States of America, its territories or possessions and all areas subject to its jurisdiction, or to United States Persons, except in a transaction which does not violate the Securities Law of the United States of America. All applications are made on the basis of the current HSBC Global Investment Funds Prospectus, simplified prospectus and most recent annual and semi-annual reports, which can be obtained upon request free of charge from HSBC Global Asset Management (UK) Limited, 8 Canada Square, Canary Wharf, London, E14 5HQ, UK, or the local distributors. Investors and potential investors should read and note the risk warnings in the prospectus. Halbis Capital Management has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS ). The GIPS firm is defined as Halbis Capital Management and consists of discretionary accounts and sub-accounts managed as discrete mandates within Halbis Capital Management entities worldwide (France, Hong Kong, UK, USA). A complete list and description of all of the firm's composites, as well as additional information regarding policies for calculating and reporting returns, is available on request from the contact shown on the document or presentation to which this report is attached. The performance shown refers to the past and should not be seen as an indication of future performance. An investor may not get back the amount invested. Investments in emerging markets are by their nature higher risk and potentially more volatile than those inherent in established markets. For the full disclosure of risk factors reference should be made to the Fund prospectus. Performance information is based upon a model portfolio. Individual client portfolios may differ from the model as they contain different holdings and this may lead to different performance returns. The investment adviser to these strategies is Halbis Capital Management (USA) Inc. This presentation has been produced by HSBC Global Asset Management (USA) Inc and has been approved for issue in the UK by HSBC Global Asset Management (UK) Limited, who are authorised and regulated by the Financial Services Authority /1210/FP

Monthly Commentary Emerging Markets Debt

Monthly Commentary Emerging Markets Debt HSBC Global Asset Management September 2011 Monthly Commentary Emerging Markets Debt For professional clients only Emerging Markets Debt Core (Hard Currency) Supplemental information Returns and characteristics

More information

HSBC Fund Update. HSBC GIF Global Emerging Markets Bond. April Market overview. Portfolio strategy

HSBC Fund Update. HSBC GIF Global Emerging Markets Bond. April Market overview. Portfolio strategy HSBC Fund Update April 2016 HSBC GIF Global Emerging Markets Bond Market overview The rally in Emerging Market (EM) assets continued in March given the improvement in global risk sentiment on the back

More information

HSBC Fund Update. HSBC GIF Global Emerging Markets Bond. March Summary. Market overview. market.

HSBC Fund Update. HSBC GIF Global Emerging Markets Bond. March Summary. Market overview. market. HSBC Fund Update March 2015 HSBC GIF Global Emerging Markets Bond Summary Market sentiment improved in February given supportive global developments including the interim agreement between Greece and its

More information

Global Emerging Markets Fixed Income

Global Emerging Markets Fixed Income Global Emerging Markets Fixed Income Amanda La Marca Product Specialist, Emerging Market Debt only intended for professional investors as defined by MiFID US$ billions AMFR_Ext_103_2014 2013 inflows into

More information

Multi-Manager Emerging Markets Debt Opportunity Fund (NMEDX) 2Q 2018 Performance Review

Multi-Manager Emerging Markets Debt Opportunity Fund (NMEDX) 2Q 2018 Performance Review NORTHERN FUNDS Multi-Manager Emerging Markets Debt Opportunity Fund (NMEDX) 2Q 2018 Performance Review June 30, 2018 Must be preceded or accompanied by a current prospectus Fund Facts Fund Objective: Total

More information

Global House View: Market Outlook

Global House View: Market Outlook HSBC GLOBAL ASSET MANAGEMENT September 29 Global House View: Market Outlook Contents 1688/HSB1395a Market performance Macro-economic Picture Market Views: high level asset allocation Market Views: Equity

More information

Multi-Manager Emerging Markets Debt Opportunity Fund (NMEDX) 3Q 2017 Performance Review

Multi-Manager Emerging Markets Debt Opportunity Fund (NMEDX) 3Q 2017 Performance Review NORTHERN FUNDS Multi-Manager Emerging Markets Debt Opportunity Fund (NMEDX) 3Q 2017 Performance Review September 30, 2017 Must be preceded or accompanied by a current prospectus Fund Facts Fund Objective:

More information

Week in Markets. FTSE Equity Indices Week MTD Jul 12 Jun 12 QTD YTD. MSCI Equity Indices Week MTD Jul 12 Jun 12 QTD YTD

