HK-HE

Share Class AM2HKD

AM2HKD 30 Jun 2018

Yes

Distributing

Monthly

Daily

HKD 10,000

3.01%

1.35%

HKD

Luxembourg

LU1711226867

19 Jan 2018

HKD 8.97

AM2HKD - - - - - - - - Fund Size

HSGAM2H LX

-

Risk Disclosure

HSBC Global Investment Funds – Global Emerging Markets Multi-

Asset Income30 Jun 2018

1Result is cumulative when calculation period

is over one year.

Investment Objective

The Fund invests for income and moderate capital growth in a diversified portfolio of shares, bonds, money market instruments, cash and

other investments. In normal market conditions, at least 90% of the Fund’s assets are invested in assets from issuers in emerging

markets.

Investment Strategy

The Fund can invest up to 10% of its assets in asset-backed securities (ABS) and mortgage-backed securities (MBS). The Fund may

invest in shares of Chinese companies, including up to 15% of its assets in China A-shares. The Fund's maximum exposure to China A-

shares and China B-shares is 30% of its assets. The Fund may invest in Chinese fixed income securities including up to 20% of its assets

in fixed income securities from issuers in China and traded on the China Interbank Bond Market. There aren’t restrictions on the market

values of the companies held in the fund. The Fund can also invest up to 10% of its assets in contingent convertible securities. The Fund

may invest up to 90% of its assets into other funds. See the Prospectus for a full description of the investment objectives and derivative

usage.

Performance (%) Share Class Details

Fund Objective and Strategy

-

USD 549,007,243

• The Fund invests mainly in global emerging markets equities, bonds and other related investments.

• The Fund is subject to the risks of investing in emerging markets.

• Non-investment grade bonds and unrated bonds are subject to additional risks and volatility.

• The Fund may invest in onshore Chinese securities through various market access schemes and China A-shares Access Products. Such

investments involve additional risks, including the risks associated with China’s tax rules and practices.

• The Fund may invest in other funds and need to bear the underlying funds’ fees and expenses on top of the Fund’s own fees and

expenses.

• The Fund may invest in financial derivative instruments for investment purpose which may lead to higher volatility to its net asset value.

• The Fund may pay dividends out of capital or gross of expenses. Dividend is not guaranteed and may result in capital erosion and

reduction in net asset value.

• Because the Fund, its investments and its classes of shares may be denominated in different currencies, investors may be affected

adversely by exchange controls and exchange rate fluctuations. There is no guarantee that the currency hedging strategy applied to the

relevant classes will achieve its desired result.

• The Fund’s investments may involve substantial credit, currency, volatility, liquidity, interest rate, tax and political risks. Investors may

suffer substantial loss of their investments in the Fund.

• Unit trusts are NOT equivalent to 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.

Bloomberg Ticker

To download the offering documents from

http://services.assetmanagement.hsbc.com.hk/site/media/pdf/documen

ts/English/AMHK_HGIF.pdf

Performance figures will only be published once the Fund has achieved a six months

track record.

AM2HKD - - -

5Y¹

Calendar Year

Performance (%)2013 2014 2015 2016 2017

Performance

(%)YTD 1M 3M 1Y 3Y¹ Vol S.R.

Manager

David J McNay

Nishant Upadhyay

Zeke Anurag Diwan

Nicholas Timberlake

Management Fee

Base Currency

Domicile

ISIN

Inception Date

NAV per Share

UCITS V Compliant

Distribution Type

Distribution Frequency

Dealing Frequency

Min. Initial Investment

Max. Initial Charge

Monthly Performance Commentary

Summary

The volatility seen in emerging markets assets continued in June, mainly driven by heightened fears over US-China trade relations and

continued US dollar strength.

The outlook around global trade policy is very unclear; the risk of a further escalation in tensions remains. Positively, however, measures

announced thus far should have a small economic impact. For the time being, global growth remains robust and we think the risk of

recession is very low.

In Turkey, President Recep Erdoğan was re-elected, which could see him speed up the implementation of the executive presidential system.

Meanwhile, the central bank continued to raise interest rates to cope with rising inflation.

Russia’s May manufacturing PMI fell below 50 (49.8) for the first time in two years, pointing to a contraction in activity. The central bank left

rates unchanged at 7.25% and indicated an end to the easing cycle that began in 2015.

The IMF agreed to the extension of a $50bn 3 year Stand-by agreement with Argentina, a deal which should more than cover the country’s

anticipated funding costs over the next two years. We believe that this is a positive development for the longer-term outlook of Argentina and

reaffirms the commitment of the current government to close the fiscal deficit.

In this challenging environment, the fund’s total return over the month was -2.49%, bringing the total return since inception to -9.00%.

Performance for the month was driven mainly by equities, which had a more difficult month than debt.

However underlying economic activity in emerging markets remains strong. The global economy remains in a “balanced expansion” across

sectors and regions. These factors, coupled with attractive valuations, mean that we still believe the investment case for emerging markets

remains firmly intact.

While the US dollar has appreciated, and may continue to do so in the short term, we believe that there is only so far that this can go due to

the higher levels of growth in emerging markets compared to the US. Current valuations suggest that the EM FX complex has the potential to

appreciate versus the dollar over the medium to long term.

Diversification remains key in successfully reducing the volatility of the fund and navigating the current environment.

Portfolio strategy

Emerging Market Debt

Within fixed income, we retain a tilt towards local currency debt over hard currency (USD denominated bonds). Emerging Markets (in

aggregate) are earlier in their economic cycles that Developed Markets (particularly the US which is exhibiting late cycle signs) and we think

this is a positive for EM assets.

Within the hard currency sleeve, we are currently overweight high yield bonds, due to the wider yield spread on offer. However, we remain

selective, especially in Argentina and Turkey.

While the increase in US Treasury yields has detracted from performance in the EMD hard currency sleeve over the month, the fund’s

reduced allocations to longer duration Investment Grade issuers (relative to the benchmark weight), such as Uruguay, helped smooth

returns. Furthermore, the focus on shorter dated Investment Grade issuers, such as Colombia, Panama and Kazakhstan, provided return

contribution on a relative basis.

In terms of local currency debt, we retain our view that EM currencies have potential to appreciate over the medium to long term, based on

current valuations and underlying economic conditions. In response to the dollar’s rally earlier in Q2 we have slightly added back to currency

risk in June by selectively increasing exposure to currencies with strong economic fundamentals, such as the Russian Ruble.

Emerging Market Equity

The positive outlook for emerging markets equities has not changed due to persisting attractive expected returns, and supportive macro

environment. Valuation-profitability looks attractive versus own history and versus developed markets. Global growth should drive cyclical

inflation; the key market risk is whether this inflation increases faster than expected.

Our bottom up analysis leads us to find attractively priced opportunities across sectors and geographic locations. This results in overweight

positions in Russia, Turkey and Indonesia. In Turkey, this is limited to specific names which are offering very attractive valuations relative to

fundamentals. At the aggregate level Turkish equity looks attractive, but the political risks are elevated.

In Russia, we see the oil price increase as an important performance driver, as the Russian equity market is heavily tilted towards energy

firms. At the sector level our preferred sectors are Financials and Energy. This is counterbalanced by being underweight to Consumer

Staples and Healthcare stocks.

Portfolio

Portfolio Asset Allocation (%) Currency Exposure at Portfolio Level (%)

Equity 20.46

Fixed Income 76.64

Cash 2.90

Equity

Equity Characteristics Equity Average Market Cap Breakdown (USD Mil, %)

P/E Ratio 9.97

Weighted Average Market Cap (USD Mil) 95,718.61

Dividend Yield 3.27

Equity Sector Allocation (%) Equity Geographical Allocation (%)

Equity Top 10 Holdings Location Sector Weight (%)

TENCENT HOLDINGS LTD China Information Technology 1.12

SAMSUNG ELECTRONICS CO LTD South Korea Information Technology 1.12

ALIBABA GROUP HOLDING-SP ADR China Information Technology 0.80

TSMC LTD Taiwan Information Technology 0.71

CHINA CONSTRUCTION BANK China Financials 0.57

INDUSTRIAL & COMMERCIAL BANK OF CHINA China Financials 0.45

INFOSYS LTD India Information Technology 0.44

NASPERS LTD-N SHS South Africa Consumer Discretionary 0.40

SK HYNIX INC South Korea Information Technology 0.39

SBERBANK PJSC -SPONSORED ADR Russian Federation Financials 0.39

Source: HSBC Global Asset Management, data as at 30 June 2018.

Please note some securities are unclassified against these sector and/or country schemes and will therefore appear under the Cash & Others

category.

