hsbc collective investment trust - hsbc china multi-asset income … · 2020-03-05 · hsbc...
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HK-HE
Share Class AM2USD
AM2USD 29 Feb 2020
No
AM2USD -0.65 -1.94 3.16 4.17 23.72 30.79 12.72 0.39 Distributing
Monthly
Daily
USD 1,000
3.00%
1.35%
-0.51
Hong Kong
HK0000216926
USD 11.65
Fund Size
HSAMUSD HK
Manager
Share Class Details
Investment Objective
The Fund aims to provide income and moderate capital growth, through an active asset allocation in a diversified portfolio of a minimum of
70% of its net asset value in fixed income and equity securities as well as money market and cash instruments that are related to China.
Investment Strategy
The Manager’s approach is to carefully forecast long term expected returns for the different asset classes, and use these to decide the
Fund’s asset allocation, favouring assets with the best long term expected returns.
Risk Disclosure
29 Feb 2020
Fund Objective and Strategy
HSBC Collective Investment Trust - HSBC China Multi-Asset Income
Fund
• The Fund invests mainly in China related equities, bonds and other related investments.
• The Fund is subject to the concentration and emerging market risks of investing mainly in a single emerging market.
• Urban investment bonds issued by PRC local government financing vehicles (LGFVs), non-investment grade bonds and unrated bonds
are subject to additional risks and volatility.
• The Fund may invest in onshore Chinese securities through various market access schemes and China A-shares Access Products. Such
investments involve additional risks, including the risks associated with China’s tax rules and practices.
• Debt instruments with loss-absorption features are subject to additional risks and volatility.
• The Fund needs to bear the underlying funds’ fees and expenses on top of the Fund’s own fees and expenses.
• Because the Fund’s base currency, investments and classes may be denominated in different currencies, investors may be affected
adversely by exchange controls and exchange rate fluctuations. There is no guarantee that the currency hedging strategy applied to the
relevant classes will achieve its desired result.
• The Fund may invest in financial derivative instruments for investment purpose which may lead to higher volatility to its net asset value.
• The Fund may pay dividends out of capital or gross of expenses. Dividend is not guaranteed and may result in capital erosion and
reduction in net asset value.
• The Fund’s investments may involve substantial credit, currency, volatility, liquidity, interest rate, tax and political risks. Investors may
suffer substantial loss of their investments in the Fund.
• Unit trusts are NOT equivalent to time deposits. Investors should not invest in the Fund solely based on the information provided in this
document and should read the offering document of the Fund for details.
2015
Denis Gould
Fund change that may have material impact on performance: 1 July
2017- trustee fee reduced. 3 July 2018 – investment objective
changed. 16 Nov 2018 - Change in the manner of charging initial
charge / switching fee.
Scan the QR code for fund documents
Calendar Year
Performance (%)⁴
Past performance is not an indicator of future returns. The figures are calculated in
the share class base currency, NAV to NAV basis with dividend reinvested, net of
fees. If investment performance is not denominated in HKD or USD, HKD or USD
based investors are exposed to exchange rate fluctuations.
Source: HSBC Global Asset Management, data as at 29 February 2020HKD 2,918,947,545
ISIN
AM2USD 1.45 31.10 -12.46 14.78
UCITS V Compliant
Distribution Type
Distribution Frequency
Dealing Frequency
Min. Initial Investment
Max. Initial Charge
Performance
(%)YTD 1M 3M 1Y 3Y¹ 5Y¹
3.32 2.53 25.50
Reference
Benchmark
50% MSCI China Net,
50% Markit iBoxx Asia
Local Bond Index China
Offshore
Share Class Inception
Date21 Nov 2014
NAV per Share
Bloomberg Ticker
Management Fee
Share Class Base
CurrencyUSD
Domicile
2016 2017 2018 2019
1Result is cumulative when calculation period is over one year.
2Volatility since inception, a measure of how much a fund's price goes up or down as a
percentage of its average performance. 3Sharpe ratio since inception, a measure for calculating risk-adjusted return, and this ratio
has become the industry standard for such calculations. 4The calendar year return of the first year is calculated between share class inception date
and calendar year end of first year if the share class has less than 5-year history.
Vol2
S.R.3
12.59 0.2824.68
Reference
Benchmark-4.49 0.03 30.91 -9.99 14.48
Reference
Benchmark-1.36 -2.13
Portfolio Review
The fund returned positively and outperformed the benchmark over the month. The main contribution came from the fixed income sleeve.
Chinese equities also returned positively adding further value to the portfolio.
Within the fixed income sleeve, the favorable performance was led by offshore RMB bonds, followed by onshore RMB bonds and USD
credit. This was driven by the overall lowered yield movement over the month.
Within the equity sleeve, P-chips and selective ADRs were the main contributors to the positive performance. In terms of sector
performance, real estate and industrials returned most favorably.
Monthly Performance Commentary
Chinese Equity 50.89 51.00 50.00 1.00
Chinese Bond 49.32 49.00 50.00 -1.00
Liquidity -0.21 0.00 0.00 0.00
Top 10 Holdings (%)
9.57
7.62
2.75
1.80
1.77
1.71
1.64
1.61
Asset Allocation (%) Actual Target StrategicOverweight/Underweight between
Target & Strategic Asset Allocation
Alibaba Group Holding Ltd
CHINA DEVELOPMENT BANK 4.8800 09-FEB-28 3.83
CHINA GOVERNMENT BOND 3.1600 27-JUN-23
Tencent Holdings Ltd
CHINA GOVERNMENT BOND 3.2900 23-MAY-29
China Resources Enterprise Ltd
New Oriental Education & Technology Grp
CHINA GOVERNMENT BOND 3.3800 21-NOV-24
China Mobile Ltd
FRANSHION BRILLIANT LTD 5.2000 08-MAR-21
The strategic allocation is the portfolio's reference or neutral allocation set by HSBC Global Asset Management. The management team
also adjusts target exposure higher (overweight) or lower (underweight) to an asset type - relative to the strategic asset allocation -
depending on the team's current market outlook. Positive values (overweights) in the chart reflect asset types the portfolio management
team have a positive outlook on. Negative values (underweights) reflect asset types the portfolio management team have a negative
outlook on. The actual exposure is a screen shot of the portfolio at the end of the month based on market value in each asset type.
Index Disclaimer
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and
may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is
intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may
not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis,
forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any
use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating
any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of
originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this
information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special,
incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
Neither Markit, its Affiliates or any third party data provider makes any warranty, express or implied, as to the accuracy, completeness or
timeliness of the data contained herewith nor as to the results to be obtained by recipients of the data. Neither Markit, its Affiliates nor any
data provider shall in any way be liable to any recipient of the data for any inaccuracies, errors or omissions in the Markit data, regardless
of cause, or for any damages (whether direct or indirect) resulting therefrom. Markit has no obligation to update, modify or amend the data
or to otherwise notify a recipient thereof in the event that any matter stated herein changes or subsequently becomes inaccurate. Without
limiting the foregoing, Markit, its Affiliates, or any third party data provider shall have no liability whatsoever to you, whether in contract
(including under an indemnity), in tort (including negligence), under a warranty, under statute or otherwise, in respect of any loss or damage
suffered by you as a result of or in connection with any opinions, recommendations, forecasts, judgments, or any other conclusions, or any
course of action determined, by you or any third party, whether or not based on the content, information or materials contained herein.
Copyright © 2020, Markit Indices Limited.
Source: HSBC Global Asset Management, data as at 29 February
2020
2.40
This document is prepared for general information purposes only and does not have any regard to the specific investment objectives,
financial situation and the particular needs of any specific person who may receive it. Any views and opinions expressed are subject to
change without notice. This document does not constitute an offering document and should not be construed as a recommendation, an
offer to sell or the solicitation of an offer to purchase or subscribe to any investment. Any forecast, projection or target where provided is
indicative only and is not guaranteed in any way. HSBC Global Asset Management (Hong Kong) Limited (“AMHK”) accepts no liability for
any failure to meet such forecast, projection or target. AMHK has based this document on information obtained from sources it reasonably
believes to be reliable. However, AMHK does not warrant, guarantee or represent, expressly or by implication, the accuracy, validity or
completeness of such information. Investment involves risk. Past performance is not indicative of future performance. Please refer to the
offering document for further details including the risk factors. This document has not been reviewed by the Securities and Futures
Commission. Copyright © HSBC Global Asset Management (Hong Kong) Limited 2020. All rights reserved. This document is issued by
HSBC Global Asset Management (Hong Kong) Limited.