Week in Markets. FTSE Equity Indices Week MTD Jul 12 Jun 12 QTD YTD. MSCI Equity Indices Week MTD Jul 12 Jun 12 QTD YTD Week ending 24 August, 20 Page 1 of 8 FTSE Equity Indices Week MTD Jul Jun QTD YTD UK FTSE All Share -1.3 3.2 1.3 4.8 4.6 8.0 15.5 FTSE -1.3 3.2 1.2 5.0 4.5 6.8 15.3 FTSE 250-1.4 3.0 2.1 3.8 5.2 15.6 17.5

More information

Emerging markets: Issuance frenzy and complacency about growing risks

Emerging markets: Issuance frenzy and complacency about growing risks By Naman Agarwal November 3, 2017 Low interest rates have propelled a search for yield and rotation into higher-yielding emerging market (EM) debt, resulting in record inflows into the asset class. As

More information

Week in Markets. FTSE Equity Indices Week MTD Mar 17 Feb 17 QTD YTD. MSCI Equity Indices Week MTD Mar 17 Feb 17 QTD YTD

Week in Markets. FTSE Equity Indices Week MTD Mar 17 Feb 17 QTD YTD. MSCI Equity Indices Week MTD Mar 17 Feb 17 QTD YTD Week ending 7 April, 2017 Page 1 of 8 FTSE Equity Indices Week MTD Mar 17 Feb 17 QTD YTD UK FTSE All Share 0.6 0.6 1.2 3.1 0.6 4.7 23.5 FTSE 0.5 0.5 1.1 3.1 0.5 4.2 24.6 FTSE 250 1.5 1.5 1.4 3.5 1.5 7.0

More information

Emerging Market Debt Outlook

Emerging Market Debt Outlook Emerging Market Debt Outlook Live Webcast hosted by: Luz Padilla Portfolio Manager Emerging Markets Fixed Income Fund (DBLEX/DLENX) June 15, 2010 Fund Offerings Emerging Markets Fixed Income Fund Retail

More information

HSBC Global Investment Funds - Singapore Dollar Income Bond

HSBC Global Investment Funds - Singapore Dollar Income Bond HSBC Global Investment s - Singapore Dollar Income Bond S Share Class 31/08/2018 Objective and Strategy Investment Objective The invests for long-term total return (meaning capital growth and income) in

More information

M&G Emerging Markets Bond Fund Claudia Calich, Fund Manager. November 2015

M&G Emerging Markets Bond Fund Claudia Calich, Fund Manager. November 2015 M&G Emerging Markets Bond Fund Claudia Calich, Fund Manager November 2015 Agenda Macro update & government bonds Emerging market corporate bonds Fund positioning Emerging markets risks today Risks Slowing

More information

HSBC Funds. HSBC Emerging Markets Local Debt Fund HSBC Emerging Markets Debt Fund

HSBC Funds. HSBC Emerging Markets Local Debt Fund HSBC Emerging Markets Debt Fund HSBC Funds HSBC Emerging Markets Local Debt Fund HSBC Emerging Markets Debt Fund Supplement dated March 10, 2017 to the Prospectus, dated February 28, 2017 IMPORTANT NOTICE REGARDING YOUR INVESTMENT REORGANIZATION

More information

Emerging Market Debt: Smoke but no fire

Emerging Market Debt: Smoke but no fire Emerging Market Debt: Smoke but no fire November 2014 Edwin Gutierrez, Head of Emerging Market Sovereign Debt Aberdeen Asset Management For Professional Investors only Not for public distribution Smoke

More information

On Track. Focus on ETF Performance. For professional clients only

On Track. Focus on ETF Performance. For professional clients only On Track Focus on ETF Performance For professional clients only Introduction ETFs have been designed to provide low-cost and transparent access to the world s markets, combining the simple tradability

More information

HSBC Portfolios - World Selection 1

HSBC Portfolios - World Selection 1 HSBC Portfolios - World Selection 1 J Share Class AC 30 Jun 2018 AC 30/06/2018 Fund Objective and Strategy Investment Objective The Fund aims to provide long term total returns (meaning income and capital

More information

HSBC Portfolios - World Selection 2

HSBC Portfolios - World Selection 2 HSBC Portfolios - World Selection 2 J Share Class AC 31 Aug 2018 AC 31/08/2018 Fund Objective and Strategy Investment Objective The Fund aims to provide long term total returns (meaning income and capital

More information

Templeton Emerging Markets Bond Fund A (Qdis) USD

Templeton Emerging Markets Bond Fund A (Qdis) USD Templeton Emerging Markets Bond Fund A (Qdis) USD Franklin Templeton Investment Funds Fund Manager Report Unconstrained Fixed Income Product Details 1 Fund Assets $9366982200.49 Fund Inception Date 05/07/1991

