FSM Managed Portfolios Monthly Investment Outlook July 2018

FSM Managed Portfolios Monthly Investment Outlook July 2018
FSM Managed Portfolios
Monthly Investment Outlook
July 2018




                             1
Table of Contents

•   Performance Review of Markets           P.3
•   Performance Review of Portfolios        P.4
•   Monthly Performance of the Portfolios   P.6
•   Portfolio Statistics                    P.7
•   Performance of Portfolios’ Holdings     P.8
•   Performance of RSP Portfolios           P.12
•   Changes in Managed Portfolios           P.13




                                                   2
Performance of Global Major Stock and
          Bond Markets (as at 29 Jun 2018)
                                                                                                        31 Aug 2015-29
                              Major Stock Indices                                         1M
                                                                                                           Jun 2018
          World                            MSCI AC World Index                          -0.70%               27.34%
            US                                   S&P 500                                 0.48%               37.84%
          Europe                                STOXX 600                               -0.82%                4.72%
          Japan                                  Nikkei 225                              0.46%               18.07%
      Asia ex-Japan                      MSCI Asia ex Japan Index                       -5.20%               36.30%
    Emerging Markets                   MSCI Emerging Markets Index                      -4.57%               30.63%
          EMEA                MSCI Emerging Europe, Middle East & Africa Index          -2.77%                6.61%
       Latin America            MSCI Emerging Markets Latin America Index               -3.26%               20.40%
          China                        Hang Seng Mainland 100 Index                     -6.18%               34.82%
         China A                               CSI 300 Index                            -7.66%                4.29%
                                                                                                        31 Aug 2015-29
                          Major Bond Categories                                           1M
                                                                                                           Jun 2018
Global Aggregate Bond Total
                                  J.P. Morgan Global Aggregate Bond Index               -0.28%                7.36%
          Return
        Asia Bonds                          CS Asian Bond Index                         -0.66%               10.29%
    EM Hard Currency             J.P. Morgan EMBI Global Total Return Index             -1.00%               14.33%
    EM Local Currency              J.P. Morgan GBI-EM Global Core Index                 -3.08%               13.41%
         USD HY               Bloomberg USD High Yield Corporate Bond Index              0.40%               20.30%
         Asia BB                  Credit Suisse Asia Bond Index – Asia BB               -1.20%               13.66%

                                                                                    Source: Bloomberg and iFAST Compilations
                                                                                                         Data as at 29 Jun 2018
                                                                            Managed Portfolios were launched on 31 August 2015
                                                                                            Performance in index currency terms   3
Portfolios’ Performance Since Inception
                          (as at End-Jun 2018)
                                                                                  Portfolio’s                                   Index
                                          Portfolio
                                                                                 Performance                                 Performance

                                        Aggressive                                    33.78%                                      26.66%

                                        Moderately
                                                                                      29.75%                                      22.36%
                                        Aggressive

                                          Balanced                                    22.03%                                      18.07%

                                       Moderately
                                                                                      15.90%                                      13.77%
                                      Conservative

                                      Conservative                                    10.95%                                        9.48%



                                                                                                               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.
                                                                                                                                                                                                          4
Portfolios’ Performance as at
                                             End-Jun 2018
                           Portfolio’s              Portfolio’s              Portfolio’s              Portfolio’s
                                          Index                    Index                    Index                    Index
         Portfolio        Performance              Performance              Performance              Performance
                                       Performance              Performance              Performance              Performance
                              (1M)                     (3M)                     (6M)                     (1Y)



        Aggressive             -2.15%               -2.27%               -1.00%              -3.96%                -0.59%              -4.12%               12.78%                6.82%



        Moderately
                               -1.93%               -1.89%              -1.31%               -3.67%               -1.22%               -3.63%                9.91%                5.67%
        Aggressive



         Balanced              -1.25%               -1.48%              -0.81%               -3.36%               -0.52%               -3.09%                7.53%                4.47%



       Moderately
                               -0.99%               -1.03%               -1.11%              -3.02%               -0.86%               -2.51%                4.54%                3.21%
      Conservative



      Conservative             -0.77%               -0.54%              -1.31%               -2.66%               -1.34%               -1.88%                2.09%                1.88%


