FSM Managed Portfolios Monthly Investment Outlook Feb 2021
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
FSM Managed Portfolios Monthly Investment Outlook Feb 2021
Table of Contents
• Performance Review of Markets P.3
• Performance Review of Portfolios P.4
• Monthly Performance of Portfolios P.8
• Portfolio Statistics P.9
• Managed Portfolios vs. Global Balanced Funds on Our Platform P.10
• Managed Portfolios vs. Global Multi-Asset Funds of Funds in HK P.12
• Performance of RSP Portfolios P.14
• Performance of Portfolios’ Holdings P.15
• Portfolio Actions on Market Allocation P.19
• Portfolio Actions on Fund Switching P.22
2Performance of Major Global Stock and
Bond Markets (as at 28 Feb 2021)
Since our portfolios
Major Stock Indices 1M
incepted
World MSCI AC World Index 2.21% 65.64%
US S&P 500 2.61% 93.25%
Europe STOXX 600 2.31% 11.63%
Japan Nikkei 225 4.71% 53.34%
Asia ex-Japan MSCI Asia ex Japan Index 1.22% 79.89%
Emerging Markets MSCI Emerging Markets Index 0.73% 63.58%
MSCI Emerging Europe, Middle East & Africa
EMEA 1.83% 2.15%
Index
Latin America MSCI Emerging Markets Latin America Index -3.10% 7.61%
China HS China (HK-listed) 100 Index -0.17% 41.55%
China A CSI 300 Index -0.28% 58.52%
Since our portfolios
Major Bond Categories 1M
incepted
Global Aggregate Bond Total
J.P. Morgan Global Aggregate Bond Index -1.72% 22.59%
Return
Asia Bonds J.P. Morgan Asia Credit Index -1.40% 32.85%
EM Hard Currency J.P. Morgan EMBI Global Total Return Index -2.56% 34.19%
EM Local Currency J.P. Morgan GBI-EM Global Core Index -2.58% 25.13%
Bloomberg USD High Yield Corporate Bond
USD HY 0.37% 45.02%
Index
Asia BB Credit Suisse Asia Bond Index – Asia BB 0.30% 38.28%
Source: Bloomberg and iFAST Compilations
Data as at 28 Feb 2021
Managed Portfolios were launched on 31 August 2015
Performance in index currency terms
3Portfolio Calendar Year Performance
Portfolios 2015* 2016 2017 2018 2019 2020
Aggressive 0.7%* 1.2% 30.9% -10.4% 23.6% 19.5%
Benchmark -0.9%* 6.4% 25.3% -12.6% 19.0% 14.5%
Moderately -1.0%* 3.8% 26.0% -8.5% 20.7% 15.4%
Aggressive
Benchmark -0.8%* 5.5% 21.4% -10.4% 16.4% 13.4%
Balanced -2.0%* 4.0% 18.4% -4.9% 17.9% 13.0%
Benchmark -0.7%* 4.5% 17.5% -8.1% 13.8% 12.3%
Moderately -2.7%* 5.0% 12.8% -3.2% 13.0% 9.3%
Conservative
Benchmark -0.6%* 3.5% 13.5% -5.5% 11.1% 11.2%
Conservative -3.1%* 5.6% 8.5% -2.1% 9.5% 6.5%
Benchmark -0.4%* 2.6% 9.1% -2.6% 8.3% 9.9%
Outperformance Against the Benchmark See http://www.fundsupermart.com.hk/ for detailed fund allocation.
Source: Bloomberg and iFAST compilations;
Managed Portfolios were launched on 31 August 2015. The portfolios’ performance is based on HKD 200,000 of investment, which includes dividends and excludes sales charges. The performance figures are based
on the price of funds, as at its valuation date on an NAV-to-NAV basis and denominated in HKD with dividends “reinvested” on the dividend date. The latest available NAVs are carried forward if the respective funds are
on holiday. Performance figures with less than one calendar year of its first year of inception are calculated from the launch date to the end of the particular calendar year. Benchmark performance is calculated based
on the price of the indices, as at their respective valuation date in HKD terms. Past performance is not indicative of future return. The portfolios’ performance is for illustrative purposes only, and it does not represent the
actual or future performance of clients' portfolios.
From 1 Oct 2019, the Fixed Income Index of the Composite Benchmark is changed from JPM Global Aggregate Bond Total Return Index by Bloomberg Barclays Global Aggregate Total Return Index
4Lump-sum Portfolios YTD Performance
(as at End-Feb 21)
Index
Portfolio Portfolio Performance
Performance
Aggressive 2.53% 2.11%
Moderately Aggressive 2.08% 1.24%
Balanced 1.46% 0.28%
Moderately Conservative 0.38% -0.78%
Conservative -0.11% -1.95%
See http://www.fundsupermart.com.hk/ for detailed fund allocation.
Source: Bloomberg and iFAST compilations;
The portfolio's performance is calculated based on HKD 200,000 of investment ,includes dividends and excludes sales charges. The performance figures are calculated based on the price of the
funds as at its valuation date on an NAV-to-NAV basis and denominated in HKD with dividends “reinvested” on the dividend date. The latest available NAVs are carried forward if respective
funds are on holiday. Performance figures less than one calendar year in the first year of its launch are calculated since launch until the end of the particular calendar year. Benchmark
performance is calculated based on the price of the indices as at their respective valuation date in HKD terms. Past performance is not indicative of future return. The portfolio's performance is
for illustrative purposes only and does not represent the actual or future performance of clients' portfolios.Lump-sum Portfolios Since-Inception
Performance (as at End-Feb 21)
Index
Portfolio Portfolio Performance
Performance
Aggressive 80.18% 60.45%
Moderately Aggressive 67.51% 52.03%
Balanced 53.85% 43.62%
Moderately Conservative 37.76% 35.21%
Conservative 25.74% 26.79%
See http://www.fundsupermart.com.hk/ for detailed fund allocation.
Source: Bloomberg and iFAST compilations;
The portfolio's performance is calculated based on HKD 200,000 of investment ,includes dividends and excludes sales charges. The performance figures are calculated based on the price of the
funds as at its valuation date on an NAV-to-NAV basis and denominated in HKD with dividends “reinvested” on the dividend date. The latest available NAVs are carried forward if respective
funds are on holiday. Performance figures less than one calendar year in the first year of its launch are calculated since launch until the end of the particular calendar year. Benchmark
performance is calculated based on the price of the indices as at their respective valuation date in HKD terms. Past performance is not indicative of future return. The portfolio's performance is
for illustrative purposes only and does not represent the actual or future performance of clients' portfolios. 6Portfolio Performance
(as at 28 Feb 2021)
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
Index Index Index Index Index Index
Portfolio Performance Performance Performance Performance Performance Performance
Performance Performance Performance Performance Performance Performance
(1M) (3M) (6M) (1Y) (3Y) (5Y)
Aggressive 1.31% 1.33% 9.14% 7.47% 16.63% 14.67% 32.42% 27.77% 32.39% 19.23% 96.63% 72.02%
Moderately
1.22% 0.77% 7.88% 5.79% 13.85% 11.79% 25.2% 22.83% 27.49% 17.86% 82.92% 59.4%
Aggressive
Balanced 1.02% 0.15% 5.15% 3.97% 10.47% 8.73% 19.51% 17.74% 26.49% 16.36% 64.24% 47.37%
Moderately
0.25% -0.54% 2.78% 2.01% 6.13% 5.50% 11.52% 12.49% 18.84% 14.72% 46.37% 35.82
Conservative
Conservative -0.11% -1.30% 1.50% -0.14% 3.82% 2.05% 6.34% 7.09% 13.72% 12.92% 32.21% 24.75%
See http://www.fundsupermart.com.hk/ for detailed fund allocation.