More information

FSM Managed Portfolios Monthly Investment Outlook July 2016

FSM Managed Portfolios Monthly Investment Outlook July 2016 FSM Managed Portfolios Monthly Investment Outlook July 2016 1 Table of Contents Market Performance Review P.3 Portfolio s Performance Review P.4 Portfolio Holdings Performance P.6 Brexit Commentary P.10

More information

HSBC Global Investment Funds - India Fixed Income

HSBC Global Investment Funds - India Fixed Income HSBC Global Investment s - India Fixed Income SG Share Class AC AC 30/04/2018 Objective and Strategy The aims to provide long-term total return (meaning capital growth and income) by investing in a portfolio

More information

Franklin Emerging Market Debt Opportunities Fund Advisor Class

Franklin Emerging Market Debt Opportunities Fund Advisor Class Franklin Emerging Market Debt Opportunities Fund Advisor Class Unconstrained Fixed Income Product Profile Product Details Fund Assets $524,491,236.03 Fund Inception Date 05/24/2006 Number of Securities

More information

Quarterly High Yield Market Summary

Quarterly High Yield Market Summary Quarterly High Yield Market Summary As of December 31, 2013 Aside from a brief respite in October, risk free rates trended higher in Q4 2013 (up 42 basis points in the 10 Year and 36 bps in the 5 Year),

More information

HSBC Global Investment Funds - Chinese Equity

HSBC Global Investment Funds - Chinese Equity HSBC Global Investment Funds - Chinese Equity S Share Class 31 Jan 2019 31/01/2019 Fund Objective and Strategy Investment Objective The Fund seeks long-term capital growth by investing in a portfolio of

More information

HSBC Portfolios - World Selection 1

HSBC Portfolios - World Selection 1 HSBC Portfolios - World Selection 1 J Share Class BCHGBP 28 Feb 2019 BCHGBP 28/02/2019 Fund Objective and Strategy Investment Objective The Fund aims to provide long term total returns (meaning income

More information

Templeton Emerging Markets Bond Fund A (Qdis) USD

Templeton Emerging Markets Bond Fund A (Qdis) USD Templeton Emerging Markets Bond Fund A (Qdis) USD Franklin Templeton Investment Funds Fund Manager Report Unconstrained Fixed Income Product Details 1 Fund Assets $9,366,982,200.49 Fund Inception Date

More information

HSBC Portfolios - World Selection 2

HSBC Portfolios - World Selection 2 HSBC Portfolios - World Selection 2 J Share Class ACHEUR 30 Jun 2018 ACHEUR 30/06/2018 Fund Objective and Strategy Investment Objective The Fund aims to provide long term total returns (meaning income

More information

Exchange Traded Funds. An Introductory Guide. For professional clients only

Exchange Traded Funds. An Introductory Guide. For professional clients only Exchange Traded Funds An Introductory Guide For professional clients only Exchange-Traded Funds (ETFs) started to be used in Europe in the early 2000s but over the past few years they have grown their

More information

T. Rowe Price Funds SICAV A Luxembourg UCITS

T. Rowe Price Funds SICAV A Luxembourg UCITS PROSPECTUS T. Rowe Price Funds SICAV A Luxembourg UCITS Bond Funds Asia Credit Bond Fund Diversified Income Bond Fund Dynamic Global Bond Fund Dynamic Global Investment Grade Bond Fund Emerging Local Markets

More information

Invesco Emerging Markets Bond Fund A-SD shares

Invesco Emerging Markets Bond Fund A-SD shares Invesco Emerging Markets Bond Fund A-SD shares January 2016 This marketing document is exclusively for use by Professional Clients and Financial Advisers in Continental Europe and Qualified Investors in

More information

HSBC Global Investment Funds - Global Short Duration Bond

HSBC Global Investment Funds - Global Short Duration Bond HSBC Global Investment s - Global Short Duration Bond SG Share Class 31/05/2018 Objective and Strategy Investment Objective The aims to provide long-term total return (meaning capital growth and income)

More information

Bond Opportunities in 2009

Bond Opportunities in 2009 2008: a year in review for credit and inflation linked-bonds The year was characterised by the financial and liquidity crisis, deleveraging of the economy, worldwide economic downturn and very high levels

More information

Eastspring Investments Funds Monthly Income Plan

Eastspring Investments Funds Monthly Income Plan Factsheet Singapore September 2018 All data as at 31 August 2018 unless otherwise stated Eastspring Investments Funds Monthly Income Plan FUND DETAILS Fund size (mil) 1,050.8 Fund base currency Fund dealing