                                                                                                               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.
                                                                                                                                                                                                          5
Monthly Performance of the Portfolios
                                                                                Moderately                                                   Moderately
                                                 Aggressive                                                     Balanced                                                   Conservative
                                                                                Aggressive                                                  Conservative
               30/4/2016                            0.26%                         1.06%                           0.95%                        1.17%                             1.39%
               31/5/2016                            0.32%                         0.40%                           0.49%                        0.35%                             0.41%
               30/6/2016                            -0.68%                        -0.10%                          -0.02%                       0.38%                             0.76%
               31/7/2016                            3.41%                         3.06%                           2.35%                        1.97%                             1.56%
               31/8/2016                            1.49%                         1.51%                           0.84%                        0.88%                             0.93%
               30/9/2016                            0.35%                         0.38%                           0.24%                        0.33%                             0.30%
               31/10/2016                           -0.47%                        -0.42%                          -0.29%                      -0.21%                            -0.17%
               30/11/2016                           -0.52%                        -0.79%                          -0.83%                      -0.90%                            -1.11%
               30/12/2016                           0.07%                         0.19%                           0.95%                        0.95%                             1.02%
               31/1/2017                            3.37%                         2.96%                           2.11%                        1.52%                             1.04%
               28/2/2017                            2.76%                         2.51%                           2.11%                        1.66%                             1.22%
               31/3/2017                            2.29%                         1.90%                           1.30%                        0.85%                             0.45%
               30/4/2017                            2.23%                         1.94%                           1.49%                        1.09%                             0.80%
               31/5/2017                            2.50%                         2.24%                           1.59%                        1.17%                             0.85%
               30/6/2017                            1.30%                         1.17%                           0.74%                        0.57%                             0.31%
               31/7/2017                            3.01%                         2.65%                           1.88%                        1.32%                             0.93%
               31/8/2017                            1.35%                         1.28%                           1.06%                        0.85%                             0.82%
               30/9/2017                            1.12%                         0.96%                           0.72%                        0.48%                             0.19%
               31/10/2017                           3.26%                         2.72%                           1.84%                        1.14%                             0.63%
               30/11/2017                           1.24%                         0.92%                           0.63%                        0.36%                             0.12%
               31/12/2017                           2.78%                         2.09%                           1.51%                        0.90%                             0.37%
               31/1/2018                             5.89%                         4.85%                           3.42%                       2.16%                             0.96%
               28/2/2018                            -3.17%                        -2.76%                          -2.00%                      -1.36%                            -0.93%
               31/3/2018                            -2.33%                        -1.92%                          -1.23%                      -0.70%                            -0.26%
               30/4/2018                             0.82%                         0.55%                           0.41%                       0.09%                            -0.21%
               31/5/2018                             0.19%                         0.02%                          -0.05%                      -0.25%                            -0.38%
               29/6/2018                            -1.91%                        -2.19%                          -1.45%                      -1.26%                            -1.14%
                                                                                                                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 6    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.
Portfolio Statistics
                                                          (as at End-Jun 2018)
                                                                                              Moderately                                         Moderately
                                                                     Aggressive                                          Balanced                            Conservative
                                                                                              Aggressive                                        Conservative


                  Annualised Return                                     11.38%                    10.07%                    7.51%                     5.48%                    3.81%


                 Annualised Volatility                                  10.32%                     9.17%                    6.60%                     5.12%                    3.93%


                      Risk-Free Rate                                     0.70%                     0.70%                    0.70%                     0.70%                    0.70%


                       Sharpe Ratio                                        1.03                     1.02                      1.03                     0.93                      0.79


                Maximum Drawdown                                       -15.50%                   -12.92%                    -9.74%                   -6.80%                    -4.11%




                                                                                                               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
                                                                                                                                                                                              7
                  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.
                                                                                                                                                                                                          7
Performance of Portfolios’ Holdings—
                   Equity Funds
                           Name                                 Returns Since Inception (%) Returns in June 2018(%)

                                                         ETF
               Vanguard S&P 500 Index ETF                                      40.43                                 0.20

                                                         Fund

      AB SICAV I - American Growth Portfolio (USD) A                           -1.65*                               -1.65*
Jupiter Global Fund - Jupiter European Growth (USD Hedged)
                                                                               12.19*                               -0.09
                             L Acc
      JPMorgan Japan Smaller Company (Yen) Fund                                -3.04*                               -3.04*

         Schroder ISF-Emerging Asia (USD) A Acc                                -5.10*                               -5.10*

       First State Asian Equity Plus Fund (USD) I Dis                          45.73                                -2.59
  Fidelity Funds - Emerging Europe, Middle East And Africa
                                                                               14.04                                -3.35
                      Fund A-Acc-USD
         Fidelity Funds - Latin America Fund A-USD                             14.05*                               -4.72

           First State China Growth Fund (USD) I                               68.36                                -4.01

   Janus Henderson Horizon Fund - China Fund (USD) A2                          -0.18*                               -5.68

                                                                              For past performance, see http://www.fundsupermart.com.hk.
                                                                                               Source: Bloomberg and iFAST compilations.
                                                    Data as at 29 June 2018. *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.           8
Performance of Portfolios’ Holdings—
                      Equity Funds
                           Name                                     2017               2016              2015               2014              2013

                                                           Fund

       AB SICAV I - American Growth Portfolio (USD) A              31.23%             1.58%             9.54%             12.87%            35.78%

Jupiter Global Fund - Jupiter European Growth (USD Hedged) L
                                                                   22.92%           -10.23%            29.83%             12.14%             4.90%
                               Acc

       JPMorgan Japan Smaller Company (Yen) Fund                   49.86%            -0.13%            18.03%             -3.13%            47.32%


        First State Asian Equity Plus Fund (USD) I Dis             37.91%             2.06%             -2.85%            13.75%             4.31%


          Schroder ISF-Emerging Asia (USD) A Acc                   44.61%            10.34%             -7.36%             8.50%             0.63%

                      Fidelity Funds -
                                                                   27.87%            10.35%            -15.67%            -8.62%             7.75%
  Emerging Europe, Middle East And Africa Fund A-Acc-USD