31.96

5.30

4.79

4.76

4.55

4.33

4.25

4.09

3.89

3.78

28.31

US dollar

Mexican peso

South Korean won

Hong Kong dollar

Indonesian rupiah

Brazilian real

Turkish lira

Indian rupee

Russian ruble

South African rand

Other Currencies

6.30

3.29

2.30

1.69

1.32

1.30

1.29

0.60

0.59

0.50

1.10

0.18

China

South Korea

Taiwan

India

Brazil

Russia

South Africa

Malaysia

Indonesia

Turkey

Other Locations

Cash & Others

6.95

5.65

2.77

1.99

3.11

0-10,000

10,000-50,000

50,000-100,000

100,000-250,000

250,000+

5.76

5.71

2.00

1.93

1.91

1.02

0.76

0.47

0.46

0.31

0.11

Financials

Information Technology

Energy

Materials

Consumer Discretionary

Telecommunication Services

Industrials

Utilities

Real Estate

Consumer Staples

Health Care

Fixed Income

Fixed Income Characteristics Fixed Income Characteristics

Average Yield to Maturity 6.10 Effective Duration 4.66

Portfolio Yield 5.98 Average Credit Quality BBB/BBB-

Fixed Income Quality Rating Allocation (%) Fixed Income Sector Allocation (%)

Fixed Income Effective Duration Allocation by Location Fixed Income Geographical Allocation (%)

Fixed Income Top 10 Holdings Location Instrument Type Weight (%)

MALAYSIA GOVERNMENT 3.5800 28-SEP-18 Malaysia Government Bond 3.44

LETRA TESOURO NACIONAL 0.0000 01-JAN-19 Brazil Treasury Bills 2.53

MEX BONOS DESARR FIX RT 8.0000 11-JUN-20 Mexico Government Bond 2.38

TURKEY GOVERNMENT BOND 10.7000 17-FEB-21 Turkey Government Bond 1.67

NOTA DO TESOURO NACIONAL 10.0000 01-JAN-21 Brazil Treasury Notes 1.21

REPUBLIC OF SOUTH AFRICA 10.5000 21-DEC-26 South Africa Government Bond 1.07

REPUBLIC OF SOUTH AFRICA 7.0000 28-FEB-31 South Africa Government Bond 1.02

INDONESIA GOVERNMENT 8.3750 15-MAR-24 Indonesia Government Bond 1.00

PETROBRAS GLOBAL FINANCE 7.3750 17-JAN-27 Brazil Corporate Bond 0.89

TURKEY GOVERNMENT BOND 8.0000 12-MAR-25 Turkey Government Bond 0.83

Source: HSBC Global Asset Management, data as at 30 June 2018.

Please note that the fixed income allocation tables are calculated using contributions to the fixed income portion, with the equity portion

excluded here.

-3.89

5.43

16.76

41.17

10.44

5.12

AAA

AA

A

BBB

BB

B

8.34

6.05

5.96

5.69

5.06

4.41

3.81

3.70

3.22

3.14

27.27

Mexico

Russian Federation

Indonesia

Turkey

Brazil

Colombia

India

South Africa

Poland

China

Other Locations

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0

0

0

0

0

0

Brazil

0

Switzerland

0

Other Locations

25.34

24.30

17.45

7.78

7.04

-5.27

Local Sovereign Bonds

Local FX

Sovereign (Hard Ccy)

Corporate (Hard Ccy)

Quasi (Hard Ccy)

Cash & Others

Important Information

This document is prepared for general information purposes only and does not have any regard to the specific investment objectives,

financial situation and the particular needs of any specific person who may receive it. Any views and opinions expressed are subject to

change without notice. This document does not constitute an offering document and should not be construed as a recommendation, an offer

to sell or the solicitation of an offer to purchase or subscribe to any investment. Any forecast, projection or target where provided is indicative

only and is not guaranteed in any way. HSBC Global Asset Management (Hong Kong) Limited (“AMHK”) accepts no liability for any failure to

meet such forecast, projection or target. AMHK has based this document on information obtained from sources it reasonably believes to be

reliable. However, AMHK does not warrant, guarantee or represent, expressly or by implication, the accuracy, validity or completeness of

such information. Investment involves risk. Past performance is not indicative of future performance. Please refer to the offering document

for further details including the risk factors. This document has not been reviewed by the Securities and Futures Commission. Copyright ©

HSBC Global Asset Management (Hong Kong) Limited 2018. All rights reserved. This document is issued by HSBC Global Asset

Management (Hong Kong) Limited.

Terms of Glossary

Convertible bond, is a type of bond that the holder can convert into a specified number of shares of common stock in the issuing company

or cash of equal value.

Corporate bond, is bond issued by a company in order to raise financing.

Coupon, the annual interest rate paid on a bond, expressed as a percentage of the face value.

Credit quality, one of the principal criteria for judging the investment quality of a bond or bond mutual fund.

Developed markets, countries that are most developed in terms of its economy and capital markets.

Duration, a measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates.

Emerging markets (EM), nations' economies in the process of fast economic growth. Investments in emerging markets are generally

considered to be with higher risk.

Government bond or Gilt, a loan to a national government in return for regular payments (known as the coupon) and a promise that the

original investment (principal) is paid back at a specified date. Gilts are loans to the UK government.

High yield bond, is fixed income security with a low credit rating from a recognised credit rating agency. They are considered to be at higher

risk of default, but have the potential for higher rewards.

Information ratio, is a ratio of portfolio returns above/under the returns of a benchmark to the volatility of those returns.

Investment grade bond, is considered investment grade or IG if its credit rating is BBB- or higher by Standard & Poor's or Baa3 or higher by

Moody's.

Maturity, the period of time for which a financial instrument remains outstanding.

Modified duration to Worst, the lowest potential duration that will achieve on a bond without the issuer actually defaulting.

Effective Duration, is a duration value based on the probability of early redemption call by the bond issuer.

Option adjusted spread duration (OASD), estimates the price sensitivity of a bond to a 100 basis-point movement (either widening or

narrowing) in its spread relative to Treasuries, taking into account the likelihood of early redemption.

Sharpe ratio, a measure for calculating risk-adjusted return, and this ratio has become the industry standard for such calculations.

Tracking error, a measure of how closely a portfolio follows the index to which it is benchmarked.

Volatility, a measure of how much a fund's price goes up or down as a percentage of its average performance.

Yield to maturity, the total return anticipated on a bond if the bond is held until the end of its lifetime.

Portfolio Yield, the lowest potential yield that can be received on a bond without the issuer actually defaulting.

Rating, rating of a debtor (credit rating) by rating agencies is based on specific criteria such as debt situation, country risk etc. Ratings from

Moody's and Standard & Poor's® is the most widely used systems in the international markets with range from AAA and Aaa (highest credit

rating) to D ( Debtor in financial difficulties, repayment already distressed).

NAV, stands for net asset value. It is used on funds and represents the value of all assets and receivables less debt, liability and costs.

Typically, it is reported as a value per share.

Swap, is a derivative contract through which two parties exchange financial instruments. E.g. in an interest swap, typically one contracting

party pays a fixed interest while the other pays a variable interest.

Futures, is a financial contract obligating the buyer to purchase an asset (or the seller to sell an asset), such as a physical commodity or a

financial instrument, at a predetermined future date and price.

Shares, are units of ownership interest in a corporation or financial asset that provide for an equal distribution in any profits, if any are

declared, in the form of dividends. The two main types of shares are common shares and preferred shares. Physical paper stock certificates

have been replaced with electronic recording of stock shares, just as mutual fund shares are recorded electronically.

Bond, is a fixed income investment in which an investor loans money to an entity (typically corporate or governmental) which borrows the

funds for a defined period of time at a variable or fixed interest rate. Bonds are used by companies, municipalities, states and sovereign

governments to raise money and finance a variety of projects and activities. Owners of bonds are debt holders, or creditors, of the issuer.

Price Earnings (P/E) Ratio, is the price paid for a share divided by the annual profit earned by the firm per share.

Dividend Yield, represents the ratio of distributed income over the last 12 months to the fund’s current Net Asset Value.

Market capitalization, refers to the total dollar market value of a company's outstanding shares. Commonly referred to as "market cap," it is

calculated by multiplying a company's shares outstanding by the current market price of one share.

Non-investment grade bond, a rating attributed to a security that is deemed speculative, i.e. less certain in respect of the preservation of

capital, in the opinion of a credit rating agency such as Fitch Ratings, Moody’s or Standard & Poor’s.

Supplement Information Sheet

AM2HKD HKD

AM2HKD HKD

AM2HKD HKD

AM2HKD HKD

AM2HKD HKD

AM2HKD HKD

AM2 USD

AM2 USD

AM2 USD

AM2 USD

AM2 USD

AM2 USD

AM3OAUD AUD

AM3OAUD AUD

AM3OAUD AUD

AM3OAUD AUD

AM3OAUD AUD

AM3OAUD AUD

AM3OEUR EUR

AM3OEUR EUR

AM3OEUR EUR

AM3OEUR EUR

AM3OEUR EUR

AM3OEUR EUR

AM3OGBP GBP

AM3OGBP GBP

AM3OGBP GBP

AM3OGBP GBP

AM3OGBP GBP

AM3OGBP GBP

AM3ORMB CNH

HSBC Global Investment Funds – Global Emerging Markets Multi-

Asset Income30 Jun 2018

Monthly 29 Jun 2018 0.052700 6.85%

The above table cites the last dividend paid within the last 12 months only.