More information

Templeton Emerging Markets Bond Fund Advisor Class

Templeton Emerging Markets Bond Fund Advisor Class Templeton Emerging Markets Bond Fund Advisor Class Unconstrained Fixed Income Product Profile Product Details 1 Fund Assets $34,588,372.19 Fund Inception Date 04/01/2013 Number of Securities 128 Including

More information

HSBC GIF Managed Solutions - Asia Focused Conservative Quarterly fund report Q3 2016

HSBC GIF Managed Solutions - Asia Focused Conservative Quarterly fund report Q3 2016 HSBC GIF Managed Solutions - Asia Quarterly market review Asian assets have performed well in an interesting third quarter of 2016. Late in Q2 the surprise vote for the UK to leave the European Union created

More information

November *EU Periphery Sovereigns include bonds from countries such as Greece, Ireland, Italy, Portugal and Spain.

November *EU Periphery Sovereigns include bonds from countries such as Greece, Ireland, Italy, Portugal and Spain. November 2013 Rate pressures have softened -along with growth expectations, triggering gains across fixed income markets. Core government yields have retraced a substantial amount of the recent sharp rise

More information

Dynamic Global Bond Fund

Dynamic Global Bond Fund STRATEGY HIGHLIGHTS Dynamic Global Bond Fund Total Global Fixed Income Assets: $29.6 billion 2 Total Dynamic Global Bond Assets: 1 $7,328.9 million 2 Total Fund Assets: $2,170.4 million 2 As of March 31,

More information

HSBC Portfolios - World Selection 2

HSBC Portfolios - World Selection 2 HSBC Portfolios - World Selection 2 J Share Class ACHGBP 31 Oct 2018 ACHGBP 31/10/2018 Fund Objective and Strategy Investment Objective The Fund aims to provide long term total returns (meaning income

More information

Navigator Taxable Fixed Income

Navigator Taxable Fixed Income CCM-17-09-966 As of 9/30/2017 Navigator Taxable Fixed Navigate Fixed with Individual Bonds With yields hovering at historic lows, an active strategy focused on managing risk may deliver better client outcomes

More information

HSBC Global Investment Funds - Economic Scale Global Equity

HSBC Global Investment Funds - Economic Scale Global Equity HSBC Global Investment Funds - Economic Scale Global Equity S Share Class 31 Jan 2019 31/01/2019 Fund Objective and Strategy Investment Objective The Fund aims to provide long-term total return (meaning

More information

HSBC Global Investment Funds - India Fixed Income

HSBC Global Investment Funds - India Fixed Income HSBC Global Investment s - India Fixed Income SG Share Class AC AC 31/03/2018 Objective and Strategy The aims to provide long-term total return (meaning capital growth and income) by investing in a portfolio

More information

Global Investment Outlook Russ Koesterich, CFA Managing Director, Global Allocation

Global Investment Outlook Russ Koesterich, CFA Managing Director, Global Allocation Global Investment Outlook Russ Koesterich, CFA Managing Director, Global Allocation 6 Asset performance YTD Source: Thomson Reuters Datastream, BlackRock Investment Institute. Apr, 6 Note: Total return

More information

RBC BlueBay Funds Prospectus

RBC BlueBay Funds Prospectus RBC BlueBay Funds Prospectus January 26, 2018 RBC BlueBay Emerging Market Debt Fund (formerly RBC BlueBay Emerging Market Select Bond Fund) Class A: RESAX Class I: RBESX Class R6: RBERX RBC BlueBay High

More information

Templeton Emerging Markets Bond Fund A (Qdis) USD

Templeton Emerging Markets Bond Fund A (Qdis) USD Templeton Emerging Markets Bond Fund A (Qdis) USD Franklin Templeton Investment Funds Fund Manager Report Unconstrained Fixed Income Product Details 1 Fund Assets $10303444897.71 Fund Inception Date 05/07/1991

More information

Additional series available. Morningstar TM Rating. Funds in category. Fixed inc style Credit quality %

Additional series available. Morningstar TM Rating. Funds in category. Fixed inc style Credit quality % Sun Life Excel High Income Fund Series A Additional series available Note: On June 18, 2018, the Excel High Income Fund changed its name to the Sun Life Excel High Income Fund. $4.5462 CAD Net asset value

More information

PRODUCT KEY FACTS BNY MELLON EMERGING MARKETS DEBT LOCAL CURRENCY FUND 30 April 2018

PRODUCT KEY FACTS BNY MELLON EMERGING MARKETS DEBT LOCAL CURRENCY FUND 30 April 2018 PRODUCT KEY FACTS BNY MELLON EMERGING MARKETS DEBT LOCAL CURRENCY FUND 30 April 2018 This statement provides you with key information about this product. This statement is a part of the offering document.