         Fidelity Funds - Latin America Fund A-USD                 28.30%            21.14%            -29.32%           -12.11%            -12.07%

           First State China Growth Fund (USD) I                   56.98%            -3.11%             -4.08%            -2.76%            21.48%

   Janus Henderson Horizon Fund - China Fund (USD) A2              53.20%             0.46%             0.19%              8.54%            15.97%



                                                                                                     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.9
Performance of Portfolios’ Holdings—
                  Fixed Income Funds
                                                                                     Returns Since
                                 Name                                                                        Returns in June 2018 (%)
                                                                                     Inception (%)
                                                          Fund
 BlackRock Global Funds - US Dollar Short Duration Bond Fund (USD) A3
                                                                                            5.08                         -0.22
                                 Mdis
                    PIMCO Global Bond (USD) E Acc                                          10.08                         0.16

    Jupiter Global Fund - Jupiter Dynamic Bond (USD-Hedged) L Q-Inc                        4.49*                         0.17

           Invesco Emerging Markets Bond Fund (USD) A Dist                                 13.83                         -3.05

               PIMCO Global High Yield Bond (USD) E Acc                                    1.02*                         0.07

               First State Asian Quality Bond Fund (USD) I                                  8.80                         -0.53

     BlackRock Global Funds - Asian Tiger Bond Fund (USD) A3 Mdis                           9.49                         -1.09

    BEA Union Investment Asian Bond And Currency Fund (USD) A Acc                          23.63                         -1.21

            Fidelity Funds - Asian High Yield Fund A-Acc-USD                               18.22                         -2.08

     BlackRock Global Funds - Global High Yield Bond Fund (USD) A2                         15.10                         0.06

                     Allianz US High Yield (USD) AT                                        10.73                         0.33

        Allianz US Short Duration High Income Bond (USD) AM Dis                            4.23*                         0.49

Wells Fargo (Lux) Worldwide Fund - U.S. High Yield Bond Fund (USD) A Acc                   -0.09*                       -0.09*
                                                                                For past performance, see http://www.fundsupermart.com.hk.
                                                                                                 Source: Bloomberg and iFAST compilations.
                                                      Data as at 29 Jun 2018. *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
                                                                                                                                                 10
                                                      securities on a NAV-to-NAV basis and denominated in HKD, with dividends reinvested
Performance of Portfolios’ Holdings—
                     Fixed Income Funds
                      Name                               2017                 2016                2015                2014                2013

                                                                 Fund
BlackRock Global Funds - US Dollar Short Duration
                                                        2.08%                3.02%               0.32%               1.03%                0.92%
           Bond Fund (USD) A3 Mdis
        PIMCO Global Bond (USD) E Acc                   4.43%                4.94%               -0.07%              8.02%               -1.39%
Jupiter Global Fund - Jupiter Dynamic Bond (USD-
                                                        3.28%                5.10%               1.83%               6.28%                7.82%
                 Hedged) L Q-Inc
Invesco Emerging Markets Bond Fund (USD) A SDis         12.95%               0.92%               5.92%               -6.37%              19.16%

   PIMCO Global High Yield Bond (USD) E Acc             7.10%               11.63%               -1.55%              2.09%                5.43%

   First State Asian Quality Bond Fund (USD) I          6.45%                3.42%               0.86%               6.86%               -2.93%
 BlackRock Global Funds - Asian Tiger Bond Fund
                                                        7.27%                4.77%               2.27%               8.19%               -2.98%
                (USD) A3 Mdis
 BEA Union Investment Asian Bond And Currency
                                                        9.10%               14.02%               4.76%               2.54%                5.51%
               Fund (USD) A Acc
Fidelity Funds - Asian High Yield Fund A-Acc-USD        7.80%               13.63%               1.40%               3.52%                2.72%
 BlackRock Global Funds - Global High Yield Bond
                                                        8.44%               12.28%               -4.74%              1.66%                7.39%
                Fund (USD) A2
       Allianz US High Yield (USD) A MDis               5.68%               13.89%               -8.81%              -0.85%               6.11%
Wells Fargo (Lux) Worldwide Fund - U.S. High Yield
                                                        7.52%               13.47%               -3.30%              3.19%                4.64%
             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
                                                                             on a NAV-to-NAV basis and denominated in HKD, with dividends reinvested. 11
Performance of RSP Portfolios
                                       Since Inception (as at End-Jun 2018)


                                                                                                      RSP Portfolio’s
                                                                Portfolio
                                                                                                       Performance


