21264 hsbc gif european equity absolute return fund presentation ucits retreat nov 2011 final v3
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HSBC GIF European Equity Absolute ReturnHSBC Global Asset Management
For professional clients only
November 2011
2
Executive summary
A market neutral, beta neutral fund with a low correlation to the market (-0.10 since inception)
Invests in developed European equities (Eurozone, UK, Switzerland and Scandinavia)
Targets 8-10%* annual returns based on approximately 6-8%* volatility
UCITS III Registered Fund, offering daily liquidity
Team have an average of 15 years of investment experience, including 7 years of market neutral investing
Source: HSBC Global Asset Management as at 31 October 2011.* The objectives or limits do not constitute a commitment from the asset manager.**Any performance information shown refers to the past and should not be seen as an indication of future returns.
3
Performance and portfolio characteristics - EUR Institutional Share ClassActual performance: HSBC GIF European Equity Absolute Return since inception
Source: Bloomberg as at 31 October 2011.Benchmark – 1 month euribor; Any performance information shown refers to the past and should not be seen as an indication of future returns.
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
J un-10 Sep-10 Dec-10 Mar-11 J un-11 Sep-119.2
9.6
10.0
10.4
10.8
Fund Return (LHS) Benchmark Return (LHS) Fund NAV (RHS)
Monthly PerformanceJan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2011 -2.29% -0.46% -0.93% 0.81% -1.02% 0.45% 1.50% 4.19% 1.01% 0.31% 3.50%
2010 0.44% 2.17% 0.56% 1.08% 1.25% -2.04% -1.21% 0.49% -1.66% 1.00%
Monthly StatisticsAnnualised Return 2.84% Annualised Volatility 5.45%
Cumulative Return 4.53% Sharpe Ratio 0.36
Best Month 4.19% Maximum Drawdown (May 11) -8.03%
Worst Month -2.29% Months in Max. Drawdown 9
% Positive Months 63.16% Months to Recover
Annualised Benchmark Return 0.89%*
* High water mark for the fund was set on 14th September 2011
4
Fund performance – EUR Institutional Share ClassFund performance during negative months for MSCI Europe since April 2010
The fund has historically provided down side protection and generated positive returns
Source: HSBC Global Asset Management and Bloomberg as at 31 October 2011Any performance information shown refers to the past and should not be seen as an indication of future returns.
-12%
-9%
-6%
-3%
0%
3%
6%
May-10 Jun-10 Aug-10 Nov-10 Mar-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11
Ret
urn
%
MSCI Europe HSBC GIF European Equity Absolute Return
5
Our investment approachThe theory
Source: HSBC Global Asset Management as at 31 October 2011.
Companies invest capital to generate future cashflows
Determined by two things:– How quickly can the company grow its revenues
– It’s Return on Invested Capital (“ROIC”)
Market prices rarely reflect fundamentals correctly, with prices driven instead by expectations and sentiment
As a result prices are much more volatile than fundamentals, creating valuation anomalies
We aim to capture these valuation anomalies through our long and short stock selections
6
Investment process overview
Investment Screen
Continuous assessment of portfolio positioning including monitoring of portfolio volatility, beta, gross and net exposures
Volatility and drawdown risk management as inputs into gross and net exposure
Risk reporting from independent risk team
Construct portfolio from investment ideas
Individual stock weights driven by matrix of:
Risk limits (sector, gross and net exposure)
Beta neutrality (at bucket and overall level)
Sector diversification
Country diversification
Extensive company financial statement analysis for all companies
Population of bespoke analyst templates with normalised and clean company financial data
Build up of proprietary database (currently 8 years worth of normalised data)
Quantitative model ranks stocks based on profitability and valuation metrics:
ROIC (High for longs, low for shorts)
EV/EBIT (Low multiple for longs, high for shorts)
Qualitative discretionary “veto” review designed to capture exogenous stock specific risks
Risk ManagementPortfolio Construction
Output:Database of normalised
company info
Output: Individual stock ideas
Output:Portfolio
Output:Assessment of
Portfolio Positions
Fundamental Analysis
Source: HSBC Global Asset Management as at 31 October 2011.These objectives do not constitute a commitment from the asset manager.