More information

Wells Fargo Target Date CITs E3

Wells Fargo Target Date CITs E3 All information is as of 12-31-17 unless otherwise indicated. Overview General fund information Fund sponsor and manager: Wells Fargo Bank, N.A. Fund advisor: Wells Capital Management Inc. Portfolio manager:

More information

Product Profile. Performance Data. Average Annual Total Returns (USD %) 2,

Product Profile. Performance Data. Average Annual Total Returns (USD %) 2, Unconstrained Fixed Income Product Profile Product Details Composite Assets $612,308,518.31 Inception Date 30/11/2005 Base Currency USD Investment Style Unconstrained Overview 1 High alpha-seeking regional

More information

HSBC Global Investment Funds - India Fixed Income

HSBC Global Investment Funds - India Fixed Income HSBC Global Investment Funds India Fixed Income SG Share Class 30/04/2018 Fund Objective and Strategy The Fund aims to provide longterm total return (meaning capital growth and income) by investing in

More information

Emerging Market Debt attractive yield with solid fundamentals

Emerging Market Debt attractive yield with solid fundamentals For professional use only Not for Public distribution Emerging Market Debt attractive yield with solid fundamentals November 2012 Kevin Daly, Senior Portfolio Manager EMD Aberdeen Asset Management Table

More information

FUND REVIEW. Eastspring Investments Funds Monthly Income Plan

FUND REVIEW. Eastspring Investments Funds Monthly Income Plan FUND REVIEW All data as at 31 July 2014 unless otherwise stated Eastspring Investments Funds Monthly Income Plan 1 FUND UPDATE Investment objective The investment objective of the Eastspring Investments

More information

More than simply tracking the market. A guide to passive fund management. For professional clients only

More than simply tracking the market. A guide to passive fund management. For professional clients only More than simply tracking the market A guide to passive fund management For professional clients only Over recent years, there has been a rapid growth in inflows into passive investments, such as index

More information

Franklin Emerging Market Debt Opportunities Fund Advisor Class

Franklin Emerging Market Debt Opportunities Fund Advisor Class Franklin Emerging Market Debt Opportunities Fund Advisor Class Unconstrained Fixed Income Product Profile Product Details Fund Assets $554,236,508.79 Fund Inception Date 05/24/2006 Number of Securities

More information

HSBC World Selection Funds*

HSBC World Selection Funds* Important information: The Fund may invest in equities, and other asset classes, and may invest in other funds to achieve its investment objectives. The Fund is subject to the risk of investing in emerging

More information

DFA Global Equity Portfolio (Class F) Performance Report Q2 2017

DFA Global Equity Portfolio (Class F) Performance Report Q2 2017 DFA Global Equity Portfolio (Class F) Performance Report Q2 2017 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation

More information

DFA Global Equity Portfolio (Class F) Performance Report Q3 2018

DFA Global Equity Portfolio (Class F) Performance Report Q3 2018 DFA Global Equity Portfolio (Class F) Performance Report Q3 2018 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation

More information

DFA Global Equity Portfolio (Class F) Performance Report Q4 2017

DFA Global Equity Portfolio (Class F) Performance Report Q4 2017 DFA Global Equity Portfolio (Class F) Performance Report Q4 2017 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation

More information

Active M Emerging Markets Equity Fund (NMMEX) (Formerly known as Multi-Manager Emerging Markets Equity Fund)

Active M Emerging Markets Equity Fund (NMMEX) (Formerly known as Multi-Manager Emerging Markets Equity Fund) NORTHERN FUNDS Active M Emerging Markets Equity Fund (NMMEX) (Formerly known as Multi-Manager Emerging Markets Equity Fund) 2Q 2018 Performance Review June 30, 2018 Please carefully read the prospectus

More information

FOR 2018 GLOBAL MARKET OUTLOOK PRESS BRIEFING. PROVIDED TO DESIGNATED MEMBERS OF THE PRESS ONLY, NOT FOR FURTHER DISTRIBUTION.

