fsm managed portfolios monthly investment outlook may 2017 · 2017. 5. 18. · china hang seng...

FSM Managed Portfolios

Monthly Investment Outlook

May 2017

1

Table of Contents

• Performance Review of Markets P.3

• Performance Review of Portfolios P.4

• Portfolio Statistics P.6

• Managed Portfolios vs. Global Balanced Funds on Our Platform P.7

• Managed Portfolios vs. Global Multi-Asset FoF in HK P.9

• Performance of RSP Portfolios P.11

• Performance of Portfolio Holdings P.12

• Investment Strategies for the Current Market P.16

2

Performance of Global Major Stock and

Bond Markets (as at 28 April, 2017)

Major Stock Indices 1M31 Aug 2015 – 28

April 2017

World MSCI AC World Index 1.33% 14.15%

U.S. S&P 500 0.91% 20.89%

Europe STOXX 600 1.56% 6.70%

Japan Nikkei 225 1.52% 1.62%

Asia ex-Japan MSCI Asia ex Japan Index 2.10% 20.49%

Emerging Markets MSCI Emerging Markets Index 2.04% 19.45%

EMEA MSCI Emerging Europe, Middle East & Africa Index 3.93% 6.83%

Latin America MSCI Emerging Markets Latin America Index -0.40% 26.40%

China Hang Seng Mainland 100 Index 1.04% 11.27%

China A CSI 300 Index -0.47% 2.17%

Major Bond Categories 1M31 Aug 2015 – 28

April 2017

Global Aggregate Bond Total

ReturnJ.P. Morgan Global Aggregate Bond Index 1.17% 4.60%

Asia Bonds CS Asian Bond Index 0.64% 10.80%

EM Hard Currency J.P. Morgan EMBI Global Total Return Index 1.63% 16.50%

EM Local Currency J.P. Morgan GBI-EM Global Core Index 1.16% 14.90%

USD HY BoFA Merrill Lynch US HY Index 1.10% 16.30%

Asia BB Credit Suisse Asia Bond Index – Asia BB 0.58% 14.70%

Source: Bloomberg and iFAST Compilations

Data as at 28 April 2017

Managed Portfolios were launched in 31 August 2015

Performance in index currency terms 3

Portfolios’ Performance Since Inception

(as at End-April 2017)

PortfolioPortfolio’s

Performance

Index

Performance

Aggressive 16.64% 15.57%

Moderately

Aggressive15.84% 13.12%

Balanced 12.55% 10.67%

Moderately

Conservative10.10% 8.21%

Conservative 9.10% 5.76%

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.

See http://www.fundsupermart.com.hk/ for detailed fund allocation.

Source: Bloomberg and iFAST compilations;

4

http://www.fundsupermart.com.hk/

Portfolios’ Performance as at

End-April 2017

Portfolio

Portfolio’s

Performance

(1M)

Index

Performance

Portfolio’s

Performance

(3M)

Index

Performance

Portfolio’s

Performance

(6M)

Index

Performance

Portfolio’s

Performance

(1Y)

Index

Performance

Aggressive 2.23% 1.64% 7.48% 5.78% 11.18% 8.41% 17.39% 12.74%

Moderately

Aggressive1.94% 1.55% 6.51% 4.95% 9.18% 6.21% 14.87% 9.42%

Balanced 1.49% 1.45% 4.99% 4.09% 7.52% 4.00% 11.71% 6.16%

Moderately

Conservative1.09% 1.34% 3.66% 3.21% 5.35% 1.79% 8.99% 2.95%

Conservative 0.85% 1.23% 2.71% 2.30% 3.82% -0.43% 7.52% -0.21%



5







Portfolio Statistics

（as at End-April 2017）

6

AggressiveModerately

AggressiveBalanced

Moderately

ConservativeConservative

Annualised Return 10.39% 9.77% 7.63% 6.10% 5.46%

Annualised Volatility 11.76% 10.27% 7.46% 5.73% 4.34%

Risk Free Rate 2.32% 2.32% 2.32% 2.32% 2.32%

Sharp Ratio 0.69 0.72 0.71 0.66 0.72

Maximum Drawdown -15.45% -12.71% -9.57% -6.84% -4.14%

6









Managed Portfolios vs.