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Balance sheet adjustments try to reflect fully the financing of the business and aid comparability :
– Derivative Liabilities (used to hedge financial debt)
– Averaging effect on Debt (eg retailers seasonal patterns)
– Customer advances (driven by full order book, is cyclical)
– Discounted liabilites (eg nuclear)
– Other liabilities (eg operating leases)
– Minorities’ put
– Minimum liquidity
– Tax losses carry forward (recoverable)
– Effect of stock options (cash and book value)
– Accumulated amortisation (acquired intangibles)
– Goodwill written off (not amortised,UK pre 98)
– Goodwill impairment
Example Company Template
Source: HSBC Global Asset Management. For illustrative purposes only
Wherever there is a P&L adjustment, we have a corresponding adjustment for the Balance Sheet (and vice versa)
Fundamental Analysis Investment Screen Portfolio Construction Risk Management
Balance Sheet Data
Dec-09 (€Mn) Dec-10 (€Mn) 1 Financial Debt+ Short Term Debt (gross) 99 156+ Long Term Debt (gross) 102 248+ Derivatives' Liabilities (net)+ Average effect estimated+ Customer Advances if WCR is negative 248 255
449 659
2 Pension and Other LiabilitiesPension and healthcare - -
- pension related deferred tax (~ 32%)+ Other provisions of discounted nature+ Minorities put in exess of implicit estimates+ Other 165 180
165 180
3 Cash & Other AssetsCash, equivalents & current financial investments 67 129
- Minimum liquidity (48) (49) + Non equity associates financial investment 1+ Tax loss carried forward+ Effect of stock options -
19 80
4 Book ValueShareholders' equity (excluding minorities) 932 991
+ Effect of stock options - 932 991
5 Goodwill previously written off+ Accumulated amortisation 30 31+ Goodwill written off (not amortised, UK pre 98)
30 31
8
Revenues are adjusted for transformational acquisitions/disposals during the year
Published operating profit adjustments try to normalise earnings and aid comparability :
– Add back amortisation of goodwill
– Adjust for extra-ordinary gains / asset disposals
– Remove “one-off” restructuring BUT replace with “normalised” number
– Reverse R&D capitalisation where accounting is aggressive
– Hedging benefits (due to one-off legacy positions)
– Customer advances (driven by full order book, is cyclical)
– Pension expense (distinguish between operational costs and financing costs)
– Other (eg petroleum tax)
– Associate earnings
– Minorities
Example Company Template
Source: HSBC Global Asset Management. For illustrative purposes only
Wherever there is a P&L adjustment, we have a corresponding adjustment for the Balance Sheet (and vice versa)
Income Statement Data
Dec-09 (€Mn) Dec-10 (€Mn)
6 Operating ProfitPublished operating profit 285 252
+ Acquired Intangibles' amortisation (current year) 1 1+ Extraordinary items (gains) above the line (60)+ Restructuring charge for that year if above the line- Capitalisation benefits (RD) (34) (59)- Normalised restructuring charges- Hedging benefits (costs) taken to the PL+ Customer advances notional financial gains+ Loss/(Gain) on Disposals 2+ Pension expense adjustments+ Special/Other item adjustments 14 15
Clean Operating Profit 269 149 Peak CoreEBIT 269 269
7 Equity Earnings and Minorities+ Equity earnings post-tax 0 1- Minorities post-tax (2) (1)
Tax rate 30% 30%Minorities Adjustment to Operating Profit (3) 0 Peak EBIT 266 266
Revenues 2,513 2,557
Fundamental Analysis Investment Screen Portfolio Construction Risk Management
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Fundamental Analysis Investment Screen Portfolio Construction Risk Management Fundamental analysis in practiceExample: Norwegian oil-service company (potential long position)
Ranking and Description:– Top decile ranking, EV/EBIT 7.2x, ROIC 15%
– An oil service company that provides seismic survey data for E&P companies
Accounting Basis:– Highly profitable in terms of P/L but cash flow appears erratic
– Potential risks of over-investing in building the data library without securing future client sales, leading to mismatch between revenue and cash-flow streams
Our Stock Analysis Adjustments:– Be more conservative than the company would like in terms of cash costs of building the data library
– The same method of adjustment applied to all of its peers
P/L amended to account for the potential cash flow risks
Conclusion:– After adjustment of financial statements, now a mid-ranking stock : EV/EBIT 9.0x, ROIC 13%
EV/EBIT ROIC
7.2 x 15%
Company
Norwegian oil-service company
EV/EBIT ROIC
9.0 x 13%
AdjustedAs reported
Source: HSBC Global Asset Management as at 31 October 2011.The material contained in this presentation is for information only and does not constitute investment advice or a recommendation to any reader of this material to buy or sell investments.