FOR 2018 GLOBAL MARKET OUTLOOK PRESS BRIEFING. PROVIDED TO DESIGNATED MEMBERS OF THE PRESS ONLY, NOT FOR FURTHER DISTRIBUTION. 2018 Global Market Outlook Press Briefing GLOBAL FIXED INCOME Mark Vaselkiv Portfolio Manager, CIO, Fixed Income November 14, 2017 FOR 2018 GLOBAL MARKET OUTLOOK PRESS BRIEFING. PROVIDED TO DESIGNATED

More information

DFA Global Equity Portfolio (Class F) Performance Report Q3 2015

DFA Global Equity Portfolio (Class F) Performance Report Q3 2015 DFA Global Equity Portfolio (Class F) Performance Report Q3 2015 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation

More information

Income Solutions Beyond Investment Grade Bonds

Income Solutions Beyond Investment Grade Bonds October 2017 Income Solutions Beyond Investment Grade Bonds Multiple Fixed Income Approaches Direction of interest rates Reduce Duration Limit Duration to Near Zero with: Floating rate notes (FRNs) for

More information

Templeton Global Currency Fund. Advisor Class

Templeton Global Currency Fund. Advisor Class Templeton Global Currency Fund Advisor Class Unconstrained Fixed Income Product Profile Product Details 1 Fund Assets $35,781,321.47 Fund Inception Date 11/17/1989 Number of Holdings 33 NASDAQ Symbol ICHHX

More information

HSBC Global Investment Funds - Economic Scale Global Equity

HSBC Global Investment Funds - Economic Scale Global Equity HSBC Global Investment Funds - Economic Scale Global Equity SG Share Class 31 May 2018 31/05/2018 Fund Objective and Strategy Investment Objective The Fund aims to provide long-term total return (meaning

More information

The HSBC Global Investment Funds Menu (Full)

The HSBC Global Investment Funds Menu (Full) Q2 2013 The HSBC Global Investment Funds Menu (Full) Your Selection Simplified In the US, this material does not constitute an offering of any security, product or service, including any Fund named herein.

More information

Amundi Funds II - Emerging Europe and Mediterranean Equity

Amundi Funds II - Emerging Europe and Mediterranean Equity KEY INVESTOR INFORMATION This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and

More information

The case for lower rated corporate bonds

The case for lower rated corporate bonds The case for lower rated corporate bonds Marcus Pakenham Fixed income product specialist December 3 Introduction Where should fixed income investors be positioned over the medium term? We expect that government

More information

HSBC Global Investment Funds - Global Asset-Backed Bond

HSBC Global Investment Funds - Global Asset-Backed Bond HSBC Global Investment Funds - Global Asset-Backed Bond S Share Class AM2 AM2 31/08/2018 Fund Objective and Strategy Investment Objective The Fund invests for long-term total return (meaning capital growth

More information

HSBC Global Investment Funds - Asia ex Japan Equity Smaller Companies Share Class AD (Active - Closed to All Investors)

HSBC Global Investment Funds - Asia ex Japan Equity Smaller Companies Share Class AD (Active - Closed to All Investors) HSBC Global Investment Funds - Asia ex Japan Equity Smaller Companies Share Class (Active - Closed to All Investors) 28 Feb 2018 28/02/2018 Fund Objective and Strategy The Fund aims to provide long-term

More information

HSBC Global Investment Fund Reportable Income information For the period ended 31 March 2012

HSBC Global Investment Fund Reportable Income information For the period ended 31 March 2012 HSBC Global Investment Reportable Income information For the period ended 31 March 2012 HSBC Global Investment Reportable Income information for the period ended 31 March 2012 s in respect of the per period

More information

Fund Guide. Emerging Market Debt Unconstrained Fund. August 2016

Fund Guide. Emerging Market Debt Unconstrained Fund. August 2016 Fund Guide Emerging Market Debt Unconstrained Fund August 2016 This document is for investment professionals only and should not be distributed to or relied upon by retail Usage statementclients. It is

More information

May *EU Periphery Sovereigns include bonds from countries such as Greece, Ireland, Italy, Portugal and Spain.

May *EU Periphery Sovereigns include bonds from countries such as Greece, Ireland, Italy, Portugal and Spain. May 2014 Rates are stuck in a holding pattern - US and UK 10-year yields have been range bound since late January, while euro-area rates have drifted lower. While technical factors may have contributed

More information

HSBC World Selection Portfolios

HSBC World Selection Portfolios HSBC World Selection Portfolios Broad diversification through one single investment Introduction At HSBC we believe a multi-asset approach is important when creating a sound financial strategy. HSBC World

More information

Viewpoint. Monthly market update. March global investment management

Viewpoint. Monthly market update. March global investment management Viewpoint Monthly market update March 2016 global investment management Contents 1. Market commentary 3 2. Market performance 5 3. Asset allocation dashboard 7 Important notes 9 Page 2 of 9 1. Market commentary

More information

HSBC Portfolios - World Selection 4

HSBC Portfolios - World Selection 4 HSBC Portfolios - World Selection 4 J Share Class ACHGBP 30 Sep 2018 ACHGBP 30/09/2018 Fund Objective and Strategy Investment Objective The Fund aims to provide long term total returns (meaning capital

More information

DFA Global Equity Portfolio (Class F) Quarterly Performance Report Q2 2014

DFA Global Equity Portfolio (Class F) Quarterly Performance Report Q2 2014 DFA Global Equity Portfolio (Class F) Quarterly Performance Report Q2 2014 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds.