Global Balanced Funds on Our Platform

7








Portfolio/FundCumulative Returns

(31 Aug 2015 – 28 Apr 2017)

Aggressive 16.64%

Moderately Aggressive 15.84%

Balanced 12.55%

AB FCP I - Developed Markets Multi-Asset Income Portfolio (USD) A2 12.44%

Franklin Income Fund (USD) A (Mdis) 11.67%

Moderately Conservative 10.10%

JPMorgan Multi Income (mth) – USD 9.94%

Amundi HK - Balanced Fund (USD) Acc

Templeton Global Income Fund (USD) A(acc)9.77%

Templeton Global Income Fund (USD) A(acc) 9.49%

Templeton Global Balanced Fund (USD) A(acc) 9.11%

Conservative 9.10%

BlackRock Global Funds - Global Allocation Fund (USD) A2 8.92%

JPMorgan Evergreen Fund 8.30%

Amundi HK - Balanced Fund (RMB Hedged) Acc 7.03%

Schroder ISF-Global Multi-Asset Income (USD) A MDis 6.94%

Baring Global Multi Asset Income Fund (RMB Hedged) A MDist 3.09%


Performance of Global Balanced Funds over the

Past Five Calendar Years

Fund/Portfolio 2016 2015 2014 2013 2012

AB FCP I - Developed Markets Multi-Asset Income Portfolio (USD) A2 6.97 -3.27 0.59 6.30 4.68

JPMorgan Multi Income (mth) - USD 7.47 -1.64 4.43 6.01 14.70

Franklin Income Fund (USD) A (Mdis) 13.06 -10.30 2.30 11.42 11.08

Amundi HK - Balanced Fund (USD) Acc 1.78 -2.12 -0.59 11.67 12.88

BlackRock Global Funds - Global Allocation Fund (USD) A2 3.30 -2.34 1.63 14.01 7.75

JPMorgan Evergreen Fund 1.31 -1.64 -0.17 14.09 8.12

Amundi HK - Balanced Fund (RMB Hedged) Acc -2.73 -3.24 2.09* - -

Schroder ISF-Global Multi-Asset Income (USD) A MDis 7.48 -6.95 2.81 5.78 7.27*

Templeton Global Balanced Fund (USD) A(acc) 3.88 -6.19 -2.72 17.93 17.67

Templeton Global Income Fund (USD) A(acc) 4.87 -4.87 -1.19 16.26 16.06

Baring Global Multi Asset Income Fund (RMB Hedged) A MDist -3.33 -7.74* - - -

Source: iFAST Compilations

* For fund(s) with performance figure less than 1 calendar year in the 1st year of its

launch, the performance figure shown is calculated since launch until the end of the

particular calendar year. Performance figures are based on the price of the fund on NAV-

to-NAV basis, with dividends being 'reinvested' on the dividend date.8

Managed Portfolios vs. Global Multi-Asset

Funds of Funds in HK

9








Portfolio/FundCumulative Returns

(31 Aug 2015 – 28 Apr 2017)

