FSM Managed Portfolios Monthly Investment Outlook July 2018 - Fundsupermart
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
FSM Managed Portfolios
Monthly Investment Outlook
July 2018
1Table 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
2Performance 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 3Portfolios’ 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.
4Portfolios’ 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.
5Monthly 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.
7Performance 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. 8Performance 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.9Performance 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 reinvestedPerformance 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. 11Performance 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.
121H 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.
13The Monthly Returns of HSI
Source: Bloomberg and iFAST Compilations.
Data as at 10 July 2018.
141H 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.
151H 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.
16Portfolios’ 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.
20The 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 ReturnsInvestment 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.
22Fund 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.
23Risk 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.
24Risk 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.
25Risk 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.
26Risk 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.
27Risk 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.
28Risk 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.
29Risk 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.
30Risk 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.
31Risk 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.
32Risk 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.
33Risk 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.
34Risk 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.
35You can also read