Dividend is not guaranteed and may be paid out of capital, which will result in capital erosion and reduction in net asset value. A positive

distribution yield does not imply a positive return. Past payout yields and payments do not represent future payout yields and payments.

Historical payments may be comprised of both distributed income and capital.

The calculation method of annualised yield: (dividend value / NAV per share or unit as of ex-dividend date) x n, n depends on the distributing

frequency. Annually distribution is 1; semi-annually distribution is 2; quarterly distribution is 4; monthly distribution is 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.

0.039182 5.24%Monthly 29 Jun 2018

Monthly

Monthly

Monthly

Monthly 04 Apr 2018 0.009211

Monthly 04 Apr 2018 0.013322 1.63%

Monthly 28 Mar 2018 0.022132 2.71%

Monthly 25 May 2018 0.038684 5.00%

Monthly 27 Apr 2018 0.035554 4.44%

Monthly 25 May 2018 0.038535 5.00%

Monthly 27 Apr 2018 0.035416 4.44%

Monthly 28 Feb 2018 0.025121 3.06%

Monthly 29 Jun 2018 0.039055 5.25%

Monthly 28 Feb 2018 0.025111 3.06%

Monthly 29 Jun 2018 0.037068 4.99%

Monthly 04 Apr 2018 0.013311 1.64%

Monthly 28 Mar 2018 0.022114 2.72%

Monthly 04 Apr 2018 0.013247 1.63%

Monthly 28 Mar 2018 0.022007 2.71%

Monthly 25 May 2018 0.037263 4.84%

Monthly 27 Apr 2018 0.033000 4.15%

Monthly 25 May 2018 0.017426 2.27%

Monthly 27 Apr 2018 0.011520 1.45%

Monthly 28 Feb 2018 0.025417 3.10%

Monthly 29 Jun 2018 0.020021 2.70%

28 Feb 2018 0.012858 1.57%

Monthly 29 Jun 2018 0.026990 3.63%

04 Apr 2018 0.006286 0.78%

Monthly 28 Mar 2018 0.010452 1.29%

28 Mar 2018 0.015310 1.89%

Monthly 28 Feb 2018 0.018082 2.21%

25 May 2018 0.025872 3.36%

Monthly 27 Apr 2018 0.020933 2.63%

Share ClassBase

CurrencyDistribution Frequency Dividend ex-date Dividend Amount

Annualised Yield

(Distribution is not

guaranteed and may

be paid out of

capital)

1.14%

Monthly

HK-HT

股份類別 AM2HKD

AM2HKD 30/06/2018

是

派息

每月

每日

港元 10,000

3.01%

1.35%

港元

盧森堡

LU1711226867

2018年1月19日

港元 8.97

AM2HKD - - - - - - - - 基金規模

HSGAM2H LX

-

彭博代號

基金經理

David J McNay

Nishant Upadhyay

Zeke Anurag Diwan

Nicholas Timberlake

管理費

基本貨幣

註冊地

ISIN代號

股份類別成立日期

每股資產淨值

UCITS V合規

派息類型

派息頻率

交易頻率

最低初始認購額

首次認購費最高達

年度回報表現 (%) 2013 2014 2015 2016 2017

波幅夏普比率

基金表現 (%)年初至今

1個月 3個月 1年 3年¹ 5年¹

AM2HKD - -

從此處下載銷售文件

http://services.assetmanagement.hsbc.com.hk/site/media/pdf/documen

ts/English/AMHK_HGIF.pdf

基金必須有最少6個月的投資往績紀錄，方可呈列業績表現數據。

風險披露

滙豐環球投資基金 - 環球新興市場多元資產入息2018年6月30日

1當計算期超過一年，業績為累積表現。

•本基金主要投資於環球新興市場股票、債券及其他相關投資。•本基金涉及與投資於新興市場有關的風險。•非投資級別債券及未獲評級債券涉及額外風險及波動性。•本基金可透過各項市場准入計劃及中國A股連接產品投資於中國在岸證券。該等投資涉及額外風險，包括與中國稅務規則和慣例有關的風險。•本基金或會投資於其他基金，須承擔本基金及所投資的基金的費用及開支。•本基金可投資於金融衍生工具作投資用途，可能使本基金的資產淨值較波動。•本基金可從資本中或未扣除開支前撥付股息。派息不獲保證及會導致資本蠶食及資產淨值減少。•由於本基金的基本貨幣、投資及份額類別可按不同的貨幣計值，故此，外匯管制及匯率波動可能對投資者構成不利影響。並不保證有關份額類別的貨幣對沖策略可達致其預期效果。•本基金之投資可能涉及重大的信貸、貨幣、波動性、流動性、利率、稅務及政治風險。投資者投資於本基金可能蒙受重大損失。•基金產品並不等同於定期存款。投資者不應僅就此文件提供之資料作出投資決定，而應細閱本基金之銷售文件。

投資目標本基金旨在透過投資由股票、債券、貨幣市場工具、現金及其他投資組成的多元化投資組合，產生收益及適度資本增長。在正常市況下，本基金至少將90%的資產投資於來自新興市場發行商的資產。

投資策略本基金最多可將其資產的10%投資資產抵押證券及按揭證券。本基金可投資中國企業的股票，包括最多可將其資產的15%投資於中國A股。本基金投資中國A股及中國B股的上限是其資產的30%。本基金可投資中國固定收益證券，包括最多可將其資產的20%投資於由中國發行商發行並在中國銀行間債券市場買賣的固定收益證券。本基金持有的公司並無市值限制。此外，本基金最多可將其資產的10%投資於或有可轉換證券。本基金最多可將其資產的90%投資於其他基金。請參閱基金說明書，了解關於投資目標及衍生工具使用的完整說明。

基金表現 (%) 股份類別詳情

基金投資目標及策略

- -

美元 549,007,243

投資組合

投資組合資產分佈 (%) 投資組合貨幣組別分佈 (%)

股票 20.46

固定收益 76.64

現金 2.90

股票

股票特點 股票平均市值分佈 (百萬美元, %)

市盈率 9.97

平均市值 (百萬美元) 95,718.61

股息率 3.27

股票行業分佈 (%) 股票地區分佈 (%)

股票十大持倉 地區 行業 比重 (%)

TENCENT HOLDINGS LTD 中國 資訊科技 1.12

SAMSUNG ELECTRONICS CO LTD 韓國 資訊科技 1.12

ALIBABA GROUP HOLDING-SP ADR 中國 資訊科技 0.80

TSMC LTD 台灣 資訊科技 0.71

CHINA CONSTRUCTION BANK 中國 金融 0.57

INDUSTRIAL & COMMERCIAL BANK OF CHINA 中國 金融 0.45

INFOSYS LTD 印度 資訊科技 0.44

NASPERS LTD-N SHS 南非 可選消費品 0.40

SK HYNIX INC 韓國 資訊科技 0.39

SBERBANK PJSC -SPONSORED ADR 俄羅斯 金融 0.39

資料來源：滙豐環球投資管理，數據截至2018年6月30日。

請注意，一些證券未能根據這些行業和/或地區分類，因此歸類在「現金及其他」類別下。

31.96

5.30

4.79

4.76

4.55

4.33

4.25

4.09

3.89

3.78

28.31

美元墨西哥比索

韓圜港元

印尼盾巴西雷亞爾土耳其里拉印度盧比

俄羅斯盧布南非蘭特其他貨幣

6.30

3.29

2.30

1.69

1.32

1.30

1.29

0.60

0.59

0.50

1.10

0.18

中國

韓國

台灣

印度

巴西

俄羅斯

南非

馬來西亞

印尼

土耳其

其他地區

現金及其他

5.76

5.71

2.00

1.93

1.91

1.02

0.76

0.47

0.46

0.31

0.11

金融

資訊科技

能源

物料

可選消費品

電訊服務

工業

公用事業

房地產

消費必需品

健康護理

6.95

5.65

2.77

1.99

3.11

0-10,000

10,000-50,000

50,000-100,000

100,000-250,000

250,000+

固定收益

固定收益特點 固定收益特點

平均到期收益率 6.10 有效存續期 4.66

投資組合收益率 5.98 平均信貸評級 BBB/BBB-

固定收益信貸評級分佈 (%) 固定收益行業分佈 (%)

Fixed Income Effective Duration Allocation by Location 固定收益地區分佈 (%)

固定收益十大持倉 地區 證券類型 比重 (%)