Source: Bloomberg and iFAST compilations
Managed Portfolios were launched on 31 August 2015. The portfolios’ performance is based on HKD 200,000 of investment, which includes dividends and excludes sales charges. The performance figures are based
on the price of funds, as at its valuation date on an NAV-to-NAV basis and denominated in HKD with dividends “reinvested” on the dividend date. The latest available NAVs are carried forward if the respective funds are
on holiday. Performance figures with less than one calendar year of its first year of inception are calculated from the launch date to the end of the particular calendar year. Benchmark performance is calculated based
on the price of the indices, as at their respective valuation date in HKD terms. Past performance is not indicative of future return. The portfolios’ performance is for illustrative purposes only, and it does not represent the
actual or future performance of clients' portfolios.
From 1 Oct 2019, the Fixed Income Index of the Composite Benchmark is changed from JPM Global Aggregate Bond Total Return Index by Bloomberg Barclays Global Aggregate Total Return Index 7Monthly Performance
Moderately Moderately
Aggressive Balanced Conservative
Aggressive Conservative
30/11/2018 2.34% 1.95% 1.07% 0.63% 0.14%
31/12/2018 -4.55% -3.62% -2.34% -1.06% -0.10%
31/1/2019 7.50% 6.55% 5.08% 3.60% 2.71%
28/2/2019 2.49% 2.22% 1.53% 1.20% 1.02%
31/3/2019 2.11% 1.98% 1.85% 1.55% 1.50%
30/4/2019 2.75% 2.38% 1.77% 1.04% -0.31%
31/5/2019 -4.68% -3.74% -1.88% -0.79% 0.03%
30/6/2019 4.54% 3.82% 3.01% 2.06% 1.42%
31/7/2019 0.93% 0.89% 0.86% 0.65% 0.61%
31/8/2019 -2.17% -1.69% -0.61% 0.12% 0.81%
30/9/2019 0.79% 0.72% 0.56% 0.15% -0.07%
31/10/2019 3.26% 2.81% 2.07% 1.31% 0.66%
30/11/2019 0.75% 0.56% 0.57% 0.27% 0.08%
31/12/2019 3.74% 2.95% 1.96% 1.11% 1.08%
31/1/2020 -2.08% -1.70% -0.58% -0.09% 0.36%
29/2/2020 -4.29% -3.29% -2.64% -1.53% -0.36%
31/3/2020 -12.61% -13.35% -11.15% -9.01% -8.94%
30/4/2020 9.61% 8.37% 6.89% 4.81% 3.61%
31/5/2020 3.07% 3.14% 3.21% 2.81% 2.71%
30/6/2020 4.83% 4.28% 3.21% 2.40% 1.98%
31/7/2020 5.88% 4.97% 4.09% 2.99% 2.43%
31/8/2020 3.56% 3.22% 2.66% 1.60% 1.11%
30/9/2020 -1.47% -1.50% -1.16% -0.77% -0.63%
30/10/2020 0.34% 0.21% -0.04% 0.06% 0.16%
30/11/2020 8.11% 6.93% 6.36% 3.98% 2.73%
31/12/2020 6.43% 5.67% 3.63% 2.39% 1.66%
31/1/2021 1.21% 0.85% 0.43% 0.12% -0.05%
28/2/2021 1.31% 1.22% 1.02% 0.25% -0.11%
See http://www.fundsupermart.com.hk/ for detailed fund allocation.
Source: Bloomberg and iFAST compilations;
Managed Portfolios were launched on 31 August 2015. The portfolios’ performance is based on HKD 200,000 of investment, which includes dividends and excludes sales charges. The
performance figures are based on the price of funds, as at its valuation date on an NAV-to-NAV basis and denominated in HKD with dividends “reinvested” on the dividend date. The latest
available NAVs are carried forward if the respective funds are on holiday. Performance figures with less than one calendar year of its first year of inception are calculated from the launch
date to the end of the particular calendar year. Benchmark performance is calculated based on the price of the indices, as at their respective valuation date in HKD terms. Past performance
is not indicative of future return. The portfolios’ performance is for illustrative purposes only, and it does not represent the actual or future performance of clients' portfolios.
8Portfolio Statistics
(as at 28 Feb 2021)
Moderately Moderately
Aggressive Balanced Conservative
Aggressive Conservative
Annualised Return 12.30% 10.64% 8.64% 6.26% 4.45%
Annualised Volatility 13.49% 12.16% 9.51% 7.11% 6.05%
Risk-Free Rate 1.37% 0.00% 0.00% 0.00% 0.00%
Sharpe Ratio 0.81 0.88 0.91 0.88 0.74
Maximum Drawdown -29.53% -27.54% -23.03% -16.26% -13.67%
See http://www.fundsupermart.com.hk/ for detailed fund allocation.
Source: Bloomberg and iFAST compilations;
Managed Portfolios were launched on 31 August 2015. The portfolios’ performance is based on HKD 200,000 of investment, which includes dividends and excludes sales charges. The
performance figures are based on the price of funds, as at its valuation date on an NAV-to-NAV basis and denominated in HKD with dividends “reinvested” on the dividend date. The latest
available NAVs are carried forward if the respective funds are on holiday. Performance figures with less than one calendar year of its first year of inception are calculated from the launch
date to the end of the particular calendar year. Benchmark performance is calculated based on the price of the indices, as at their respective valuation date in HKD terms. Past performance
is not indicative of future return. The portfolios’ performance is for illustrative purposes only, and it does not represent the actual or future performance of clients' portfolios.
9Managed Portfolios vs.