Aggressive 16.64%

Moderately Aggressive 15.84%

HSBC Portfolios ‒ World Selection5 (USD) 14.61%


Balanced 12.55%

HANG SENG GLOBAL HIGH GROW-A 12.47%


BOCHK INVEST FUNDS-AGG GROWT 11.22%

HANG SENG GLOBAL BALANCED-A 10.03%

Moderately Conservative 10.10%


Conservative 9.10%

HANG SENG GL CONSERVAT FD-A 7.46%

JPM EVERGREEN FUND 7.86%

BOCHK INVEST FUNDS-BAL GROWT 7.02%


AXA CAPITAL GROWTH FUND-A 4.24%

BOCHK INVEST FUNDS-CONSERVAT 2.77%

AXA CAPITAL STABLE FUNDS-A 0.69%


Performance of Global Multi-Asset Funds of Funds

over the Past Five Calendar Years

Fund/Portfolio 2016 2015 2014 2013 2012

HSBC Portfolios ‒ World Selection1 (USD) 4.35% -1.37% 5.67% 1.78% 8.49%





BlackRock Horizon Aggressive Growth

Fund A2 USD6.38% -12.18%* --- --- ---

Hang Seng Global High Growth Fund A 3.52% -9.39% 10.58% 8.33% 15.06%

Hang Seng Global Conservative Fund A 2.29% -3.75% 5.70% 2.33% 10.19%

BOCHK Aggressive Growth A 2.85% -3.48% 1.48% 11.08% 13.77%

Hang Seng Global Balanced Fund A 3.00% -5.57% 8.09% 3.45% 13.10%

BOCHK Balanced Growth Fund A 1.53% -2.89% 1.36% 7.16% 9.89%

JPMorgan Evergreen Fund 1.57% -1.64% -0.17% 14.09% 8.12%

BOCHK Conservative Growth Fund A 0.20% -2.06% 0.63% 2.75% 5.08%

AXA Capital Growth USD -2.04% -2.23% 4.12% 3.07% 5.50%

AXA Capital Stable USD -2.35% -3.61% 3.64% 7.85% 10.56%


* For fund(s) with performance figure less than 1 calendar year in the 1st year of its

launch, the performance figure shown is calculated since launch until the end of the

particular calendar year. Performance figures are based on the price of the fund on

NAV-to-NAV basis, with dividends being 'reinvested' on the dividend date. 10

Performance of RSP Portfolios

Since Inception (as at End-April 2017)

PortfolioRSP Portfolio’s

Performance

Growth 9.19%

Balanced 7.11%

Defensive 4.36%

The portfolios’ performance is based on HKD 200,000 of investment, which includes dividends and 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.



RSP Managed Portfolios were launched on 15 March 2016

11


Performance of Portfolio Holdings—

Equity Funds

For past performance, see http://www.fundsupermart.com.hk.

Source: Bloomberg and iFAST compilations.

Data as at 28 April 2017. *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 with dividends reinvested. 12

Name Returns Since Inception (%) Returns in April 2017(%)

ETF

Vanguard S&P 500 Index ETF 21.34 0.47

Fund

Fidelity Funds - America Fund A-Acc-USD 8.91* 0.04

Threadneedle IF ICVC –

European Select Fund (USD-Hedged) RNA16.49 4.17

Henderson Horizon Fund - Japanese Smaller Companies

Fund (USD Hedged) A229.40* -0.37

First State Asian Equity Plus Fund (USD) I Dis 14.95* 3.05

Matthews Asia Funds - Pacific Tiger Fund (USD) A Acc 19.65 1.97

Fidelity Funds –

Emerging Europe, Middle East And Africa Fund A-Acc-USD8.91 4.05

Fidelity Funds - Latin America Fund A-USD 28.12* -0.08

First State China Growth Fund (USD) I 19.65 1.97

Neuberger Berman China Equity Fund (USD) A Acc 29.46 3.91



Equity Funds

Name 2016 2015 2014 2013 2012

Fund

Fidelity Funds - America Fund A-Acc-USD 9.31 0.65 17.31 35.67 15.88

Threadneedle IF ICVC –

European Select Fund (USD-Hedged) RNA-2.95 13.76* - - -

Henderson Horizon Fund - Japanese Smaller Companies Fund

(USD Hedged) A213.96 7.27* - - -

First State Asian Equity Plus Fund (USD) I Dis 2.06 -2.85 13.75 4.31 24.33

Matthews Asia Funds - Pacific Tiger Fund (USD) A Acc -0.79 -2.48 10.48 4.45 17.68

Fidelity Funds –

Emerging Europe, Middle East And Africa Fund A-Acc-USD10.35 -15.67 -8.62 7.75 22.89

Fidelity Funds - Latin America Fund A-USD 21.14 -29.32 -12.11 -12.07 10.71

First State China Growth Fund (USD) I -3.11 -4.08 -2.76 21.48 18.96

Neuberger Berman China Equity Fund (USD) A Acc -4.28 0.65 21.60 4.44 22.23



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 with dividends reinvested.13



Fixed Income Funds



Data as at 28 April 2017. *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 with dividends reinvested 14

NameReturns Since

Inception (%)