                                                                 Growth                                       17.14%



                                                               Balanced                                       10.16%



                                                               Defensive                                       2.06%




                                                                                                             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.
                                                                                                                                                                                                     12
1H 2018 Performance – Equity Markets
    Markets                Index              1H 2018 Returns               Ranking
      Tech              Nasdaq 100                 10.1%                       1
      India            BSE SENSEX                   4.0%                       2
     Taiwan                TWSE                     1.8%                       3
       US                 S&P 500                   1.7%                       4
     Russia                RTSI$                    0.0%                       5
     World              MSCI World                 -1.5%                       6
     Japan               Nikkei 225                -2.0%                       7
     Europe              Stoxx 600                 -2.4%                       8
      China              HSML100                   -3.0%                       9
  Hong Kong                 HSI                    -3.2%                      10
   Singapore             FTSE STI                  -3.9%                      11
      Brazil              Bovespa                  -4.8%                      12
     Korea                 KOSPI                   -5.7%                      13
 Asia ex-Japan      MSCI Asia ex-Japan             -5.8%                      14
    Malaysia                KLCI                   -5.9%                      15
Emerging Markets   MSCI Emerging Markets           -7.7%                      16
   Indonesia                 JCI                   -8.8%                      17
    Thailand                SET                    -9.0%                      18
    China A               CSI 300                 -12.9%                      19
 SH Composite         SSE Composite               -13.9%                      20


                                                        Source: Bloomberg and iFAST Compilations.
                                           Data as at 29 June 2018. Returns in index currency terms.
                                                                                         13
The Monthly Returns of HSI




                     Source: Bloomberg and iFAST Compilations.
                                        Data as at 10 July 2018.
                                                     14
1H Performance – Major equity markets started to stabilize
 until concerns on trade war surfaced once again in June



            MSCI AC
           World Index

           Hang Seng Index




                                          Source: Bloomberg and iFAST Compilations.
                                                           Data as at 29 June 2018.
                                                                        15
1H 2018 Performance – Fixed Income
                       Major Bond Categories                                 1H 2018 Returns


  Global Aggregate Bond
                             J.P. Morgan Global Aggregate Bond Index                -1.54%
       Total Return


       Asia Bonds                      CS Asian Bond Index                          -3.35%



    EM Hard Currency        J.P. Morgan EMBI Global Total Return Index              -5.23%



   EM Local Currency          J.P. Morgan GBI-EM Global Core Index                  -7.32%



        USD HY            Bloomberg USD High Yield Corporate Bond Index             0.16%



        Asia BB               Credit Suisse Asia Bond Index – Asia BB               -3.63%




                                                                          Source: Bloomberg and iFAST Compilations.
                                                             Data as at 29 June 2018. Returns in index currency terms.
                                                                                                           16
Portfolios’ 1H 2018 Performance
                                (as at End-Jun 2018)
                                                                                       Portfolio’s                                     Index
                                              Portfolio
                                                                                      Performance                                   Performance


                                            Aggressive                                       -0.59%                                       -4.12%


                                  Moderately Aggressive                                      -1.22%                                       -3.63%


                                              Balanced                                       -0.52%                                       -3.09%


                                            Moderately
                                                                                             -0.86%                                       -2.51%
                                           Conservative


                                           Conservative                                      -1.34%                                       -1.88%


                                                                                                               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
                                                                                                                                                                                             17
                  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.
1H 2018 Performance Comparison
  15%


  10%


    5%


    0%


   -5%


 -10%


 -15%


 -20%




                                                                                                               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
                                                                                                                                                                                             18
                  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.
環球廣泛分散、多元化配置的
                        投資策略行之有效
300
                                                                                                                 多元化投資組合:
                                                                                                                   177%
250
                                                                                                                 發達國家股票:
                                                                                                                   154%

200                                                                                                              新興市場股票:
                                                                                                                   99%

150                                                                                                              環球債券:
                                                                                                                  52%
                                                                                                                  現金:
100                                                                                                               17%

                                                                                                                  商品:
50                                                                                                               -38.6%


 0
      2004    2005   2006   2007   2008   2009   2010   2011    2012   2013   2014   2015   2016   2017   2018
                                                                                                          YTD

             多元化之投資組合                 新興市場股票                   發達國家股票                環球債券            商品             現金

                               資料來源:巴克萊資本、道瓊斯、Factset、MSCI、標準普爾、摩根資產管理及奕豐金融編纂
        多元化投資組合由以下指數權重組成:MSCI世界指數(20%)、MSCI亞洲指數(15%)、MSCI拉美指數 + MSCI歐非中東指數(15%)、摩
       根大通新興市場債券指數(10%)、巴克萊綜合債券指數(10%)、巴克萊美國高收益企業債券指數(10%)、道瓊斯瑞銀商品指數(10%)、 19
                  MSCI美國房地產投資信託指數(5%)、巴克萊美國國庫債券指數(1至3個月期)(5%)。數據截至2018年6月29日。
Valuation of Hong Kong Stocks Hits
                 Bottom Range
(X)

35                 Hang Seng Index                                  35000




30                                                                  30000
              PE

25                      Index                                       25000




20                                                                  20000
                                      +1 SD

15                                                                  15000
                                      Mean


10                                                                  10000

                                                          -1 SD

 5                                                                  5000




                                     Source: Bloomberg and iFAST Compilations.

                                                                    20
The mid-to-long-term returns are generally
outstanding when buying HSI at the 10X PE

                                            One-year Average        Two-year Average      Three-year Average
P/E Ratio
                                          Cumulative Returns of    Cumulative Returns     Cumulative Returns
Investment Strategy
•   In terms of investment strategy, we still favour Asian and Chinese equities. The
    undervaluation of Chinese and Hong Kong equities reflects risks of slower economic
    growth and credit contraction in Mainland China. Since the beginning of this year,
    earnings and ROE of index constituents have been kept at an upward or stable level,
    signaling stronger resilience from a micro perspective despite the weakening signs on
    the macro level.