Global Balanced Funds on Our Platform
Since Inception Returns
Portfolio/Fund
(From 31 Aug 2015 – 28 Feb 2021)
Aggressive 80.18%
Moderately Aggressive 67.51%
Balanced 53.85%
JPMorgan Evergreen Fund (USD) 52.72%
Amundi HK - Balanced Fund (USD) Acc 51.92%
BlackRock Global Funds - Global Allocation Fund (USD) A2 49.79%
Moderately Conservative 37.76%
Eastspring Investments - Global Market Navigator Fund (USD) A 35.36%
Templeton Global Balanced Fund (USD) A(acc) 32.10%
JPMorgan Multi Income Fund (mth) - USD 31.95%
BlackRock Global Funds - Global Multi-Asset Income Fund (USD) A2 Acc 31.07%
Fidelity Funds - Global Multi Asset Income Fund A-MIncome(G)-USD 28.07%
Conservative 25.74%
AB SICAV I - All Market Income Portfolio (USD) A2X 25.28%
Aberdeen Standard SICAV I - Diversified Income Fund (USD) A MDis 24.84%
Franklin Income Fund (USD) A (Mdis) 23.57%
Schroder ISF-Global Multi-Asset Income (USD) A MDis 15.37%
Templeton Global Income Fund (USD) A(acc) 13.17%
Source: Bloomberg and iFAST Compilations
DPMS portfolios were launched in 31 August 2015. Data as at 28 Feb 2021
Performance figures are cumulative with dividends reinvested and exclude the effects of sales
charges.
10Performance of Global Balanced Funds over the Past
Five Calendar Years
Fund/Portfolio 2020 2019 2018 2017 2016
JPMorgan Evergreen Fund 14.97 15.71 -6.96 19.78 1.31
AB SICAV I - All Market Income Portfolio
-2.65 15.59 -6.01 11.86 6.97
(USD) A2X
Aberdeen Standard SICAV I - Diversified
0.06 9.22 -3.43 9.37 8.44
Income Fund (USD) A MDis
Amundi HK - Balanced Fund (USD) Acc 14.81 17.19 -11.07 21.56 1.78
Eastspring Investments - Global Market
8.54 14.83 -10.12 13.48 6.18
Navigator Fund (USD) A
Fidelity Funds - Global Multi Asset Income
1.07 12.19 -2.78 11.06 6.76
Fund A-MIncome(G)-USD
JPMorgan Multi Income (mth) - USD 5.09 10.40 -4.85 11.48 7.47
BlackRock Global Funds - Global Multi-Asset
19.17 12.74 -4.71 9.52 5.39
Income Fund (USD) A2 Acc
BlackRock Global Funds - Global Allocation
-0.29 16.16 -4.71 9.52 5.39
Fund (USD) A2
Franklin Income Fund (USD) A (Mdis) -2.91 8.91 -7.14 9.57 13.06
Templeton Global Balanced Fund (USD)
5.83 13.27 -10.47 16.45 3.88
A(acc)
Schroder ISF-Global Multi-Asset Income
-1.05 11.56 -5.19 6.30 7.47
(USD) A MDis
Templeton Global Income Fund (USD) A(acc) 0.69 6.10 -9.95 12.51 4.87
Source: iFAST Compilations
* For fund(s) with performance figure less than 1 calendar year in the 1st year of its launch, the
performance figure shown is calculated since launch until the end of the particular calendar
year. Performance figures are based on the price of the fund on NAV-to-NAV basis and
denominated in HKD, with dividends being 'reinvested' on the dividend date.
11Managed Portfolios vs. Global Multi-Asset
Funds of Funds in HK
Since Inception Returns
Portfolio/Fund
(From 31 Aug 2015 – 28 Feb 2021)
Aggressive 80.18%
HANG SENG GLOBAL HIGH GROW-A 76.72%
Moderately Aggressive 67.51%
FIDELITY ADV PORT-GROWTH-ORD 67.24%
HSBC PORT-WORLD SEL 5-A 57.25%
FIDELITY ADV PORT-BALANC-ORD 56.95%
Balanced 53.85%
JPM EVERGREEN FUND 52.63%
HSBC PORT-WORLD SEL 4-A 52.48%
BOCHK INVEST FUNDS-AGG GROWT 51.27%
HANG SENG GLOBAL BALANCED-A 47.27%
HSBC PORT-WORLD SEL 3-A 43.91%
Moderately Conservative 37.76%
BOCHK INVEST FUNDS-BAL GROWT 35.33%
FIDELITY ADV PORT-CAP ST-ORD 34.87%
HSBC PORT-WORLD SEL 2-A 33.01%
AXA CAPITAL GROWTH FUND-A 32.14%
HANG SENG GL CONSERVAT FD-A 31.49%
Conservative 25.74%
HSBC PORT-WORLD SEL 1-A 23.38%
BOCHK INVEST FUNDS-CONSERVAT 18.30%
AXA CAPITAL STABLE FUNDS-A 18.27%
Source: Bloomberg and iFAST Compilations
DPMS portfolios were launched in 31 August 2015. Data as at 28 Feb 2021
Performance figures are cumulative with dividends reinvested and exclude the effects of sales
charges.
12Performance of Global Multi-Asset Funds of Funds
over the Past Five Calendar Years
Fund/Portfolio 2020 2019 2018 2017 2016
HSBC Portfolios ‒ World Selection1 (USD) 4.98% 22.30% -4.11% 13.35% 4.35%
HSBC Portfolios ‒ World Selection2 (USD) 6.86% 21.11% -7.53% 19.78% 5.68%
HSBC Portfolios ‒ World Selection3 (USD) 8.29% 17.60% -10.92% 27.20% 6.45%
HSBC Portfolios ‒ World Selection4 (USD) 8.78% 14.09% -4.11% 13.35% 6.34%
HSBC Portfolios ‒ World Selection5 (USD) 9.49% 11.09% -7.53% 19.78% 5.89%
Hang Seng Global High Growth Fund A 20.43% 21.05% -10.92% 27.20% 3.52%
Hang Seng Global Conservative Fund A 11.19% 14.34% -4.11% 13.35% 2.29%
BOCHK Aggressive Growth A 11.50% 16.99% -12.09% 24.72% 2.85%
Hang Seng Global Balanced Fund A 7.29% 10.30% -7.53% 19.78% 3.00%
BOCHK Balanced Growth Fund A 9.62% 12.05% -7.68% 16.12% 1.53%
JPMorgan Evergreen Fund 14.97% 16.39% -7.06% 18.84% 1.57%
BOCHK Conservative Growth Fund A 5.95% 7.00% -3.36% 7.70% 0.20%
AXA Capital Growth USD 9.37% 12.58% -4.07% 10.00% -2.04%
AXA Capital Stable USD 6.69% 8.14% -8.91% 18.11% -2.35%
FIDELITY ADV PORT-GROWTH-ORD 15.76% 21.37% -11.94% 28.21% 1.22%
FIDELITY ADV PORT-BALANC-ORD 14.88% 17.64% -9.48% 23.38% 1.35%
FIDELITY ADV PORT-CAP ST-ORD 12.01% 10.38% -7.13% 18.83% 1.34%
Source: iFAST Compilations
* For fund(s) with performance figure less than 1 calendar year in the 1st year of its launch,
the performance figure shown is calculated since launch until the end of the particular
calendar year. Performance figures are based on the price of the fund on NAV-to-NAV basis,
with dividends being 'reinvested' on the dividend date. 13Performance of RSP Portfolios Since Inception
(as at 28 Feb 2021)
Portfolio RSP Portfolio Performance
Growth 42.1%
Balanced 26.4%
Defensive 15.6%
See http://www.fundsupermart.com.hk/ for detailed fund allocation.