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Fundamental Analysis Investment Screen Portfolio Construction Risk Management Investment screenNormalised company accounting data drives quantitative ranking model
The accounting adjustments clean and normalise the data that drives the stock ranks
The stock universe is segmented on the basis of the normalised profitability (ROIC)
The long portfolio is chosen from stocks in the high-ROIC segments with relatively cheap valuations (EV/EBIT) while the short portfolio is formed by stocks in the low-ROIC segments with expensive valuations
Stocks ranked by ROIC
1.Stock2. Stock3. Stock4. Stock5. Stock
…
High
Low
High ROIC stocks ranked by EV/EBIT
1.Stock2. Stock3. Stock…
High
Low
High ROIC stocks considered for long book
Low ROIC stocks considered for short book
Low
High 1.Stock2. Stock3. Stock…
Low ROIC stocks ranked by EV/EBIT
High EV/EBIT stocks form short positions
Low EV/EBIT stocks form long positions
Source: HSBC Global Asset Management as at 31 October 2011.These objectives do not constitute a commitment from the asset manager.
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Fundamental Analysis Investment Screen Portfolio Construction Risk Management Investment screen in practice Stock veto examples
16x EV/EBIT / 7% ROIC
European IT services
Potential short candidate1. Acquired a loss-making peer at zero cash cost 2. B/S almost unchanged in cash terms3. Yet rev up by more than 50% with guarantee of large
service contracts -- P/L impact hard to quantifyHence material upside risk
Portfolio Candidate Review of Facts Ex-Ante Performance
12x EV/EBIT / 40% ROIC
European Jeweller
Potential long candidate
Excluded from long portfolio
1. Recent IPO, too short a history to judge the quality of return2. Potential aggressive revenue booking
Hence material downside riskVETO
VETO
Excluded from short portfolioSource: HSBC Global Asset Management as at 31 October 2011.The material contained in this presentation is for information only and does not constitute investment advice or a recommendation to any reader of this material to buy or sell investments.
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Fundamental Analysis Investment Screen Portfolio Construction Risk Management Portfolio constructionConstruct optimal long/short portfolio within defined trading limits
The portfolio typically holds 80 -100* positions with more short positions than longs
The preference is for a portfolio of equally weighted positions (Uppal et al. 2006) but there are multiple constraints due to:– Gross/Net exposure limits
– Beta neutrality
– Sector diversification
– Country diversificationPortfolio Gross Exposure Breakdown**
We perform a simultaneous quadratic minimisation to create an optimal portfolio with the multiple constraints
This approach uses a “penalty function” to penalise the positions which do not contribute to diversification and risk management
As a result, a model derives optimal portfolio given matrix of constraints
Source: HSBC Global Asset Management as at end October 2011.*The objectives or limits do not constitute a commitment from the asset manager.**Please note that the target portfolio and information associated with it are given for illustrative purposes only in the current market conditions. The material contained in this presentation is for information only and does not constitute investment advice or a recommendation to any reader of this material to buy or sell investments .
Industrials42.6%
Consumer Discretionary
21.0%Consumer staples13.8%
Utilities13.4%
Materials12.6%
Telecom Services11.0%
Healthcare9.5%
Information Technology
8.4%
Energy5.8%
13
Fundamental Analysis Investment Screen Portfolio Construction Risk Management Risk management Defined risk limits
The portfolio is constructed taking the following risk limits into consideration*
Factor Limit Typical range
Gross Exposure 0% to 250% 160% to 180%
Sector Exposure -10% to 10% -9% to 9%
Country Exposure -20% to 20% -10% to 10%
Net Beta Exposure -15% to 15% -10% to 10%
Net Exposure -20% to 20% 0% to 15%
Single Name Exposure -6% to 6% -4% to 4%
Diversification 80-100 stock names
Volatility 20% 5% to 8%
Source: HSBC Global Asset Management as at 31 October 2011.*Please note that the target portfolio and information associated with it are given for illustrative purposes only in the current market conditions. The material contained in this presentation is for information only and does not constitute investment advice or a recommendation to any reader of this material to buy or sell investments.