•   On fixed income side, we remain favourite on EM bonds. Yield spreads for emerging
    market has picked up to 400 basis points. Over the past decade, a yield spread over
    400 bps was only seen during the financial tsunami in 2008, the European debt crisis
    in 2011 and during 2015 and 2016. While the Asian high yield spread has recovered
    from -1 standard deviation to the historical average, only the global/US high yield
    yield spread remains unchanged this year. We believe the investment value of
    emerging market bonds is showing, among which the sharply declined Asian high
    yield bond started to become more appealing.




                                                                                       22
Fund Strategy
•   The Chinese equity portion of our portfolios are composed by two funds –
    one has proven track record and strong resilience, complemented by the
    other fund with more aggressive investment approach and higher exposure
    on Chinese ADRs.
•   We switched in a U.S equity fund with higher exposure on tech sector which
    is our favourite sector in early June.
•   We also switched in a Asian equity and Japanese equity fund which are
    high-beta investment style.
•   Despite the decline after switching in early June, the new funds in the
    portfolios performed rather resilient as compared to its peers and
    benchmark.
•   By applying our market views and fund strategy, we aim to continue to
    generate alpha by beating benchmark and deliver a better risk-adjusted
    returns to our investors.




                                                                            23
Risk Disclosure Statement
Janus Henderson Horizon Fund - China Fund (USD) A2
RISK DISCLOSURE STATEMENTS
• The Fund primarily invests in companies having their registered office in China, Hong Kong and Taiwan and may also invest in companies incorporated
elsewhere that have significant assets, business, production, trading activity or other interests in China, Hong Kong or Taiwan. The Fund may invest in China
A-Shares, directly through eligible exchanges or indirectly through derivative instruments.
• The Fund may invest a substantial amount of its assets in companies in China (emerging market) which may involve a higher concentration of risk and also
may experience higher risks of economic, political, regulatory and social development changes. Investments in emerging market may be less liquid and more
volatile than funds that invest in developed and more geographically diversified markets.
• The Fund uses trading strategies that use financial derivative instruments (“FDI”) to achieve the Fund’s investment objectives and policies or extensively for
investment purposes with a view to enhancing their performance, which may be unsuccessful due to a number of reasons; including volatile market conditions,
imperfect correlation between the movements in securities on which derivatives are based, lack of liquidity within markets and counterparty default risk.
• The Fund typically holds long and covered short directional positions and pair trades mainly through the use of FDI combining with direct investments. Such
investment strategy and the use of FDI are inherently volatile and depending on market condition, the Fund could potentially be exposed to additional risk and
costs should the market move against it and incur losses consequently.
• Investments in the Fund involve varying degree of investment risks (eg. market, legal, financial, interest rate, currency, etc). In extreme market conditions, you
may lose your entire investment in the Fund.
Note: Investors should not only base on marketing material alone to make investment decisions. Investors are advised to read the Prospectus, Hong Kong
Covering Document and Key Facts Statement of the Fund for more details of the investment risks. .
• 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.




                                                                                                                                                                       24
Risk 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.




                                                                                                                                                      25
Risk Disclosure Statement

JPMorgan Japan Smaller Company (Yen) Fund
RISK DISCLOSURE STATEMENTS
• The Fund invests primarily in the shares of small to medium sized Japanese companies.
• The Fund is therefore exposed to diversification, smaller companies, currency, liquidity and equity risks.
• 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.



Wells Fargo (Lux) Worldwide Fund - U.S. High Yield Bond Fund (USD) A Acc
RISK DISCLOSURE STATEMENTS
• The Wells Fargo (Lux) Worldwide Fund - U.S. High Yield Bond Fund (the fund) may invest extensively in below-investment-grade debt
securities. Such investments involve higher risk, including liquidity risk and the risk of issuer or counterparty default or insolvency, and you may
suffer significant losses.
• The fund focuses on a specific geographical region and may be subject to greater concentration risk than funds that invest in markets that are
broadly diversified.
• The investment decision is yours, but you should not invest in this product unless the intermediary who sells it to you has advised you that it is
suitable for you and has explained why, including how buying it would be consistent with your investment objectives.
• 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.




                                                                                                                                                       26
Risk Disclosure Statement
Robeco BP US Premium Equities (USD) D
RISK DISCLOSURE STATEMENTS
• Robeco BP US Premium Equities ("the Fund") invests in small, medium-sized and large value stocks in the US.
•The Fund is subject to investment, market, equities, liquidity, counterparty, securities lending and foreign currency risk.
•The Fund’s investments are concentrated in one country and the value of the Fund may be more volatile.
•The Fund can use derivatives extensively. Derivatives exposure may involve higher counterparty, liquidity and valuation risks. In adverse situations, the Fund
may suffer significant losses (even a total loss of the Fund's assets) from its derivative usage.
•Investors may suffer substantial losses of their investments in the Fund.
•Investor should not invest in the Fund solely based on the information provided in this document and should read the offering documents (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.