Important Information
Accumulation Share: a type of share where the income earned by the Fund is retained in the Fund
ACD: HSBC Global Asset Management (UK) Limited, the Authorised Corporate Director of the Company
Actively Managed: where the fund manager uses their expertise to pick investments to achieve the fund’s objectives
Bond(s): a loan, usually to a company or government, that pays interest
Bond Index Futures: a contract stating that the holder agrees to purchase a bond index at a particular price on a specified future date
Collective Investment Scheme: a fund that more than one person contributes to with the aim of increasing the value of their investments
or receiving income from a pooled investment. A fund manager will invest the pooled money into one or more types of asset, such as
stocks, bonds or property
Credit Rating: an assessment of the credit risk of a company, government or other organisation. It seeks to measure how likely it is that
the issuer of a bond will be able to continue to make interest payments and repay the money loaned to it
Developed Markets: countries with relatively high levels of personal income and established economies
Duration: a measure of how long it takes in years for an investor in a bond to recoup the price they paid for the bond from its interest
payments. It provides an indication of how much bond prices are likely to change if and when interest rates change
Emerging Markets (EM): countries that are progressing toward becoming advanced, usually shown by some development in financial
markets, the existence of some form of stock exchange and a regulatory body
Equities: shares issued by a company
Futures: a financial contract obligating the buyer to purchase an asset (or the seller to sell an asset), such as a physical commodity or a
financial instrument, at a predetermined future date and price
Growth: the increase in the value of investments
Government Bond or Gilt: a loan to a national government in return for regular payments (known as the coupon) and a promise that the
original investment (principal) is paid back at a specified date. Gilts are loans to the UK government
Hedge Funds: an investment fund that pools money from investors and invests in a variety of assets, often with complex investment
strategies and risk management techniques
Hedge or Hedging: using derivative type investments as a way to reduce risk
High yield bond: a bond paying a higher level of interest but which has a lower credit rating than investment grade
Income: money generated by a fund, such as interest from a bond or a dividend from a share, which can be paid out to its investors or paid
back into the fund and reinvested
Income Share: the type of Share where the income earned by the Fund is paid out to you
Investment Grade: a credit rating that indicates the issuer of a bond has a relatively low risk of being unable to make interest payments
and repay the money to it
Market Capitalisation: the total dollar market value of a company’s outstanding shares. Commonly referred to as “market cap”, it is
calculated by multiplying a company’s shares outstanding by the current market price of one share
Maturity: the period of time left for a bond or gilt to remain outstanding before the original loan and any final interest is repaid to the lender
Net Asset Value (NAV): the value of the scheme property of a fund less the liabilities of the fund
Ongoing Charges Figure: a measure of what it costs to invest in a fund. It includes the fee paid to the ACD and other operating costs
Effective Duration: a duration value based on the probability of early redemption call by the bond issuer
Option adjusted spread duration (OASD): estimates the price sensitivity of a bond to a 100 basis-point movement (either widening or
narrowing) in its spread relative to treasuries, taking into account the likelihood of early redemption
Price Earnings (P/E) Ratio: the price paid for a share divided by the annual profit earned by the firm per share
Preference Shares: shares of a company which entitle the holder to a fixed dividend, whose payment takes priority over that of ordinary
share dividends. Preference shares may be convertible to the ordinary shares of a company
Property-related securities: shares of property companies that own, manage or develop property and Real Estate Investment Trusts
(REITs), which are investment companies that own buildings and land
Return(s): the money made or lost on an investment
Share(s): an equally valued holding in a fund of a company, representing part ownership of that fund, (including larger denomination shares
and smaller denomination shares)
Sharpe ratio: a measure for calculating risk-adjusted return, and this ratio has become the industry standard for such calculations
Volatility: a measure of the size and frequency of changes in the value of an investment over a short space of time
Yield: the income from an investment, usually stated as a percentage of the value of the investment
Yield to Maturity: the total return anticipated on a bond if the bond is held until the end of its lifetime, excluding strategic currency hedges
for Portfolio/Benchmark calculations. Number is shown in percentage
Portfolio Yield: the lowest potential yield that can be received on a bond without the issuer actually defaulting, excluding strategic currency
hedges for Portfolio/Benchmark calculations. Number is shown in percentage
Terms of Glossary
Supplement Information Sheet
AM2USD USD
AM2USD USD
AM2USD USD
AM2USD USD
AM2USD USD
AM2USD USD
AM2USD USD
AM2USD USD
AM2USD USD
AM2USD USD
AM2USD USD
AM2USD USD
AM2HKD HKD
AM2HKD HKD
AM2HKD HKD
AM2HKD HKD
AM2HKD HKD
AM2HKD HKD
AM2HKD HKD
AM2HKD HKD
AM2HKD HKD
AM2HKD HKD
AM2HKD HKD
AM2HKD HKD
AM2RMB CNH
AM2RMB CNH
AM2RMB CNH
AM2RMB CNH
AM2RMB CNH
AM2RMB CNH
AM2RMB CNH
AM2RMB CNH
AM2RMB CNH
AM2RMB CNH
AM2RMB CNH
AM2RMB CNH
AM3OAUD AUD
AM3OAUD AUD
AM3OAUD AUD
AM3OAUD AUD
AM3OAUD AUD
AM3OAUD AUD
AM3OAUD AUD
AM3OAUD AUD
AM3OAUD AUD
AM3OAUD AUD
AM3OAUD AUD
AM3OAUD AUD
0.025600
0.025900
Monthly 28 Jun 2019
HSBC Collective Investment Trust - HSBC China Multi-Asset Income
Fund29 Feb 2020
Monthly 29 Mar 2019 0.031000 4.16%
Monthly 31 Dec 2019
Monthly 30 Sep 2019
28 Feb 2020 0.025700
Monthly 03 Feb 2020
2.68%
0.026200 2.76%
Monthly
2.64%
Monthly 29 Nov 2019 0.025300 2.70%
Monthly 31 Oct 2019 0.026000 2.81%
2.86%
Monthly 30 Aug 2019 0.024500 2.70%
Monthly 31 Jul 2019 0.024500 2.58%
Monthly 30 Apr 2019 0.027600 2.80%
Monthly 29 Mar 2019 0.031400 3.22%
0.024600 2.59%
Monthly 31 May 2019 0.026200 2.88%
Monthly 31 Dec 2019 0.025900 2.66%
Monthly 29 Nov 2019 0.025600 2.71%
Monthly 28 Feb 2020 0.025800 2.68%
Monthly 03 Feb 2020 0.026300 2.77%
Monthly 30 Aug 2019 0.024800 2.71%
Monthly 31 Jul 2019 0.024600 2.57%
Monthly 31 Oct 2019 0.026200 2.80%
Monthly 30 Sep 2019 0.026200 2.86%
Monthly 30 Apr 2019 0.027900 2.80%
Monthly 29 Mar 2019 0.031800 3.22%
Monthly 28 Jun 2019 0.024900 2.60%
Monthly 31 May 2019 0.026500 2.88%
Monthly 31 Dec 2019 0.029400 2.67%
Monthly 29 Nov 2019 0.029100 2.71%
Monthly 28 Feb 2020 0.029100 2.66%
Monthly 03 Feb 2020 0.029800 2.74%
Monthly 30 Aug 2019 0.027600 2.60%
Monthly 31 Jul 2019 0.027500 2.58%
Monthly 31 Oct 2019 0.030300 2.84%
Monthly 30 Sep 2019 0.030300 2.87%
Monthly 30 Apr 2019 0.030300 2.80%
Monthly 29 Mar 2019 0.034400 3.21%
Monthly 28 Jun 2019 0.027900 2.62%
Monthly 31 May 2019 0.028800 2.80%
Monthly 31 Dec 2019 0.008800 1.19%
Monthly 29 Nov 2019 0.013800 1.93%
Monthly 28 Feb 2020 0.012700 1.74%
Monthly 03 Feb 2020 0.005500 0.76%
Monthly 30 Aug 2019 0.014100 2.03%
Monthly 31 Jul 2019 0.007800 1.08%
Monthly 31 Oct 2019 0.013100 1.85%
Monthly 30 Sep 2019 0.014600 2.11%
Monthly 30 Apr 2019 0.024200 3.22%
Monthly 28 Jun 2019 0.015700 2.17%
Monthly 31 May 2019 0.016300 2.35%
Annualised Yield
(Distribution is not
guaranteed and may
be paid out of
capital)
Share Class
Share
Class
Base
Currency
Distribution Frequency Dividend ex-date Dividend Amount
Supplement Information Sheet
HSBC Collective Investment Trust - HSBC China Multi-Asset Income
Fund29 Feb 2020
The above table cites the last dividend paid within the last 12 months only.
Dividend is not guaranteed and may be paid out of capital, which will result in capital erosion and reduction in net asset value. A positive