MALAYSIA GOVERNMENT 3.5800 28-SEP-18 馬來西亞 政府債券 3.44

LETRA TESOURO NACIONAL 0.0000 01-JAN-19 巴西 短期國庫券 2.53

MEX BONOS DESARR FIX RT 8.0000 11-JUN-20 墨西哥 政府債券 2.38

TURKEY GOVERNMENT BOND 10.7000 17-FEB-21 土耳其 政府債券 1.67

NOTA DO TESOURO NACIONAL 10.0000 01-JAN-21 巴西 國庫票據 1.21

REPUBLIC OF SOUTH AFRICA 10.5000 21-DEC-26 南非 政府債券 1.07

REPUBLIC OF SOUTH AFRICA 7.0000 28-FEB-31 南非 政府債券 1.02

INDONESIA GOVERNMENT 8.3750 15-MAR-24 印尼 政府債券 1.00

PETROBRAS GLOBAL FINANCE 7.3750 17-JAN-27 巴西 企業債券 0.89

TURKEY GOVERNMENT BOND 8.0000 12-MAR-25 土耳其 政府債券 0.83

資料來源：滙豐環球投資管理，數據截至2018年6月30日。

請注意，固定收益分佈是根據固定收入部分的貢獻計算，不包含股票的部分。

-3.89

5.43

16.76

41.17

10.44

5.12

AAA

AA

A

BBB

BB

B

8.34

6.05

5.96

5.69

5.06

4.41

3.81

3.70

3.22

3.14

27.27

墨西哥

俄羅斯

印尼

土耳其

巴西

哥倫比亞

印度

南非

波蘭

中國

其他地區

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0

0

0

0

0

0

Brazil

0

Switzerland

0

Other Locations

25.34

24.30

17.45

7.78

7.04

-5.27

當地主權債券

當地貨幣外匯

主權債券（主流貨幣）

企業債券（主流貨幣）

半主權債券（主流貨幣）

現金及其他

重要資訊

本文件只提供一般性資料，並不針對任何可能收到本文件的人士的具體投資目標、財務狀況和特別需求。在此表達之意見可因應情況修改而不作另行通知。本文件並非銷售文件，且不構成建議、要約出售或招攬購買或認購任何投資。本文件所載任何預測、預計或目標僅供説明用途，且並非任何形式的保證。滙豐環球投資管理（香港）有限公司（「滙豐環球投資管理」）就預測、預計或目標未能達成概不承擔任何責任。本文件內的資料乃取自滙豐環球投資管理合理地相信可靠的來源。然而，無論明示或暗示，滙豐環球投資管理不保證、擔保或代表本文件內該等資料的準確性、有效性或完整性。投資附帶風險，過去的業績並不代表將來的表現。請參閱銷售文件以便獲取其它資料，包括風險因素。此文件並未經證券及期貨事務監察委員會批閱。版權 © HSBC Global Asset Management (Hong Kong) Limited

（滙豐環球投資管理（香港）有限公司）2018。版權所有。本文件由HSBC Global Asset Management (Hong Kong) Limited

（滙豐環球投資管理（香港）有限公司）刊發。

詞彙表

可換股債券，持有人可轉換成發行公司特定數量普通股或等同現金值的一種債券。

企業債券，公司所發行用以融資的債券。

票息，對債券支付的年利率，表現為面值的百分比。

信貸質素，判斷債券或債券互惠基金投資質素的主要準則之一。

發達市場，在經濟和資本市場方面最發達的國家。

存續期，一個量度一項定息投資的價格（本金值）對利率變化的敏感度之數值。

新興市場，此等國家的經濟正經歷快速增長。投資於新興市場通常被認為是風險較高。

政府債券或金邊債券，一種予某國家政府的貸款，以換取定期付款（稱為票息），以及承諾原有投資（本金）將在指定的日期償還。金邊債券為一種予英國政府的貸款。

高收益債券，指認可信貸評級機構給予低信貸評級的定息證券。這些證券被認為是擁有較高的違約風險，但卻可能有較高回報。

信息比率，是一個投資組合的回報高於/低於某個基準相對於此等回報的波動性之比率。

投資級別債券，如其信貸評級為標準普爾的BBB-或以上，或穆迪的Baa3或以上，將被認為是投資級別或IG。

期限，為一項金融投資工具仍未償付的期間。

修正存續期，指一隻債券在發行人並無實際違約時所達致的最低潛在存續期。

有效存續期，是根據債券發行人提早贖回的機率計算的存續期值。

期權調整利差存續期，估計一隻債券於其相對於國庫券之利差就著100個點子移動的價格敏感度（擴闊或縮窄），並考慮到提早贖回的可能性。

夏普比率，作爲計算風險調整後回報的衡量指標，並為業内的計算標準。

追踪誤差，量度一個投資組合追踪其基準指數的密切程度。

波幅，作爲衡量基金的價格變動（上升或下跌）相對基金平均表現的百分比。

到期收益率，一隻債券持有直至到期的預期總回報。

投資組合收益率，一隻債券在發行人實際上並無違約時的最低潛在收益率。

評級，是指評級機構根據具體的標準，如債券狀況、國家風險等對債務人（信用）做出的評級。國際上最廣泛採用的是穆迪和標普的評級標準，包含從AAA和Aaa（最高評級）至D（債務人處於財務困境，已無還債能力）。

資產淨值（NAV），是指資產的淨值，通常用於基金，表示全部資產和應收款項減去債務、負債和成本後的價值，通常以每股價值表示。

交換契約，是指一種交換（一般為權益）交易的衍生物合約。例如在利息交換契約中，通常契約一方支付固定利息，而另一方支付浮動利率。

期貨，是一項金融合約，規定買方以預定的未來日期和價格購買資產（或賣方出售資產），例如實物商品或金融資產。

股份，是指一家企業或金融資產中所有權權益的單位，用於以股利方式提供平均分配之任何利潤（若宣布）。普通股和特別股為股份的兩種主要類型。實體紙本股份已由電子記錄股份取代，正如共同基金股份透過電子方式記錄。

債券，是一種固定收益投資，其中投資者向一家實體（通常為企業或政府機構）提供貸款，而該家實體以浮動或固定利率於指定期限借貸該資金。公司、地方政府、州及主權政府透過債券方式籌資，為各類專案和活動提供資金。債券所有人稱為發行人的債務持有者或債權人。

市盈率，指公司的每股市價除以每股年盈利。

股息收益率，代表過去12個月所分派收益與本基金現時資產淨值的比例。這是追蹤12個收益率的總額。

市場資本化值，是指一家公司流動股份的市場價值總額，通常稱為「市值」。市值計算方法是將公司的流通在外股份乘以一股股份的當期市價。

非投資等級債券，是指惠譽、穆迪或標普等信用評等機構將該債券視為投機級別，即在資本保值方面可靠性較低。

補充資料

AM2HKD 港元

AM2HKD 港元

AM2HKD 港元

AM2HKD 港元

AM2HKD 港元

AM2HKD 港元

AM2 美元

AM2 美元

AM2 美元

AM2 美元

AM2 美元

AM2 美元

AM3OAUD 澳元

AM3OAUD 澳元

AM3OAUD 澳元

AM3OAUD 澳元

AM3OAUD 澳元

AM3OAUD 澳元

AM3OEUR 歐元

AM3OEUR 歐元

AM3OEUR 歐元

AM3OEUR 歐元

AM3OEUR 歐元

AM3OEUR 歐元

AM3OGBP 英鎊

AM3OGBP 英鎊

AM3OGBP 英鎊

AM3OGBP 英鎊

AM3OGBP 英鎊

AM3OGBP 英鎊

AM3ORMB 離岸人民幣

股份類別 基本貨幣 派息頻率 除息日 每股股息年化股息率

（派息不獲保證及可從股本中分派）

每月 2018年3月28日 0.015310 1.89%

每月 2018年2月28日 0.018082 2.21%

每月 2018年4月27日 0.020933 2.63%

每月 2018年4月4日 0.009211 1.14%

2018年6月29日 0.026990 3.63%

每月 2018年5月25日 0.025872 3.36%

2018年3月28日 0.010452 1.29%

每月 2018年2月28日 0.012858 1.57%

2.27%

每月 2018年4月27日 0.011520 1.45%

每月 2018年4月4日 0.006286 0.78%

2018年2月28日 0.025417 3.10%

每月 2018年6月29日 0.020021 2.70%

2018年4月4日 0.013247 1.63%

每月 2018年3月28日 0.022007 2.71%

2018年5月25日 0.037263 4.84%

每月 2018年4月27日 0.033000 4.15%

每月 2018年2月28日 0.025111 3.06%

每月 2018年6月29日 0.037068 4.99%

每月 2018年3月28日 0.022114 2.72%

每月 2018年5月25日 0.038535 5.00%

每月 2018年4月27日 0.035416 4.44%

2018年4月4日 0.013322 1.63%

每月 2018年3月28日 0.022132 2.71%

每月 2018年4月4日 0.013311 1.64%

5.24%

每月 2018年5月25日 0.038684 5.00%

每月 2018年4月27日 0.035554 4.44%

每月 2018年2月28日 0.025121 3.06%

每月 2018年6月29日 0.039055 5.25%

2018年6月29日 0.039182

每月

每月

每月

每月

每月

每月 2018年5月25日 0.017426

每月

滙豐環球投資基金 - 環球新興市場多元資產入息2018年6月30日

每月 2018年6月29日 0.052700 6.85%

以上表格只提供過去12個月內最近的股息資料。派息不獲保證及可從股本中分派，導致資產淨值減少。正股息派發不代表正回報。過去的支付收益率和付款不代表未來的支付收益率和付款 歷史付款可以包括分配的收入和資本。年化股息率的計算方法：（股息╱除息日的基金每股淨值價格）x n

n視乎派息頻率。每年派息為1；每半年派息為2；每季派息為4；每月派息為12。年化股息率乃基於在有關日期的股息並將股息再作投資計算，可能高於或低過實際全年派息率。

每月

PRODUCT KEY FACTS

產品資料概要

HSBC Global Investment Funds –

Global Emerging Markets Multi-Asset Income

滙豐環球投資基金 – 環球新興市場多元資產入息

June 2018 2018年6月

This statement provides you with key information about the HSBC Global Investment Funds –Global Emerging Markets Multi-Asset Income

本概要提供有關滙豐環球投資基金 － 環球新興市場多元資產入息的重要資料 This statement is part of the offering document

本概要是銷售文件的一部分 You should not invest in this product based on this statement alone

投資者切勿單憑本概要作投資決定

Quick facts 基本資料

Fund manager 基金經理 HSBC Investment Funds (Luxembourg) S.A.