More information

Threadneedle (Lux) Details before significant event. Name change Threadneedle (Lux) US Equities. Change of sub-advisor Walter Scott & Partners Limited

Threadneedle (Lux) Details before significant event. Name change Threadneedle (Lux) US Equities. Change of sub-advisor Walter Scott & Partners Limited Details before Details after 01/12/2011 US Equities American 01/12/2011 Walter Scott & Partners Limited American 01/12/2011 The US Equities Portfolio seeks to achieve capital appreciation by investing

More information

HSBC Portfolios - World Selection 1

HSBC Portfolios - World Selection 1 HSBC Portfolios - World Selection 1 J Share Class ACHGBP 31 Jul 2018 ACHGBP 31/07/2018 Fund Objective and Strategy Investment Objective The Fund aims to provide long term total returns (meaning income

More information

Actively Emerging: Opportunities in Debt

Actively Emerging: Opportunities in Debt Aon Hewitt Retirement and Investment Actively Emerging: Opportunities in Debt Risk. Reinsurance. Human Resources. Executive summary Emerging Market Debt (EMD) offers higher yields relative to developed

More information

Eastspring Investments Funds Monthly Income Plan

Eastspring Investments Funds Monthly Income Plan Factsheet Singapore February 2018 All data as at 31 January 2018 unless otherwise stated Eastspring Investments Funds Monthly Income Plan FUND DETAILS Fund size (mil) 1,253.4 Fund base currency Fund dealing

More information

Developed thinking in an emerging world. Emerging Markets Debt. For professional clients only

Developed thinking in an emerging world. Emerging Markets Debt. For professional clients only Developed thinking in an emerging world Emerging Markets Debt For professional clients only 2 Despite high volatility from a series of financial and economic crises, returns for emerging markets debt have

More information

First Trust Intermediate Duration Preferred & Income Fund Update

First Trust Intermediate Duration Preferred & Income Fund Update 1st Quarter 2015 Fund Performance Review & Current Positioning The First Trust Intermediate Duration Preferred & Income Fund (FPF) produced a total return for the first quarter of 2015 of 3.84% based on

More information

A (Ydis) EUR. Franklin Templeton Investment Funds. Fund Manager Report. Discrete Annual Performance (%) as at 31/01/2019. Calendar Year Returns (%)

A (Ydis) EUR. Franklin Templeton Investment Funds. Fund Manager Report. Discrete Annual Performance (%) as at 31/01/2019. Calendar Year Returns (%) Templeton Global Bond (Euro) Fund A (Ydis) EUR Franklin Templeton Investment Funds Fund Manager Report Unconstrained Fixed Income Product Details 1 Fund Assets 321879557.70 Fund Inception Date 29/08/2003

More information

HSBC Global Investment Funds - Indian Equity

HSBC Global Investment Funds - Indian Equity HSBC Global Investment Funds - Indian Equity SG Share Class 30 Nov 2017 30/11/2017 Fund Objective and Strategy The Fund seeks long-term total return (meaning capital growth and income) by investing in

More information

HSBC GIF Managed Solutions - Asia Focused Growth Quarterly fund report Q2 2014

HSBC GIF Managed Solutions - Asia Focused Growth Quarterly fund report Q2 2014 HSBC GIF Managed Solutions - Asia Quarterly market review Most global stock markets continued to make progress during 2Q 2014, such that the MSCI World Index has now risen for four consecutive quarters.

More information

Pooled Fund Annualized Returns Periods Ending March 31, 2018

Pooled Fund Annualized Returns Periods Ending March 31, 2018 Pooled Fund Annualized Returns Periods Ending March 31, 2018 SHORT TERM 25 20 15 10 5 1 YEARS YEARS YEARS YEARS YEARS YEAR Short Term Fund 1 2.9 2.4 1.7 0.9 0.8 0.8 FTSE TMX Canada 30 Day Treasury Bill

More information

Schroders Emerging Markets Multi-Sector Bond Fund

Schroders Emerging Markets Multi-Sector Bond Fund Third Quarter 2013 Schroders Emerging Markets Multi-Sector Bond Fund As of September 30, 2013 Quarterly Investment Report Schroder Fund Advisors LLC, Member FINRA, SIPC 875 Third Avenue, New York, NY 10022-6225