distribution yield does not imply a positive return. Past distribution yields and payments do not represent future distribution yields and
payments. Historical payments may be comprised of both distributed income and capital.
The calculation method of annualised yield prior to August 2019 is the simple yield calculation: (dividend amount / NAV per share or units
as of ex-dividend date) x n; The calculation method of annualised yield from August 2019 is the compound yield calculation: ((1 +
(dividend amount / ex-dividend NAV))^n)-1, n depends on the distributing frequency. Annually distribution is 1; semi-annually distribution is
2; quarterly distribution is 4; monthly distribution is 12.
The annualised dividend yield is calculated based on the dividend distribution on the relevant date with dividend reinvested, and may be
higher or lower than the actual annual dividend yield.
HK-HT
股份類別 AM2USD
AM2USD 29/02/2020
否
AM2USD -0.65 -1.94 3.16 4.17 23.72 30.79 12.72 0.39 派息
參考基準 -1.36 -2.13 3.32 2.53 25.50 24.68 12.59 0.28 每月
每日
美元 1,000
3.00%
-0.51 1.35%
-4.49 美元
香港
HK0000216926
2014年11月21日
美元 11.65
基金規模
HSAMUSD HK
基金經理
股份類別詳情
投資目標
本基金的目標是透過將其資產淨值至少70%投資於由有關中國的固定收益及股票證券以及貨幣市場及現金工具組成的多元化投資組合進行積
極式資產配置，以提供收益及溫和資本增值。
資產策略
經理人的做法是仔細預測不同資產類別的長期預期回報，並利用此等資料決定基金的資產配置，偏好於具有最佳長期預期回報的資產。
風險披露
2020年2月29日
基金投資目標及策略
滙豐集合投資信託 - 滙豐中國多元資產入息基金
•本基金主要投資於中國相關股票、債券及其他相關投資。
•本基金涉及與投資於單一新興市場產生的集中性及新興市場風險。
•城投債（由中國地方政府融資平台發行）、非投資級別債券及未獲評級債券涉及額外風險及波動性。
•本基金可透過各項市場准入計劃及中國A股連接產品投資於中國在岸證券。該等投資涉及額外風險，包括與中國稅務規則和慣例有關的風險
。
•具有損失吸納特徵的債務工具涉及額外風險及波動性。
•本基金須承擔本基金及所投資的基金的費用及開支。
•由於本基金的基本貨幣、投資及份額類別可按不同的貨幣計值，故此，外匯管制及匯率波動可能對投資者構成不利影響。並不保證有關份額
類別的貨幣對沖策略可達致其預期效果。
•本基金可投資於金融衍生工具作投資用途，可能使本基金的資產淨值較波動。
•本基金可從資本中或未扣除開支前撥付股息。派息不獲保證及會導致資本蠶食及資產淨值減少。
•本基金之投資可能涉及重大的信貸、貨幣、波動性、流動性、利率、稅務及政治風險。投資者投資於本基金可能蒙受重大損失。
•基金產品並不等同於定期存款。投資者不應僅就此文件提供之資料作出投資決定，而應細閱本基金之銷售文件。
過去的業績並不代表將來的表現。表現以股份類別基本貨幣計算，資產淨值對資產淨值，
將股息再作投資，並已扣除費用。如投資業績非以港元或美元計算，以港元或美元作投資
的投資者須承受匯率波動的風險。
資料來源：滙豐環球投資管理，數據截至2020年2月29日 港元 2,918,947,545
彭博代號
參考基準 0.03 30.91 -9.99 14.48
AM2USD 1.45 31.10 -12.46 14.78
2015
Denis Gould
對本基金表現可能有重大影響的變動：2017年7月1日－調低受託人費用。
2018年7月3日－更改投資目標。2018年11月16日 -
變更收取首次認購費／轉換費的方式。
查閱基金文件請掃描二維碼
年度回報表現 (%)⁴ 2016
基金表現 (%)年初
至今1個月 3個月 1年 3年¹ 5年¹
1當計算期超過一年，業績為累積表現。 2成立至今數據，作爲衡量基金的價格變動（上升或下跌）相對基金平均表現的百分比。 3成立至今數據，作爲計算風險調整後回報的衡量指標，並為業内的計算標準。 4如股份類別成立少於五年，其首年年度表現為成立日至年底。
波幅2夏普
比率3
參考基準
50%摩根士丹利中國淨指
數, 50% Markit
iBoxx亞洲本地債券指數（
中國離岸）
管理費
股份類別基本貨幣
註冊地
ISIN代號
股份類別成立日期
每股資產淨值
2017 2018 2019
UCITS V合規
派息類型
派息頻率
交易頻率
最低初始認購額
首次認購費最高達
投資組合回顧
本月，基金錄得正回報，而且表現領先於基準指數。主要貢獻來自固定收益部分。中國股票亦錄得正回報，進一步提升投資組合價值。
固定收益部分錄得的理想回報主要由離岸人民幣債券推動，其次是在岸人民幣債券和美元信貸。這是由於月內債券息率整體走低所致。
股票部分中，民企股和所選的美國預託證券是基金表現理想的主要貢獻因素。行業表現方面，房地產和工業表現最為出色。
每月表現評論
中國股票 50.89 51.00 50.00 1.00
中國債券 49.32 49.00 50.00 -1.00
現金 -0.21 0.00 0.00 0.00
十大持倉 (%)
9.57
7.62
2.75
1.80
1.77
1.71
1.64
1.61
資產配置 (%) 實際配置 目標配置 戰略性配置目標配置與策略性資產配置的比重差異
（偏高/偏低）
CHINA GOVERNMENT BOND 3.1600 27-JUN-23
Tencent Holdings Ltd
Alibaba Group Holding Ltd
3.83
2.40
CHINA GOVERNMENT BOND 3.2900 23-MAY-29
China Resources Enterprise Ltd
New Oriental Education & Technology Grp
CHINA DEVELOPMENT BANK 4.8800 09-FEB-28
CHINA GOVERNMENT BOND 3.3800 21-NOV-24
China Mobile Ltd
FRANSHION BRILLIANT LTD 5.2000 08-MAR-21
相對戰略性配置，投資管理團隊可調高（偏高比重）或調低（偏低比重）某資產類別的目標配置。圖表中正數值（偏高比重）反映投資組合
管理團隊對該資產類別持正面展望；負數值（偏低比重）則反映其對該資產類別持負面展望。實際配置是反映組合於月底的各資產類別的市
值。
資料來源：滙豐環球投資管理，數據截至2020年2月29日
指數免責聲明
資料來源：MSCI。MSCI數據僅可供經理人內部使用，不得以任何形式複製或再傳播，亦不得用作任何金融工具或產品或指數的基礎或作為
其成分。MSCI數據不擬構成投資意見或作出（或不作出）任何種類投資決定的建議，故不得加以依賴。歷史數據和分析不應被視作任何未來
表現分析、預測或預估的指示或保證。MSCI數據乃以「按原狀」的基礎提供，而使用此等數據的人士需承擔任何使用此等數據的全部風險。
MSCI、其聯屬機構及曾參與或涉及編制、計算或創造任何MSCI數據的他方(統稱「MSCI有關各方」)各自特此明確就此等數據的所有保證(包
括但不限於此等數據的原創性、準確性、完整性、適時性、非侵權性、適銷性及任何特定用途的適用性)作出免責聲明。不受限於前述的情況
，MSCI有關各方在任何情況下不會有任何直接的、間接的、特殊的、附帶性的、懲罰性的、相應性的（包括但不限於利益損失）或其他任何
損害賠償的責任。(www.msci.com)
Markit、其聯屬機構或任何第三方數據提供者概不就有關數據的準確性、完整性或及時性或獲取有關數據的人士所獲得的結果作出任何明示
或暗示的保證。無論原因為何，Markit、其聯屬機構及任何數據提供者概不就Markit數據的任何不準確、錯誤或遺漏或其導致的任何（無論直
接或間接）損害向獲取有關數據的任何人士承擔任何責任。如此處所指的任何事項出現變化或隨後變得不準確，Markit並無責任更新、修訂
或更改有關數據或通知獲取有關數據的人士。在不局限前述的情況下，Markit、其聯屬機構或任何第三方數據提供者，概不就閣下或任何第
三方由於或涉及無論是否基於此處所包含的內容、資訊或材料所作出的任何意見、建議、預測、判斷或任何其他結論，或任何行動而引致的
任何損失或損害，向閣下承擔任何責任，不論是否是基於合約（包括賠償）的原則、侵權（包括過失）的行為、保證、法令或其他情況。版
權 © 2020，Markit指數有限公司。
本文件只提供一般性資料，並不針對任何可能收到本文件的人士的具體投資目標、財務狀況和特別需求。在此表達之意見可因應情況修改而
不作另行通知。本文件並非銷售文件，且不構成建議、要約出售或招攬購買或認購任何投資。本文件所載任何預測、預計或目標僅供説明用
途，且並非任何形式的保證。滙豐環球投資管理（香港）有限公司（「滙豐環球投資管理」）就預測、預計或目標未能達成概不承擔任何責
任。本文件內的資料乃取自滙豐環球投資管理合理地相信可靠的來源。然而，無論明示或暗示，滙豐環球投資管理不保證、擔保或代表本文
件內該等資料的準確性、有效性或完整性。投資附帶風險，過去的業績並不代表將來的表現。請參閱銷售文件以便獲取其它資料，包括風險
因素。此文件並未經證券及期貨事務監察委員會批閱。版權 © HSBC Global Asset Management (Hong Kong) Limited
（滙豐環球投資管理（香港）有限公司）2020。版權所有。本文件由HSBC Global Asset Management (Hong Kong) Limited
（滙豐環球投資管理（香港）有限公司）刊發。
重要資訊
累積股份: 基金賺取的收益留存於基金的股份類別
授權公司董事(ACD): HSBC Global Asset Management (UK) Limited，本公司的授權公司董事
主動管理: 基金經理利用其經驗篩選投資項目以實現基金目標
債券: 通常為給予某一間公司或某個政府的貸款，須支付利息
債券指數期貨: 載明持有人同意於指定未來日期按特定價格購買某一債券指數的合約
集合投資計劃:
超過一人出資、其目標為增加投資價值或自集合投資中所收取收益的基金。基金經理將集合資金投資於一個或多個類別的資產，如股票、債
券或房地產
信用評級: 對某一間公司、某個政府或其他組織的信用風險評估。 其旨在衡量某一個債券發行商繼續支付利息及償還所借資金的可能性
成熟市場: 個人收入較高且經濟成熟的國家
存續期: 衡量債券投資者自利息中收回其為債券所支付價格之年限的指標。 倘若及當利率變動時，為債券價格的波動範圍提供指示。
新興市場: 正在向成熟市場邁進的國家，通常表現為金融市場出現一定程度的發展、存在某種形式的證券交易所及監管機構
股票: 一間公司所發行的股份
期貨: 一種金融合約，據此買方（賣方）有責任於預定的未來日期按預定的價格購買（出售）某一項資產，例如實物商品或金融工具
增長: 投資價值增加
政府債券或金邊債券:
給予一國政府之貸款，以換取定期付款（稱為票息）以及初始投資（本金）將於指定日期歸還的承諾。金邊債券指給予英國政府的貸款
對沖基金: 集合投資者的資金並投資於各類資產的投資基金，通常包含複雜的投資策略和風險管理技術
對沖: 採用衍生工具類投資以減少風險的一種途徑
高收益債券: 相比投資級別債券支付較高水平的利息但具較低信用評級的債券
收益: 基金所產生的資金回報，例如債券利息或股份股息，可派付予投資者或歸還予基金進行再投資
收益股份: 基金賺取的收益派付予投資者的股份類別
投資級別: 顯示債券發行商在作出利息支付及償還本金方面擁有相對較低風險的信用評級
市值: 一間公司已發行股份的市場價值總額。按公司的已發行股份數乘以每股當前市價計算
期限: 初始貸款及任何最後一筆利息償還予貸款人之前仍未償還的債券或政府債券到期的剩餘期間
資產淨值: 基金的計劃資產價值減去該基金的負債
經常性開支: 對基金進行投資的成本的衡量指標。 其包含支付予ACD的費用及其他營運成本
有效存續期: 基於債券發行商提前贖回概率的存續期值
期權調整利差存續期(OASD): 估計某一債券的價格對於其相對國庫券息差100基點變動之敏感度，當中考慮提前贖回的可能性
市盈率: 就一股股份支付的價格除以公司一年所賺取的每股利潤
優先股: 持有人可享有固定股息的公司股份，該股息的派付優先於普通股股息。 優先股可轉換為公司的普通股
房地產相關證券: 擁有、管理或發展房地產及房地產投資信託（擁有樓宇及土地的投資公司）的房地產公司股份
回報: 投資賺取或損失的資金
股份: 某間公司的基金等價持倉，代表該基金的一部分所有權，包括較大面值股份及較小面值股份
夏普比率: 計算經風險調整回報的指標，此比率已成為該等計算的行業標準
波幅: 某一投資在短期內的變動幅度及頻率的衡量指標
孳息（率）: 投資的收益，通常以投資價值的百分比表示
到期收益率: 持有債券至其期限結束時的預期總回報，不包括投資組合∕基準計算的戰略貨幣對沖。該數字以百分比表示
投資組合收益率:
在發行商並無實際違約的情況下從債券獲得的最低潛在收益率，不包括投資組合∕基準計算的戰略貨幣對沖。該數字以百分比表示
詞彙表
補充資料
AM2USD 美元
AM2USD 美元
AM2USD 美元
AM2USD 美元
AM2USD 美元
AM2USD 美元
AM2USD 美元
AM2USD 美元
AM2USD 美元
AM2USD 美元
AM2USD 美元
AM2USD 美元
AM2HKD 港元
AM2HKD 港元
AM2HKD 港元
AM2HKD 港元
AM2HKD 港元
AM2HKD 港元
AM2HKD 港元
AM2HKD 港元
AM2HKD 港元
AM2HKD 港元
AM2HKD 港元
AM2HKD 港元
AM2RMB 離岸人民幣
AM2RMB 離岸人民幣
AM2RMB 離岸人民幣
AM2RMB 離岸人民幣
AM2RMB 離岸人民幣
AM2RMB 離岸人民幣
AM2RMB 離岸人民幣
AM2RMB 離岸人民幣
AM2RMB 離岸人民幣
AM2RMB 離岸人民幣
AM2RMB 離岸人民幣
AM2RMB 離岸人民幣
AM3OAUD 澳元
AM3OAUD 澳元
AM3OAUD 澳元
AM3OAUD 澳元
AM3OAUD 澳元
AM3OAUD 澳元
AM3OAUD 澳元
AM3OAUD 澳元
AM3OAUD 澳元
AM3OAUD 澳元
AM3OAUD 澳元
AM3OAUD 澳元
0.025600
每月 2019年9月30日 0.025900
滙豐集合投資信託 - 滙豐中國多元資產入息基金
2020年2月29日
2020年2月28日 0.025700
每月 2020年2月3日
上表僅引用過去12個月內支付的最後一次股息。
並不保證會支付股息，且可能自資本中支付，這會導致資本侵蝕及資產淨值減少。正分派收益率並不表示正回報率。過往分派收益率和付款
並不代表未來的分派收益率和付款。過往付款可能同時包含分派收益及資本。
2019年8月之前的年化收益率的計算方法為簡單收益率計算法：（股息金額／ 除權日的每股或每單位資產淨值） x n；
2019年8月起的年化收益率的計算方法為複合收益率計算法： （（1 +（股息金額／ 除權後資產淨值））^n）-1，n取決於分派頻率。
每年分派為1；每半年分派為2；每季分派為4；每月分派為12。
年化股息收益率根據相關日期的股息分派計算（股息再投資），並可能高於或低於實際每年股息收益率。
2.68%
0.026200 2.76%
每月 2019年3月29日 0.031000 4.16%
每月 2019年12月31日
每月
股份類別股份類別
基本貨幣
2.64%
每月 2019年11月29日 0.025300 2.70%
每月 2019年10月31日 0.026000 2.81%
2.86%
每月 2019年8月30日 0.024500 2.70%
每月 2019年7月31日 0.024500 2.58%
每月 2019年4月30日 0.027600 2.80%
每月 2019年3月29日 0.031400 3.22%
每月 2019年6月28日 0.024600 2.59%
每月 2019年5月31日 0.026200 2.88%
每月 2019年12月31日 0.025900 2.66%
每月 2019年11月29日 0.025600 2.71%
每月 2020年2月28日 0.025800 2.68%
每月 2020年2月3日 0.026300 2.77%
0.024800 2.71%
每月 2019年7月31日 0.024600 2.57%
每月 2019年10月31日 0.026200 2.80%
每月 2019年9月30日 0.026200 2.86%
0.027900 2.80%
每月 2019年3月29日 0.031800 3.22%
每月 2019年6月28日 0.024900 2.60%
每月 2019年5月31日 0.026500 2.88%
0.029400 2.67%
每月 2019年11月29日 0.029100 2.71%
每月 2020年2月28日 0.029100 2.66%
每月 2020年2月3日 0.029800 2.74%
0.027600 2.60%
每月 2019年7月31日 0.027500 2.58%
每月 2019年10月31日 0.030300 2.84%
每月 2019年9月30日 0.030300 2.87%
0.030300 2.80%
每月 2019年3月29日 0.034400 3.21%
每月 2019年6月28日 0.027900 2.62%
每月 2019年5月31日 0.028800 2.80%
0.008800 1.19%
每月 2019年11月29日 0.013800 1.93%
每月 2020年2月28日 0.012700 1.74%
每月 2020年2月3日 0.005500 0.76%
0.014100 2.03%
每月 2019年7月31日 0.007800 1.08%
每月 2019年10月31日 0.013100 1.85%
每月 2019年9月30日 0.014600 2.11%
0.024200 3.22%
每月 2019年6月28日 0.015700 2.17%
每月 2019年5月31日 0.016300 2.35%
每月 2019年4月30日
每月 2019年8月30日
每月 2019年12月31日
每月 2019年4月30日