Investment adviser 投資顧問 HSBC Global Asset Management (UK) Limited (Internal delegation, UK / 內部委託，英國)

Sub-investment adviser 副投資顧問 HSBC Global Asset Management (USA) Inc. (Internal delegation, US 內部委託,美國)

Custodian 保管人 HSBC Bank Plc, Luxembourg Branch Ongoing charges over a year

全年經常性開支比率 Class AC / AC 類 1.70%^

Class AM2 / AM2 類 1.70%^

Class AM2HKD / AM2HKD 類 1.70^

Class AM3OAUD / AM3OAUD 類 1.76%^

Class AM3OGBP / AM3OGBP 類 1.76%^

Class AM3OEUR / AM3OEUR 類 1.76%^

Class AM3ORMB / AM3ORMB 類 1.76%^

Dealing frequency 進行交易 Daily on every dealing day / 每一個交易日 Base currency 基本貨幣 USD / 美元

Dividend policy 股息政策 Class AC–No dividends will be declared or paid;

Class AM2 / AM2HKD / AM3OAUD / AM3OGBP / AM3OEUR / AM3ORMB – Declared 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 Class. Payment of dividends out of capital or effectively out of capital will result in an immediate reduction of the net asset value of the relevant Class.

AC 類 – 將不宣佈或派發股息﹔

AM2 / AM2HKD / AM3OAUD / AM3OGBP / AM3OEUR / AM3ORMB類 – 按酌情基準每月

宣佈，如獲宣佈，將會每月派發股息。股息可從相關類別的資本中或實際上從相關類別

的資本#中支付。從資本中或實際上從資本中支付股息，將導致相關類別的資產淨值即時

減少。

Financial year end 財政年度終結日 31 March / 3 月 31 日 Minimum investment (initial and subsequent)

最低認購額（首次及其後） Class A–USD1,000 or HKD10,000 or AUD1,500 or GBP650 or EUR850 or RMB10,000

A 類–1,000 美元或 10,000 港元或 1,500 澳元或 650 英鎊或 850 歐元或 10,000 人民幣 # The Board of Directors may at its discretion pay dividend out of gross income while charging/ paying all or part of the Fund’s fees and expenses to/ out of the

capital of the Fund (resulting in an increase in distributable income for the payment of dividends by the Fund), and thereby effectively pay distributions out of capital

of the Fund.

董事會可酌情決定從總收入撥付股息，同時從本基金的資本中扣除╱支付本基金的全部或部分費用及支出（導致可供本基金支付股息的可分派收入增加），

因此實際上從本基金的資本中支付股息。

^ The figure is an estimate only (as this fund is newly set up) 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. This figure may vary from year to year. The actual figure may be different from the estimated figure.

此僅為估計數字（因為此基金最近成立），指可向類別收取的估計經常性開支總額，並以類別的估計平均資產淨值的百分比表示。此數字每年均可能有所變

動。實際數字可能有別於估計數字。

2

What is this product? 本基金是甚麼產品？

This is a sub-fund (the “Fund”) of an umbrella fund constituted in the form of a mutual fund. It is domiciled in Luxembourg and its home regulator is

Commission de Surveillance du Secteur Financier.

本附屬基金（「基金」）所屬的傘子基金以互惠基金形式組成。本基金在盧森堡註冊成立，在當地由Commission de Surveillance du Secteur

Financier監管。

Objectives and Investment Strategy 目標及投資策略 Investment Objectives and Strategy 投資目標及策略

The Fund aims to provide income and moderate capital growth through an active asset allocation in a diversified portfolio of fixed income securities and equity securities, money market and cash instruments and other instruments in Emerging Markets.

本基金旨在透過對新興市場的固定收益證券及股票證券、貨幣市場和現金工具以及其他工具組成的多元化投資組合進行積極式資產配置，以提

供收益及溫和的資本增長。

The Fund invests in normal market conditions a minimum of 90% of its net assets in or gains exposure to the following assets in Emerging Markets:

本基金於正常市況下將其至少90%的淨資產投資於或取得投資於以下新興市場資產：

Fixed income and equity securities either directly, through financial derivative instruments, and/or through investments in UCITS and/or other Eligible UCIs.

直接、透過金融衍生工具及／或透過投資於 UCITS 及／或其他合資格 UCIs, 而取得投資於固定收益及股票證券。

Money market and cash instruments either directly, through financial derivative instruments, and/or through investments in UCITS and/or other Eligible UCIs.

直接投資、透過金融衍生工具及／或透過投資於 UCITS 及／或其他合資格 UCIs, 而取得投資於貨幣市場和現金工具。

Currency forwards and non-deliverable forwards linked to the currency of securities issued in Emerging Markets.

與在新興市場所發行證券的貨幣掛鈎的貨幣遠期及非可交付遠期。

Other UCITS eligible asset classes including, but not limited to, real estate, commodities, Asset Backed Securities (“ABS”), Mortgage Backed Securities (“MBS”) and alternative investment strategies through investment in either transferable securities, financial derivative instruments, UCITS and other Eligible UCIs.

透過投資於可轉讓證券、金融衍生工具、UCITS 及其他合資格 UCIs，而取得投資於其他 UCITS 合資格資產類別，包括但不限於房地產、

商品、資產抵押證券（「資產抵押證券」）、按揭證券（「按揭證券」）及另類投資策略。

Currency exposure will be actively managed and will be achieved through the abovementioned assets held in the portfolio or through financial derivative instruments (for example, currency forwards).

貨幣風險將主動管理，並透過投資組合持有的上述資產或透過金融衍生工具（例如，貨幣遠期）達致。

The Fund invests in Investment Grade, Non-Investment Grade rated and unrated fixed income and other similar securities issued or guaranteed by governments, government agencies or supranational bodies of Emerging Markets or by companies which are domiciled in, based in, or carry out the larger part of their business activities in, Emerging Markets. These securities are denominated either in US Dollars, other developed market currencies, some of which will be hedged to US Dollars, or Emerging Market currencies.

本基金投資於由新興市場的政府、政府機構或超國家組織或由在新興市場註冊、設於新興市場或在新興市場進行大部分商業活動的公司所發行

或擔保的投資級別、非投資級別及未獲評級固定收益及其他相近類型證券。該等證券以美元、其他已發展市場貨幣（其中一些用美元對沖）或

新興市場貨幣計價。

Investment in onshore Chinese fixed income securities include, but are not limited to, onshore fixed income securities denominated in RMB, issued within the People’s Republic of China ("PRC") and traded on the China Interbank Bond Market ("CIBM"). The Fund may invest in the CIBM either through Bond Connect and/or the CIBM Initiative. The Fund may invest up to 20% of its net assets in onshore Chinese bonds issued by, amongst others, municipal and local governments, companies and policy banks.

投資中國在岸固定收益證券包括但不限於以人民幣計價、在中華人民共和國（「中國」）境內發行及在中國銀行間債券市場（「CIBM」）買賣

的在岸固定收益證券。本基金可透過債券通及／或中國銀行間債券市場計劃投資於中國銀行間債券市場。本基金可將其最多 20%的淨資產投資

於由（其中包括）市級及地方政府、公司及政策銀行發行的中國在岸債券。

The Fund will not invest more than 20% of its net assets in fixed income securities which are rated below Investment Grade, as assigned by either market recognised rating agencies or by a PRC local credit rating agency, or which are unrated.

本基金可將其最多 20%的淨資產投資於評級為低於投資級別（獲市場認可評級機構或中國本地信貸評級機構評定）或未評級的固定收益證券。

The Fund will not invest more than 10% of its net assets in securities issued by or guaranteed by any single sovereign issuer with a credit rating below Investment Grade.

本基金可將其最多 10%的淨資產投資於由任何單一主權發行人所發行或擔保的低於投資級別信貸評級的證券。

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The Fund may invest up to 10% of its net assets in convertible bonds (excluding contingent convertible securities).

本基金可將其最多 10%的淨資產投資於可轉換債券（不包括或有可轉換證券）。

The Fund may invest up to 10% of its net assets in contingent convertible securities; however such investment is not expected to exceed 5%.