Source: Bloomberg and iFAST compilations;
RSP Managed Portfolios were launched on 15 March 2016
Managed Portfolios were launched on 15 March 2016. The portfolios’ performance includes dividends and excludes sales charges. The performance figures are based on the price of funds,
as at its valuation date on an NAV-to-NAV basis and denominated in HKD with dividends “reinvested” on the dividend date. The latest available NAVs are carried forward if the respective
funds are on holiday. Performance figures with less than one calendar year of its first year of inception are calculated from the launch date to the end of the particular calendar year.
Benchmark performance is calculated based on the price of the indices, as at their respective valuation date in HKD terms. Past performance is not indicative of future return. The portfolios’
performance is for illustrative purposes only, and it does not represent the actual or future performance of clients' portfolios.
14Performance of Portfolios’ Holdings—
Equity Funds
Name Return Since Inception (%) 1M Returns(%) Year-To-Date (%)
ETF
Vanguard S&P 500 Index ETF 94.71 2.33 2.41
Fund
AB SICAV I - American Growth Portfolio (USD) A 57.85* 0.81 -1.80
Jupiter Global Fund - Jupiter European Growth (USD
40.07* 0.51 0.29
Hedged) L Acc
JPMorgan Japan (Yen) Fund 57.43* -2.26 -5.36
Schroder ISF-Emerging Asia (USD) A Acc 45.42* 1.23 5.89
First State Asian Equity Plus Fund (USD) I Dis 98.22 -0.39 1.82
Fidelity Funds –
37.20 6.48 6.99
Emerging Europe, Middle East And Africa Fund A-Acc-USD
Fidelity Funds - Latin America Fund A-USD 23.25* -2.88 -7.21
CUAM China-Hong Kong Strategy Fund (HKD) A Acc 26.91* -3.38 -0.32
Blackrock Global Funds – Next Generation Technology Fund
9.19* 0.82 6.80
(USD) A2 ACC
For past performance, see http://www.fundsupermart.com.hk.
Source: Bloomberg and iFAST compilations.
Data as at 28 Feb 2021. *The cumulative return of the fund which has been switched is calculated on
the switching date rather than the portfolio inception date.
The performance figures are cumulative returns based on the prices of the underlying securities on a
NAV-to-NAV basis and denominated in HKD, with dividends reinvested. 15Performance of Portfolios’ Holdings—
Equity Funds
Name 2020 2019 2018 2017 2016
Fund
AB SICAV I - American Growth Portfolio (USD) A 32.32% 32.35% 0.94% 31.23% 1.58%
Jupiter Global Fund - Jupiter European Growth (USD
4.67% 32.16% -1.97% 22.92% -10.23%
Hedged) L Acc
JPMorgan Japan (Yen) Fund 41.61% 27.94% -13.46% 43.46% -2.40%
First State Asian Equity Plus Fund (USD) I Dis 20.14% 19.28% -5.27% 37.91% 2.06%
Schroder ISF-Emerging Asia (USD) A Acc 35.99% 17.97% -10.63% 44.61% 10.34%
Fidelity Funds -
Emerging Europe, Middle East And Africa Fund A-Acc- 2.13% 21.06% -18.63% 27.87% 10.35%
USD
Fidelity Funds - Latin America Fund A-USD -7.92% 17.02% -7.81% 28.30% 21.14%
CUAM China-Hong Kong Strategy Fund (HKD) A ACC 79.90% 26.48% -14.55% 62.56% 3.95%
Blackrock Global Funds – Next Generation
114.26% 47.10 -21.28* - -
Technology Fund (USD) A2 ACC
For past performance, see http://www.fundsupermart.com.hk.
Source: Bloomberg and iFAST compilations.
*For fund(s) with performance figure less than one calendar year in the first year of launch,
the performance figure shown is calculated since launch until the end of the particular calendar year.
The performance figures are cumulative returns based on the prices of the underlying securities
on a NAV-to-NAV basis and denominated in HKD, with dividends reinvested.
16Performance of Portfolios’ Holdings—
Fixed Income Funds
Return Since Inception
Name 1M Returns(%) Year-To-Date (%)
(%)
Fund
BlackRock Global Funds - US Dollar Short Duration Bond Fund (USD) A3
12.82 0.08 0.14
Mdis
PIMCO Global Bond (USD) E Acc 22.62 -1.59 -1.90
Jupiter Global Fund - Jupiter Dynamic Bond (USD-Hedged) L Q-Inc 18.93* -1.85 -2.10
PIMCO Global High Yield Bond (USD) E Acc 15.89* -0.12 -0.12
First State Asian Quality Bond Fund (USD) I 26.83 -0.63 -0.56
BlackRock Global Funds - Asian Tiger Bond Fund (USD) A3 Mdis 28.79 -0.74 -0.78
BEA Union Investment Asian Bond And Currency Fund (USD) A Acc 35.59 0.75 0.47
BlackRock Global Funds - Global High Yield Bond Fund (USD) A2 15.66* 0.48 0.48
Allianz US Short Duration High Income Bond (USD) AM Dis 16.36* 0.61 1.09
Wells Fargo (Lux) Worldwide Fund - U.S. High Yield Bond Fund (USD) A
12.17* 0.65 0.95
Acc
Aberdeen Global - Emerging Markets Corporate Bond Fund (USD) A Acc 16.33 -0.27 -0.58
For past performance, see http://www.fundsupermart.com.hk.
Source: Bloomberg and iFAST compilations.
Data as at 28 Feb 2021. *The cumulative return of the fund which has been switched is calculated on
the switching date rather than the portfolio inception date.
The performance figures are cumulative returns based on the prices of the underlying securities on a
NAV-to-NAV basis and denominated in HKD, with dividends reinvested
17Performance of Portfolios’ Holdings—
Fixed Income Funds
Name 2020 2019 2018 2017 2016
Fund
BlackRock Global Funds - US Dollar Short Duration
2.55 3.80 2.23% 3.02% 0.32%
Bond Fund (USD) A3 Mdis
PIMCO Global Bond (USD) E Acc 6.20 6.86 4.43% 4.94% -0.07%
Jupiter Global Fund - Jupiter Dynamic Bond (USD-
6.49 8.15 4.28% 5.10% 1.83%
Hedged) L Q-Inc
PIMCO Global High Yield Bond (USD) E Acc 3.24 13.62 7.10% 11.63% -1.55%
First State Asian Quality Bond Fund (USD) I 5.41 10.29 6.45% 3.42% 0.86%
BlackRock Global Funds - Asian Tiger Bond Fund (USD)
6.11 10.71 7.51% 4.77% 2.27%
A3 Mdis
BEA Union Investment Asian Bond And Currency Fund
-0.86 9.36 9.10% 14.02% 4.76%
(USD) A Acc
Allianz US Short Duration High Income Bond (USD) AM
2.55 13.06 4.79% 7.31% -0.09%*
Dis
Wells Fargo (Lux) Worldwide Fund - U.S. High Yield
2.89 3.80 7.52% 13.47% -3.30%
Bond Fund (USD) A Acc
Aberdeen Standard SICAV I - Emerging Markets
4.03 6.86 10.21% 10.50% 0.19%
Corporate Bond Fund (USD) A Acc
For past performance, see http://www.fundsupermart.com.hk.