每月 2019年8月30日
每月 2019年12月31日
每月 2019年4月30日
每月 2019年8月30日
派息頻率 除息日 每股股息
年化股息率
（派息不獲保證及可
從股本中分派）
PRODUCT KEY FACTS產品資料概要
HSBC Collective Investment Trust - HSBC China Multi-Asset Income Fund
滙豐集合投資信託 – 滙豐中國多元資產入息基金
January 2020 2020年1月
This statement provides you with key information about the HSBC China Multi-Asset Income Fund本概要提供有關滙豐中國多元資產入息基金的重要資料
This statement is part of the offering document 本概要是銷售文件的一部分
You should not invest in this product based on this statement alone投資者切勿單憑本概要作投資決定
Quick facts 基本資料Fund manager 基金經理 HSBC Investment Funds (Hong Kong) Limited / 滙豐投資基金（香港）有限公司
Investment adviser 投資顧問 HSBC Global Asset Management (Hong Kong) Limited (Internal delegation, HK) / 滙豐環球投資管理（香港）有限公司（內部委託,香港）
Trustee 受託人 HSBC Institutional Trust Services (Asia) Limited / 滙豐機構信託服務（亞洲）有限公司
Ongoing charges over a year
過去一年經常性開支比率
Class AM2 – RMB / AM2類 – 人民幣1.48%##
Class AM2 – USD / AM2類 – 美元1.48%##
Class AM2 – HKD / AM2類 – 港元1.48%##
Class AM3O – AUD / AM3O類 – 澳元1.51%##
Class AM3O – SGD / AM3O類 – 坡元1.51%^
Dealing frequency 進行交易 Daily on every dealing day, i.e. each business day on which banks in Hong Kong and regulated markets in countries or regions where the Sub-Fund is materially invested are normally open for business /每一個交易日，即香港的銀行及本附屬基金有大量投資的國家或地區的受監管市場通常開放營
業的各營業日
Base currency 基本貨幣 HKD / 港元
Dividend policy 股息政策 Class AM2-RMB, Class AM2-USD, Class AM2-HKD, Class AM3O-AUD and Class AM3O-SGD: The Manager aims to declare dividends monthly on a discretionary basis, and if declared, dividends will be paid monthly. Dividends may be paid out of the capital or effectively out of capital###of the relevant Class. Payment of dividends out of capital or effectively out of capital may result in an immediate reduction of the net asset value of the relevant Class. /AM2類 – 人民幣、AM2類 – 美元、AM2類 – 港元、AM3O類 – 澳元及AM3O類 – 坡元：經理人旨在按酌情基準每月宣派股息，如宣派，將會每月派發股息。股息可從相關類別的資本或實際上從相關類別的資本###中支付。從資本中或實際上從資本中撥付股息，可能導致相關類別的資產淨值即時減少。
Financial year end 財政年度終結日 31 March / 3 月 31 日
Minimum investment (initial and subsequent)最低認購額（首次及其後投資額）/ Minimum holding 最低持有額 / Minimum redemption 最低贖回額
Class A – USD1,000 | HKD10,000 | AUD1,500 | CAD1,000 | EUR850 | GBP650 | RMB10,000 | SGD1,000 | NZD1,500
A類 – 1,000 美元 | 10,000 港元 | 1,500 澳元 | 1,000 加元 | 850 歐元 | 650 英鎊 | 人民幣 10,000 元
| 1,000 坡元 | 1,500 紐元 ## The figure is an annualized figure based on the expenses for the interim period ended 30 September 2018. This figure may vary from year to year.
此數字乃根據截至2018年9月30日止中期開支計算的年率化數字。此數字每年均可能有所變動。^ The figure is an estimate only (as the class is newly setup) and represents the sum of the estimated ongoing expenses chargeable to the class expressed as a
percentage of the class's estimated average net asset value. This figure may vary from year to year. The actual figure may be different from the estimated figure. 此僅為估計數字（因為類別為新成立），指可向類別收取的估計經常性開支總額，並以類別的估計平均資產淨值的百分比表示。此數字每年均可能有所變動。實際數字可能有別於估計數字。
### The Manager may at its discretion pay dividend out of gross income while charging/paying all or part of the Sub-Fund’s fees and expenses to/out of the capital of the Sub-Fund (resulting in an increase in distributable income for the payment of dividends by the Sub-Fund), and thereby effectively pay distributions out of capital of the Sub-Fund. 經理人可酌情決定從總收入撥付股息，同時從本附屬基金的資本中扣除／支付本附屬基金的全部或部分費用及開支（導致可供本附屬基金支付股息的可分派收入增加），因此實際上從本附屬基金的資本中支付股息。
2
What is this product? 本附屬基金是甚麼產品？HSBC China Multi-Asset Income Fund is constituted in the form of a unit trust. It is a sub-fund (the “Sub-Fund”) of an umbrella fund, HSBC Collective Investment Trust (the “Fund”).滙豐中國多元資產入息基金以單位信託基金形式組成。上述基金屬傘子基金 — 滙豐集合投資信託（「本基金」）的附屬基金（「附屬基金」）。
Objectives and Investment Strategy 目標及投資策略Investment Objective 投資目標The Sub-Fund aims to provide income and moderate capital growth, through an active asset allocation in a diversified portfolio of a minimum of 70% of its net asset value in fixed income and equity securities as well as money market and cash instruments that are related to Mainland China.本附屬基金的目標是透過將其資產淨值至少70%投資於由有關中國內地的固定收益及股票證券以及貨幣市場及現金工具組成的多元化投資組合進行積極式資產配置，以提供收益及溫和資本增值。
Investment Policy 投資政策For the equity portion of the Sub-Fund, the Sub-Fund seeks to invest in China A-shares and B-shares listed on stock exchanges in Mainland China, H-shares listed on The Hong Kong Stock Exchange (“SEHK”) and other Mainland China-related shares or securities listed on the above exchanges as well as on other exchanges outside Mainland China, Hong Kong and Macau (“other Mainland China-related listed securities”). For other Mainland China-related listed securities, the Sub-Fund will invest in securities of companies which carry out or possess a preponderant part of their business activities in or are related to Mainland China.對於本附屬基金的股票部分而言，本附屬基金尋求投資於在中國內地證券交易所上市的中國A股及B股、在香港聯合交易所（「聯交所」）上市的H股，以及於上述交易所及於中國內地、香港及澳門境外的其他交易所上市的其他中國內地相關股份或證券（「其他中國內地相關上市證券」）。對於其他中國內地相關上市證券而言，本附屬基金將投資於其大部分業務活動在中國內地進行或擁有與中國內地有關的大部分業務活動的公司的證券。
The Sub-Fund may directly invest up to 80% of its net asset value in China A-shares through the Shanghai-Hong Kong Stock Connect and/or the Shenzhen-Hong Kong Stock Connect (collectively, the “Stock Connect”) and up to 30% of its net asset value in China A-shares access products (CAAPs) including equity linked notes and other similar equity linked securities and instruments issued by institutions that have obtained the QFII status. The Sub-Fund’s exposure to China A-Shares (through the Stock Connect or CAAPs), B-Shares, H-Shares and other Mainland China-related listed securities will be at least 20% but not more than 80% of its net asset value.本附屬基金可透過滬港通及／或深港通（統稱「互聯互通機制」）將其資產淨值最多80%直接投資於中國A股，以及將其資產淨值最多30%直接投資於中國A股連接產品（CAAP），包括股票掛鈎票據以及由已獲得QFII資格的機構所發行的其他類似股票掛鈎證券及工具。本附屬基金對中國A股（透過互聯互通機制或CAAP）、B股、H股及其他中國內地相關上市證券的投資額將至少達其資產淨值的20%，但不會超過其資產淨值的80%。
There are no capitalisation restrictions for stocks in which the Sub-Fund may invest, and the Sub-Fund will normally invest across a range of market capitalisation.本附屬基金可投資的股票並無市值限制，而本附屬基金的投資一般會包含不同的市值。
The Sub-Fund will also invest at least 20% but not more than 80% of its Net Asset Value in offshore Mainland China fixed income securities (including but not limited to bonds and notes) as well as money market instruments. The Sub-Fund currently may invest in instruments denominated and/or settled in RMB or other currencies including but not limited to USD/HKD, such as fixed income or debt instruments issued or guaranteed by the government or government agencies of Mainland China and companies which have their registered office in Mainland China or which carry out a preponderant part of their business activities in Mainland China, and RMB denominated and/or settled fixed income or debt instruments issued or guaranteed by other governments, government agencies and companies. These fixed income or debt instruments include, but are not limited to, corporate bonds, government bonds, commercial papers, medium term notes, floating rate notes, bankers acceptances, money market instruments, certificates of deposits, bank deposits and negotiated term deposits issued, distributed or dealt outside Mainland China. The Sub-Fund may also invest in convertible bonds issued, distributed or dealt outside Mainland China.本附屬基金亦將把其資產淨值至少 20%但不超過 80%投資於中國內地境外固定收益證券（包括但不限於債券及票據）以及貨幣市場工具。本附屬
基金目前可投資於以人民幣或其他貨幣（包括但不限於美元／港元）計值及／或結算的工具，例如由中國內地政府或政府機構及其註冊辦事處位
於中國內地或在中國內地進行其大部分業務活動的公司所發行或擔保的固定收益或債務工具，及由其他政府、政府機構及公司發行或擔保的人民
幣計值及／或結算的固定收益或債務工具。該等固定收益或債務工具包括但不限於在中國內地境外發行、分銷或買賣的公司債券、政府債券、商
業票據、中期票據、浮息票據、銀行承兌匯票、貨幣市場工具、存款證、銀行存款及協商定期存款。本附屬基金亦可投資於在中國內地境外發
行、分銷或買賣的可轉換債券。
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The Sub-Fund may also invest up to 80% of its net asset value in onshore Mainland China fixed income securities denominated in RMB, issued within Mainland China and traded on the China Interbank Bond Market (“CIBM”) through Bond Connect1 and/or other means as may be permitted by the relevant regulations from time to time. The Sub-Fund may invest up to 30% of its net asset value in urban investment bonds. Urban investment bonds are debt instruments issued by local government financing vehicles (“LGFVs”) and traded in the CIBM and the listed bond markets in Mainland China. These LGFVs are separate legal entities established by local governments and / or their affiliates to raise financing for local development, public welfare investment and infrastructure projects.