Returns in April

2017 (%)

Fund

BlackRock Global Funds - US Dollar Short Duration Bond Fund (USD)

A3 Mdis3.92 0.39

PIMCO Global Bond (USD) E Acc 7.01 0.65

Jupiter Global Fund - Jupiter Dynamic Bond (USD-Hedged) L Q-Inc 3.41* 0.66

Invesco Emerging Markets Bond Fund (USD) A Dist 16.16 0.82

Threadneedle (Lux) US High Yield Bond (USD) AU 10.56* 1.23

First State Asian Quality Bond Fund (USD) I 7.54 0.51

BlackRock Global Funds - Asian Tiger Bond Fund (USD) A3 Mdis 10.34 0.83

BEA Union Investment Asian Bond And Currency Fund (USD) A Acc 22.48 0.72

Fidelity Funds - Asian High Yield Fund A-Acc-USD 19.03 0.72

BlackRock Global Funds - Global High Yield Bond Fund (USD) A2 11.02 1.25

Allianz US High Yield (USD) A MDis 9.46 1.23

Allianz US Short Duration High Income Bond (USD) AM Dis 1.32* 0.79



Fixed Income Funds

Name 2016 2015 2014 2013 2012

Fund

BlackRock Global Funds - US Dollar Short

Duration Bond Fund (USD) A3 Mdis1.19 0.32 1.03 0.92 4.02

PIMCO Global Bond (USD) E Acc 4.94 -0.07 8.02 -1.39 9.92

Jupiter Global Fund - Jupiter Dynamic Bond

(USD-Hedged) L Q-Inc5.10 1.83 6.28 7.82 9.46*

Invesco Emerging Markets Bond Fund (USD) A

Dist9.19 0.92 5.92 -6.37 19.16

Threadneedle (Lux) US High Yield Bond (USD)

AU10.63 -1.04 -3.45 3.58 13.1

First State Asian Quality Bond Fund (USD) I 3.42 0.86 6.86 -2.93 8.83

BlackRock Global Funds - Asian Tiger Bond

Fund (USD) A3 Mdis4.52 2.27 8.19 -2.98 13.96

BEA Union Investment Asian Bond And

Currency Fund (USD) A Acc14.02 4.76 2.54 5.51 24.37

Fidelity Funds - Asian High Yield Fund A-Acc-

USD13.63 1.40 3.52 2.72 19.77

BlackRock Global Funds - Global High Yield

Bond Fund (USD) A212.28 -4.74 1.66 7.39 16.05

Allianz US High Yield (USD) A MDis 13.89 -8.81 -0.85 6.11 11.14



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 with dividends reinvested.15


Investment Strategies for

the Current Market

16

Decrease in Political Uncertainties is the

major driver of the Rebound of the European

Stocks and the Euro

17

100

150

200

250

300

350

400

450

5

7

9

11

13

15

17

19

21

23

Jul-02 Jul-03 Jul-04 Jul-05 Jul-06 Jul-07 Jul-08 Jul-09 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-16

(X)Stoxx 600 Index – Adjusted Positive PE

+1 SD

-1 SD

Mean

Index

PE

Ratio

Sources: Bloomberg and iFAST Compilations

European Banks Are Trading At a More

Attractive Valuation

18

100

150

200

250

300

350

400

450

1

1.2

1.4

1.6

1.8

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3

Jul-02 Jul-03 Jul-04 Jul-05 Jul-06 Jul-07 Jul-08 Jul-09 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-16

(X)