本基金可將其最多10%的淨資產投資於或有可轉換證券，惟該投資預期不會超過5%。

The Fund invests in equities and equity equivalent securities of companies which are domiciled in, based in, or operating in Emerging Markets. The Fund normally invests across a range of market capitalisations without any capitalisation restriction. These securities are denominated in developed or Emerging Market currencies.

本基金投資於由在新興市場註冊、設於新興市場或在新興市場經營的公司的股票及等同股票的證券。本基金通常投資於不同市值的公司，沒有

任何市值限制。該等證券以已發展或新興市場貨幣計值。

Investments in Chinese equities include, but are not limited to, China A-shares and China B-shares (and such other securities as may be available) listed on stock exchanges in the PRC. The Fund may directly invest in China A-shares through the Shanghai-Hong Kong Stock Connect and/or the Shenzhen-Hong Kong Stock Connect, subject to applicable quota limitations. Furthermore, the Fund may gain exposure to China A-shares indirectly through China A-shares Access Products ("CAAP") such as, but not limited to, participation notes linked to China A-shares.

於中國股票的投資包括但不限於在中國的證券交易所上市的中國 A 股及中國 B 股（及可能供認購的該等其他證券）。本基金可透過滬港通及／

或深港通直接投資於中國 A 股，惟須受適用額度限制所規限。此外，本基金可透過中國 A 股連接產品（「中國 A 股連接產品」，例如但不限於

與中國 A 股掛鈎的參與票據）間接投資於中國 A 股。

The Fund may invest up to 15% of its net assets in China A-shares through the Shanghai-Hong Kong Stock Connect and/or the Shenzhen-Hong Kong Stock Connect and up to 15% of its net assets in CAAPs. The Fund's maximum exposure to China A-shares (through the Shanghai-Hong Kong Stock Connect, the Shenzhen-Hong Kong Stock Connect or CAAP) and China B-shares is 30% of its net assets. The Fund will not invest more than 10% of its net assets in CAAPs issued by any single issuer of CAAPs.

本基金可將其最多15%的淨資產透過滬港通及／或深港通投資於中國A股及將其最多15%的淨資產投資於中國A股連接產品。本基金對中國A股

（透過滬港股票市場交易互聯互通機制、深港股票市場交易互聯互通機制或中國A股連接產品）及中國B股的最大投資參與為其淨資產的30%。

本基金最多將其10%的淨資產投資於由中國A股連接產品任何單一發行人發行的中國A股連接產品。

The Fund may also invest in eligible closed-ended Real Estate Investment Trusts ("REITs").

本基金亦可投資於合資格封閉式房地產投資信託基金（「REITs」）。

The Fund may invest up to 90% of its net assets in units or shares of UCITS and/or other Eligible UCIs (including other sub-funds of HSBC Global Investment Funds and other sub-funds managed or affiliated with the HSBC Group).

本基金可將其最多 90%的淨資產投資於 UCITS 及／或其他合資格 UCIs（包括滙豐環球投資基金的其他附屬基金及由滙豐集團所管理或與匯豐

集團有聯屬關係的其他附屬基金）的單位或股份。

The Fund may also invest in additional financial derivative instruments such as futures, swaps, options, credit default swaps, as well as other structured products. The Fund intends to use such financial derivative instruments for, inter alia, return enhancement, hedging, tax-advantage access to instruments and whenever the Investment Adviser believes the investment in financial derivative instruments will assist the Fund in achieving its investment objectives. The Fund does not intend to use financial derivative instruments extensively for investment purposes.

本基金亦可投資於其他金融衍生工具，例如期貨、掉期、期權、信貸違約掉期，以及其他結構性產品。本基金擬將此等金融衍生工具用作（當

中包括）提高回報、對沖，亦會使用工具的稅務優勢，以及在投資顧問認為投資於金融衍生工具將有助本基金達致其投資目標時使用此等金融

衍生工具。本基金不擬廣泛使用金融衍生工具作投資用途。

The Fund’s main currency exposure, being no less than 50% of its net assets, is to Emerging Markets.

本基金的主要貨幣投資為新興市場（不少於其淨資產的 50%）。

Asset class exposure limits 資產類別投資限額 For the specific groups of asset classes described in the table below, the Fund has a total maximum exposure limit as follows:

本基金對下表所述的特定資產類別的最高總投資限額如下：

Asset Class*

資產類別*

Maximum exposure (% of net assets of the Fund)

最高投資（佔本基金淨資產之%）

Equity 股票 50%

Fixed Income 固定收益 100%

Asset Backed Securities / Mortgage Backed Securities

資產抵押證券／按揭證券 10%

Real Estate Investment Trusts

房地產投資信託基金 10%

Commodities**

商品** 10%

Alternative Investment Strategies

另類投資策略 10%

Money Market Instruments, Cash Instruments and Cash

貨幣市場工具、現金工具及現金 25%

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* Exposure may be achieved through direct investments, financial derivative instruments and/or investment in units or shares of UCITS and/or other Eligible UCIs.

對該等資產類別的配置可透過直接投資、金融衍生工具及／或投資於 UCITS 及／或其他合資格 UCIs 的單位或股份實現。

** The Fund will not invest directly in commodities.

本基金將不會直接投資於商品。

What are the Key Risks? 本基金有哪些主要風險? Investments involve risks. Please refer to the offering document for details including the risk factors.

投資附帶風險。請參閱銷售文件以便獲取其他資料，包括風險因素。

Investment risk 投資風險

The Fund is an investment fund. There is no guarantee of the repayment of principal.

本基金為投資基金，並不保證償付投資本金。 The Fund’s investment portfolio may fall in value due to any of the key risk factors below and therefore your investment in the Fund may suffer

losses. 本基金的投資組合價值可能因下列任何主要風險因素而下跌，而閣下在本基金的投資亦可能蒙受虧損。

Asset allocation strategy risk 資產配置風險

The performance of the Fund is dependent on the success of the asset allocation strategy employed by the Fund. There is no assurance that

the strategy employed by the Fund will be successful and therefore, there is no assurance that the investment objectives will be achieved.

本基金的表現取決於本基金所運用的資產配置策略之成功。並不保證本基金所運用的策略將會成功，因此，並不保證投資目標將會達致。

The investments of the Fund may be periodically rebalanced and therefore the Fund may incur greater transaction costs than a fund with a

buy-and-hold allocation strategy.

本基金的投資可能定期調整，因此本基金產生的交易成本可能高於採用買入及持有策略的基金。

Emerging market risk 新興市場風險

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, settlement, custodial, market volatility (such as interest rate and price volatility), legal and

regulatory risks.

相對投資於較成熟市場，投資於新興市場須承受較高損失風險，由於（包括其他因素）較高的政治、稅務、經濟、外匯、流動性、結算、託管、市場波動（如利率及價格波動）、法律及監管風險。

Securities exchanges in emerging markets in which the Fund invests typically have the right to suspend or limit trading in any security traded

on the relevant exchange. The government or the regulators may also implement policies that may affect the financial markets. All these may

have a negative impact on the Fund.

本基金投資的新興市場之證券交易所通常有權暫停或限制在相關交易所買賣的任何證券的交易。政府或監管機構亦可能實施可能影響金融市場的政策。所有有關因素可能對本基金造成負面影響。

Foreign exchange risk 外匯風險

Because the Fund’s assets and liabilities and classes of shares may be denominated in currencies different from the base currency, the Fund

may be affected favourably or unfavourably by exchange control regulations or changes in the exchange rates between the base currency and

other currencies.

由於本基金的資產與負債及股份類別可按有別於基本貨幣的貨幣計值，故此，外匯管制規例或該基本貨幣兌其他貨幣的匯率變動可能對本基金構成有利或不利的影響。

Equity risk 股票風險

The Fund’s investment in equity securities is subject to general market risks, whose value may fluctuate due to various factors, such as

changes in investment sentiment, political and economic conditions and issuer-specific factors.

本基金投資於股票證券，須承受一般市場風險，其價值可能因受到不同因素（例如投資氣氛、政治及經濟狀況之改變及發行人相關風險因素）的影響而波動。

Concentration risk 集中性風險

The Fund’s investments are concentrated in emerging markets (e.g. China). The value of the Fund may be more volatile than that of a fund

having a more diverse portfolio of investments.

本基金集中投資於新興市場（例如中國）。本基金的價值可能比具有更廣泛投資組合的基金更反覆波動。

The value of the Fund may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event

affecting the emerging markets.

本基金的價值可能較容易受到新興市場的不利經濟、政治、政策、外匯、流動性、稅務、法律或監管事件的影響。

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High volatility of the equity market in China 中國股票市場的高波動性

High market volatility and potential settlement difficulties in the China equity market may also result in significant fluctuations in the prices of the

securities traded on such markets and thereby may adversely affect the value of the Fund.