本附屬基金亦可透過債券通1及／或其他相關法規不時准許的其他方式，將其資產淨值最多80%投資於在中國內地境內發行並於中國銀行間債券市
場（「中國銀行間債券市場」）買賣的以人民幣計值的中國內地境內固定收益證券。本附屬基金可將其資產淨值最多30%投資於城投債。城投債
是由地方政府融資平台（「地方政府融資平台」）發行，並在中國銀行間債券市場及中國內地上市債券市場買賣的債務工具。此等地方政府融資
平台是由地方政府及／或其聯屬公司成立，以為地方發展、公益投資及基建項目籌集資金的獨立法律實體。
The Sub-Fund does not have explicit restrictions on the minimum credit ratings of securities it may hold. Investment grade fixed income securities are rated at least Baa3 by Moody’s or BBB- by Standard & Poor’s or equivalent by any other internationally recognized credit rating agency.
本附屬基金並無對其可能持有的證券設置明確的最低信貸評級限制。投資級別固定收益證券指獲穆迪評為至少Baa3或獲標準普爾評為至少BBB-
或獲任何其他國際公認信貸評級機構評為等同評級。
The aggregate investment in securities that are:- 1. rated below investment grade as defined above; 2. rated BB+ or below (in the case where the credit rating is designated / assigned by a Mainland China local credit rating agency); or 3. unrated (i.e. a bond for which neither the bond itself nor its issuer has a credit rating),
is up to 50% of the Sub-Fund’s net asset value.
於下列證券的總投資最多為本附屬基金資產淨值的 50% ﹕-
1. 被評為低於投資級別（按上文界定）﹔
2. 被評為 BB+ 或以下（信貸評級由中國內地本地信貸評級機構指定／給予）﹔或
3. 未評級（即債券本身或其發行人並無信貸評級）。
The Sub-Fund may invest in asset-backed securities (including asset-backed commercial papers) for up to 10% of its net asset value.本附屬基金可將其資產淨值最多10%投資於資產抵押證券（包括資產抵押商業票據）。
The Sub-Fund may invest less than 30% of its net asset value in debt instruments with loss-absorption features (e.g. contingent convertible debt securities). The Sub-Fund may invest up to 10% of its net asset value in offshore contingent convertible securities; however such investment is not expected to exceed 5%. 本附屬基金可將其資產淨值少於30%投資於具有吸收損失特點的債務工具（例如或有可轉換債務證券）。本附屬基金可將其資產淨值最多10%投資於境外或有可轉換證券；惟預期不會超過5%。
The Sub-Fund may invest up to 100% of its net asset value in units or shares of other Mainland China-related Underlying Funds2 authorised by the SFC (including other sub-fund(s) of the Fund), for example RQFII Underlying Funds authorised by the SFC, or eligible schemes (the list of “eligible schemes” is as specified by the SFC from time to time) whether authorised by the SFC or not, except that not more than 10% of its net assets may be invested in non-eligible schemes not authorised by the SFC. Investment in RQFII Underlying Funds will be up to 30% of the Sub-Fund’s net asset value. The Sub-Fund will not invest in securities investment funds that are offered within Mainland China.本附屬基金可將其資產淨值最多100%投資於獲證監會認可的其他中國內地有關的相關基金
２（包括本基金的其他附屬基金）（例如獲證監會認可
的RQFII相關基金）的單位或股份或投資於合資格計劃（「合資格計劃」名單由證監會不時訂明）（不論是否獲證監會認可），惟不多於其10%的淨資產可投資於未獲證監會認可的非合資格計劃。在RQFII相關基金的投資將為本附屬基金資產淨值的最多30%。本附屬基金將不會投資於在中國內地境內發行的證券投資基金。
The Sub-Fund may invest in cash, deposits and money market instruments for liquidity purposes. The asset allocation may change over time depending on the Manager’s view on market opportunities.本附屬基金可為流動性目的而投資於現金、存款及貨幣市場工具。視乎經理人對市場機會的看法，資產配置可能隨著時間而變動。
The Sub-Fund will normally be exposed to RMB, HKD and USD. Depending on the asset allocation of the Manager, the Sub-Fund’s exposure to different currencies may vary over time, and it may from time to time have substantial exposure to RMB denominated assets.本附屬基金通常會投資於人民幣、港元及美元。視乎經理人的資產配置，本附屬基金於不同貨幣的投資可能隨時間而變化，而其可能不時對人民幣計值資產作出重大投資。
The Sub-Fund may invest in financial derivative instruments (including embedded financial derivatives) for investment and hedging purposes, subject to the applicable investment restrictions. 本附屬基金可根據適用的投資限制投資於金融衍生工具（包括嵌入式金融衍生工具）作投資及對沖目的。
Save as mentioned above, the Sub-Fund will not invest in other structured deposits or products.除上文所述外，本附屬基金將不會投資於其他結構性存款或產品。
1 Bond Connect is a new initiative launched in July 2017 for mutual bond market access between Hong Kong and Mainland China established by China
Foreign Exchange Trade System & National Interbank Funding Centre and Hong Kong Exchanges and Clearing Limited (amongst others). 債券通乃由中國外匯交易中心暨全國銀行間同業拆借中心與香港交易及結算所有限公司（及其他方）於 2017 年 7 月推出的中國內地與香港債券市場互聯
互通合作的全新計劃。2 Underlying Funds refer to the collective investment schemes in which the Sub-Fund may invest, including unit trusts and mutual funds.
相關基金指本附屬基金可能投資的集合投資計劃，包括單位信託基金及互惠基金。
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The Manager will not enter into securities lending, repurchase or reverse repurchase transactions or similar over-the-counter transactions in respect of the Sub-Fund.經理人將不會就本附屬基金訂立證券借出、購回或反向購回交易或類似的場外交易。
Investment Strategy 投資策略
The Manager’s asset allocation strategy focuses on assets with the best long term expected returns, based on the forecast reviewed continuously by the Manager, taking into account risks associated with the assets.根據經理人持續檢討的預測及經計及有關資產的風險後，經理人的資產配置策略集中於帶來最佳長期預期回報的資產。
Indicative allocation and classification of the Sub-Fund's investment: 本附屬基金的投資的指示性分配及分類：
Type of Asset Classes* 資產類別的類型*
Indicative percentage (as a percentage of the Sub-Fund’s net asset value) 指示性百分比 (佔本附屬基金資產淨值的百分比）
Mainland China related equities (comprising one or more of the following): 中國內地相關股票（包括以下一項或多項）： China A-Shares
中國A 股 B-Shares
B 股 H-Shares and other Mainland China-related listed securities
H 股及其他中國內地相關上市證券
20 - 80%
Mainland China related offshore fixed income instruments including bonds, money market instruments, convertible bonds, other fixed income instruments denominated in RMB and other currencies and cash 中國內地相關境外固定收益工具，包括債券、貨幣市場工具、可轉換債券、以人民幣及其他貨幣計值的其他固定收益工具及現金
20 - 80%
Onshore Mainland China fixed income securities denominated in RMB, issued within Mainland China and traded on the China Interbank Bond Market 在中國內地境內發行並於中國銀行間債券市場買賣的以人民幣計值的中國內地境內固定收益證券
0– 80%
Onshore urban investment bonds 境內城投債 0 - 30%
Mainland China related Underlying Funds authorised by the SFC or eligible schemes (the list of ‘eligible schemes’ is as specified by the SFC from time to time) 獲證監會認可的中國內地有關的相關基金或合資格計劃（「合資格計劃」名單由證監會不時訂明）
0 - 100%
Asset-backed securities 資產抵押證券 0 – 10%
Debt instruments with loss-absorption features (including offshore Contingent convertible securities in which the Sub-Fund may
invest up to 10%)
具有吸收損失特點的債務工具（包括本附屬基金可投資最多10%的境外或有可
轉換證券）
Less than 少於 30%
* Exposure to Mainland China related equities, Mainland China related fixed income instruments and asset-backed securities may be achieved through direct investments and/or investment in units or shares or Underlying Funds.
* 對中國內地相關股票、中國內地相關固定收益工具及資產抵押證券的投資可通過直接投資及／或投資於單位或股份或相關基金達成。
Use of derivatives 衍生工具的使用 The Sub-Fund’s net derivative exposure may be up to 50% of the Sub-Fund’s net asset value.
本附屬基金衍生工具的淨投資比例範圍最高可達本附屬基金資產淨值的 50%。
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What are the Key Risks? 本附屬基金有哪些主要風險？
Investments involve risks. Please refer to the offering document for details including risk factors.