Stoxx 600 Index – Adjusted Positive PB

+1 SD

-1 SD

Mean

Index

PB

Ratio


US HY Yield Spreads Move Below Long-

Term Average

19

0

5

10

15

20

25

De

c-9

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Jun-9

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Jun-9

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Jun-9

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c-9

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Jun-0

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Jun-0

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Jun-0

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c-0

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Jun-0

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Jun-0

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Jun-1

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Jun-1

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Jun-1

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De

c-1

6

US High Yield Spreads


BofA Merrill Lynch US High Yield BB Option-Adjusted Spread©

BofA Merrill Lynch US High Yield Master II Option-Adjusted Spread©

US High Yield Bonds Become

Expensive

20

-600

-500

-400

-300

-200

-100

0

100

200

300

400

Oct-

01

Ma

r-0

2

Aug-0

2

Jan-0

3

Jun-0

3

No

v-0

3

Apr-

04

Sep-0

4

Feb

-05

Jul-0

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De

c-0

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Ma

y-0

6

Oct-

06

Ma

r-0

7

Aug-0

7

Jan-0

8

Jun-0

8

No

v-0

8

Apr-

09

Sep-0

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Fe

b-1

0

Jul-1

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c-1

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Ma

y-1

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Oct-

11

Ma

r-1

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Aug-1

2

Jan-1

3

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3

No

v-1

3

Apr-

14

Sep-1

4

Feb

-15

Jul-1

5

De

c-1

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y-1

6

Oct-

16

Ma

r-1

7

Asian Spreads Premium (bps)


Tactical Asset Allocation

21

•Increased allocation to equities but decreased that to bonds

•We continue to favor equities against the backdrop of the early phase of nominal interest rate hikes and continuous economic growth

Bullish on equities

•Increased allocation to emerging markets and Asian equities

•The two regions are not only growing at a fast pace, but also being traded at attractive valuations

Bullish on EM & Asian equities

•Best shot to offer investors capital preservation, especially if bond yields or interest rates rise quicker than anticipated

Bullish on short duration bonds

•Short-to medium-term investment opportunities in China

•Cost re-inflation in manufacturing industries and inventories replenishment in the future will offer other investment opportunities

Tactical country exposure

(Supplementary Portion)

Inflationary Growth


Risk Disclosure Statement

• Fidelity Funds - America 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 r isks 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.

•

Threadneedle IF ICVC - European Select Fund (USD-Hedged) RNA


•Threadneedle Investment Funds ICVC – European Select (the “Fund”) principally invests mainly in a relatively concentrated portfolio of equities of

companies domiciled in Continental Europe or which have significant Continental European operations. The select investment approach means that the

Authorised Company Director has the flexibility to take significant stock and sector positions which may lead to increased levels of volatility.

•The Fund may invest in one or a combination of the following instruments which may involve embedded leverage: fixed interest securities, other

equities and money market securities. Investing in any one of the above instruments may involve substantial credit/counterparty, market, volatility and

liquidity risk. If the issuers default or such instruments, or their underlying assets, cannot be realised or perform badly, investors’ entire investment may

be lost.

•The Fund focuses on investing in a single geographical area is subject to higher risks of concentration than Funds following a more diversified policy.

•The Fund may have concentrated portfolios (holding a limited number of investments and/or large positions in a relatively small number of stocks). If

one or more of those investments decline or are otherwise adversely affected, it may have a more pronounced effect on the Fund’s value than if a larger

number of investments were held or if the Fund had fewer large individual positions. Accordingly, the Fund may carry a higher degree of risk and NAV

volatility than a fund which invests in a broad range of companies and or does not take large positions in a relatively small number of stocks.

•The investment decision is yours but you should not invest unless the intermediary which sells you the Fund has advised you that the Fund is suitable

for you and has explained why, including how investment in the Fund will be consistent with your investment objectives.

•Investors should not base their investment decision on this document alone and must refer to the Prospectus of each Fund prior to investing.




22


• Henderson Horizon Fund - Japanese Smaller Companies Fund (USD Hedged) A2RISK 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 DisRISK 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.

23


• 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 resu lting 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.




•

Fidelity Funds - Emerging Europe, Middle East And Africa Fund A-Acc-USD


• 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 r isks of investing in a single

or in a limited number of market(s) or sector(s).


• These funds may invest in derivative instruments and / or structured products which may involve additional risks. (For example, leverage may cause

greater volatility.)





24


• Fidelity Funds - Latin America Fund A-USD


• 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


• 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.