Jupiter Global Fund - Jupiter European Growth (USD Hedged) L Acc
RISK DISCLOSURE STATEMENTS
• Jupiter European Growth (“The Fund”) primarily invests in equities and equity-related securities in Europe including listed preference shares, listed convertible
unsecured loan stock, listed warrants and other similar securities.
• Such investments may be subject to investment risks, volatility risks, credit risks, liquidity risks, concentration risks and foreign exchange risks.
• The Fund may make use of any one or a combination of the following instruments for hedging or efficient portfolio management purposes only: futures,
options and swaps and other financial derivative instruments (“FDI”). In adverse circumstances, the Fund’s use of financial derivative instruments may become
ineffective in hedging/efficient portfolio management and the Fund may suffer significant losses in relation to those investments.
• This investment involves risks which may result in loss of part or the entire amount of your investment. Investors should not base their investment decision on
this document alone and must refer to the Hong Kong offering documents of the Fund for further details (including risk factors) prior to 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.




                                                                                                                                                                      27
Risk Disclosure Statement
Janus Henderson Horizon Fund - Japanese Smaller Companies Fund (USD Hedged) A2
RISK DISCLOSURE STATEMENTS
• The Fund primarily invests in equity securities and equity instruments of smaller companies in Japan that generally fall within the bottom 25% of their relevant
market by way of market capitalization.
• The Fund may invest in OTC markets which are operated and regulated differently from other regulated markets and accordingly carry higher risks.
• Investments in the Fund are exposed to varying degree of risks to economic, political, regulatory and social development changes in Japan.
• Fund’s investment focus on a single country may carry higher concentration risk and market volatility, including liquidity risks for investments in smaller
companies, than funds investing in larger companies and following a more diversified policy.
• Investments in the Fund involve varying degree of investment risks (eg. market, legal, financial, interest rate, currency, etc). In extreme market conditions, you
may lose your entire investment in the Fund.
• 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 NAV per share of the Fund.
• Investors should not only base on marketing material alone to make investment decisions. Investors are advised to read the Prospectus, Offering Document
and Key Facts Statement of the Fund for more details of the investment risks.
• 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.



First State Asian Equity Plus Fund (USD) I Dis
RISK DISCLOSURE STATEMENTS
• Please refer to the Fund's offering document for the details of its ""Risk factors"", particularly the Emerging Markets Risks.
• The value of the Fund can be extremely volatile according to the change of market situation and could go down within a short period of time. It is possible that
the entire value of your investment could be lost.
• 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.




                                                                                                                                                                       28
Risk Disclosure Statement
Matthews Asia Funds - Pacific Tiger Fund (USD) A Acc
RISK DISCLOSURE STATEMENTS
• Investment in this Fund involves risk. Please refer to the Hong Kong Offering Document for further details of the risk factors.
• The Fund invests primarily in Asian countries and economies, which exposes the Fund to the political, social, economic and regulatory risks associated with
the region. Investing in Asian economies involves different and greater risks than investing in more developed markets because, among other things, they are
often less stable politically and economically, and their markets are smaller and less developed.
• The Fund invests primarily in equity securities which may result in increased volatility. As with any Fund, possible loss of principal is a risk of investing.
• The Fund may invest in smaller companies which are likely to carry higher risks than larger companies.
• The Fund does not hedge to attempt to offset certain market risks. This may expose the Fund to the risk of full losses resulting from a decline in a security’s
value.
• The Fund’s investments are concentrated in Asian economies and this may result in greater volatility than more diversified portfolios.
• The Fund may hold investments denominated in multiple currencies. Movements in the exchange rate between these currencies and the base currency of the
Fund may adversely affect performance.
• Currency controls in certain Asian economies may restrict or prohibit the Fund’s ability to repatriate capital and income and may adversely impact the value of
Fund holdings.
• 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.


Fidelity Funds - Emerging Europe, Middle East And Africa Fund A-Acc-USD
RISK DISCLOSURE STATEMENTS
• The Fidelity Funds is an umbrella fund with sub-funds investing in equities, debt, money market securities and/or other instruments, including derivatives.
• These funds may be subject to the risks of investing in emerging markets which may be more volatile, and to concentration risks of investing in a single or in a
limited number of market(s) or sector(s).
• These funds may invest in non-investment grade bonds which may be more volatile and subject to greater credit and liquidity risks.
• These funds may invest in derivative instruments and / or structured products which may involve additional risks. (For example, leverage may cause greater
volatility.)
• Investors may suffer substantial loss of their investments in the funds.
• 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.




                                                                                                                                                                     29
Risk Disclosure Statement
Fidelity Funds - Latin America Fund A-USD
RISK DISCLOSURE STATEMENTS
• This fund invests primarily in Latin American equity securities.
• The fund is subject to equities and foreign currency risk.
• The fund’s investments are concentrated in Latin America and will have greater exposure to market, political, legal, economic and social risks
of Latin America and the value of the fund may be more volatile.
• This fund can invest in derivative instruments which may involve additional risks. (For example, leverage may cause greater volatility.)
• Investors may suffer substantial loss of their investments in the fund.
• Investor 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.