投資附帶風險。請參閱銷售文件以便獲取其他資料，包括風險因素。
Investment risk 投資風險 The Sub-Fund's investment portfolio may fall in value due to any of the key risk factors below and therefore your investment in the Sub-Fund
may suffer losses. There is no guarantee of the repayment of principal.本附屬基金的投資組合價值可能因下列任何主要風險因素而下跌，故閣下於本附屬基金的投資可能會蒙受虧損。概不保證可償還本金。
General Liquidity risk 一般流動性風險 The Sub-Fund’s investment portfolio will be exposed to liquidity risks – meaning it may take time to sell assets and/or assets may need to be sold
at a discount. This risk is greater in exceptional market conditions when a large number of market participants may seek to liquidate their investments which may include the Sub-Fund. The Sub-Fund may employ a number of techniques to manage liquidity including pricing adjustments and temporarily suspending redemptions. 本附屬基金的投資組合將承受流動性風險－意味著其需時出售資產及／或資產可能需以折讓價出售。當出現大量市場參與者尋求變現其投資（可能包括本附屬基金）的特殊市況時，此風險便較大。本附屬基金可運用若干技巧管理流動性，包括定價調整及暫時停止贖回。
Currency risk 貸幣風險 Where the currency of the underlying assets differs to the currency used to quote a unit’s price, such price may be affected unfavourably by
fluctuations in exchange rates between these currencies or, in the case of Currency Hedged Unit Classes, between the currency of the underlying assets and the Base Currency. 若相關資產的貨幣有別於用作單位報價的貨幣，該價格可能因此等貨幣之間的匯率波動而受到不利影響，或若屬貨幣對沖單位類別，該價格可能因相關資產貨幣與基本貨幣之間的匯率波動而受到不利影響。
Exchange rates may be affected by changes to exchange rate controls amongst other political and economic events.除其他政治和經濟事件外，匯率可能受匯率管制的變動所影響。
General equity market risk 一般股票市場風險 The Sub-Fund’s investment in equity securities is subject to general market risks, whose value may be adversely impacted due to various
factors, such as changes in investment sentiment, political and economic conditions, liquidity risks and issuer-specific factors. Further, risks may be exacerbated for certain markets and segments (e.g. smaller capitalization companies).本附屬基金投資於股票證券，須承受一般市場風險，其價值可能因多項因素（例如投資氣氛、政治及經濟狀況之改變、流動性風險及發行人相關風險因素）而受到不利影響。此外，若干市場及板塊（例如小型公司）的風險可能加劇。
Equity linked notes risk 股票掛鈎票據風險 Equity linked notes (“ELN”) can have greater liquidity risk and the Sub-Fund relies upon the counterparty to quote a price. The Sub-Fund is
exposed to credit risk that the issuer may not settle a transaction due to credit or liquidity problems, thus causing the Sub-Fund to suffer loss. The value of the ELN may be affected by changes in exchange rates between the denominating currency of the underlying shares and the ELN. 股票掛鈎票據（「股票掛鈎票據」）的流動性風險可能較高，而本附屬基金倚賴對手方報價。本附屬基金須承受發行人的信貸風險，當發行人基於信貸或資金週轉問題而不結算交易，將會導致本附屬基金蒙受虧損。相關股份與股票掛鈎票據之間的計值貨幣的匯率波動，可能影響股票掛鈎票據的價值。
General debt securities risks 一般債務證券風險Credit risk 信貸風險
The Sub-Fund is exposed to the credit/default risk of issuers of the debt securities that the Sub-Fund may invest in. In the event that an issuer of a debt security defaults on payment of principal or interest, the Sub-Fund could suffer substantial loss and the net asset value of the Sub-Fund could be adversely affected. 本附屬基金須承受本附屬基金可能投資的債務證券之發行人的信貸／違約風險。若債務證券的發行人在支付本金或利息方面違約，本附屬基金可能蒙受重大虧損及本附屬基金的資產淨值可能受到不利影響。Credit rating risk 信貸評級風險
Credit rating agencies may assign credit ratings to indicate credit quality of such securities. These are subject to limitations and may not accurately reflect the creditworthiness of the security and/or issuer at all times. Conversely, some debt securities are unrated, meaning that assessment of credit quality will solely be down to the Investment Adviser. 信貸評級機構可能給予信貸評級以表明該等證券的信貸質素。此等評級涉及限制，且未必能時刻準確反映證券及／或發行人的信用程度。相反，部分債務證券未獲評級，意味著信貸質素的評估將完全由投資顧問決定。
The credit rating and/or credit quality of a debt instrument or its issuer may decline. In the event of such decline, the value of the Sub-Fund may be adversely affected and the manager may or may not be able to dispose of the relevant debt instruments. 債務工具或其發行人的信貸評級及／或信貸質素可能下降。若出現下降情況，本附屬基金的價值可能受到不利影響，經理人不一定能夠出售有關債務工具。Interest rate risk 利率風險
Debt securities are typically subject to interest rate risk. In general, the prices of debt securities rise when interest rates fall, whilst their prices fall when interest rates rise. 債務證券通常須承受利率風險。一般而言，當利率下跌時，債務證券的價格會上升，而利率上升時，其價格則會下跌。Valuation Risk 估值風險
Valuation of the Sub-Fund’s investment in debt securities may involve uncertainties and judgmental determinations, and independent pricing information may not at all times be available. If such valuation turns out to be incorrect, this may affect the net asset value of the Sub-Fund. 對本附屬基金於債券證券的投資的估值可能涉及不確定性因素及判斷，且未必在所有時候均能獲得獨立的定價資訊。如證實該等估值不正確，此可能影響本附屬基金的資產淨值。
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Non-investment grade debt securities risks 非投資級別債務證券風險 Non-investment grade debt securities as rated by credit agencies (and credit equivalent unrated debt securities) are subject to greater liquidity
risk, higher volatility, higher credit risk and greater risk of loss of principal and interest than investment grade debt securities. 相對投資級別債務證券，獲信貸機構評為非投資級別的債務證券（及具同等信貸質素的未評級債務證券）須承受較高的流動性風險、較高波動性、較高的信貸風險以及較大的本金和利息損失風險。
Sovereign debt risk 主權債務風險 The Sub-Fund’s investment in securities issued or guaranteed by governments may be exposed to political, social and economic risks. In
adverse situations, the sovereign issuers may not be able or willing to repay the principal and/or interest when due or may request the Sub-Fund to participate in restructuring such debts. The Sub-Fund may suffer significant losses when there is a default of sovereign debt issuers. 本附屬基金投資於由政府發行或擔保的證券可能面臨政治、社會及經濟風險。在不利狀況下，主權發行人未必能夠或願意在到期應付時償還本金及／或利息，或可能要求本附屬基金參與重組有關債務。倘主權債務發行人發生違約，本附屬基金可能遭受重大損失。
Asset allocation strategy risk 資產配置策略風險 The investments of the Sub-Fund may be periodically rebalanced and therefore the Sub-Fund may incur greater transaction costs than a Sub-
Fund employing a buy-and-hold allocation strategy. 本附屬基金的投資可能定期重新調整，因此本附屬基金產生的交易成本可能高於採用買入及持有策略的附屬基金。
Geographic concentration risk 地域集中風險 The Sub-Fund’s investments are concentrated in a certain geographical region(s). The value of the Sub-Fund may be more volatile than that of a
fund having a more diverse portfolio of investments. 本附屬基金集中投資於若干地區。本附屬基金的價值可能比具有更廣泛投資組合的基金更反覆波動。
Further, the value of the Sub-Fund may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting such geographical region(s). 此外，本附屬基金的價值可能較容易受到影響有關地區的不利經濟、政治、政策、外匯、流動性、稅務、法律或監管事件的影響。
Emerging markets risk 新興市場風險 The Sub-Fund invests in emerging markets which may involve increased risks and special considerations not typically associated with
investment in more developed markets, such as greater liquidity risks, currency risks/control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk and the likelihood of a higher degree of volatility. 本附屬基金投資於新興市場，新興市場可能涉及投資於較發達市場一般不會涉及的較多風險及特殊考慮因素，例如較高的流動性風險、貨幣風險／管制、政治及經濟不確定因素、法律及稅務風險、結算風險、託管風險，以及大幅波動的可能性。
Risk associated with distribution out of/effectively out of capital 與從資本中／實際從資本中作出分派相關的風險 For certain Classes, dividends may be paid out of capital or effectively out of capital which represents a return or withdrawal of part of an
investor’s original investment or from any capital gains attributable to that original investment. Any payment of dividends may result in an immediate reduction in the net asset value per unit of the Class. 就若干類別而言，可能從資本中或實際上從資本中撥付股息，即代表從投資者的原本投資中獲付還或提取部分金額或從該原本投資應佔的任何資本收益中獲付還或提取金額。任何股息的支付可能導致該類別的每單位資產淨值即時減少。
In addition, for certain Currency Hedged Unit Classes, the dividend distribution amount and the net asset value may be adversely affected by differences in the interest rates of the reference currency of the Class and the Sub-Fund’s Base Currency. Also, for certain Currency Hedged Unit Classes, differences in interest rates may result in an increase in the amount of dividend distribution paid out of capital and hence a greater erosion of capital than other non-hedged Classes.
此外，就若干投資組合貨幣對沖單位類別而言，分派股息金額及資產淨值可能受到該類別的參考貨幣與本附屬基金的基本貨幣之間利率差異的不利影響。此外，就若干投資組合貨幣對沖單位類別而言，利率差異亦可能導致從資本撥付的分派金額增加，故相比其他非對沖股份類別會出現較大的資本蠶蝕。
Risk of Base Currency Hedged classes 基本貨幣對沖類別的風險 Base Currency Hedged Unit Classes seek to minimise the effect of currency fluctuations between the Class Currency of the Unit Class and the
Base Currency of the relevant Sub-Fund such that the price in the Class Currency moves similarly to the price in the Base Currency. 基本貨幣對沖單位類別旨在將單位類別的類別貨幣與有關附屬基金的基本貨幣之間的匯率波動影響降至最低，即類別貨幣的價格與基本貨幣的價格走勢相若。
The Sub-Fund’s underlying portfolio may have a material exposure to assets which are denominated in a currency (or currencies) which is (or are) different to the Sub-Fund's Base Currency. Base Currency Hedged Unit Classes will be exposed to currency exchange rate movements of the underlying portfolio currencies against the Sub-Fund's Base Currency rather than being exposed to the underlying portfolio currencies against the Class Currency. Investors should be aware that investment in Base Currency Hedged Unit Classes may result in the investor taking speculative currency positions, which may be volatile and may have a material impact on an investor’s returns. 本附屬基金的相關投資組合可能有重大比例的資產投資於以有別於本附屬基金基本貨幣的貨幣計值之資產。基本貨幣對沖單位類別將承受相關投資組合貨幣兌本附屬基金基本貨幣之匯率變動的影響，而非相關投資組合貨幣兌類別貨幣之匯率變動影響。投資者應注意，投資於基本貨幣對沖單位類別可能導致投資者持有投機性貨幣倉盤，此等倉盤可能波動，並可能對投資者的回報產生重大影響。
Base Currency Hedged Unit Classes are not recommended for investors who are seeking a return in a currency other than the Class Currency of the Class. Investors that do not follow this recommendation should be aware that they may be exposed to higher currency risks and may suffer material losses as a result of exchange rate fluctuations between the Class Currency of the Class and the currency they are seeking a return in. 對尋求回報以類別的類別貨幣以外之貨幣計算的投資者而言，不建議彼等投資於基本貨幣對沖單位類別。不跟隨此建議的投資者應知悉，彼等或會因類別的類別貨幣與其所尋求的回報貨幣之間的匯率波動，而承受較高的貨幣風險及可能蒙受重大損失。
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Convertible Securities risk 可轉換證券風險 The Sub-Fund may invest in convertible securities which are a hybrid between debt and equity, permitting holders of debt instruments to convert
into shares of the issuer at a specified price or rate. As such, in addition to risks comparable to straight debt securities (such as interest rate risk, credit rating risk and credit risk as well as prepayment risk where applicable), convertible securities will also be exposed to equity risk resulting in overall greater volatility. 本附屬基金可投資於可轉換證券，有關證券是債券及股票之混合證券，容許債券工具持有人按某指定價格或比率將證券轉換為發行人的股份。因此，除承受類似傳統債務證券的風險（例如利率風險、信貸評級風險和信貸風險及提前償還風險（如適用））外，可轉換證券亦須承受股票風險，因而導致整體波動性較大。
Risk of investing in other collective investment schemes 投資於其他集體投資計劃的風險 The Sub-Fund may invest in underlying funds (which may not be regulated by the SFC). The Sub-Fund does not have any control of the
investments of underlying funds and will be subject to the risks and returns associated with the underlying funds’ investments as well as the prospectus terms and conditions of the underlying funds. There is no assurance that the investment objective and strategy of the underlying funds will be successfully achieved which may have a negative impact to the net asset value of the Sub-Fund. 本附屬基金可投資於相關基金（不一定受到證監會監管）。本附屬基金對相關基金的投資並無任何控制權，並將受與相關基金投資有關的風險和回報以及相關基金的說明書的條款及條件所規限。概不保證相關基金的投資目標及策略將能成功達致，這可能對本附屬基金的資產淨值產生負面影響。
Investment in underlying funds will involve another layer of fees charged at the underlying fund level. There is no guarantee that underlying funds will always have sufficient liquidity to meet the Sub-Fund’s redemption requests in a timely manner and the Sub-Fund may suffer losses as a result of delays. 投資於相關基金將涉及另一層在相關基金層面收取的費用。概不保證相關基金將時刻具備足夠流動性，以及時應付本附屬基金的贖回要求，本附屬基金可能因延誤而蒙受損失。
Derivative risk 衍生工具風險 Risks associated with financial derivative instruments include counterparty/credit risk, greater liquidity risk, valuation risk and volatility risk.