25


• Neuberger Berman China Equity Fund (USD) A Acc


• The Fund will invest primarily in equity and equity-linked securities which are listed or traded on recognised markets and issued by

companies that are incorporated or organized under the laws of, or that have a principal office in, the PRC, Hong Kong SAR, Macau SAR

or Taiwan (the “Greater China Region”), generally derive a majority of their total revenue or profits from (a) goods that are produced or

sold, (b) investments made, or (c) services performed, in the Greater China Region, or generally hold a majority of their assets in the

Greater China Region, (each a “Greater China Company”). The Portfolio will invest primarily in mid and large capitalisation companies.

• The Fund is therefore exposed to investment, Equity Securities, Emerging Markets, Chinese Market, Lower Rated Securities, Currency

and Currency Hedging Risk.

• The Fund may use financial derivative instruments (FDI) for efficient portfolio management and hedging purposes. FDIs, however, will

not be extensively used for investment purposes (including efficient portfolio management) nor for hedging purposes.

• In respect of Distributing Shares, the Fund may at its discretion pay dividends out of the capital of the Fund. Dividends paid out of capital

amount to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original

investment. Such dividends may result in an immediate decrease in the net asset value of the relevant shares.

• Investors may be subject to substantial losses.

• Investors should not solely rely on this document to make any investment decision. Please refer to the offering documents for details

including the risk factors before making any investment decisions.

• Please seek independent financial and professional advice if necessary.

• Before you decide to invest, you should make sure the intermediary has explained to you that the fund is suitable for you.





26


• BlackRock Global Funds - US Dollar Short Duration Bond Fund (USD) A3 Mdis


• 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.





PIMCO Global Bond (USD) E Acc


• 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.





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• Jupiter Global Fund - Jupiter Dynamic Bond (USD-Hedged) L Q-Inc


• 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 managemen t 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 documen ts of the Fund for

further details (including risk factors) prior to investing.




Invesco Emerging Markets Bond Fund (USD) A Dist


• 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 inves tment.

• 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.




28


• Threadneedle (Lux) US High Yield Bond (USD) AU


• Threadneedle (Lux) – US$ High Income Bonds (the “Fund”) principally invests in income-producing US Dollar denominated debt securities with an

emphasis on the high yield market.

• Investors should note that the Fund may invest in one or a combination of the following instruments which may involve embedded leverage: futures,

options and swaps and other financial derivative instruments. Investing in any one of the above instruments may involve substantial credit/counterparty,

market, volatility and liquidity risk. If the issuers default or such instruments, or their underlying assets, cannot be realised or perform badly, investors’

entire investment may be lost.

• Investors should note that bonds and other debt instruments, in particular those rated below investment grade, are exposed to higher credit risks of the

issuer. In the event that any issuer of bonds or other debt instruments experiences financial or economic difficulties, the value of the investment may be

adversely affected and may become zero.

• Investors should not base their investment decision on this document alone and must refer to the Prospectus of each Fund pr ior to investing.




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


• 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 immedia te 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



29


• First State Asian Quality Bond Fund (USD) IRISK 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 sel ls 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.

BlackRock Global Funds - Asian Tiger Bond Fund (USD) A3 MdisRISK 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 immedia te 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.

30


• BEA Union Investment Asian Bond And Currency Fund (USD) A Acc


• 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.





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


• 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 derivative instruments and / or structured products which may involve additional risks. (For example, leverage

may cause greater volatility.)






31


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


• 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 immedia te 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



• 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.




Allianz US High Yield (USD) A MDis


• 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 wh ich 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.





32

• AB FCP I - Developed Markets Multi-Asset Income Portfolio (USD) A2


• The portfolio invests in emerging markets, which is subject to higher risks (e.g. liquidity risk, currency risk, political risk, regulatory risk and economic

risk) and higher volatility than portfolios investing in developed market. Fluctuations in currency exchange rates may negatively affect the value of the

investment or reduce returns – these risks are magnified in emerging or developing markets.

• Investment in the portfolio may involve fixed-income securities risk, country risks, currency risk, interest rate risk, equity securities risk, management

risk, credit risk and the risk associated with payment of dividends out of capital. The value of the portfolio can be volatile and can go down substantially

within a short period of time. It is possible that the entire value of your investment in the portfolio can be lost.

• The portfolio is entitled to use derivative instruments for hedging and efficient portfolio management purposes which may involve additional risks. In

adverse situations, the portfolio's use of derivative instruments may become ineffective in hedging or efficient portfolio management and the portfolio

may suffer significant losses.