中國股票市場的高市場波動性及潛在結算困難亦可能導致在該等市場所買賣證券的價格出現大幅波動，繼而可能對本基金的價值造成不利影響。

Regulatory policies of the equity market in China 中國股票市場的監管政策

Securities exchanges in China typically have the right to suspend or limit trading in any security traded on the relevant exchange. The

government or the regulators may also implement policies that may affect the financial markets. All these may have a negative impact on the

Fund. 中國證券交易所通常有權暫停或限制在相關交易所買賣的任何證券的交易。政府或監管機構亦可能實施可能影響金融市場的政策。所有有關因素可能對本基金造成負面影響。

Risks relating to debt securities: 有關債務證券的風險：

Credit risk 信貸風險

The Fund’s exposure to fixed income securities is subject to the credit risk of the issuers of the securities. When the issuer of a fixed income

security defaults, the Fund may suffer a loss amounting to the value of such investment.

本基金的固定收益證券投資須承受證券發行人的信貸風險。當固定收益證券的發行人違約，本基金可能須承受相等於該投資價值的損失。

Downgrading Risk 評級下降風險

The credit rating of a fixed income security or its issuer may subsequently be downgraded. In the event of such downgrading, the Fund’s

investment value in such security may be adversely affected. The Management Company or the Investment Adviser may or may not be able

to dispose of the securities that are being downgraded.

固定收益證券或其發行人的信貸評級可能其後被下調。如果出現信貸評級下降，可能會對本基金於該證券的投資價值有負面影響。管理公

司或投資顧問不一定能夠出售被下調評級的證券。

Interest rate risk 利率風險 The Fund’s investments in fixed income instruments may fall in value if interest rates change. Generally, the price of fixed income instruments

decreases when interest rates rise, whilst their prices increase when interest rates fall.

本基金投資於固定收益工具，一旦利率變動，其價值可能會隨之下跌。一般而言，利率上升時，固定收益工具的價格會下跌，而利率下跌時，其價格則會上升。

Liquidity risk 流動性風險

The Fund is exposed to the risk that a particular investment or position cannot be easily unwound or offset due to insufficient market depth or

market disruption. Investment of the Fund’s assets in relatively illiquid investments may restrict the ability of the Fund to dispose of its

investments at a price and time that it wishes to do so. This may result in a loss to the Fund.

本基金須承受某特定投資或倉盤因市場深度不足或因市場干擾而未能輕易進行平倉或抵銷的風險。本基金的資產投資於相對欠缺流動性的投資，會限制本基金在所希望的價格及時間出售其投資的能力。這可能導致本基金虧損。

Volatility risks 波動性風險

The fixed income securities in which the Fund invests may not be traded on an active secondary market. The prices of securities traded in

such markets may be subject to fluctuations. The bid and offer spreads of the price of such securities may be large and the Fund may incur

significant trading costs and may suffer losses as a result.

本基金投資的固定收益證券或許並不在活躍的二級市場進行交易。於該等市場買賣的證券的價格可能反覆波動。該等證券的買賣差價可能

大，而本基金可能產生重大交易成本，並可能因而蒙受損失。

Valuation risk 估值風險

Valuation of the Fund’s investments may involve uncertainties and judgmental determinations. If such valuation turns out to be incorrect, this

may affect the net asset value of the Fund.

本基金的投資的估值或會涉及不明朗因素及判定性的決定。如證實該等估值不正確，此可能影響本基金的資產淨值。

Credit rating risk 信貸評級風險

Credit ratings assigned by rating agencies are subject to limitations and do not guarantee the creditworthiness of the security and/or issuer at

all times.

評級機構給予的信貸評級涉及限制，並不保證證券及／或發行人在所有時候的信用程度。

Sovereign debt risk 主權債務風險

The Fund’s investment in securities issued or guaranteed by governments may be exposed to political, social and economic risks. In adverse

situations, the sovereign issuers may not be able or willing to repay the principal and/or interest when due or may request the Fund to

participate in restructuring such debts. The Fund may suffer significant losses when there is a default of sovereign debt issuers.

本基金投資於由政府發行或擔保的證券，可能承受政治、社會及經濟風險。在不利情況下，主權發行人未必能夠或願意在到期應付時償還本金額及／或利息或可能要求本基金參與該等債務的重組。當主權債券發行人違約時，本基金可能蒙受重大損失。

Risk of investment in other collective investment schemes 投資於其他集體投資計劃的風險

The Fund will be subject to the risks associated with the underlying funds. The Fund does not have control of the investments of the underlying

funds and there is no assurance that the investment objective and strategy of the underlying funds will be successfully achieved which may

have a negative impact to the net asset value of the Fund.

本基金將承受與相關基金有關的風險。本基金對相關基金的投資沒有控制權，故不能保證相關基金的投資目標及策略將能成功達致，這可能對本基金的資產淨值產生負面影響。

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The underlying collective investment schemes in which the Fund may invest may not be regulated by the SFC. There may be additional costs

involved when investing into these underlying collective investment schemes. There is also no guarantee that the underlying collective

investment schemes will always have sufficient liquidity to meet the Fund’s redemption requests as and when made.

本基金所投資的相關集體投資計劃不一定受到證監會監管。在投資於該等相關集體投資計劃時可能涉及額外費用。並不保證相關集體投資計劃將時刻具備足夠流動性，以應付本基金的贖回要求。

Risk associated with small-capitalisation / mid-capitalisation companies 與中小型公司相關的風險

The shares of small-capitalisation/ mid-capitalisation companies may have lower liquidity and their prices are generally more volatile, especially

during adverse economic developments, than those of larger capitalisation companies in general. 一般而言，相比較大型公司，中小型公司的股份流動性可能較低，而其價格一般較為波動，當經濟出現不利發展時尤其更甚。

Risks relating to hedging and the currency hedged share classes 有關對沖及貨幣對沖股份類別的風險

A currency hedged share class seeks to minimise the effect of currency fluctuations between the reference currency of the share class and

the base currency of the relevant sub-fund. Movements in currency exchange rates can materially impact investment returns and investors

should ensure they fully understand the difference between investment in currency hedged share classes versus investment in those share

classes which are unhedged.

貨幣對沖股份類別旨在盡量減少股份類別的參考貨幣與相關附屬基金的基本貨幣之間的匯率波動影響。貨幣匯率的變動可對投資回報產生重大影響，而投資者應確保彼等完全了解投資於貨幣對沖股份類別與投資於該等不進行貨幣對沖的股份類別之間的差異。

Currency hedged share classes are not recommended for investors whose home currency (which refers to the main currency an investor

uses on a day-to-day basis) is different to the class currency of the currency hedged share class. Investors who choose to convert their

home currency to the reference currency of a currency hedged share class and subsequently invest in such a share class should be aware

that they may be exposed to higher currency risks and may suffer material losses as a result of exchange rate fluctuations between the

reference currency of the currency hedged share class and their home currency.

不建議其本國貨幣（指投資者日常使用的主要貨幣）有別於貨幣對沖股份類別的類別貨幣之投資者投資於貨幣對沖股份類別。如投資者選擇將其本國貨幣兌換為貨幣對沖股份類別的參考貨幣，隨後投資於貨幣對沖股份類別，則投資者應知悉，彼等或會因貨幣對沖股份類別的參考貨幣與本國貨幣之間匯率波動而承受更高的貨幣風險及可能蒙受重大損失。

There can be no assurance or guarantee that the Administration Agent or other appointed parties will be able to successfully implement

passive currency hedging for currency hedged share classes at any time or at all.

概不保證或擔保行政代理或其他獲指定人士將能夠隨時或一直成功地就貨幣對沖股份類別實施被動式貨幣對沖。

Currency conversion risk for RMB denominated Classes 人民幣計價類別的匯兌風險 RMB is currently not freely convertible and is subject to exchange controls and restrictions. The Fund offers RMB denominated share

classes. Subscriptions and redemptions for the Fund may involve conversion of currency. Currency conversion will be conducted at the

applicable exchange rate and subject to the applicable spread.

人民幣現時不可自由兌換，並須受外匯管制及限制之規限。本基金提供人民幣計價的股份類別。認購及贖回本基金可能涉及貨幣兌換。貨幣兌換將按適用的匯率及在適用的差價規限下進行。

Non-RMB based investors are exposed to foreign exchange risk and there is no guarantee that the value of RMB against the investors’ home

currency will not depreciate. Any depreciation of RMB could adversely affect the value of investors’ investment in the RMB denominated share

classes. 非以人民幣為基礎的投資者須承受外匯風險，且概不保證人民幣相對投資者的本國貨幣之價值不會貶值。人民幣出現任何貶值可能對投

資者於人民幣計價的股份類別的投資價值造成不利影響。

As RMB is not freely convertible and is subject to exchange controls and restrictions, currency conversion is subject to availability of RMB at

the relevant time. The Fund’s payment of redemption proceeds or dividends may be delayed in the event that there is insufficient RMB

available to it. 由於人民幣不可自由兌換及受到匯兌管制及限制，匯兌受到相關時間人民幣的可得性規限。倘若無法獲得充足的人民幣，本基金可能延

遲支付贖回款項或股息。

The RMB is traded in both the onshore and offshore markets. While both onshore RMB (“CNY”) and offshore RMB (“CNH”) represent the

same currency, they are traded in different and separate markets which operate independently. Therefore, CNY and CNH do not necessarily

have the same exchange rate and their movement may not be in the same direction. When converting the base currency of the Fund to RMB

for the purposes of calculating the net asset value of a share class with a RMB reference currency, the fund manager will apply the CNH rate.