Appendix 1:Performance and portfolio characteristics
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Fund performance – EUR Institutional Share Class During two sustained down periods for the market we have generated returns
16 April 2010 – 31 August 2010
MSCI Europe down -6.16%; Fund up 5.60%
1 June 2011 – 30 September 2011
MSCI Europe down -22.35%; fund up 7.13%
Source: HSBC Global Asset Management and Bloomberg as at 31 October 2011.Any performance information shown refers to the past and should not be seen as an indication of future returns.For the entire performance track record please refer to slide 18. For up periods in the market since inception of the fund please see page 22.
85
90
95
100
105
110
Apr-10 May-10 Jun-10 Jul-10 Aug-10
Re
turn
s (r
eb
ase
d t
o 1
00
)
Fund Market
75
80
85
90
95
100
105
110
May-11 Jun-11 Jul-11 Aug-11 Sep-11
Re
turn
s (r
eb
ase
d t
o 1
00
)
Fund Market
16
Fund performance - EUR Institutional Share Class But this is not driven by a negative beta bias or a net short exposure
Daily Beta Exposure since inception Daily Net Exposure since inception
Source: HSBC Global Asset Management and Bloomberg as at 31 October 2011.Any performance information shown refers to the past and should not be seen as an indication of future returns.
-0.1
-0.08
-0.06
-0.04
-0.02
0
0.02
0.04
0.06
0.08
0.1
May-10 Jul-10 Sep-10 Oct-10 Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11
Bet
a
-5%
0%
5%
10%
15%
20%
Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11
17
Fund performance – EUR Institutional Share ClassAnd during an up market our returns are uncorrelated with the market
Performance of the fund is uncorrelated with the market illustrating our market neutral approachA number of stock specific events did not help the portfolio during this period– One of our shorts, Bulgari, was subject to a takeover bid from LVMH at
a 50% premium– Micro focus a technology company fell 34% when the finance director
resigned– RWE/E.ON, both integrated nuclear generators were negatively
affected by the Japan earthquake
At the same time quantitative easing saw a wall of cheap money chasing heavily debt-laden cyclicals, some of which we held in our short portfolio
As we have seen in the subsequent market correction in Q3 2011, these gains have been reversed, showing the advantage of our hybrid investment process
An example of this is shown on the left – Alcatel Lucent, has had an incredible ride in 2011 but is back where it started
1 September 2010 - 31 May 2011
MSCI Europe up 11.30%
Daily Returns Fund vs MSCI EU *
y = -0.0142x - 0.0003
-0.80%
-0.60%
-0.40%
-0.20%
0.00%
0.20%
0.40%
0.60%
0.80%
1.00%
-3.00% -2.00% -1.00% 0.00% 1.00% 2.00% 3.00%
Fund
MS
CI
EU
Source: HSBC Global Asset Management and Bloomberg as at 31 October 2011.Any performance information shown refers to the past and should not be seen as an indication of future returns.For the entire performance track record please refer to slide 18. For down periods in the market since inception of the fund please see page 20.
18
9.2
9.4
9.6
9.8
10.0
10.2
10.4
10.6
10.8
Apr-10 Jul-10 Sep-10 Nov-10 Feb-11 Apr-11 Jul-11 Sep-11
0%
50%
100%
150%
200%
250%
Fund NAV per share Gross position % NAV
Fund performance - EUR Institutional Share Class Our risk management process has added value to the process
Active management of the gross exposure has ensured the gross has been higher when the portfolio is working well and lower during more challenging periods
Blue circles highlight the fund has run a gross exposure consistently over 150% when the portfolio has been performing well
Amber circle highlights that during a challenging phase for the strategy the gross exposure was being run closer to 100%
Source: HSBC Global Asset Management and Bloomberg as at 31 October 2011.Any performance information shown refers to the past and should not be seen as an indication of future returns.
19
Performance and portfolio characteristics Sector exposure
Gross sector exposure Net sector exposure
Source: HSBC Global Asset Management as at 31 October 2011.