First State China Growth Fund (USD) I
RISK DISCLOSURE STATEMENTS
• The Fund is a portfolio that invests in securities issued by companies with either assets in, or revenues derived from the People’s Republic of
China.
• Other than the “Risk factors” of the Fund’s offering document - particularly the China Market Risk and Emerging Markets Risks, the Fund also
involves Single Country Risk.
• The value of the Fund can be extremely volatile according to the change of market situation and could go down within a short period of time. It
is possible that the entire value of your investment could be lost.
• 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.




                                                                                                                                                    30
Risk Disclosure Statement
BlackRock Global Funds - US Dollar Short Duration Bond Fund (USD) A3 Mdis
RISK DISCLOSURE STATEMENTS
• The Fund invests in debt securities that are subject to both actual or perceived downgrading. The Fund may be affected by changes in prevailing interest rates and by credit
quality considerations. The Fund's investments are concentrated in the US. This may result in greater volatility than more broad-based investments.
• 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 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.


PIMCO Global Bond (USD) E Acc
RISK DISCLOSURE STATEMENTS
• The Fund may invest wholly through financial derivative instruments such as collateralised debt obligations, credit default swaps and asset-backed securities in order to meet its
investment objective and such investment policies or portfolio management techniques may as a result lead to a higher volatility to the net asset value of the Fund.
• This investment may involve risks that could result in loss of part or entire amount of your investment.
• In making investment decisions, investors should not rely solely on this material.
• 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.


Jupiter Global Fund - Jupiter Dynamic Bond (USD-Hedged) L Q-Inc
RISK DISCLOSURE STATEMENTS
• The Fund primarily invests in fixed interest securities which are subject to interest rate, credit and repayment risks. The Fund may fall in value and therefore investment in the
Fund may suffer losses.
• The Fund may make use of fixed-interest securities which are influenced by interest rates development in the capital market and macro-economic factors. Price changes also
depend on the term and residual time to maturity of the fixed interest securities.
• The Fund primarily invests in convertible securities. Investments in convertible bonds are subject to the same interest rate, credit and prepayment risks linked to ordinary
corporate bonds. The values of convertible securities also may be affected by changes in the credit rating, liquidity or financial condition of the issuer. The Fund may also be
exposed to the credit and insolvency risks of the issuers of securities.
• The Fund may make use of any one or a combination of the following instruments for hedging or efficient portfolio management purposes only: futures, options and swaps and
other financial derivative instruments (“FDI”). In adverse circumstances, the Fund’s use of FDI may become ineffective in hedging / efficient portfolio management and the Fund
may suffer significant losses in relation to those investments.
• The Fund may invest in assets which are not in its base currency, and therefore the investment returns may be affected by the fluctuations in currency rates and subject to
foreign exchange risks.
• Investors should not base their investment decision on this document alone and must refer to the Hong Kong offering documents of the Fund for further details (including risk
factors) prior to 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.




                                                                                                                                                                                       31
Risk Disclosure Statement
Invesco Emerging Markets Bond Fund (USD) A Dist
RISK DISCLOSURE STATEMENTS
• The Fund is an investment fund investing in emerging markets bonds.
• Investors should note the interest rate risk, credit risk, counterparty risk and emerging markets associated with the investment.
• Financial derivatives instruments may be used for the purpose of meeting the investment objective of the fund; and such investment policies or
portfolio management techniques may lead to a higher volatility to the net asset value of the fund and can involve additional risk, including but
not limited to counterparty default risk or insolvency.
• The value of the product can be volatile and could go down substantially within a short period of time.
• 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.

First State Asian Quality Bond Fund (USD) I
RISK DISCLOSURE STATEMENTS
• The Fund invests in debt securities of issuers organised, headquartered or having their primary business operations in Asia.
• The Fund invests in emerging markets which may involve a greater risk than developed markets including sharp price movements, liquidity
risk and currency risk. The Fund may invest in below investment grade and unrated debt securities. This exposes the Fund to greater liquidity
risk, default risk and price changes due to change in the issuer's creditworthiness. The Fund invests in fixed income securities which may be
impacted by movement in interest rates. It is possible that the entire value of your investment could be lost.
• For the monthly distributing Shares Class, any fees and expenses relating to this Share Class may be paid out of capital resulting in an
increase in distributable income. At times the dividend may be paid out of capital. This amounts to a partial return of an investor's original
investment, or from any capital gains attributable to that original investment, and may result in an immediate decrease of the Net Asset Value
per share.
• You should not base your investment decision solely on this document. You should not invest unless the intermediary who sells it to you has
advised you that the Fund is suitable for you and explained how it is consistent with your investment objectives.
• 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.