Any divergence between CNH and CNY may adversely impact investors. 人民幣在境內在岸市場及離岸市場交易。儘管境內在岸人民幣（「CNY」）與離岸人民幣（「CNH」）是相同貨幣，兩者在不同及獨立

的市場交易，兩個市場獨立運作。因此，CNY與CNH的匯率未必相同，其走向未必一致。當為了以人民幣參考貨幣計算股份類別資產淨值而將本基金的基本貨幣兌換為人民幣時，基金經理將採用CNH的匯率。CNH與CNY之間的任何分歧可能會對投資者造成不利影響。

Derivative instrument risk 衍生工具風險

Risks associated with financial derivative instruments include counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-the-

counter transaction risk. The leverage element/component of a financial derivative instrument can result in a loss significantly greater than the

amount invested in the financial derivative instrument by the Fund. Exposure to financial derivatives instruments may lead to a high risk of

significant loss by the Fund.

與金融衍生工具相關的風險包括對手方／信貸風險、流動性風險、估值風險、波動性風險及場外交易風險。金融衍生工具包含的槓桿元素／部分或會導致產生大為高於本基金投資於金融衍生工具的金額之損失。投資於金融衍生工具可能導致本基金承受產生重大虧損的高風險。

7

Risks associated with distribution out of capital 與從資本中作出分派相關的風險

For certain Classes of Shares, the Board of Directors may determine if, and to what extent, dividends may be paid out of capital or paid gross

of expenses where the income/ capital gain generated by the Fund is insufficient to pay a distribution as declared by the Fund. If there is a

change to this policy, prior approval will be sought from the SFC and affected investors will receive at least one month’s prior written notification.

就若干股份類別而言，董事會可在本基金所產生的收益／資本收益不足以支付本基金所宣佈的分派時決定從資本中或未扣除開支前撥付股息，以及有關撥付金額。倘若此項政策有更改，將會事先尋求證監會的批准，而受影響的投資者將會收到最少一個月的事先書面通知。

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 attributable to the original investment. Such distributions will result in an immediate

decrease in the Net Asset Value per Share of the Fund.

投資者應注意，從資本中或實際上從資本中撥付股息即代表投資者從當初投資基金之款項中獲付還或提取部分金額或從原本投資應佔的任何資本收益中獲付還或提取金額。該等分派將導致本基金的每股資產淨值即時減少。

The distribution amount and the net asset value of the currency hedged share classes may be adversely affected by differences in the interest rates of the class currency of the currency hedged share classes and the Fund’s base currency, resulting in an increase in the amount of distribution that is paid out of capital and hence a greater erosion of capital than other non-hedged classes.

貨幣對沖股份類別的分派金額及資產淨值可能受到貨幣對沖股份類別的類別貨幣與本基金的基本貨幣的利率差異的不利影響，導致從資本

撥付的分派金額增加，進而令資本被侵蝕的程度高於其他非對沖類別。

How has the Fund performed? 本基金過往的業績表現如何?

There is insufficient data to provide a useful indication of past performance to investors.

沒有足夠數據用作向投資者提供過往表現之有用指標。

Fund launch date: January 2018

基金成立日期：2018年1月

Class AM2 launch date: January 2018

AM2 類成立日期：2018年1月

Class AM2 is a share class open for investment by Hong Kong retail investors and denominated in the Fund’s base currency.

AM2類乃開放予香港零售投資者投資及以本基金的基本貨幣計價的股份類別。

Is there any guarantee? 本基金有否提供保證？

The Fund does not have any guarantees. You may not get back the full amount of money you invest.

本基金並不提供任何保證。閣下未必能全數取回投資本金。

8

What are the fees and charges? 本基金涉及哪些費用？

Charges which may be payable by you 認購本基金時閣下或須支付的費用 You may have to pay the following fees when dealing in the Fund.

閣下買賣本基金時可能須要支付以下費用。

Fees 費用 What you pay 你須支付

Subscription fee 認購費 Up to 3.01% of the offer price* 最高達發售價的3.01%*

Switching fee 轉換費 Up to 1% of the offer price* 最高達發售價的1%*

Redemption fee 贖回費 Nil* 無*

Ongoing fees payable by the Fund 本基金持續繳付的費用 The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments.

以下收費將從本基金總值中扣除，閣下的投資回報將會因而減少。

Fees 費用 Annual rate (as a % of the Net Asset Value of the Fund) 年率（以本基金資產淨值之%）

Management fee 管理費 1.35%

Custodian fee 保管費 Not applicable, included in Administrative fee 不適用，已包括在行政費內

Administrative fee 行政費 0.35%#

Performance fee 表現費 Not applicable 不適用

Other fees 其他收費

You may have to pay other fees and charges when dealing in the Fund.

閣下買賣本基金時可能須要支付其他費用。

* You may need to bear additional costs under certain situations in order to mitigate any adverse impacts to the Fund caused by the transactions. Please refer to the offering document for further details.

為減輕交易可能對本基金造成的不利影響，閣下可能在某些情況下承擔額外費用。進一步詳情請參閱銷售文件。 # The fees and charges may be increased up to maximum level as specified in the offering document by giving at least one month’s prior notice to investor.

Please refer to the offering document for further details. This amount does not include the fees of the Administration Agent or other appointed parties relating to the execution of the currency hedging policy, which will be borne by the relevant hedged share class. Where the Administration Agent or other appointed parties takes these fees, the rate for fees relating to the execution of the currency hedging policy is 0.055% per annum of the net asset value of the hedged share class.

費用可增至銷售文件所定的最高水平，但須予最少1個月預先通知投資者。進一步詳情請參閱銷售文件。此金額並不包括行政代理或其他指定方有關執

行貨幣對沖政策的費用，該費用將由有關對沖股份類別承擔。若行政代理或其他指定方收取該等費用，執行貨幣對沖政策所收取的費用年率為對沖股份

類別資產淨值的0.055%。

Additional information 其他資料 You generally buy and redeem shares at the 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 4:00pm (HK Time), being the Fund’s dealing cut-off time.

一般而言，閣下認購及贖回本基金股份的價格，是在中介人於香港時間下午4時或之前（即本基金的交易截止時間）收到閣下的完整指示後，參照本基金資產淨值而釐定的下一個認購價及贖回價。

Intermediaries who sell the 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.

銷售本基金的中介人可能就接受認購、贖回或轉換指示實施較早的截止時間。投資者須注意有關中介人的安排。

Investors may obtain the past performance information of other share classes offered to Hong Kong investors at

www.assetmanagement.hsbc.com/hk (the website has not been reviewed by the SFC).

投資者可瀏覽 www.assetmanagement.hsbc.com/hk（網頁並未經證監會批閱）以取得向香港投資者發售的其他股份類別的往績表現資料。

Investors may obtain information on the intermediaries online at www.assetmanagement.hsbc.com/hk (the website has not been reviewed by

the SFC).

投資者可瀏覽 www.assetmanagement.hsbc.com/hk（網頁並未經證監會批閱）以獲取中介人的資料。

The net asset value of the Fund is calculated and the price of the Fund is published on each dealing day. The Fund prices are available online

at www.assetmanagement.hsbc.com/hk (the website has not been reviewed by the SFC).

本基金的資產淨值及價格均於每個交易日計算及刊登。本基金價格刊登於 www.assetmanagement.hsbc.com/hk（網頁並未經證監會批閱）。

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 Hong Kong Representative on request and on the website www.assetmanagement.hsbc.com/hk (the website has

not been reviewed by the SFC).

過去12個月的最近期股息之構成（即有關從(i)可供分派淨收入及(ii)資本撥付的相對款項）（如有）資料可向香港代表索取，並載於網站www.assetmanagement.hsbc.com/hk（網頁並未經證監會批閱）。

Notwithstanding the disclosure in the section headed “Operating Currency Hedged Share Class Fee” in the Information for Hong Kong Investors,

with effect from 29 June 2018 the RMB hedging policy of RMB currency hedged share classes of the Fund is managed by the fund manager.

The relevant disclosures in the Information for Hong Kong Investors will be updated to reflect this arrangement as soon as practicable.

儘管香港投資者須知內「營運貨幣對沖股份類別費用」一節的披露，由2018年6月29日起，本基金的人民幣貨幣對沖股份類別的人民幣對沖政策乃由基金經理管理。香港投資者須知內的相關披露將在實際可行情況下盡快作出更新，以反映此項安排。

9 Issued by HSBC Global Asset Management (Hong Kong) Limited

由滙豐環球投資管理（香港）有限公司刊發

Important 重要資料

If you are in doubt, you should seek professional advice.

閣下如有疑問，請應諮詢專業意見。

The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness.

證監會對本概要的內容並不承擔任何責任，對其準確性或完整性亦不作出任何陳述