• Investors should not rely on this document alone to make investment decisions.




• Amundi HK - Balanced Fund (RMB Hedged) Acc


• Through its investments in equity, and money-market instruments (including cash), the Sub-Fund is exposed to risks, including (but not necessarily

limited to) equity, market and volatility risk, currency risk, interest rate risk, credit risks, liquidity risks, counterparty risks, and political, economic and

social risks. It should also be noted that investments by the Sub-Fund made in small and medium sized companies as well as in emerging markets may

involve a higher degree of risk, due to higher risks of failure or bankruptcy and to a more reduced volume of quoted securities, as well as to the

accentuated movements that it implies.




33


• Amundi HK - Balanced Fund (USD) Acc


• Through its investments in equity, and money-market instruments (including cash), the Sub-Fund is exposed to risks, including (but not necessarily

limited to) equity, market and volatility risk, currency risk, interest rate risk, credit risks, liquidity risks, counterparty risks, and political, economic and

social risks. It should also be noted that investments by the Sub-Fund made in small and medium sized companies as well as in emerging markets may

involve a higher degree of risk, due to higher risks of failure or bankruptcy and to a more reduced volume of quoted securities, as well as to the

accentuated movements that it implies.




• Baring Global Multi Asset Income Fund (RMB Hedged) A Mdist


• The Fund may subject to investment, equities, debt securities, investment trust and real estate investment trust, commodity, interest rate, credit and

downgrading, counterparty, liquidity, valuation and currency risks. The fund may invest in subgrade or unrated debt securities and other funds, these

investment may be subject to greater risk of loss of investment.

• The Fund may invest in emerging markets (including China); the fund may invest in China A-Shares via the Shanghai-Hong Kong Stock Connect

(“SC”) and is subject to specific risks, including concentration risk, political, social or economic, legal and taxation, settlement, custody, liquidity, volatility

risk and RMB currency risk. Investment via SC may further subject to quota limitations, suspension in trading and operational risks, the relevant

regulations are untested and subject to change.

• For currency hedged classes, risks associated with the hedging and class currency. For RMB hedged class, risks associated with the RMB currency

risks. RMB is currently not freely convertible and conversion of RMB is subject to foreign exchange control policies of and restrictions imposed by the

Chinese authorities. There can be no assurance that RMB will not be subject to devaluation. Any devaluation of RMB could adversely affect the value of

investments and investors may suffer losses.

• The Fund may invest in derivatives for investment purposes or for hedging purposes, such investments may result in higher volatility or a significant

loss in the Fund’s assets within a short period of time.

• Fees and expenses may be paid out of capital which result dividends effectively pay out of capital. Dividends may be paid out of capital at the

discretion of the Managers which would result in an immediate reduction of the net asset value of

the Fund.

• Investors may suffer substantial loss of their investments in the Fund.




34


• BlackRock Global Funds - Global Allocation Fund (USD) A2


• The Fund invests in debt securities that are subject to both actual and perceived measures of creditworthiness. The Fund may be affected by changes

in prevailing interest rates and by credit quality considerations. The Fund invests in smaller company shares which can be more volatile and less liquid

than those of larger companies. The Fund may be subject to a higher risk of default when it invests in distressed securities. The Fund invests in certain

emerging markets that may be subject to additional risks arising from political, economic and market factors.

• The Fund may use derivatives to hedge market and currency risk and for efficient portfolio management. However, derivatives will not be extensively



• The value of a Fund can be volatile and could go down substantially within a short period of time. It is possible that the certain amount of your

investment could be lost.

• Investors should not only base on this marketing material alone to make investment decisions.




• Franklin Income Fund (USD) A (Mdis)


• The Fund may invest in non-investment grade debt securities, and as a result may be subject to liquidity and counterparty default risks.

• The Fund’s value may be affected by exchange control regulations and changes in exchange rates.

• This investment involves risks which may result in loss of part or entire amount of your investment.