Source: Bloomberg and iFAST compilations;
*For fund(s) with performance figure less than one calendar year in the first year of its launch,
the performance figure shown is calculated since launch until the end of the particular calendar year.
The performance figures are cumulative returns based on the prices of the underlying securities
18
on a NAV-to-NAV basis and denominated in HKD, with dividends reinvested.Portfolio Actions on Market Allocation
Action Rationale
Background:
We cut LATAM and added Japan in Mar 2019. This call did well and
1. Upgrade LATAM to Neutral contributed positively to the portfolio performance.
Rationale to Upgrade LATAM this time:
1. Economic Recovery
2. Commodities Price Recovery
3. Market P/E comes back to historical average
Background:
We overweight Japan since Mar 2019 and the market has performed
well since then. It was also one of the best performing contributors to
2. Downgrade Japan to Neutral
portfolios in last year.
Rationale to Downgrade Japan this time:
1.Unattractive valuation and upside potential after the strong rally
since Nov 2020
2.Cautious on the economic outlook
Background:
We overweight global bonds since Oct 2018 and favour long-term
developed market bonds in early last year as we expected rates cuts
to come around the world. Global Bond was the best performing
3. Downgrade Global Bonds to Neutral
fixed income class in last year.
Rationale to downgrade Global Bond this time:
1. Economic recovery and reflation
2. Rising yield environment
Source: iFAST Compilations
19Equity Strategy
Market Portfolio Allocation
US Underweight
Europe Underweight
Japan Overweight ->Neutral
Asia ex-Japan Overweight
EMEA Overweight
LATAM Underweight ->Neutral
China Overweight
Digital Economy Neutral
Source: iFAST Compilations
20Fixed Income Allocation
Fixed Income Our View Neutral Target Allocation
Global Bonds/Short
Overweight -> Neutral 40% 42% -> 40%
Duration Bonds
Asian IG Bonds Underweight 20% 17.5%
Asian HY Bonds Overweight 15% 18%
Emerging Market
Overweight 10% 12.5%
Bonds
Global/US High
Underweight 15% 10% -> 12%
Yield
100%
21Portfolio Actions on Fund Switching
• 1. Asian Equity Fund (All Portfolios) – Switch Out FSSA Asian Equity
Plus; Switch In Allianz Oriental Income
• 2. European Equity Fund (All Portfolios) – Switch Out Jupiter European
Growth (USD-Hedged); Switch In Allianz Europe Equity Growth (EUR)
• 3. Asian High Yield Fund (All Portfolios) – Switch Out BEA Asian Bond
and Currency; Switch In HSBC Asian High Yield
• 4. U.S High Yield Fund (Moderately Conservative and Conservative) –
Switch Out Wells Fargo U.S High Yield; Switch In Blackrock US High Yield
Bonds
Source: iFAST Compilations
22Risk Disclosure Statement
• The Fidelity Advantage Portfolio Fund
• RISK DISCLOSURE STATEMENTS
The Fidelity Advantage Portfolio Fund is an umbrella fund with a number of sub-funds with different investment objectives and risk
profiles. These Sub-funds may gain exposure to equities, debt, money market securities and/or other instruments, including derivatives.
• Sub-funds with exposure to emerging market securities may be subject to higher risks and volatility.
• Sub-funds investing primarily in single or a limited number of geographical market(s) may subject to higher concentration risk.
• Sub-funds with exposure to RMB denominated debt securities issued or distributed outside mainland China, will subject to RMB currency
risk, RMB exchange risk and risk of limited pool of investments.
• Sub-fund with exposure to Tracker Fund of Hong Kong (“TraHK”) will be subject to risk of investing in index-tracking fund, risks relating to
TraHK and risks relating to Hang Seng Index. The value of investments will vary with market movements and under extreme
circumstances, may experience substantial loss. Please refer to the Risk Factors section of this Explanatory Memorandum for details.
• You should not invest based on this document alone and should read the Explanatory Memorandum of Fidelity Advantage Portfolio Fund
(including potential risks involved) for further information.
• HSBC Portfolios – World Selection
• RISK DISCLOSURE STATEMENTS
• The HSBC Portfolios comprise 5 differentWorld Selection sub-funds (“sub-funds”), each with diversified range of investments, investment
objective and risk profile. Each sub-fund will invest predominantly in other collective investment schemes, but may also invest directly in
derivative contracts and other securities.The sub-funds mainly invest in equity and fixed income markets, but may also gain exposure to
other asset classes such as real estate, hedge fund strategies, commodities, private equity and absolute return strategies.
• The sub-funds may invest more extensively in derivative instruments such as futures, forwards, options and swaps (such as credit default
swaps and total return swaps) and other financial derivative instruments which may involve embedded leverage.
• Investing in any one of the above instruments may involve substantial market, credit/counterparty, currency, volatility, liquidity, regulatory
and political risks. If the issuers default, or such securities or their underlying assets cannot be realised, or perform badly, investors may
suffer substantial or, in certain cases, total loss of their investments.
• The sub-funds may gain exposure to hedge fund and absolute return strategies (which may be extremely volatile) and the private equity
and the real estate sectors (which may be less liquid). Because of their special and higher risks, substantial or, in certain cases, total loss
may result with respect to investments in those asset classes.
• Unit trusts are NOT equivalent to time deposits. Investors should not invest in the sub-funds solely based on the information provided in
this document and should read the offering document of the sub-funds for details.
23Risk Disclosure Statement
• AB SICAV I - All Market Income Portfolio (USD) A2X
• RISK DISCLOSURE STATEMENTS
• The portfolio invests in emerging markets, which is subject to higher risks (e.g. liquidity risk, currency risk, political risk, regulatory risk and economic
risk) and higher volatility than portfolios investing in developed market. Fluctuations in currency exchange rates may negatively affect the value of the
investment or reduce returns – these risks are magnified in emerging or developing markets.
• Investment in the portfolio may involve fixed-income securities risk, country risks, currency risk, interest rate risk, equity securities risk, management
risk, credit risk and the risk associated with payment of dividends out of capital. The value of the portfolio can be volatile and can go down substantially
within a short period of time. It is possible that the entire value of your investment in the portfolio can be lost.
• The portfolio is entitled to use derivative instruments for hedging and efficient portfolio management purposes which may involve additional risks. In
adverse situations, the portfolio's use of derivative instruments may become ineffective in hedging or efficient portfolio management and the portfolio
may suffer significant losses.
• Investors should not rely on this document alone to make investment decisions.
• The regulatory requirements of SFC state that investors should not invest in the product unless the intermediary who sells it to you has advised you
that the product is suitable for you and explained how it is consistent with your investment objectives. Note: Fundsupermart.com is a self-directed online
distributor and we only provide limited personal financial advisory services upon a particular request from client.