與金融衍生工具相關的風險包括對手方／信貸風險、較大的流動性風險、估值風險及波動性風險。 The use of derivatives for investment purposes may involve leverage. Leverage can result in a loss significantly greater than the amount invested
in derivatives by the Fund leading to a higher risk of significant loss by the Fund. 使用衍生工具作投資用途可能涉及槓桿。槓桿可能導致損失遠遠大於本基金對衍生工具的投資金額，令本基金遭受重大損失的風險增加。
Mainland China market risk 中國內地市場風險 In addition to the applicable Emerging Market risks, the mainland China market is also exposed to greater risks related to mainland China tax
and RMB conversion and currency. 除適用的新興市場風險外，中國內地市場亦須承受與中國內地稅務及人民幣兌換和貨幣有關的較高風險。 Mainland China tax risks 中國內地稅務風險
There are risks and uncertainties associated with the current mainland China tax laws, regulations and practice in respect of direct and indirect investments in mainland China (which may have retrospective effect). Any increased tax liabilities on the Sub-Fund may adversely affect the Sub-Fund's value. 有關中國內地直接及間接投資的現行中國內地稅務法律、規例及慣例存在風險及不確定因素（並可具追溯效力）。若本附屬基金的稅務責任增加，或會對本附屬基金的價值造成不利影響。
Based on professional tax advice, the Sub-Fund currently makes the following China tax provisions: 根據專業的稅務意見，本附屬基金目前作出以下稅項撥備:
a corporate income tax provision of 10% on interest from its investments in debt securities issued by Mainland China tax resident enterprises, if it was not withheld at source nor borne by the bond issuers (except (i) interests from investments in Mainland China onshore bonds received from 7 November 2018 to 6 November 2021 and (ii) interests from Mainland China government bonds and local government bonds). 就其投資於由中國內地稅務居民企業發行的債務證券的所得利息作出10%的企業所得稅撥備（如未從源頭預扣或並非由債券發行人承擔），惟(i)於2018年11月7日至2021年11月6日從投資於中國內地境內債券收取的利息及(ii)從中國內地政府債券及地方政府債券所得利息除外。
a VAT provision on coupon interest to be derived from Mainland China onshore non-government bonds and offshore bonds issued by Mainland China tax resident companies, provided that such VAT is not borne by the bond issuers (except interests from investments in Mainland China onshore bonds received from 7 November 2018 to 6 November 2021). 就從中國內地稅務居民公司所發行的中國內地境內非政府債券及境外債券衍生的票息利息作出增值稅撥備，惟前提是該增值稅並非由債券發行人承擔（惟於2018年11月7日至2021年11月6日從投資於中國內地境內債券所得利息除外）。
The Manager (after taking professional tax advice) may, at its discretion make modification to the tax provision policy of the Sub-Fund based on new developments and interpretation of the relevant regulations. 經理人（考慮專業稅務意見後）可酌情根據相關法規的新發展及詮釋修改本附屬基金的稅項撥備政策。
Any shortfall between the provision (or lack thereof) and the actual tax liabilities, which will be debited from the Sub-Fund's assets, will adversely affect the Sub-Fund's NAV. The actual tax liabilities may be lower than the tax provision made. Depending on the timing of subscriptions and/or redemptions, investors may be disadvantaged as a result of any shortfall of tax provision and will not have the right to claim any part of the overprovision (as the case may be). 稅項撥備（或欠缺撥備）與實際稅務責任之間的任何不足額將從本附屬基金的資產中扣除，這將對本附屬基金的資產淨值造成不利影響。實際稅務責任可能低於已作出的稅項撥備。視乎認購及 ／或贖回時間而定，投資者或會因稅項撥備的任何不足額而蒙受損失，且將無權申索撥備過多的任何部分（視情況而定）。
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RMB conversion and currency risks 人民幣兌換及貨幣風險 The RMB is currently not freely convertible and is subject to exchange control policies and restrictions. Under exceptional circumstances this may
prevent currency conversion into or out of RMB in a timely manner which may adversely impact the Sub-Fund. 人民幣現時不可自由兌換，並受外匯管制政策及限制的規管。在特殊情況下，這可能導致未能及時將貨幣兌換為人民幣或從人民幣兌換，可能對本附屬基金構成不利影響。
Non-RMB based investors are exposed to foreign exchange risk and there is no guarantee that the value of RMB against the investors’ day-to-day currencies (for example HKD) will not depreciate. Any depreciation of RMB could adversely affect the value of investor’s investment in the Sub-Fund. Further, although offshore RMB (CNH) and onshore RMB (CNY) are the same currency, they trade at different rates. Any divergence between CNH and CNY may adversely impact investors. 非以人民幣為基礎的投資者須承受外匯風險，且概不保證人民幣相對投資者的日常貨幣（例如港元）之價值不會貶值。人民幣出現任何貶值可能對投資者於本附屬基金的投資價值造成不利影響。此外，雖然離岸人民幣（CNH）與在岸人民幣（CNY）是相同貨幣，但兩者以不同的匯率買賣。CNH與CNY之間的任何差異可能對投資者造成不利影響。
China A-shares/B-shares risk and China A-share access products risk 中國A股/B股風險及中國A股連接產品風險 Investments related to China A-shares/B-shares may be more volatile and may suffer potential settlement difficulties. Further, securities
exchanges in mainland China typically have the right to suspend or limit trading in any security traded on the relevant exchange and the government or the regulators may also implement policies that may affect the financial markets. All these may have a negative impact on the Sub-Fund. 與中國A股/B股有關的投資可能較為波動，並可能面對潛在結算困難。此外，中國內地證券交易所通常有權暫停或限制在相關交易所買賣的任何證券的交易。政府或監管機構亦可能實施可能影響金融市場的政策。所有該等因素均可能對本附屬基金造成負面影響。
Additional risks when investing via stock connect 透過互聯互通機制投資的額外風險 The relevant rules and regulations on Stock Connect are subject to change which may have potential retrospective effect. The Stock Connect is
subject to quota limitations. Where a suspension in trading through the programme is effected, the Sub-Fund’s ability to access China A-shares through the programme will be adversely affected which may prevent the Sub-Fund effectively achieving its investment objective. 互聯互通機制的有關規則及規例可能會變更，並可能具有潛在追溯效力。互聯互通機制設有額度限制。倘若通過該機制進行交易被暫停，則本附屬基金通過該機制參與中國A股的能力將受到不利影響，這可能阻礙本附屬基金有效地達成其投資目標。
Additional risks when investing via CAAPs 透過CAAPs投資的額外風險 The Sub-Fund will be subject to the credit risk of the issuers of China A-share access products (“CAAPs”). Investment in CAAPs can have
greater liquidity risk as there may not be an active market in CAAPs. In order to liquidate investments, the Sub-Fund relies upon the counterparty issuing the CAAPs to quote a price to unwind any part of the CAAPs. The Sub-Fund will be subject to credit risk of the issuers of the CAAPs. 本附屬基金將須承受中國A股連接產品（「CAAPs」）發行人的信貸風險。由於CAAPs未必擁有交投活躍的市場，CAAPs投資的流動性風險可能較高。為把投資變現，本附屬基金依賴發行CAAPs的對手方報價，以將該等CAAPs的任何部分平倉。本附屬基金將須承受CAAPs發行人的信貸風險。
Risks relating to mainland China urban investment bonds 有關中國內地城投債的風險 Urban investment bonds are debt securities issued by Mainland Chinese local government financing vehicles (“LGFVs”). Although local
governments may initiate the set-up of LGFVs, bonds issued by LGFVs are typically not guaranteed by Mainland Chinese local or central governments. Further, bonds are typically unsecured and bondholders are exposed to the full credit risk of LGFVs. LGFVs themselves may employ high financial leverage and encounter cash flow mismatches. Further, LGFVs may depend on the issuance of new debt to service existing debt. Higher re-financing costs (which may be as a result of an LGFV’s worsening credit quality) will make it more difficult for LGFVs to pay interest and principal on existing debts. 城投債乃由中國地方政府融資平台（「地方政府融資平台」）發行的債務證券。儘管地方政府可啟動成立地方政府融資平台，由地方政府融資平台發行的債券一般不獲中國地方或中央政府擔保。此外，債券一般並無抵押，債券持有人須承受地方政府融資平台的所有信貸風險。地方政府融資平台本身可運用高金融槓桿，並可能面臨現金流錯配。此外，地方政府融資平台可能依賴發行新債以償還現有債務。再融資成本增加（可能因地方政府融資平台的信貸質素下跌所致）將令地方政府融資平台較難支付現有債務的利息及本金。
Risks associated with Bond Connect 與債券通相關的風險 Investing in the CIBM via Bond Connect is subject to regulatory risks and various risks such as volatility risk, liquidity risk, settlement and
counterparty risk as well as other risk factors typically applicable to debt securities. The relevant rules and regulations on investment in the CIBM via Bond Connect are subject to change which may have potential retrospective effect. In the event that the relevant Mainland China authorities suspend account opening or trading on the CIBM, the Sub-Fund’s ability to invest in the CIBM will be adversely affected. In such event, the Sub-Fund’s ability to achieve its investment objective will be negatively affected. 透過債券通投資於中國銀行間債券市場承受監管風險及多項風險，例如波動性風險、流動性風險、結算及對手方風險，以及通常適用於債務證券的其他風險因素。與透過債券通投資於中國銀行間債券市場相關的規則及規例或會變更，且可能具有追溯效力。倘若在中國銀行間債券市場開立賬戶或進行交易被中國內地有關當局暫停，則本附屬基金投資於中國銀行間債券市場的能力將受到不利影響。在該情況下，本附屬基金達致其投資目標的能力將受到負面影響。
In addition, trading through Bond Connect is performed through newly developed trading platforms and operational systems. In the event that the relevant systems fail to function properly, trading through Bond Connect may be disrupted. The Sub-Fund’s ability to trade through Bond Connect (and hence to pursue its investment strategy) may therefore be adversely affected. 此外，透過債券通進行的交易乃透過新開發的交易平台及操作系統進行。如果有關系統未能正常運作，透過債券通進行的交易可能受到干擾。本附屬基金透過債券通進行交易（從而執行其投資策略）的能力可能受到不利影響。