35


• JPMorgan Evergreen Fund


• The Fund invests in collective investment schemes and exchange traded funds, which have underlying exposures primarily to equities and fixed

income instruments. As a result the Fund is exposed to interest rate and credit risk as well as equity and currency market risk.


• Please refer to the offering document(s) for details.




• JPMorgan Multi Income (Mth) – USD


• The Fund invests in a diversified portfolio of income producing equities, bonds and other securities.

• The Fund is therefore exposed to a range of investment related risks which includes equity market

related risks, credit market related risks (including the risk of investing in below investment grade or unrated debt securit ies which is subject to a higher

degree of credit risk than investment in higher rated securities), interest rate risk which may affect the price of bonds and real estate market related risks

(associated with the risk of investing in REITs and other property related securities; direct investment in real estate is not permitted).

• There is no assurance on the distribution or the distribution rate or dividend yield of the Fund.


• Investors should not solely rely on this document to make any investment decision.




36


• Schroder ISF-Global Multi-Asset Income (USD) A Mdis


The fund invests primarily in global equities and fixed income securities through the use of funds or derivatives.

• For share classes with a general dividend policy, expenses will be paid out of capital rather than out of gross income. The amount of distributable

income therefore increases and the amount so increased may be considered to be dividend paid out of capital. Share classes with a fixed dividend

policy may pay out both income and capital in distributions. Where distributions are paid out of capital, this amounts to a return or withdrawal of part of

your original investment or capital gains attributable to that and may result in an immediate decrease in the net asset value of shares.

• The fund invests in debt securities which may be subject to interest rate, credit and counterparty risks. The fund may invest in unrated and non-

investment grade securities which are exposed to greater credit risks.

• The fund may invest in mortgage related and other asset backed securities that may be subject to interest rate, credit, valuation and liquidity risks.

• The fund's active management of currency positions may result in losses if the strategy/technique is not successful.

• The fund may use derivatives to meet its investment objective but does not intend to use derivatives extensively for investment purposes. Derivatives

exposure may involve higher counterparty, liquidity and valuation risks. In adverse situations, the fund may suffer significant losses from their derivative

usage for hedging.

You should not make any investment decision solely based on this document. Please read the relevant offering document careful ly for further fund

details including risk factors.




• Templeton Global Balanced Fund (USD) A(Acc)


• The Fund may invest in emerging market securities which are exposed to higher risk of economic, political and regulatory changes that may pose

additional risk to the Fund.

• The Fund may invest in derivatives, and as a result may be subject to liquidity and counterparty default risks.

• The Fund may invest in defaulted debt securities on which the issuers are not currently making interest payment, and as a result may be subject to

liquidity and counterparty default risks.






37


• Templeton Global Income Fund (USD) A(Acc)


• The Fund may invest in emerging market securities which are exposed to higher risk of economic, political and regulatory changes that may pose

additional risk to the Fund.

• The Fund may invest up to 100% of their total net assets in structured products, mortgage- and asset-backed securities and derivatives (such as credit

default swaps, forwards and options), and is subject to significant liquidity and counterparty default risks.

• The Fund may invest in defaulted debt securities on which the issuers are not currently making interest payment, and as a result may be subject to

liquidity and counterparty default risks.






• Allianz US Short Duration High Income Bond (USD) AM Dis


• 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.





38


Disclaimer

Investment involves risk. The price of securities may go down as well as up, and under

certain circumstances an investor may sustain a total or substantial loss of investment.

Past performance is not necessarily indicative of the future or likely performance of the

fund. Investors should read the relevant fund's prospectus for further details including the

risk factors before making any investment decision. An Investor should make an

appraisal of the risks involved in investing in these products and should consult his/her

own independent and professional advises to ensure that any decision made is suitable

with regards to his/her circumstances and financial position. The above materials are

issued by iFAST Platform Services (HK) Limited and have not been reviewed by the SFC.

When the investment returns of a fund are denominated in a foreign currency other than

the USD/HKD, US/HK dollar-based investors are exposed to exchange rate fluctuations.

Funds that are invested in emerging markets may involve a higher degree of risk, and

may be more sensitive to price movements relative to the developed markets.

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fsm managed portfolios monthly investment outlook may 2017 · 2017. 5. 18. · china hang seng...

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