• Amundi HK - Balanced Fund (USD) Acc
• RISK DISCLOSURE STATEMENTS
• Through its investments in equity, and money-market instruments (including cash), the Sub-Fund is exposed to risks, including (but not necessarily
limited to) equity, market and volatility risk, currency risk, interest rate risk, credit risks, liquidity risks, counterparty risks, and political, economic and
social risks. It should also be noted that investments by the Sub-Fund made in small and medium sized companies as well as in emerging markets may
involve a higher degree of risk, due to higher risks of failure or bankruptcy and to a more reduced volume of quoted securities, as well as to the
accentuated movements that it implies.
• The regulatory requirements of SFC state that investors should not invest in the product unless the intermediary who sells it to you has advised you
that the product is suitable for you and explained how it is consistent with your investment objectives. Note: Fundsupermart.com is a self-directed online
distributor and we only provide limited personal financial advisory services upon a particular request from client.
24Risk Disclosure Statement
• ABERDEEN STANDARD SICAV I - DIVERSIFIED INCOME FUND (USD) A MDIS
•
Risk Disclosure Statements
• • The Fund invests in worldwide Transferable Securities including equity and equity-related securities, Investment Grade and
Sub-Investment Grade Debt and Debt-Related Securities.
• The Fund invests in emerging markets which tend to be more volatile and is subject to higher political, regulatory, credit
and liquidity risks.
• The Fund’s underlying investments are subject to interest rate risk and credit risk. Interest rate fluctuations affect the capital
value of investments. Credit risk reflects the ability of a bond issuer to meet its obligations. The Fund has a significant
position in high-yielding bonds, which means a higher risk to investor’s capital and income. Contingent convertible bonds can
automatically convert into shares or be written down if the financial strength of the issuer falls in a certain way. This may
result in substantial or total losses of the bond value.
• Investments in REITs and companies engaged in the business of real estate may be subject to increased liquidity risk and
price volatility.
• The investments of the Fund may be periodically rebalanced and therefore the Fund may incur greater transaction costs
than a fund with static allocation strategy.
• The Board of Directors of Aberdeen Standard SICAV I may at its discretion pay dividends out of the capital of the Fund or
pay dividends 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 therefore, the Fund
may effectively pay dividends out of capital. Payment of dividends out of capital amounts to a return or withdrawal of part of
an investor’s original investment or from any capital gains attributable to that original investment. Any distributions involving
payment of dividends out of the Fund’s capital or payment of dividends effectively out of the Fund’s capital (as the case may
be) may result in an immediate reduction of the net asset value per share.
• Investment in the Fund may involve a high degree of risk and may not be suitable for all investors. It is possible that the
entire value of the investment could be lost.
• Investors are responsible for their investment decisions and should ensure that the intermediary has advised on the Fund’s
suitability and consistency with their investment objective. If in doubt, please seek independent financial and professional
advice.
• Investors should not invest in the Fund based solely on this document and should read the relevant offering documents
(particularly the investment policies and risk factors) for more details before investing.
• The regulatory requirements of SFC state that investors should not invest in the product unless the intermediary who sells it
to you has advised you that the product is suitable for you and explained how it is consistent with your investment objectives.
Note: Fundsupermart.com is a self-directed online distributor and we only provide limited personal financial advisory services
upon a particular request from client.
25Risk Disclosure Statement
• FIDELITY FUNDS - GLOBAL MULTI ASSET INCOME FUND A-MINCOME(G)-USD
• Risk Disclosure Statements
• • This fund invests in global fixed income securities and global equities.
The fund is subject to investment, equities, foreign currency risks, the risks of investing in emerging markets and investing in
loans, Real Estate Investment Trusts risks and real estate securities risks. Although the fund will generally invest in income-
producing securities, it is not guaranteed that all underlying investments will generate income and higher yields generally
mean that there will be (a) reduced potential for capital appreciation for equity securities; and (b) increased potential for
capital appreciation and/or depreciation for fixed income securities. This fund may invest in bonds or debt securities which
may be subject to credit, liquidity, counterparty and market risks. The fund will invest in investment grade debt securities,
which may be subject to ratings downgrades by the rating agencies that may affect the net asset value of the fund. The fund
will also invest in noninvestment grade bonds and unrated securities which may be subject to greater credit and liquidity
risks, and may be more volatile than higher rated securities.
• This fund can invest in derivative instruments which may involve additional risks (For example, leverage may cause greater
volatility).
• Dividend of certain share classes, at the Board’s discretion, may be 1) paid out of gross income, i.e. the fund may pay
dividend effectively out of capital; or 2) paid directly out of capital where the net income generated by the fund is insufficient
to pay a distribution as declared (For MCDIST share class, payment will be made out of capital). This will represent a return
or withdrawal of part of the amount they originally invested or from any capital gains attributable to the original investment.
This may result in an immediate decrease in the fund’s NAV per share.
• Investors may suffer substantial loss of their investments in the fund and should not invest in the fund solely based on the
information provided in this document and should read the prospectus (including potential risks involved) for details.
• The regulatory requirements of SFC state that investors should not invest in the product unless the intermediary who sells it
to you has advised you that the product is suitable for you and explained how it is consistent with your investment objectives.
Note: Fundsupermart.com is a self-directed online distributor and we only provide limited personal financial advisory services
upon a particular request from client.
26Risk Disclosure Statement
• EASTSPRING INVESTMENTS - GLOBAL MARKET NAVIGATOR FUND (USD) A
• Risk Disclosure Statements
• • The Fund invests in equities and is exposed to the risk of market price fluctuations.
• The Fund invests in bonds and is subject to interest rate fluctuation and exposed to credit default, valuation and credit
rating risks as well as credit risk of the counterparties with which it trades and sovereign debt risk. Pertaining to investments
in high yield/unrated/non-investment grade /non-investment grade sovereign bonds, these securities may be subject to
higher credit risks and liquidity risks, compared with investment grade bonds, with an increased risk of loss of investments.
Investment grade bonds are subject to the risks of credit rating downgrades.
• The Fund may use financial derivatives instruments (FDIs) extensively for hedging and efficient portfolio management
purposes whilst FDIs will not be extensively used for investment purposes. Using FDIs may expose the Fund to market risk,
management risk, credit risk, counterparty risk, liquidity risk, volatility risk, operational risk, leverage risk, valuation risk and
over-the-counter transaction risk. The use of such instruments may be ineffective and the Fund may incur significant losses.
• The Fund’s investment in emerging markets subject it to greater political, tax, economic, foreign exchange, liquidity and
regulatory risks.
• Investments in the Eurozone may be subject to risk related to those countries, such as sovereign debt risks and, in adverse
event, credit downgrade of a sovereign or exit of EU members from the Eurozone.
• The Fund may incur substantial losses if it is unable to sell those investments with high liquidity risks at opportune times or
prices.