Industrials42.6%
Consumer Discretionary
21.0%Consumer staples13.8%
Utilities13.4%
Materials12.6%
Telecom Services11.0%
Healthcare9.5%
Information Technology
8.4%
Energy5.8%
-0.4% -0.3% -0.1%
0.5%1.1%
1.8%
2.8%3.2% 3.4%
-6%
-5%
-4%
-3%
-2%
-1%
0%
1%
2%
3%
4%
Tel
ecom
Ser
vice
s
Util
ities
Con
sum
er s
tapl
es
Mat
eria
ls
Indu
stria
ls
Con
sum
er D
iscr
etio
nary
Info
rmat
ion
Tec
hnol
ogy
Hea
lthca
re
Ene
rgy
20
Performance and portfolio characteristics Country exposure
Gross country exposure Net country exposure
Source: HSBC Global Asset Management as at 31 October 2011.
Germany32.7%
France15.3%
Sw itzerland12.0%
Sw eden10.0%
Portugal3.2%
Netherlands1.1%
Denmark0.5%Spain
4.1%
Belgium6.4%
Italy8.9%
Norw ay6.1%
United Kingdom31.0%
Austria2.5%Finland
4.0%
-8.0%
-4.1%-3.2%
-0.5%-0.2%
0.3%0.8% 0.9%
2.5%3.2% 3.3%
4.0%
6.5% 6.5%
-10%
-5%
0%
5%
10%
15%
Fra
nce
Spa
in
Por
tuga
l
Den
mar
k
Nor
way
Net
herla
nds
Ger
man
y
Bel
gium
Aus
tria
Sw
itzer
land
Fin
land
Italy
Sw
eden
Uni
ted
Kin
gdom
Appendix 2:Investment team and fund capabilities
22
Investment teamAverage of 15 years’ investment experience
Vis Nayar, Lead Fund ManagerVis has been working in the industry since 1988. He joined HSBC Markets in 1996, and has been managing quantitative hedge fund products since 2002. Prior to this he worked as a Structured Products Manager for HSBC Asset Management. Vis holds a BSc in Electrical Engineering from Imperial College, University of London and a Masters in Finance from London Business School. He is also a CFA charterholder and qualified as a Chartered Accountant (ACA) in the UK.
Tian Qi Chen, Fund ManagerTian Qi joined HSBC in June 2006 as an intern. During the period, he worked with the Global Tech Alpha Fund. In October 2006, he joined the European Alpha Fund as a research analyst. Prior to joining HSBC he was a senior analyst at Euromonitor, a FMCG business consultant. Tian Qi has a B.A. in Finance from Peking University, a M.B.A with distinction from London Business School. He is a CFA charterholder.
Michael O’Mara, Senior Fund ManagerMichael joined HSBC in October 2002. He started his career as a sales trader and market maker at Oddo Securities from 1991 to 1997. He then worked as a sales trader at CCF Securities in Paris from 1997 to 2000. Prior to joining HSBC he was a generalist European analyst at Bessent Capital in London. Michael has a B.A. in English and Economics from Boston College, a M.B.A. from Stern School of Business (New York University), and is a CFA charterholder.
Jakob Nordestedt, Senior Fund ManagerJakob Nordestedt joined HSBC in June 2010 as a fund manager in the European Alpha Fund. Prior to joining HSBC he was a senior Equity Sales at ABG Sundal Collier, one of the leading Nordic investment banks, where he concentrated mainly on industrial coverage. He holds BSc. and MSc. degrees in Business and Administration from Jönköping International Business School.
23
Investment vehicle
Fund type and domicile UCITS III Luxembourg SICAV part of the HGIF range
Launch Date April 2010
Base Currency: EUR– Hedged Share Classes in CHF, USD, GBP, SEK and JPY
Liquidity Daily
Minimum Investment – Institutional Share Class USD 1,000,000
– Retail Share Class USD 5,000
Fee Structure– Institutional Share Class 1.0% Fixed, 20% Performance Fee over benchmark*
– Retail Share Class 1.5% Fixed, 20% Performance Fee over benchmark*
*EUR: 1 month EURIBOR, USD: 1 month USD LIBOR, GBP: 1 month GBP LIBOR, CHF: 1 month CHF LIBOR, JPY: 1 month JPY LIBOR, SEK: 1 month SEK LIBOR.