More information

Global Multi-Sector (GMS) Strategy

Global Multi-Sector (GMS) Strategy Global Multi-Sector (GMS) Strategy In today s volatile environment, the ability to allocate tactically across global markets is of ever increasing importance. Many investors may be looking to draw on a

More information

3Q 30 SEPTEMBER 2018 MFS CANADIAN SHORT TERM FIXED INCOME (CAD)

3Q 30 SEPTEMBER 2018 MFS CANADIAN SHORT TERM FIXED INCOME (CAD) 3Q 30 SEPTEMBER MFS CANADIAN SHORT TERM FIXED INCOME (CAD) INVESTMENT OVERVIEW TEAM Name (Years of industry experience) Title Peter Kotsopoulos, CFA (29 yrs.) Portfolio Manager Soami Kohly, CFA, FSA, FCIA

More information

Portfolio Strategist Update from BlackRock Active Opportunity ETF Portfolios

Portfolio Strategist Update from BlackRock Active Opportunity ETF Portfolios Portfolio Strategist Update from BlackRock Active Opportunity ETF Portfolios As of Sept. 30, 2017 Ameriprise Financial Services, Inc., ("Ameriprise Financial") is the investment manager for Active Opportunity

More information

Brazil. 1993: billion % 2012: trillion % 2018 (estimated): trillion (estimated): trillion.

Brazil. 1993: billion % 2012: trillion % 2018 (estimated): trillion (estimated): trillion. For investment professionals only - Not for use by retail investors Emerging world order Emerging Market Debt by the Numbers April 2013 The economic face of the world is changing and Aberdeen believes

More information

HSBC GIF Managed Solutions - Asia Focused Conservative Quarterly fund report Q3 2014

HSBC GIF Managed Solutions - Asia Focused Conservative Quarterly fund report Q3 2014 HSBC GIF Managed Solutions - Asia Quarterly market review Volatility picked up in markets in the third quarter as it became clear that policy was diverging between the major economies. A major feature

More information

HSBC GIF Managed Solutions - Asia Focused Income Quarterly fund report Q2 2014

HSBC GIF Managed Solutions - Asia Focused Income Quarterly fund report Q2 2014 HSBC GIF Managed Solutions - Asia Quarterly market review Most global stock markets continued to make progress during 2Q 2014, such that the MSCI World Index has now risen for four consecutive quarters.

More information

Signature Global Bond Fund

Signature Global Bond Fund This annual management report of fund performance contains financial highlights but does not contain the complete annual financial statements of the investment fund. You can get a copy of the annual financial

More information

HSBC Global Investment Funds - RMB Fixed Income

HSBC Global Investment Funds - RMB Fixed Income HSBC Global Investment s RMB Fixed Income S Share Class AC AC 31/01/2019 Objective and Strategy Investment Objective The invests for total return (meaning capital growth and income) in a diversified portfolio

More information

HSBC EURO SHORT TERM BOND FUND

HSBC EURO SHORT TERM BOND FUND May 2018 Document only intended for professional investors as defined by MIFID. Performance and risk analysis Base 100 Performances Fund's performance against its performance benchmark over 1 year 100,20

More information

HSBC Global Strategy Portfolios

HSBC Global Strategy Portfolios HSBC Global Strategy s A world of opportunities made affordable ** The HSBC Global Strategy Balanced - Retail X Acc and HSBC Global Strategy* Dynamic - Retail X Acc are both rated 5 Stars as at 30 June

More information

Q Taxable Municipal Market Overview

Q Taxable Municipal Market Overview Q1 2017 Taxable Municipal Market Overview After experiencing a significant amount of volatility following Donald Trump s presidential election victory, interest rates stabilised and traded in a tight range

More information

HSBC Global Investment Funds - Turkey Equity

HSBC Global Investment Funds - Turkey Equity HSBC Global Investment Funds - Turkey Equity S Share Class 31 Jan 2019 31/01/2019 Fund Objective and Strategy Investment Objective The Fund seeks long-term returns from capital growth and income by investing

More information

Navigator Tax Free Fixed Income

Navigator Tax Free Fixed Income CCM-17-12-967 As of 12/31/2017 Navigator Tax Free Fixed Income Navigate Tax-Free Fixed Income with Individual Municipal Bonds With yields hovering at historic lows, an active strategy focused on managing

More information

Franklin High Yield Fund A (Mdis) USD

Franklin High Yield Fund A (Mdis) USD Franklin High Yield Fund A (Mdis) USD Franklin Templeton Investment Funds Fund Manager Report High Yield Fixed Income Product Details 1 Fund Assets $1,816,584,912.58 Fund Inception Date 01/03/1996 Number

More information