                                                                                                                                                    32
Risk Disclosure Statement
BlackRock Global Funds - Asian Tiger Bond Fund (USD) A3 Mdis
RISK DISCLOSURE STATEMENTS
• The Fund invests in debt securities that are subject to risk of downgrading. The Fund is exposed to changes in prevailing interest rates and by credit quality
considerations. The Fund may invest in higher yielding bonds which may have higher risk of loss. Investment in certain emerging markets may subject the
Fund to additional risks arising from political, economic and market factors. The Fund also invests in bonds issued or guaranteed by governments or authorities
which may involve political, economic, default, or other risks, and in turn have an adverse impact on the Fund.
• Certain shares of the Fund pay dividends gross of expenses or from capital at the Directors’ discretion. Paying dividends gross of expenses may result in
more income being available for distribution; however these shares may effectively pay dividends from capital. Dividends paid from capital may amount to a
partial return 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 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 a certain amount of your investment could
be lost.
• Investors should not base their investment decision on this marketing material alone.
• 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.



BEA Union Investment Asian Bond And Currency Fund (USD) A Acc
RISK DISCLOSURE STATEMENTS
• The Fund invests in emerging markets, which are subject to higher liquidity and volatility risks.
• The Fund may invest in lower-rated fixed income instruments, including below investment grade and non-rated debt securities, which are subject to greater
credit and liquidity risks than higher-rated securities.
• The Fund may enter into futures contracts and currency forward contracts for hedging and investment purposes. For futures contracts and currency forward
contracts entered into on an unhedged basis, the net total aggregate value of contract prices will not exceed 20% of the total net asset value of the Fund. Given
the leverage effect embedded in futures and currency forward contracts, the Fund may be exposed to significant losses.
• 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.




                                                                                                                                                                       33
Risk Disclosure Statement
Fidelity Funds - Asian High Yield Fund A-Acc-USD
RISK DISCLOSURE STATEMENTS
• The Fidelity Funds is an umbrella fund with sub-funds investing in equities, debt, money market securities and/or other instruments, including derivatives.
• These funds may be subject to the risks of investing in emerging markets which may be more volatile, and to concentration risks of investing in a single or in a
limited number of market(s) or sector(s).
• These funds may invest in non-investment grade bonds which may be more volatile and subject to greater credit and liquidity risks.
• These funds may invest in derivative instruments and / or structured products which may involve additional risks. (For example, leverage may cause greater
volatility.)
• Investors may suffer substantial loss of their investments in the funds.
• 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.



BlackRock Global Funds - Global High Yield Bond Fund (USD) A2
RISK DISCLOSURE STATEMENTS
• The Fund invests in debt securities that are subject to both actual or perceived downgrading. The Fund may be affected by changes in prevailing interest
rates and by credit quality considerations. The Fund may be subject to a higher risk of default when it invests in distressed securities.
• Certain shares of the Fund pay dividends gross of expenses or from capital at the Directors’ discretion. Paying dividends gross of expenses may result in
more income being available for distribution; however these shares may effectively pay dividends from capital. Dividends paid from capital may amount to a
partial return 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 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 a certain amount of your investment could
be lost.
• Investors should not only base on this marketing material alone to make 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.




                                                                                                                                                                       34
Risk Disclosure Statement
Allianz US High Yield (USD) A MDis
RISK DISCLOSURE STATEMENTS
• The Fund is therefore exposed to significant risks which include investment/general market, creditworthiness and interest rate changes risks.
• The Fund may invest in high-yield, non-investment grade investments and unrated securities which may subject to higher risks, such as credit, default,
interest rate changes, general market and liquidity risks and therefore may increase the risk of loss of original investment.
• The Fund may invest in financial derivative instruments ("FDI") for efficient portfolio management (including for hedging) which may expose to higher
counterparty, liquidity and market risks. The Fund will not invest extensively in FDI for investment purpose.
• Dividend payments may, at the sole discretion of the Investment Manager, be made out of the Fund’s income and/or capital which represents a return or
withdrawal of part of the amount investors originally invested and/or capital gains attributable to the original investment. This may result in an immediate
decrease of the NAV and the capital of the Fund available for investment in the future and capital growth may be reduced.
• This investment may involve risks that could result in loss of part or entire amount of your investment.
• In making investment decisions, investors should not rely solely on this material.
• 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.



Allianz US Short Duration High Income Bond (USD) AM Dis
RISK DISCLOSURE STATEMENTS
• The Fund is exposed to significant risks which include investment/general market, creditworthiness, counterparty and interest rate changes risks.
• The Fund may invest in high-yield (non-investment grade and unrated) investments and convertible bonds which may subject to higher risks, such as risk of a
call, creditworthiness, default, interest rate changes, general market and liquidity risks and therefore may increase the risk of loss of original investment.
• The Fund’s investments focus on the U.S, which may reduce risk diversification.
• The Fund may invest in financial derivative instruments ("FDI") for efficient portfolio management (including for hedging) which may expose to higher
counterparty, liquidity and market risks. The Fund will not invest extensively in FDI for investment purpose.
• Dividend payments may, at the sole discretion of the Investment Manager, be made out of the Fund’s capital or effectively out of the Fund’s capital which
represents a return or withdrawal of part of the amount investors originally invested and/or capital gains attributable to the original investment. This may result
in an immediate decrease in the NAV per share and the capital of the Fund available for investment in the future and capital growth may be reduced.
• This investment may involve risks that could result in loss of part or entire amount of investors’ investment.
• In making investment decisions, investors should not rely solely on this material.
• 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.




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