24
Key strengths
The portfolio managers have an average of 15 years investment experience, and 7 years in long/short. This includes specific experience of running both quantitative and qualitative market neutral strategies.
Experienced team
Distinct view on the fundamental metrics that best evaluate stocks in the current market environment, generating a non-consensus, non-momentum portfolio that is uncorrelated with the market.
Non-consensus philosophy
Individual stock ideas are implemented within a robust and clearly defined process. Risk management forms part of the portfolio construction.
Robust investment process
Greater transparency for investors and daily liquidity via UCITS III structure.
Transparency & liquidity
In-depth qualitative financial statement analysis and adjustments fed into a quantitative model that ranks companies based on profitability and valuations.
Disciplined hybrid approach
25
Contacts
For further information on the HSBC GIF European Equity Alpha Fund please contact: James Hogan, Product Specialist Email: [email protected] Phone: + 44 207 024 0592 Mobile: + 44 758 440 2904
For further information on the HSBC GIF European Equity Alpha Fund please contact: James Hogan, Product Specialist Email: [email protected] Phone: + 44 207 024 0592 Mobile: + 44 758 440 2904
26
Important information
This presentation is intended for Professional Clients only and should not be distributed to or relied upon by Retail Clients.
The contents of this presentation are confidential and may not be reproduced or further distributed to any person or entity, whether in whole or in part, for any purpose.
The material contained herein is for information only and does not constitute investment advice or a recommendation to any reader of this material to buy or sell investments.
HSBC Global Asset Management (UK) Limited has based this presentation on information obtained from sources it believes to be reliable but which it has not independently verified. HSBC Global Asset Management (UK) Limited and HSBC Group accept no responsibility as to its accuracy or completeness.
This presentation is intended for discussion only and shall not be capable of creating any contractual or other legal obligations on the part of HSBC Global Asset Management (UK) Limited or any other HSBC Group company. Care has been taken to ensure the accuracy of this presentation but HSBC Global Asset Management (UK) Limited accepts no responsibility for any errors or omissions contained therein.
This presentation and any issues or disputes arising out of or in connection with it (whether such disputes are contractual or non-contractual in nature, such as claims in tort, for breach of statute or regulation or otherwise) shall be governed by and construed in accordance with English law.
The views expressed above were held at the time of preparation and are subject to change without notice.
Any forecast, projection or target where provided is indicative only and is not guaranteed in any way. HSBC Global Asset Management (UK) Limited accepts no liability for any failure to meet such forecast, projection or target.
The value of investments and any income from them can go down as well as up and investors may not get back the amount originally invested.
Where overseas investments are held the rate of currency exchange may cause the value of such investments to go down as well as up.
Any performance information shown refers to the past and should not be seen as an indication of future returns.
To help improve our service and in the interests of security we may record and/or monitor your communication with us.
There are additional risks associated with specific alternative investments within the portfolios; these investments may be less readily realisable than others and it may therefore be difficult to sell in a timely manner at a reasonable price or to obtain reliable information about their value; there may also be greater potential for significant price movements.
HSBC GIF European Equity Absolute Return fund is a sub-fund of the HSBC Global Investment Funds, a Luxembourg domiciled SICAV. UK based investors in HSBC Global Investment Funds are advised that they may not be afforded some of the protections conveyed by the provisions of the Financial Services and Markets Act 2000. HSBC Global Investment Funds is recognised in the United Kingdom by the Financial Services Authority under section 264 of the Act. The shares in HSBC Global Investment Funds have not been and will not be offered for sale or sold in the United States of America, its territories or possessions and all areas subject to its jurisdiction, or to United States Persons. All applications are made on the basis of the current HSBC Global Investment Funds Prospectus, simplified prospectus and most recent annual and semi-annual reports, which can be obtained upon request free of charge from HSBC Global Asset Management (UK) Limited, 8 Canada Square, Canary Wharf, London, E14 5HQ. UK, or the local distributors. Investors and potential investors should read and note the risk warnings in the prospectus and relevant simplified prospectus.
This presentation is approved for issue in the UK by HSBC Global Asset Management (UK) Limited, who are authorised and regulated by the Financial Services Authority.
www.assetmanagement.hsbc.com/uk
Copyright © HSBC Global Asset Management (UK) Limited 2011. All rights reserved.
21264 10/11/FP11-1704