• The Fund may invest in bonds and equities denominated in currencies other than the Fund’s base currency and may be
exposed to currency and exchange rates risk.
• The Fund's Board of Directors may, at its discretion, pay dividends out of capital or gross income while charging all or part
of the fees and expenses to the Fund’s capital, resulting in higher distributable income. Thus, the Fund may effectively pay
dividends out of capital. Payment of dividends out of capital (effectively or not) amounts to a return or withdrawal of part of an
investor’s original investment or from any capital gains attributable to that original investment, which may result in an
immediate reduction of the net asset value per share.
• Investment involves risk. Investors should not rely solely on this document in making investment decision. Past
performance information presented is not indicative of future performance.
• The regulatory requirements of SFC state that investors should not invest in the product unless the intermediary who sells it
to you has advised you that the product is suitable for you and explained how it is consistent with your investment objectives.
Note: Fundsupermart.com is a self-directed online distributor and we only provide limited personal financial advisory services
upon a particular request from client.
•
27Risk Disclosure Statement
• BlackRock Global Funds - Global Allocation Fund (USD) A2
• RISK DISCLOSURE STATEMENTS
• The Fund invests in debt securities that are subject to both actual and perceived measures of creditworthiness. The Fund may be
affected by changes in prevailing interest rates and by credit quality considerations. The Fund invests in smaller company shares which
can be more volatile and less liquid than those of larger companies. The Fund may be subject to a higher risk of default when it invests in
distressed securities. The Fund invests in certain emerging markets that may be subject to additional risks arising from political, economic
and market factors.
• The Fund may use derivatives to hedge market and currency risk and for efficient portfolio management. However, derivatives will not
be extensively or primarily used for investment purposes. In an adverse situation, the Fund may suffer significant losses from their
derivatives usage for hedging and efficient portfolio management.
• The value of a Fund can be volatile and could go down substantially within a short period of time. It is possible that the certain amount of
your investment could be lost.
• Investors should not only base on this marketing material alone to make investment decisions.
• The regulatory requirements of SFC state that investors should not invest in the product unless the intermediary who sells it to you has
advised you that the product is suitable for you and explained how it is consistent with your investment objectives. Note:
Fundsupermart.com is a self-directed online distributor and we only provide limited personal financial advisory services upon a particular
request from client.
28Risk Disclosure Statement
• BLACKROCK GLOBAL FUNDS - GLOBAL MULTI-ASSET INCOME FUND (USD) A2 ACC
• Risk Disclosure Statements
• • The Fund may invest in debt securities that are subject to actual or perceived ratings downgrade. The Fund invests in certain emerging
markets and may be subject to political, tax, economic, social and foreign exchange risks. An increase in interest rates may adversely
affect the value of the bonds held by the Fund. The Fund may invest in non-investment grade and unrated bonds that may be subject to
higher default, volatility and liquidity risks. The Fund invests in bonds issued or guaranteed by governments or authorities, which may
involve political, economic, default or other risks.
• The Fund is subject to currency risk, distressed securities risk, foreign investments restrictions risk, geographical concentration risk in
Asia excluding Japan, liquidity risk, securities lending counterparty risk and currency conversion risk including Renminbi denominated
Classes.
• Class 6 Shares pay dividends gross of expenses and/or from capital at the Directors’ discretion. Class 8 Shares pay dividends gross of
expenses and/or from capital at the Directors’ discretion and include interest rate differentials arising from share class currency hedging.
Negative interest rate differentials may decrease the dividends paid. Paying dividends gross of expenses may result in more income
being available for distribution; however these shares may effectively pay dividends from capital – may amount to a partial return or
withdrawal of an investor’s original investment or capital gains. All declared dividends result in an immediate reduction in the NAV price of
the share class on the ex-dividend date.
• The Fund may use derivatives for hedging and for investment purposes. However, usage for investment purposes will not be extensive.
The Fund may suffer losses from its derivatives usage.
• The value of the Fund can be volatile and can go down substantially within a short period of time. It is possible that a certain amount of
your investment could be lost.
• Investors should not make investment decisions based on this document alone. Investors should refer to the Prospectus and Key Facts
Statement for details including risk factors.
• The regulatory requirements of SFC state that investors should not invest in the product unless the intermediary who sells it to you has
advised you that the product is suitable for you and explained how it is consistent with your investment objectives. Note:
Fundsupermart.com is a self-directed online distributor and we only provide limited personal financial advisory services upon a particular
request from client.
• Franklin Income Fund (USD) A (Mdis)
• RISK DISCLOSURE STATEMENTS
• The Fund may invest in non-investment grade debt securities, and as a result may be subject to liquidity and counterparty default risks.
• The Fund’s value may be affected by exchange control regulations and changes in exchange rates.
• This investment involves risks which may result in loss of part or entire amount of your investment.
• The regulatory requirements of SFC state that investors should not invest in the product unless the intermediary who sells it to you has
advised you that the product is suitable for you and explained how it is consistent with your investment objectives. Note:
Fundsupermart.com is a self-directed online distributor and we only provide limited personal financial advisory services upon a particular
request from client.
29Risk Disclosure Statement
• JPMorgan Evergreen Fund
• RISK DISCLOSURE STATEMENTS
• The Fund invests in collective investment schemes and exchange traded funds, which have underlying exposures primarily to equities and fixed
income instruments. As a result the Fund is exposed to interest rate and credit risk as well as equity and currency market risk.
• Investors may be subject to substantial losses.
• Please refer to the offering document(s) for details.
• The regulatory requirements of SFC state that investors should not invest in the product unless the intermediary who sells it to you has advised you
that the product is suitable for you and explained how it is consistent with your investment objectives. Note: Fundsupermart.com is a self-directed online
distributor and we only provide limited personal financial advisory services upon a particular request from client.
• JPMorgan Multi Income (Mth) – USD
• RISK DISCLOSURE STATEMENTS
• The Fund invests in a diversified portfolio of income producing equities, bonds and other securities.
• The Fund is therefore exposed to a range of investment related risks which includes equity market
related risks, credit market related risks (including the risk of investing in below investment grade or unrated debt securities which is subject to a higher
degree of credit risk than investment in higher rated securities), interest rate risk which may affect the price of bonds and real estate market related risks
(associated with the risk of investing in REITs and other property related securities; direct investment in real estate is not permitted).
• There is no assurance on the distribution or the distribution rate or dividend yield of the Fund.
• Investors may be subject to substantial losses.
• Investors should not solely rely on this document to make any investment decision.
• The regulatory requirements of SFC state that investors should not invest in the product unless the intermediary who sells it to you has advised you
that the product is suitable for you and explained how it is consistent with your investment objectives. Note: Fundsupermart.com is a self-directed online
distributor and we only provide limited personal financial advisory services upon a particular request from client.
30Risk Disclosure Statement
• Schroder ISF-Global Multi-Asset Income (USD) A Mdis
• RISK DISCLOSURE STATEMENTS
The fund invests primarily in global equities and fixed income securities through the use of funds or derivatives.