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RQFII Risk RQFII 風險 The Sub-Fund’s ability to make the relevant investments or to fully implement or pursue its investment objective and strategy is subject to the
applicable laws, rules and regulations (including restrictions on investments and repatriation of principal and profits) in mainland China, which are subject to change and such change may have potential retrospective effect. 本附屬基金能否作出相關投資或全面實行或履行其投資目標及策略，須視乎中國內地的適用法律、規則及規例而定（包括投資限制及調回資本和利潤之限制），該等法律、規則及規例或會變更，而有關變更或會具有潛在追溯效力。
The Sub-Fund may not have exclusive use of the entire RQFII quota granted by SAFE to the RQFII and there can be no assurance that the RQFII can allocate sufficient quota to the Sub-Fund to meet all applications for subscription of Units in the Sub-Fund. The Sub-Fund’s performance may suffer substantially if there is insufficient RQFII quota allocated for the Sub-Fund to make investments. 本附屬基金或許未能對外管局授予RQFII的全部RQFII額度專有使用，並不保證 RQFII可向本附屬基金分配足夠的RQFII額度，以應付所有認購本附屬基金單位的申請。如本附屬基金獲編配進行投資的RQFII額度不足，本附屬基金的表現可能受顯著拖累。
Further, the Sub-Fund may suffer substantial losses if the approval of the RQFII is revoked/terminated or otherwise invalidated as the Sub-Fund may be prohibited from the trading of relevant securities and repatriation of the Sub-Fund’s monies, or if any of the key operators or parties (including RQFII custodian/brokers) is bankrupt/in default and/or is disqualified from performing its obligations (including execution or settlement of any transaction or transfer of monies or securities). 此外，如RQFII的核准被撤回／終止或以其他方式失效以致本附屬基金買賣有關證券及調回本附屬基金的資金受到妨礙，或如任何主要營運者或各方（包括RQFII託管人／經紀）破產／違約及／或喪失履行其責任（包括執行或結算任何交易或調撥資金或證券）的資格，本附屬基金可能蒙受重大損失。
RMB denominated class risk 人民幣計值類別的風險 The Sub-Fund offers RMB denominated unit classes. Subscriptions and redemptions for the Sub-Fund may involve conversion of currency
from/into RMB. Currency conversion will be conducted at the applicable exchange rate and subject to the applicable spread. 本附屬基金提供人民幣計值的單位類別。認購及贖回本附屬基金可能涉及某貨幣與人民幣之間的兌換。貨幣兌換將按適用的匯率及在適用的差價規限下進行。
The RMB is currently not freely convertible and is subject to exchange control policies and restrictions. The Sub-Fund’s payment of redemption proceeds or dividends may be delayed in the event that there is insufficient RMB available to it. 人民幣現時不可自由兌換，並受外匯管制政策及限制的規管。若沒有足夠的人民幣，本附屬基金可能延遲支付贖回款項或股息。
10
How has the Sub-Fund performed? 本附屬基金過往的業績表現如何？
Past performance information is not indicative of future performance. Investors may not get back the full amount invested.
過去完業績並不代表將來的表現。投資者可能不能取回全部投資金額。
The computation basis of the performance is based on the calendar year end, NAV-to-NAV, with dividend reinvested.
業績表現以曆年末的資產淨值作為比較基礎，股息會滾存再作投資。 These figures show by how much the unit class increased or decreased in value during the calendar year being shown. Performance data has
been calculated in HKD including ongoing charges and excluding subscription fee and redemption fee you might have to pay. 數據顯示單位類別於上述曆年的價值升跌。業績數據以港元計算，包括經常性開支但不包括您可能需支付的認購費用及贖回費用。
Where no past performance is shown there was insufficient data available in that year to provide performance. 假如並無顯示過往表現，則表示該年度並無足夠數據以提供表現。
The Sub-Fund has formally adopted 50% MSCI China Net and 50% Markit iBoxx ALBI China Offshore as the reference performance benchmark of the Sub-Fund with effect from 2016. The reference performance benchmark is shown for comparison purposes only and the Sub-Fund may not be managed to the reference performance benchmark. 本附屬基金已由2016年起正式採用50%摩根士丹利中國淨指數 (MSCI China Net) 及50%亞洲本地債券指數（中國離岸）(Markit iBoxx ALBI China Offshore) 作為本附屬基金的參考表現基準。所示參考表現基準僅供比較用途，而本附屬基金不一定依據參考表現基準予以管理。
Sub-Fund launch date: 21 November 2014 本附屬基金發行日: 2014年11月21日
Class AM2-HKD launch date: 21 November 2014 AM2類 – 港元發行日: 2014年11月21日
Class AM2-HKD is a Unit class open for investment by Hong Kong retail investors and denominated in the Sub-Fund’s base currency. AM2類 – 港元乃開放予香港零售投資者投資及以本附屬基金的基本貨幣計價的單位類別。
Is there any guarantee? 本附屬基金有否提供保證？This Sub-Fund does not have any guarantees. You may not get back the full amount of money you invest.本附屬基金並不提供任何保證。閣下未必能全數取回投資本金。
The performance of the highlighted years were achieved under circumstances that no longer apply, the trustee fee was reduced in 1 July 2017 and the investment objectives/policies were changed on 3 July 2018.業績在標示的年份之情況已不再適用，受託人費於 2017 年 7 月 1 日調低,及投資目標/
政策於2018年 7月 3日更改。
11 Issued by HSBC Global Asset Management (Hong Kong) Limited 由滙豐環球投資管理（香港）有限公司刊發
What are the fees and charges? 本附屬基金涉及哪些費用？ Charges which may be payable by you 認購本附屬基金時閣下或須支付的費用
You may have to pay the following fees when you purchase the Sub-Fund.
閣下購買本附屬基金時可能須要支付以下費用。
Fees 費用 What you pay 你須支付
Subscription fee 認購費 Up to 3.00% of the total subscription amount*# 最高達總認購額的 3.00%*#
Switching fee 轉換費 Up to 1.0% of the switch-out proceeds*# 最高達轉出所得款項的 1.0%*#
Redemption fee 贖回費 Nil*# 無*#
* You may need to bear additional costs under certain situations in order to mitigate any adverse impacts to the Sub-Fund caused by the transactions. Please refer to the offering document for detail. 為減輕交易可能對本附屬基金造成的不利影響，你可能須在某些情況下承擔額外費用。詳情請參閱銷售文件。
Ongoing fees payable by the Sub-Fund 本附屬基金持續繳付的費用
The following expenses will be paid out of the Sub-Fund. They affect you because they reduce the return you get on your investments.
以下收費將從本附屬基金總值中扣除，閣下的投資回報將會因而減少。
Fees 費用 Annual rate (as a % of the Net Asset Value) 年率（以資產淨值之%）
Management fee 管理費 1.35%#
Trustee fee 受託人費用 0.07%#
Performance fee 表現費 Not applicable 不適用
Administrative fee 行政費 Not applicable 不適用
Hedging fee payable to the Manager
應支付予經理人的對沖費
Hedged classes: Up to 0.10% per annum of the Net Asset Value of the relevant Class 對沖類別：最高達相關類別資產淨值的 0.10% 年率Non-hedged classes: Nil 非對沖類別﹕無
# The fees and charges may also be increased up to maximum level as specified in the offering document by giving at least one month’s prior notice to investors. Please refer to the offering document for further details.費用可增至銷售文件所定的最高水平，但須予最少1個月預先通知投資者。詳情請參閱銷售文件。
Other fees 其他收費You may have to pay other fees and charges when dealing in the Sub-Fund.
閣下買賣本附屬基金時可能須要支付其他費用。
Additional information 其他資料
You generally buy and redeem units at the Sub-Fund’s next-determined subscription price and redemption price with reference to the Net Asset Value (NAV) after the intermediaries receive your request in good order on or before 4:00 pm (HK Time), being the dealing cut-off time.
一般而言，閣下認購及贖回本附屬基金單位的價格，是在中介人於香港時間下午4時或之前（即交易截止時間）收到閣下的完整指示後，參照資產淨值而釐定的下一個認購價及贖回價。
Intermediaries who sell the Sub-Fund may impose earlier cut-off times for receiving instructions for subscriptions, redemptions or switching. Investors should pay attention to the arrangements of the intermediary concerned.
銷售本附屬基金的中介人可能就接受認購、贖回或轉換指示實施較早的截止時間。投資者須注意有關中介人的安排。 Investors may obtain the past performance information of other unit classes offered to Hong Kong investors at
www.assetmanagement.hsbc.com/hk (the website has not been reviewed by the SFC).
投資者可瀏覽 www.assetmanagement.hsbc.com/hk（網頁並未經證監會批閱）以取得向香港投資者發售的其他單位類別的往績表現資料。 The Net Asset Value of the Sub-Fund is calculated and the price of the Sub-Fund is published on each dealing day. The Sub-Fund prices are
available online at www.assetmanagement.hsbc.com/hk (the website has not been reviewed by the SFC).本附屬基金的資產淨值及價格均於每個交易日計算及刊登。本附屬基金價格刊登於www.assetmanagement.hsbc.com/hk（網頁並未經證監會批閱）。
The composition of the latest dividends (i.e. the relative amounts paid out of (i) net distributable income and (ii) capital) (if any) for the last 12 months is available from the Manager on request and on the website www.assetmanagement.hsbc.com/hk (the website has not been reviewed by the SFC).過去12個月的最近期股息之構成（即是有關從 (i) 可供分派淨收入及 (ii) 資本撥付的相對款項）（如有）資料可向經理人索取，並載於網站www.assetmanagement.hsbc.com/hk (網頁並未經證監會批閱）。
Important 重要資料 If you are in doubt, you should seek professional advice.
閣下如有疑問，請應諮詢專業意見。 The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness.
證監會對本概要的內容並不承擔任何責任，對其準確性或完整性亦不作出任何陳述。