• For share classes with a general dividend policy, expenses will be paid out of capital rather than out of gross income. The amount of distributable
income therefore increases and the amount so increased may be considered to be dividend paid out of capital. Share classes with a fixed dividend
policy may pay out both income and capital in distributions. Where distributions are paid out of capital, this amounts to a return or withdrawal of part of
your original investment or capital gains attributable to that and may result in an immediate decrease in the net asset value of shares.
• The fund invests in debt securities which may be subject to interest rate, credit and counterparty risks. The fund may invest in unrated and non-
investment grade securities which are exposed to greater credit risks.
• The fund may invest in mortgage related and other asset backed securities that may be subject to interest rate, credit, valuation and liquidity risks.
• The fund's active management of currency positions may result in losses if the strategy/technique is not successful.
• The fund may use derivatives to meet its investment objective but does not intend to use derivatives extensively for investment purposes. Derivatives
exposure may involve higher counterparty, liquidity and valuation risks. In adverse situations, the fund may suffer significant losses from their derivative
usage for hedging.
You should not make any investment decision solely based on this document. Please read the relevant offering document carefully for further fund
details including risk factors.
• The regulatory requirements of SFC state that investors should not invest in the product unless the intermediary who sells it to you has advised you
that the product is suitable for you and explained how it is consistent with your investment objectives. Note: Fundsupermart.com is a self-directed online
distributor and we only provide limited personal financial advisory services upon a particular request from client.
• Templeton Global Balanced Fund (USD) A(Acc)
• RISK DISCLOSURE STATEMENTS
• The Fund may invest in emerging market securities which are exposed to higher risk of economic, political and regulatory changes that may pose
additional risk to the Fund.
• The Fund may invest in derivatives, and as a result may be subject to liquidity and counterparty default risks.
• The Fund may invest in defaulted debt securities on which the issuers are not currently making interest payment, and as a result may be subject to
liquidity and counterparty default risks.
• The Fund may invest in non-investment grade debt securities, and as a result may be subject to liquidity and counterparty default risks.
• This investment involves risks which may result in loss of part or entire amount of your investment.
• The regulatory requirements of SFC state that investors should not invest in the product unless the intermediary who sells it to you has advised you
that the product is suitable for you and explained how it is consistent with your investment objectives. Note: Fundsupermart.com is a self-directed online
distributor and we only provide limited personal financial advisory services upon a particular request from client.
31Risk Disclosure Statement
• Templeton Global Income Fund (USD) A(Acc)
• RISK DISCLOSURE STATEMENTS
• The Fund may invest in emerging market securities which are exposed to higher risk of economic, political and regulatory changes that may pose
additional risk to the Fund.
• The Fund may invest up to 100% of their total net assets in structured products, mortgage- and asset-backed securities and derivatives (such as credit
default swaps, forwards and options), and is subject to significant liquidity and counterparty default risks.
• The Fund may invest in defaulted debt securities on which the issuers are not currently making interest payment, and as a result may be subject to
liquidity and counterparty default risks.
• The Fund may invest in non-investment grade debt securities, and as a result may be subject to liquidity and counterparty default risks.
• This investment involves risks which may result in loss of part or entire amount of your investment.
• The regulatory requirements of SFC state that investors should not invest in the product unless the intermediary who sells it to you has advised you
that the product is suitable for you and explained how it is consistent with your investment objectives. Note: Fundsupermart.com is a self-directed online
distributor and we only provide limited personal financial advisory services upon a particular request from client.
32Risk Disclosure Statement
Aberdeen Standard SICAV I - Emerging Markets Corporate Bond Fund (USD) A Acc
RISK DISCLOSURE STATEMENTS
• The Fund invests in Debt and Debt-related securities issued by corporations (including government-owned corporations) in a CEMBI Emerging Market as at
the date of investment.
• The Fund invests in emerging markets which tend to be more volatile and is subject to higher political, regulatory, credit and liquidity risks.
• The Fund may invest in financial derivative instruments and enter into currency forward contracts for hedging and/or investment purposes. Trading in
currency forward contracts is substantially unregulated.
• The currency exposure of the Fund may be altered, solely through the use of derivative contracts. Performance may be strongly influenced by movements in
currency rates.
• The Fund’s underlying investments are subject to interest rate risk and credit risk. Interest rate fluctuations affect the capital value of investments. Credit risk
reflects the ability of a bond issuer to meet its obligations.
• Investment in this fund may involve a high degree of risk and may not be suitable for all investors. It is possible that the entire value of the Investment could
be lost.
• Investors are responsible for their investment decisions and should ensure that the intermediary has advised on fund's suitability and consistency with their
investment objective. If in doubt, please seek independent financial and professional advice.
• Investors should not invest in this Fund based solely on this document and should read the relevant offering documents (particularly the investment policies
and risk factors) for more details before investing .
• The regulatory requirements of SFC state that investors should not invest in the product unless the intermediary who sells it to you has advised you that the
product is suitable for you and explained how it is consistent with your investment objectives. Note: Fundsupermart.com is a self-directed online distributor and
we only provide limited personal financial advisory services upon a particular request from client.
33Risk Disclosure Statement
AB SICAV I - American Growth Portfolio (USD) A
RISK DISCLOSURE STATEMENTS
• Investment in the portfolio may also involve country risk, management risk and focused portfolio risk. The value of the portfolio can be volatile
and can go down substantially within a short period of time. It is possible that the entire value of your investment in the portfolio can be lost.
• The portfolio is entitled to use financial derivative instruments for hedging and efficient portfolio management purposes which may involve
additional risks. In adverse situations, the portfolio's use of derivative instruments may become ineffective in hedging or efficient portfolio
management and the portfolio may suffer significant losses.
• Investors should not rely on this document alone to make investment decisions.
• The regulatory requirements of SFC state that investors should not invest in the product unless the intermediary who sells it to you has
advised you that the product is suitable for you and explained how it is consistent with your investment objectives. Note: Fundsupermart.com is
a self-directed online distributor and we only provide limited personal financial advisory services upon a particular request from client.
Schroder ISF-Emerging Asia (USD) A Acc
RISK DISCLOSURE STATEMENTS
• The fund may have significant exposure in financial derivatives instruments (up to 100% of its total net asset) such as options, futures,
contracts for difference, warrants, swaps, forward contracts. Risks associated with these instruments include counterparty risk, credit risk and
liquidity risk. Under extreme market conditions and circumstances, investors may lose entire amount originally invested.
• The fund’s investment in emerging and less developed markets may be subject to significant risks such as political and economic risks, legal
and regulatory risks, market and settlement risks, execution and counterparty risk, and currency risk.
• You should not make any investment decision solely based on this document. Please read the relevant offering document carefully for further
fund details including risk factors.
• The regulatory requirements of SFC state that investors should not invest in the product unless the intermediary who sells it to you has
advised you that the product is suitable for you and explained how it is consistent with your investment objectives. Note: Fundsupermart.com is
a self-directed online distributor and we only provide limited personal financial advisory services upon a particular request from client.
34You can also read
